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Revised format of reporting for representative Offices of Foreign Banks in India - All About Finance

Revised format of reporting for representative Offices of Foreign Banks in India

by

RBI/2014-15/374
DBR.IBD.No.9745/23.13.001/2014-15

December 31, 2014

The Chief Representative
All Representative Offices of Foreign Banks in India

Madam/Dear Sir,

Revised format of reporting – Representative Offices of Foreign Banks in India

Representative Offices of foreign banks in India are currently required to submit information/documents on an annual basis to Reserve Bank of India as under:

  1. a certificate from the auditor to the effect that during the year no income was earned by/ accrued to the office in India,

  2. certified copy of the audited final accounts of the office in India,

  3. details of remittances received from abroad duly supported by bank certificates and

  4. an annual report of the work done by the office in India.

2. On a review, it has been decided to revamp the existing system of reporting. The revised format of reporting is given in Annex and the same would be effective from the next reporting cycle. You are, therefore, advised to submit the information pertaining to your representative office as per the revised format.

3. Kindly acknowledge receipt.

Yours faithfully,

(A K Pandey)
Chief General Manager

Annex

Annual Report for the year…..
(Name of the Representative Office)

Part I – Information about Representative Office (RO)

1.

Date of setting up of RO in India

2.

Date of filing of previous annual report by the RO

3.

Address of RO

4.

Whether RO has changed its address, if so, the details of shifting etc.

5.

Name of the Chief Representative in India (details of changes in incumbency, if any, during the period under review)

6.

Whether Chief Representative is stationed in India

7.

Number of staff. Details of local and expatriate staff

8.

Duties / role of staff of RO in India

9.

Whether any banking / financial activity of bank / Group has been insourced to RO in India. If so, details may be provided

10.

Whether any functions / activity of RO has been outsourced (other than housekeeping, security services, courier) in India/abroad. If so, details may be provided

11.

Whether RO covers jurisdictions other than India, if so, details thereof

12.

Details of visits by officials from parent / group to RO during the year

13.

Annual Activity Report – Details of major activities carried out during the year by the RO

Part II – Data-set

1.

Details of business (notional) undertaken by the Head Office / foreign branches / associates of the RO in India during the year with Indian banks / corporates/entities

2.

Details of correspondent banking relations with Indian banks

3.

Details of top clients introduced to the parent bank

4.

Country exposure limit, if any, for India

5.

Details of exposure (Funded & Non-funded) of head office and other offices of the bank/group to corporates / banks in India

6.

Certified copy of the audited final accounts of RO in India*

7.

Certificate from auditor to the effect that during the year no income was earned by / accrued to the RO in India*

8.

Details of remittances received by RO (may be supported by copies of FIRCs)*

* To be certified by statutory auditor of RO in India

Part III – Information about the bank/Group

1.

Registered Address of Head Office

2.

Details about the ownership pattern of the bank/Group. Top 10 shareholders of the bank /Group

3.

Financial position of bank / Group at a glance

4.

Details of international presence of the bank / Group

5.

Details of ratings of bank/Group by international rating agencies

6.

Details of Joint Ventures / subsidiaries / associates

7.

Significant developments with respect to operations / working of the parent bank / Group during the year, viz. change of ownership; reorganization (merger/amalgamation etc.)

8.

Details of presence of other institutions of the parent bank/ Group in India, viz. as FII, PD, Insurance Company, NBFC, BPO or any other form of presence

9.

Details of listing in the Stock Exchange of group/associate companies

10.

Strategic investments, if any, made by the bank/Group in banking / non-banking sector in India

Part IV – Other information

1.

Regulations in home country on entry / expansion of foreign banks, including, forms of presence allowed

2.

Major supervisory measures / actions by home country / other host country regulators (including imposition of penal action, particularly, with respect to violations of AML/CFT)

3.

Other major events having material impact on the business of the bank/Group.

4.

Whether the home country of the RO is FATF compliant
NB: RO may, wherever required, obtain necessary information/inputs from the parent / group

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