Compounding powers delegated to RBI Regional Office under FEMA Act 1999 and under RBI Master direction of Compounding of Contraventions under FEMA, 1999 RBI/2020-21/67 A.P. (DIR Series) Circular No. 06 November 17, […]
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 […]
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.
Governor’s Statement – October 9, 2020 The newly appointed Monetary Policy Committee (MPC) with Dr. Ashima Goyal, Professor Jayanth R. Varma and Dr. Shashanka Bhide as external members met on 7th, 8th […]
Date : Oct 12, 2020 Portfolios of Deputy Governors Consequent upon the appointment of Shri M. Rajeshwar Rao as Deputy Governor, following will be the portfolios of the Deputy Governors with effect from […]
As part of robust compliance system, banks are required, inter-alia, to have an effective compliance culture, independent corporate compliance function and a strong compliance risk management programme at bank and group level. Such an independent compliance function is required to be headed by a designated Chief Compliance Officer (CCO) selected through a suitable process with an appropriate ‘fit and proper’ evaluation/selection criteria to manage compliance risk effectively.
Banks shall keep the business logic and other parameters/configurations of the System updated to ensure that the System based identification, classification, provisioning and income recognition are strictly in compliance with the regulatory guidelines on an ongoing basis. There should be periodic system audit, at least once in a year, by Internal / External Auditors who are well versed with the system audit both on system parameters as also from the perspective of compliance to Income Recognition, Asset Classification and Provisioning guidelines.
Reserve Bank of India has comprehensively reviewed the Priority Sector Lending (PSL) Guidelines to align it with emerging national priorities and bring a sharper focus on inclusive development, after having wide-ranging discussions with all stakeholders.
In exercise of the powers conferred by sections 45JA, 45L and 45M of the Reserve Bank of India Act, 1934 (2 of 1934), and of all the powers enabling it in this behalf, the Reserve Bank of India (hereinafter also referred to as the Bank) being satisfied that it is necessary and expedient in the public interest and being satisfied that for the purpose of enabling the Bank to regulate the credit system to the advantage of the country to do so
RBI/2020-2021/26 FIDD.MSME & NFS.BC.No.4/06.02.31/2020-21 Date: August 21, 2020 The Chairman/ Managing Director/Chief Executive Officer All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks) All Primary (Urban) Co-operative […]
Reserve Bank is there to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage; to have a modern monetary policy framework to meet the challenge of an increasingly complex economy, to maintain price stability while keeping in mind the objective of growth.
Monetary policy refers to the policy of the central bank with regard to the use of monetary instruments under its control to achieve the goals specified in the Act.
The Reserve Bank of India (RBI) is vested with the responsibility of conducting monetary policy. This responsibility is explicitly mandated under the Reserve Bank of India Act, 1934.
In exercise of the powers conferred by Section 9 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002, Asset Reconstruction Companies registered with the Bank are advised to adopt ‘Fair Practices Code’ so as to ensure transparency and fairness in their operation.
Master Direction – Non-Banking Financial Companies Acceptance of Public Deposits RBI Directions 2016
The Reserve Bank of India (the Bank), having considered it necessary in the public interest and being satisfied that for the purpose of enabling the Bank to regulate the credit system to the advantage of the country, it is necessary to give the directions set out below, hereby, in exercise of the powers conferred by sections 45J, 45JA, 45K, 45L and 45MA of the Reserve Bank of India Act, 1934 (Act 2 of 1934) (the RBI Act) and of all the powers enabling it in this behalf, and in supersession of the earlier directions contained in Notification No.DFC.118/DG (SPT)-98 dated January 31, 1998 issues the following Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016 (the Directions) applicable to every non-banking financial company hereinafter specified.
The existing set of Master Circulars issued by RBI on various subjects will stand withdrawn with the issue of the Master Direction on the subject. The Master Directions consolidate instructions on rules and regulations framed by the Reserve Bank under various Acts including banking issues and foreign exchange transactions.
The Reserve Bank of India (the Bank), being satisfied that, in the public interest, and to enable the Bank to regulate the financial system of the country to its advantage, in exercise of the powers conferred by section 45NC of the Reserve Bank of India Act, 1934 (Act 2 of 1934) and of all the powers enabling it in this behalf exempts the categories of non-banking financial companies as given below from certain provisions of the Reserve Bank of India Act, 1934 (the RBI Act, 1934) as specified hereunder
Reserve Bank released data relating to India’s International Investment Position as at end-March 2020.
International financial assets of Indian residents increased by US$ 73.9 billion due to the rise in reserve assets and overseas direct investment by US$ 64.9 billion and US$ 13.0 billion, respectively, though other investments declined marginally during the year
At end-March 2020, India’s external debt was placed at US$ 558.5 billion, recording an increase of US$ 15.4 billion over its level at end-March 2019.
The Sovereign Gold Bond Scheme 2020-21-Series III will be opened for subscription for the period from June 08, 2020 to June 12, 2020. The nominal value of the bond based on the simple average closing price [published by the India Bullion and Jewellers Association Ltd (IBJA)] for gold of 999 purity of the last three business days of the week preceding the subscription period, i.e. June 03 – June 05, 2020 works out to ₹4,677/- (Rupees Four Thousand Six Hundred and Seventy Seven only) per gram of gold.
The Bulletin includes RBI Governor’s statement, Monetary Policy Statement, 2020-21, Statement on Developmental and Regulatory Policies, four Articles and Current Statistics. The four articles are: I. Quarterly Estimates of Households’ Financial Assets and Liabilities; II. Issues in Non-Bank Financial Intermediation; III. Market Financing Conditions for NBFCs: Issues and Policy Options; and IV Provisional Accounts of Central Government Finances 2019-20: An Assessment.