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Banking Archives - Page 9 of 12 - All About Finance

RBI constituted High Powered Committee on Urban Co-operative Banks

The Reserve Bank of India has constituted a High Powered Committee under the Chairmanship of Shri R.Gandhi, Deputy Governor, Reserve Bank of India to re-examine and recommend appropriate set of businesses, size, conversion and licensing terms for the Urban Cooperative Banking Sector. This was pursuant to the recommendation made by the Standing Advisory Committee (SAC) … Read more

RBI stops the banks from asking ‘No Due Certificate’ from the individual borrowers in rural and semi-urban areas

RBI/2014-15/430FIDD.CO.LBS.BC.No.49/02.01.001/2014-15 January 28, 2015 The Chairmen & Managing Directors All Scheduled Commercial Banks (including RRBs) Dear Sir/Madam, Dispensing with ‘No Due Certificate’ for lending by banks Please refer to our circular RPCD.LBS (SAA).BC.No.62/08.01.00/2004-05 dated December 8, 2004 on Relaxation in Service Area norms. Further, in terms of circular RPCD.PLFS.BC.No.85/05.04.02/2006-07 dated April 30, 2007 on ‘Simplification of the Procedures and … Read more

RBI simplified the procedure of External Commercial Borrowings (ECB)

RBI/2014-15/425A.P. (DIR Series) Circular No.64 January 23, 2015 To The Authorised Dealer Category-I Banks Madam / Dear Sir External Commercial Borrowings (ECB) Policy – Simplification of Procedure Attention of the Authorised Dealer (AD) Category-I banks is invited to the following provisions contained in the undernoted A.P. (DIR Series) Circulars through which powers have been delegated … Read more

Guidelines for computation of Base Rate

RBI/2014-15/414DBR.Dir.BC.No.63/13.03.00/2014-15 January 19, 2015 All Scheduled Commercial Banks(Excluding RRBs) Dear Sir/Madam Interest Rates on Advances A reference is invited to our circulars DBOD.No.Dir.BC.88/13.03.00/2009-10 dated April 9, 2010 on ‘Guidelines on the Base Rate’ and DBOD.No.Dir.BC.47/13.03.00/ 2013-14 dated September 2, 2013 on ‘Base Rate- Revised Guidelines’. 2. Based on the recommendations of the Working Group on pricing of Credit (Chair: … Read more

Guidelines for Banks undertaking Insurance Broking and Agency Business

RBI/2014-2015/409DBR.No.FSD.BC.62/24.01.018/2014-15 January 15, 2015 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/ Madam, Entry of Banks into Insurance Business Please refer to our Circular DBOD.No.FSC.BC.16/24.01.018/2000-2001 dated August 9, 2000 which, inter alia, permitted banks to set up insurance joint ventures on risk participation basis and also to undertake insurance business as agents of insurance companies on fee basis, without any … Read more

RBI reduced repo rate by 25 basis points from 8.0 per cent to 7.75 per cent with immediate effect

Since July 2014, inflationary pressures (measured by changes in the consumer price index) have been easing. The path of inflation, while below the expected trajectory, has been consistent with the assessment of the balance of risks in the Reserve Bank’s bi-monthly monetary policy statements. To some extent, lower than expected inflation has been enabled by … Read more

The Boards of banks should constitute a Special Committee for monitoring and following up cases of frauds involving amounts of Rs.1 crore and above

RBI/2014-15/393DCBR.BPD PCB Cir. No.10/12.05.001/2014-15 January 7, 2015 The Chief Executive OfficerAll Primary (Urban) Co-operative Banks Madam / Dear Sir, Monitoring of Large Value Frauds by the Board of Directors Please refer to our circular UBD.No.Plan.(PCB).9/09.06.00-94/95 dated July 25,1994 advising all UCBs to constitute an apex level Audit Committee of Board (ACB). ACB may consist of … Read more

All State / Central Cooperative Banks were permitted to grant gold loans up to Rs. 2 lakhs with bullet repayment option

RBI/2014-15/395DCBR.CO.BPD (RCB).Cir.No.11/13.05.001/2014-15 January 08, 2015 The Chief Executive OfficerAll State / Central Cooperative Banks (StCBs/CCBs) Madam / Dear Sir, Gold Loan – Bullet Repayment Please refer to circular RPCD.CO.RF.BC.No.60/07.37.02/2009-10 dated March 5, 2010 wherein StCBs/CCBs were permitted to grant gold loans up to Rs. 1.00 lakh with bullet repayment option. 2. On a review, it has been … Read more

The format for certification of agency commission claims by external auditors (Chartered Accountants)

RBI/2014-15/394DGBA.GAD.No.H -2995/31.12.010/2014-15 January 7, 2015 The Chairman / Chief Executive OfficerAll agency banks Dear Sir / Madam Payment of agency commission – Certification of claims by external auditors Please refer to our circular DGBA.GAD.No.2528/31.12.010 (C)/2012-13 dated October 31, 2012 prescribing the format for certification of agency commission claims by external auditors (Chartered Accountants). The certificate … Read more

Master Circular on Wilful Defaulters (Updated up to January 07, 2015)

RBI/2014-15/73DBR.No.CID.BC.57/20.16.003/2014-15 July 1, 2014(Updated up to January 07, 2015) i) All Scheduled Commercial Banks (excluding RRBs and LABs) andii) All India Notified Financial Institutions Dear Sir / Madam Master Circular on Wilful Defaulters RBI has been receiving references from banks and other agencies seeking clarification as well as posing certain issues concerning the various guidelines … Read more