RBI: Non-Banking Financial Companies (NBFCs) covered by Rule 4 of the Companies (Indian Accounting Standards) Rules, 2015 are required to comply with Indian Accounting Standards (Ind AS) for the preparation of their financial statements.
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Introduction: Why is financial inclusion important? Financial inclusion provides access to financial services that are the key to participating in a modern economy. These include payments, credit, insurance, and savings. Without access to efficient payment systems, business grinds to a halt. A modern economy cannot work without efficient, reliable and cost-effective payments. Credit allows resources to be used more optimally […]
Financial Regulations and Rules of the United Nations Through its Financial Regulations, the General Assembly issues the broad legislative directives governing the financial management of the United Nations. The revised Financial Regulations were approved by the Assembly in section IV of its resolution 67/246. In accordance with that resolution, the revised Financial Regulations shall take effect as from 1 July […]
RESERVE BANK OF INDIA ISSUE DATE Date: May 24, 2019 Draft Guidelines All Non-Banking Financial Companies (NBFCs) including Core Investment Companies (CICs) Madam/ Sir, Liquidity Risk Management Framework for Non-Banking Financial companies and Core Investment Companies – Draft Guidelines for public comments Please refer to paragraph 107 and paragraph 94 of Master Direction – Non-Banking Financial Company – Systemically Important Non-Deposit […]
The inherent power of a court is in addition to and complementary to the powers expressly conferred under the Code. But that power will not be exercised if its exercise is inconsistent with, or comes into conflict with, any of the powers expressly or by necessary implication conferred by the other provisions of the Code. If there are express provisions […]
![Report of the Working Group on FinTech and Digital Banking [RBI]](https://advocatetanmoy.com/wp-content/uploads/2018/10/reserve-bank.jpg)
Financial services, including banking services, are at the cusp of a revolutionary change driven by technological and digital innovations. A rapidly growing number of financial entities and technology firms are experimenting with related technological and financial solutions as well as new products in the financial services field which either modifies the way financial intermediation takes place or leads to disintermediation.
ACT PASSED BY INDIAN PARLIAMENT (40 of 1980) [11th July, 1980] An Act to provide for the acquisition and transfer of the undertakings of certain banking companies, having regard to their size, resources, coverage and organisation, in order further to control the heights of the economy, to meet progressively, and serve better, the needs of the development of the economy […]
The Central Government, if on a representation made by the Reserve Bank in this behalf it is satisfied that it is expedient so to do, may by notification in the Official Gazette suspend for such period, not exceeding sixty days, as may be specified in the notification, the operation of all or any of the provisions of this Act, either generally or in relation to any specified banking company.
The Reserve Bank acts in close co-ordination with other regulators, such as, Registrar of Co-operative Societies and Central Registrar of Co-operative Societies. The Reserve Bank enters into Memorandum of Understanding (MoU) with Central Government and all State Governments which have presence of UCBs to ensure greater convergence of policies on regulation and supervision. Starting with signing first MoU with the […]
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