Blog

Oct 17, 2020

Online Dispute Resolution (ODR) System for Digital Payments

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2020-21/21 dated August 06, 2020 issued advisory to &nbsp;authorised Payment System Operators (PSOs) to put in place system/s for ODR for resolving disputes and grievances of customers.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>To begin with, authorised PSOs shall be required to implement an ODR system for disputes and grievances related to failed transactions in their respective payment systems by January 1, 2021. The PSOs shall provide access to such a system to its participating members i.e., Payment System Participants (PSPs.....

Oct 17, 2020

System based asset classification – Urban Co-Operative Banks (UCBs)

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2020-21/23 dated August 12, 2020 it has been decided to implemented system-based asset classification (i.e. Automated) in urban co-operative banks (UCBs) in order to improve the efficiency, transparency and integrity of the asset classification process.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Instructions are as under:</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>UCBs having total assets of ₹2000 crore or above as on March 31, 2020 shall implement system-based asset classification with effect from June 30, 2021.</li>.....

Jan 23, 2021

Amendment to Master Direction (MD) on KYC – Centralized KYC Registry – Roll out of Legal Entity Template & other changes

<!-- wp:paragraph --> <p><strong>Amendment to Master Direction (MD) on KYC – Centralized KYC Registry – Roll out of Legal Entity Template &amp; other changes</strong></p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>Regulated Entities (REs) have been uploading the KYC data pertaining to all individual accounts opened on or after January 1, 2017 on to CKYCR. Changes to the template, as and when required are released by CERSAI(Central Registry of Securitisation Asset Reconstruction and Security Interest of India) after consulting the Reserve Bank.</li><li>Also the CKYCR(.....

Jan 23, 2021

Operationalization of Payments Infrastructure Development Fund (PIDF) Scheme

<!-- wp:paragraph --> <p>RBI vide notification No. RBI/2020-21/81 dated 5<sup>th</sup> January, 2021, has notified about Operationalization of Payments Infrastructure Development Fund (PIDF) Scheme.</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>PIDF is intended to subsidise deployment of payment acceptance infrastructure in Tier-3 to Tier-6 centres with special focus on North-Eastern States of the country. It envisages creating 30 lakh new touch points every year for digital payments.</li><li>An Advisory Council (AC), under the Chairmanship of the Deputy Governor, RBI, .....

Jan 23, 2021

Introduction of Legal Entity Identifier for Large Value Transactions in Centralized Payment Systems

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2020-21/82<strong> </strong>dated January 05, 2021 has introduced the Legal Entity Identifier for Large Value Transactions in Centralized Payment Systems.</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>The Legal Entity Identifier (LEI) is a 20-digit number used to uniquely identify parties to financial transactions worldwide.</li><li>LEI has been introduced by the Reserve Bank in a phased manner for participants in the over the counter (OTC) derivative and non-derivative markets as also for large corporate borrowers.</li><li>It has b.....

Jan 23, 2021

Risk Based Internal Audit (RBIA) Framework – Strengthening Governance arrangements

<!-- wp:paragraph --> <p><br></p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>RBI vide notification no. RBI/2020-21/83 dated January 07, 2021 has issued framework for Risk Based Internal Audit(RBIA).</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>RBI stated that banks are required to put in place a risk based internal audit (RBIA) system as part of their internal control framework.</li><li>The Head of Internal Audit (HIA) shall be a senior executive of the bank who shall have the ability to exercise independent judgement. </li><li>Except for the entities where the i.....

Jan 23, 2021

Extension of due date for filing of ITR & Tax audit report

<!-- wp:paragraph --> <p>Income taxes vide Notification No. 93/2020 dated 30<sup>th</sup> December, 2020 has extended due date for filing of ITRs under Income tax act, 1961. It has been notified as follows:</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>For assessees covered under explanation 2 (a) (aa) of section 139 (1) i.e., company, individual liable to tax audit, partner of a firm liable to tax audit has been extended to 15th February, 2021.</li><li>For any other assessees, it has been extended to 10<sup>th</sup> <sup>&nbsp;</sup>January, 2021.</li><li>For furnishing of any audit re.....

