The Union Government has extended the Emergency Credit Line Guarantee Scheme (ECLGS) by one month till November 30th, 2020, or till such time that an amount of Rs. 3 lakh crore is sanctioned under the Scheme, whichever is earlier, in view of the opening up of various sectors in the economy and the expected increase … Read more
The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following companies. Sr. No. Name of the Company Office Address CoR No. Date of issue of CoR Date of Cancellation of CoR 1 … Read more
The Reserve Bank of India (RBI) has imposed, by an order dated October 28, 2020, a monetary penalty of ? 1 crore on Jio Payments Bank Limited (the bank) for non-compliance with RBI directions on timely submission of application in the case of reappointment of Managing Director and Chief Executive Officer (MD & CEO) under … Read more
Reserve Bank of India Foreign Exchange Department Central Office Mumbai Notification No. FEMA.20(R) (3)/2018-RB August 30, 2018 Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Second Amendment) Regulations, 2018 In exercise of the powers conferred by clause (b) of sub-section (3) of Section 6 and Section 47 of the … Read more
1. What are various types of cards? Ans: Cards can be classified on the basis of their issuance, usage and payment by the card holder. There are three types of cards (a) debit cards (b) credit cards and (c) prepaid cards. 2. Who issues these cards? Ans: Debit cards are issued by banks and are … Read more
Money Laundering is the process of transforming the proceeds of crime and corruption and illegal trade practices into ostensibly legitimate assets. However, in a number of legal and regulatory systems, the term money laundering has become conflated with other forms of financial crime, and is sometimes used more generally to include misuse of the financial … Read more
RBI/2016-17/198 DBR.No.BP.BC.49/21.04.048/2016-17 December 28, 2016 All Regulated Entities Madam / Dear Sir, Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances Please refer to circular DBR.No.BP.BC.37/21.04.048/2016-17 dated November 21, 2016. 2. On a review, it has been decided to: (i) Provide 30 days, in addition to the 60 days provided vide the … Read more
RBI/2016-17/165 DCM (Plg) No. 1450/10.27.00/2016-17 November 29, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks/ District Central Cooperative Banks Dear Sir, Accounts under PMJDY – Precautions Please refer to our circular DCM (Plg) No.1424/10.27.00/2016-16 dated … Read more
RBI/2016-17/163 DCM.No.1437/10.27.00/2016-17 November 28, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks / Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks/ District Central Cooperative Banks Dear Sir, Withdrawal of cash from bank deposit accounts – Relaxation It has been reported that certain depositors … Read more
RBI/2016-17/158 DCM (Plg) No.1424/10.27.00/2016-16 November 25, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks/ District Central Cooperative Banks Dear Sir, Withdrawal of cash – Weekly limit Please refer to our circulars DCM (Plg) Nos. 1272/10.27.00/2016-17 … Read more