Documentary credit is the most used means of payment in international transactions(trade); it implies for the exporter a greater level of security in the collection of his sales. Being a given order by the importer to the issuing bank, which executes the payment against the documents required within the credit´s terms and conditions. Again a documentary credit is an undertaking given by a bank (issuing bank) of a stated amount to the seller (beneficiary) on the instruction of the buyer (applicant) to pay at sight or to a future date.
Non-banking financial institutions (NBFIs), engaged in varied financial activities are part of the Indian financial system providing a range of financial services. NBFCs are incorporated under the Companies Act, 1956. NBFCs can be classified into two broad categories, viz., (i) NBFCs accepting public deposit (NBFCs-D) and (ii) NBFCs not accepting/holding public deposit (NBFCs-ND). Residuary Non-Banking Companies(RNBCs) are another category of NBFCs whose principal business is acceptance of deposits and investing in approved securities. In the interest of depositors, RBI has evolved a regulatory framework the salient features of which are outlined below for the guidance of depositors
There have been reports about individuals/small businesses falling prey to growing number of unauthorised digital lending platforms/Mobile Apps on promises of getting loans in quick and hassle-free manner. These reports also refer to excessive rates of interest and additional hidden charges being demanded from borrowers; adoption of unacceptable and high-handed recovery methods; and misuse of agreements to access data on the mobile phones of the borrowers.
Legal Tender and the Promise to Pay Legal Tender The concept of legal tender is often misunderstood. Contrary to popular opinion, legal tender is not a means of payment that must be accepted by the parties […]
THE WORLD BANK GROUP For more than fifty years the World Bank Group has served as a catalyst for economic growth and social progress. Almost every country of the world is a member […]
Master Direction- Compounding of Contraventions under FEMA, 1999 (Updated as on April 04, 2019) RBI/FED/2015-16/1 FED Master Direction No.4/2015-16 January 1, 2016 (Updated as on April 04, 2019) (Updated as on September […]
Maintenance of Escrow Account with a Scheduled Commercial Bank RBI/2020-21/68 DPSS.CO.PD.No.660/02.14.008/2020-21 November 17, 2020 All Scheduled Commercial Banks / Authorised Prepaid Payment Instrument Issuers / Payment Aggregators / Payment System Providers […]
If on the Appointed date any cause of actions, suit, decrees, recovery certificates, appeals or other proceedings of whatever nature is pending by or against the transferor bank before any court or tribunal or any other authority (including for the avoidance of doubt, an arbitral tribunal), the same shall not abate, be discontinued or be in any way prejudicially affected, but shall, subject to the other provisions of the Scheme, be prosecuted and enforced by or against the transferee bank.
The Reserve Bank assures the depositors of the bank that their interest will be fully protected and there is no need to panic. In terms of the provisions of the Banking Regulation Act, the Reserve Bank has drawn up a scheme for the bank’s amalgamation with another banking company. With the approval of the Central Government, the Reserve Bank will endeavour to put the Scheme in place well before the expiry of the moratorium and thereby ensure that the depositors are not put to undue hardship or inconvenience for a period of time longer than what is absolutely necessary.
Basel Committee Charter Updated 5 June 2018 Table of contents Purpose and role Membership Oversight Organisation BCBS standards, guidelines and sound practices Consultation with non-member authorities Relationship with other international financial bodies […]
1- Introduction Thank you for this opportunity to provide an update on the Basel Committee’s work to finalise the global regulatory framework, as well as its longer-term agenda. I note that I […]