Jan 23, 2021

Extension of Due date for Declaration in respect of Tax Arrears

<!-- wp:paragraph --> <p>Income tax vide Notification No. 92/2020 dated 31<sup>st</sup> December, 2020 has notified the last date for declaration to designated authority about the tax arrears under Direct Tax Vivad se Vishwas Act, 2020. The new date shall be 31<sup>st</sup> January, 2021 in place of 31<sup>st</sup> December, 2020.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.incometaxindia.gov.in/communications/notification/notification_92_2020.pdf">https://www.incometaxindia.gov.in/communications/notification/notification_92_2020.pdf</a></p> <!-- /wp:paragraph -->.....

Mar 19, 2021

Basel III Framework on Liquidity Standards – Net Stable Funding Ratio (NSFR)

<!-- wp:paragraph --> <p>RBI vide notification No. RBI/2020-21/95 dated 05th February, 2021 has issued a notification with respect to implementation of Net Stable Funding Ratio(NSFR) guidelines.<br> i) The NSFR promotes resilience over a longer-term time horizon by requiring banks to fund their activities with more stable sources of funding on an ongoing basis.<br> ii) Scope: Applicable for all Indian Banks and Foreign banks operating as branches in India.<br> iii) In view of the ongoing stress on account of COVID-19, it has been decided to defer the implementation of NSFR guidelines by a furt.....

Mar 19, 2021

Maintenance of Cash Reserve Ratio (CRR)

<!-- wp:paragraph --> <p>RBI vide notification Nos. RBI/2020-21/90 dated 5th February, 2021 has decided to restore the Cash Reserve Ratio (CRR) in two phases.<br> Banks are now required to maintain the CRR at 3.50 per cent of their Net Demand and Time liabilities (NDTL) effective from the reporting fortnight beginning March 27, 2021 and 4.00 per cent of their NDTL effective from fortnight beginning May 22, 2021.<br><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12020&amp;Mode=0">https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12020&amp;Mode=0</a><br></p> <!-- /wp:para.....

Mar 19, 2021

Risk-Based Internal Audit (RBIA) for NBFCs and UCBs

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2020-21/88 dated 3rd February, 2021 has decided to mandate RBIA framework for the following Non-Banking Financial Companies (NBFCs) and Primary (Urban) Co-operative Banks (UCBs):</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>All deposit taking NBFCs, irrespective of their size</li><li>All Non-deposit taking NBFCs (including Core Investment Companies) with asset size of ₹5,000 crore and above; and</li><li>All UCBs having asset size of ₹500 crore and above<br> All the applicable entities shall implement RBIA by Ma.....

Mar 19, 2021

Loans and advances to directors and their relatives of UCBs

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2020-21/89<br> dated 05th February, 2021 has notified that UCBs shall not make, provide or renew any loans and advances or extend any other financial accommodation to or on behalf of their directors or their relatives, or to the firms / companies / concerns in which the directors or their relatives are interested.<br> However, The following categories of director-related loans shall, however, be excluded from “loans and advances” for the purpose of these directions:<br> i) Regular employee-related loans to staff directors, if any, on t.....

Mar 19, 2021

Basel III Capital Regulations- Review of transitional arrangements

<!-- wp:paragraph --> <p>RBI vide notification No. RBI/2020-21/93 dated 05th February, 2021 has issued a notification with respect to implementation last tranche of Capital Conservation Buffer (CCB).<br> In view of the ongoing stress on account of COVID-19, it has been decided to defer the implementation of the last tranche of 0.625 per cent of the Capital Conservation Buffer (CCB) from April 1, 2021 to October 1, 2021. Accordingly, the minimum capital conservation ratios shall continue to apply till the CCB attains the level of 2.5 per cent on October 1, 2021.</p> <!-- /wp:paragraph --> <!--.....

Mar 19, 2021

Remittances to International Financial Services Centres (IFSCs) in India under the Liberalised Remittance Scheme (LRS)

<!-- wp:paragraph --> <p>RBI vide notification No. RBI/2020-21/99 dated 16th February, 2021 has issued a notification with respect to remittances to IFSCs under LRS.<br> It has been decided to permit resident individuals to make remittances under LRS to IFSCs set up in India through AD Category- I Banks, subject to the following conditions:<br> i) The remittance shall be made only for making investments in IFSCs in securities, other than those issued by entities resident (outside IFSC) in India.<br> ii) Resident Individuals may also open a non interest bearing Foreign Currency Account (FCA) in.....

Mar 19, 2021

Capital and provisioning requirements for exposures to entities with Unhedged Foreign Currency Exposure(UFCE)

<!-- wp:paragraph --> <p>RBI vide notification Nos. RBI/2020-21/100 dated 17th February, 2021 has issued guidelines that information on UFCE may be obtained by banks from entities on a quarterly basis and on self-certification basis.<br> A representation has been received from banks expressing their inability in obtaining UFCE certificates from listed entities for the latest quarter due to restrictions on disclosure of such information prior to finalisation of accounts.<br> In view of this, it has been decided that in such cases, banks may use data pertaining to the immediate preceding quarter.....

Mar 19, 2021

Investment by Foreign Portfolio Investors (FPI) in Defaulted Bonds – Relaxations

<!-- wp:paragraph --> <p>RBI vide notification no. RBI/2020-21/105 dated 26th February, 2021 has notified relaxations relating to investment by foreign portfolio investors (FPI) in defaulted bonds.<br> <br> It has now been decided to exempt<br> investments by FPI in Non-Convertible<br> Debentures/bonds which are under<br> default, either fully or partly, in the<br> repayment of principal on maturity or<br> principal instalment in the case of<br> amortising bond.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.rbi.org.in/Scripts/Notificatio nUser.aspx?Id=12037&amp;Mode.....

Mar 19, 2021

Data Format for Furnishing of Credit Information to Credit Information Companies and other Regulatory Measures

<!-- wp:paragraph --> <p>RBI vide Notification No. RBI/2020-<br> 21/106 has decided to modify the<br> format for furnishing the Credit<br> Information to Credit Information<br> Companies.<br> The following formats are modified:<br> i. Consumer Bureau: The label of<br> the field ‘Written off and Settled<br> status’ is modified as ‘Credit<br> Facility Status’ and it will also<br> have a new catalogue value,<br> viz., ‘Restructured due to<br> COVID-19’.<br> ii. Commercial Bureau: The existing<br> field ‘Major reasons for<br> restructuring’ will have a new<br> catalogue value, viz......

Sep 15, 2021

Extension of Framework for processing of e-mandates for recurring online transactions

<!-- wp:paragraph --> <p>RBI vide notification No. RBI/2020-21/118 dated 31st March, 2021 has extended the timeline for registration of e-mandates by the stakeholders for recurring online transactions using cards / wallets / Unified Payments Interface. <br>Keeping in view the requests of some stakeholders and to prevent any inconvenience to customers, RBI has decided to extend the timeline for ensuring full compliance to the framework till September 30, 2021. During the extended timeline, no new mandate for recurring online transactions shall be registered by stakeholders, unless such mandates.....

Sep 15, 2021

Priority Sector Lending (PSL) - Lending by banks to NBFCs for On-Lending

<!-- wp:paragraph --> <p>RBI vide Notification no. RBI/2021-22/15 dated 7th April, 2021 has extended the PSL Classification w.r.t lending by banks to NBFCs.With a view to ensure continued availability of credit to these sectors to aid faster economic recovery, it has been decided to extend the PSL classification for lending by banks to NBFCs for on-lending up to September 30, 2021.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12069&amp;Mode=0">https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12069&amp;Mode=0</a></p.....

Sep 15, 2021

Asset Classification and Income Recognition following the expiry of Covid-19 regulatory package

<!-- wp:paragraph --> <p>RBI vide Notification No. RBI/2021-22/17 has notified the Asset Classification and Income Recognition following the expiry of Covid-19 regulatory package.<br> I. Refund/adjustment of ‘interest on interest’<br> i. All lending institutions shall immediately put in place a Board-approved policy to refund/adjust the ‘interest on interest’ charged to the borrowers during the moratorium period, i.e. March 1, 2020 to August 31, 2020 in conformity with the above judgement.<br> ii. Methodology for calculation of the amount to be refunded/adjusted for different facilitie.....

Sep 15, 2021

WMA Limit for Government of India for the first half of the Financial Year 2021-22

<!-- wp:paragraph --> <p>RBI vide Press Release No. 2020-2021/1337 has decided, in consultation with the Government of India, that the limits for Ways and Means Advances (WMA) for the first half of the financial year 2021-22 (April 2021 to September 2021) will be ₹1,20,000 crore.The RBI also stated that it may trigger fresh floatation of market loans when the Government of India utilises 75 per cent of the WMA limit.<br> The interest rate on WMA and overdraft will be:<br> i. WMA: Repo Rate<br> ii.Overdraft: Two percent above the Repo Rate</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>.....

Sep 15, 2021

Enhancement of limit of maximum balance per customer of Payments Banks(PBs)

<!-- wp:paragraph --> <p>RBI vide Notification No. RBI/2021-22/20 has enhanced the limit of maximum balance per customer of Payment Banks (PBs) at the end of the day from ₹1 lakh to ₹2 lakh per individual customer with immediate effect.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.rbi.org.in/Scripts/Notification User.aspx?Id=12074&amp;Mode=0">https://www.rbi.org.in/Scripts/Notification User.aspx?Id=12074&amp;Mode=0</a></p> <!-- /wp:paragraph -->.....

Sep 15, 2021

Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit- Extension

<!-- wp:paragraph --> <p>RBI vide Notification No. RBI/2021-22/2 has approved the extension of Interest Equalization Scheme for pre and post-shipment Rupee export<br>credit, with same scope and coverage, for three more months i.e.,<br>up to June 30, 2021. The extension takes effect from April 01, 2021, and ends on June 30, 2021 covering a period of three months</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.rbi.org.in/Scripts/Notification User.aspx?Id=12074&amp;Mode=0">https://www.rbi.org.in/Scripts/Notification User.aspx?Id=12074&amp;Mode=0</a></p> <!-- /wp:paragrap.....

Sep 15, 2021

Corporate Governance in Banks - Appointment of Directors and Constitution of Committees of the Board

<!-- wp:paragraph --> <p>RBI vide notification No. RBI/2021-22/24 dated 26<sup>th</sup> April, 2021 has issued instructions with regard to the meetings of the board, composition of certain committees of the board, age, tenure and remuneration of directors, and appointment of the whole-time directors (WTDs). The revised instructions would be applicable to all the Private Sector Banks including Small Finance Banks (SFBs) and wholly owned subsidiaries of Foreign Banks. The circular will not be applicable in the case of foreign banks operating as branches in India.</p> <!-- /wp:paragraph --> <!--.....

Sep 15, 2021

Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs)

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Sep 15, 2021

Sponsor Contribution to an AIF set up in Overseas Jurisdiction, including IFSCs

<!-- wp:paragraph --> <p> RBI vide Notification No. RBI/2021-22/38 dated 12<sup>th</sup> May, 2021 has notified that any sponsor contribution from a sponsor IP to an Alternative Investment Fund (AIF) set up in an overseas jurisdiction, including International Financial Services Centres (IFSCs) in India will be treated as Overseas Direct Investment (ODI). </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11872&amp;Mode=0">https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11872&amp;Mode=0</a></p> <!-- /wp:paragraph -->.....

Sep 15, 2021

Interest rates payable on unclaimed interest-bearing deposit

<!-- wp:paragraph --> <p> RBI vide Notification No. RBI/2021-2022/37 dated 11<sup>th</sup> May, 2021 has decided that the rate of interest payable by banks to the depositors/claimants on the unclaimed interest-bearing deposit amount transferred to the Depositor Educationand Awareness Fund shall be 3 per cent simple interest per annum. Accordingly, all the banks are advised to calculate the interest payable on interest bearing deposits transferred to RBI at the rate of 4 per cent p.a. up to June 30, 2018, 3.5 per cent w.e.f. July 1.....

Sep 15, 2021

Credit to MSME Entrepreneurs

<!-- wp:paragraph --> <p>RBI vide Notification No. RBI/2021-22/30 dated 5<sup>th</sup> May,2021 has decided to extend the exemption for credit disbursement of MSME Entrepreneurs. 1.Scheduled Commercial Banks were allowed to deduct the amount equivalent to credit disbursed to new MSME borrowers from their Net Demand and Time Liabilities (NDTL) for calculation of the Cash Reserve Ratio (CRR). This exemption was available up to ₹ 25 lakh per borrower for the credit disbursed up to the fortnight ending October 1, 2021. 2.It has been decided to extend this exemption for such .....

Sep 15, 2021

RBI announces rate of interest on Government of India Floating Rate Bond, 2024

<!-- wp:paragraph --> <p> RBI vide Press Release No. 2021-2022/172 dated 6<sup>th</sup> May, 2021 has notified that the rate of interest on Government of India Floating Rate Bond, 2024 (FRB 2024) applicable for the half year May 07, 2021 to November 06, 2021 shall be 3.51 percent per annum </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51537">https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51537</a></p> <!-- /wp:paragraph -->.....

Sep 16, 2021

Master Direction – Reserve Bank of India (Certificate of Deposit) Directions, 2021

<!-- wp:paragraph --> <p>RBI vide notification No. RBI/2021-22/79 dated 4<sup>th</sup> June, 2021 has issued master direction on Certificate of Deposits. The eligible issuers of Certificate of Deposits are:</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>Scheduled Commercial Banks</li><li>Regional Rural Banks and</li><li>Small Finance Banks The circular can be referred through the following link:</li></ol> <!-- /wp:list --> <!-- wp:p.....

Sep 16, 2021

Risk Based Internal Audit (RBIA) for Housing Finance Companies(HFCs)

<!-- wp:paragraph --> <p>RBI vide Notification no. RBI/2021-22/53 dated 11<sup>th</sup> June, 2021 has decided that the Risk based Internal Audit(RBIA) shall be applicable to the following Housing Finance Companies (HFCs):</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>All deposit taking HFCs, irrespective of their size</li><li>Non-deposit taking HFCs with asset size of ₹5,000 crore and above</li></ol> <!-- /wp:list --> <!-- wp:paragraph --> <p>The applicable Housing Finance Companies (HFCs) shall comply with the framework by 30<sup>th</sup> June, 2022</p> <!-- /wp:pa.....

Sep 16, 2021

Investment by Foreign Portfolio Investors (FPI) in Government Securities

<!-- wp:paragraph --> <p>RBI vide Notification No. RBI/2021-22/44 dated 31<sup>st</sup> May, 2021 has notified the investment limits by FPIs in government securities for FY 2021-22 as follows:</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>The limits for FPI investment in Government securities (G-secs) and State Development Loans (SDLs) shall remain unchanged at 6% and 2% respectively, of outstanding stocks of securities for FY 2021-22</li><li>All investments by eligible investors in the ‘specified securities’ shall be reckoned under the Fully Accessible Route (FAR)<.....

Sep 16, 2021

Rate of interest on Government of India Floating Rate Bonds, 2031

<!-- wp:paragraph --> <p>RBI vide Press Release No. 2021-2022/325 dated 4<sup>th</sup> June, 2021 has specified the applicable rate of interest of Government of India Floating Rate Bonds, 2031. The rate of interest on Government of India Floating Rate Bonds, 2031 (GOI FRB 2031) applicable for the half year June 7, 2021 to December 6, 2021 shall be 4.59 percent per annum.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.rbi.org.in/Scripts/BS_PressRe.....

Sep 21, 2021

Liberalised Remittance Scheme for Resident Individuals – Reporting

<!-- wp:paragraph --> <p>RBI vide notification No. RBI/2021-22/56 dated 17th June, 2021 has issued reporting requirements for AD Banks w.r.t. Liberalised Remittance Scheme.<br> i. AD Category -I banks were required to upload the data in respect of number of applications received and the total amount remitted under the Liberalised Remittance Scheme (the Scheme) on Online Return Filing System (ORFS).<br> ii. It has now been decided to collect this information through XBRL(Extensive Business Reporting Language) system instead of the ORFS.<br> iii. AD Category – I banks shall upload the requisit.....

Sep 21, 2021

Appointment of Chief Risk Officer in Primary (Urban) Co-operative Banks

<!-- wp:paragraph --> <p>RBI vide Notification no. RBI/2021-22/62<br> dated 25th June, 2021 has notified about<br> the appointment of Chief Risk Officer in<br> Primary (Urban) Co-operative Banks.<br> i. With increasing size and scope of<br> business, Primary(Urban) Co-operative<br> Banks (UCBs) are gradually getting<br> exposed to greater degree of risks.<br> ii. It has been decided that all UCBs<br> having asset size of ₹5000 crore or<br> above, shall appoint a Chief Risk<br> Officer (CRO). The Board must clearly<br> define the CRO’s role and<br> responsibilities and ensure that he/she<br.....

Sep 21, 2021

Review of Instructions on Interest on overdue domestic deposits

<!-- wp:paragraph --> <p>RBI vide Notification No. RBI/2021-22/66<br> dated 2nd July, 2021 has notified the<br> rate of interest on unclaimed deposits<br> with Banks.<br> Earlier, if a Term Deposit matures and<br> proceeds are unpaid, the amount left<br> unclaimed with the bank shall attract rate<br> of interest as applicable to savings<br> deposits.<br> It has now been decided that if a Term<br> Deposit matures and proceeds are<br> unpaid, the amount left unclaimed with<br> the bank shall attract rate of interest as<br> applicable to savings account or the<br> contracted rate of interest on t.....

Sep 21, 2021

Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit- Extension

<!-- wp:paragraph --> <p>RBI vide Notification No. RBI/2021-22/65<br> has approved the extension of Interest<br> Equalization Scheme for pre and post<br> shipment Rupee export credit, with<br> same scope and coverage, for three<br> more months i.e., upto 30th September, 2021. </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>The extension takes effect from<br> July 01, 2021 and ends on September<br> 30, 2021 covering a period of three<br> months.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>https://www.rbi.org.in/Scripts/NotificationUs<br> er.aspx?Id=12124&amp;Mode=0</p> <!-- /wp:p.....

Sep 22, 2021

Master Direction - Reserve Bank of India [Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR)] Directions – 2021

<!-- wp:paragraph --> <p>RBI vide notification No. RBI/2021-22/80 dated 20th July, 2021 has issued Master Direction for Cash Reserve Ratio(CRR) and Statutory Liquidity Ratio(SLR).<br> The provisions of these Directions shall be applicable to all Scheduled Commercial Banks(including Regional Rural Banks), Small Finance Banks, Payments Banks, Local Area Banks, Primary (Urban) Co-operative Banks (UCBs), State Co-operative Banks and District Central Co-operative Banks (DCCBs).</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12131&amp;Mod.....

Sep 22, 2021

Guidelines for Implementation of the Opening of Current Accounts by Banks

<!-- wp:paragraph --> <p>RBI vide Notification no. RBI/2021-22/77 dated 4th August, 2021 has issued instructions in order to enforce credit discipline amongst the borrowers as well as to facilitate better monitoring by the lenders.<br> i. In case of borrowers who have not availed of CC/OD facility from any bank, there is no restriction on opening of current accounts by any bank if exposure of the banking system to such borrowers is less than ₹5 crore.<br> ii. In case of borrowers who have not availed of CC/OD facility from any bank and the exposure of the banking system is ₹5 crore or more.....

Sep 22, 2021

Section 24 of the Banking Regulation Act, 1949 – Maintenance of Statutory Liquidity Ratio (SLR) – Marginal Standing Facility (MSF) - Extension of Relaxation

<!-- wp:paragraph --> <p>RBI vide Notification No. RBI/2021-22/82 dated 9th August, 2021 has notified the extension of Relaxation for maintenance of Statutory Liquidity Ratio(SLR)- Marginal Standing Facility(MSF)<br> i. The banks were allowed to avail of funds under the MSF by dipping into the Statutory Liquidity Ratio (SLR) up to an additional one per cent of their net demand and time liabilities (NDTL), i.e., cumulatively up to three per cent of NDTL.<br> ii. This facility, which was initially available up to June 30, 2020, was later extended in phases up to September 30, 2021, providing co.....

Sep 22, 2021

Master Direction - Classification, Valuation and Operation of Investment Portfolio of Commercial Banks (Directions), 2021

<!-- wp:paragraph --> <p>RBI vide notification No. RBI/2021-22/81 dated 25th August, 2021 has issued Master Direction for Classification, Valuation and Operation of Investment Portfolio of Commercial Banks (Directions), 2021.<br> To enable banks to have current instructions at one place, a Master Direction incorporating all the existing guidelines / instructions / directives on the subject has been prepared for reference of the banks.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>https://www.rbi.org.in/Scripts/NotificationUs<br> er.aspx?Id=12153&amp;Mode=0#CHP10</p> <!-- /wp:paragraph -.....

Sep 22, 2021

Master Direction on Financial Statements - Presentation and Disclosures

<!-- wp:paragraph --> <p>RBI vide Notification no. RBI/2021-22/83<br> dated 30th August, 2021 has issued<br> Master Direction to Banks on Financial<br> Statements- Presentation and<br> Disclosures.<br> The Master Direction can be referred<br> through the following link:</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>https://www.rbi.org.in/Scripts/NotificationUs<br> er.aspx?Id=12158&amp;Mode=0#F1</p> <!-- /wp:paragraph -->.....

Sep 22, 2021

Credit Risk Mitigation (CRM) for offsetting – non-centrally cleared derivative transactions of foreign bank branches in India with their Head Office

<!-- wp:paragraph --> <p>RBI vide Notification No. RBI/2021-22/97<br> dated 9th September, 2021 has issued<br> notification for offsetting non-centrally<br> cleared derivative transactions of<br> foreign bank branches in India with<br> their Head Office under CRM.<br> The Indian branches of foreign banks<br> shall be permitted to reckon cash/<br> unencumbered approved securities,<br> the source of which is interest-free<br> funds from Head Office or remittable<br> surplus retained in Indian books<br> (reserves), held with RBI as CRM, for<br> offsetting the gross exposure of the<br> foreign ban.....

Oct 20, 2021

Priority Sector Lending- Banks lending to NBFCs for on-lending – Extension of facility till 31st March, 2022

<!-- wp:paragraph --> <p>RBI vide notification No. RBI/2021-22/110 dated 8th October, 2021 has issued notification for extension of on-lending facility to NBFCs under Priority Sector Lending(PSL).<br> keeping in view the increased traction observed in delivering credit to the underserved segments of the economy, the facility has been extended from 30th September, 2021 till March 31, 2022.<br> Loans disbursed under the on-lending model will continue to be classified under Priority Sector till the date of repayment/maturity whichever is earlier.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> .....

Oct 20, 2021

Master Circular - Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances

<!-- wp:paragraph --> <p>RBI vide Notification no. RBI/2021-2022/104 dated 1st October, 2021 has issued Master Direction to Banks on Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances.<br> In line with the international practices and as per the recommendations made by the Committee on the Financial System, the Reserve Bank of India has introduced prudential norms for income recognition, asset classification and provisioning for the advances portfolio of the banks.<br> The Master Direction can be referred through the following link:<br> https://.....

Oct 20, 2021

Use of any Alternative reference rate in place of LIBOR( Libor Interbank Offered Rate) for interest payable in respect of export/import transactions

<!-- wp:paragraph --> <p>RBI vide Notification No. RBI/2021-22/101 dated 28th September, 2021 has issued notification for use of any Alternative reference rate in place of LIBOR for interest payable in respect of export / import transactions.<br> In view of the impending cessation of LIBOR as a benchmark rate, it has been decided to permit AD banks to use any other widely accepted/Alternative reference rate in the currency concerned for such transactions. All other instructions in this regard shall remain unchanged.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.rbi......

Oct 20, 2021

Rate of interest on Government of India Floating Rate Bonds, 2033

<!-- wp:paragraph --> <p>RBI vide Press Release No. 2021-2022/900 has notified that the rate of interest on Government of India Floating Rate Bonds, 2033 (GOI FRB 2033) applicable for the half year September 22, 2021 to March 21, 2022 shall be 4.62 percent per annum.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52264">https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52264</a></p> <!-- /wp:paragraph -->.....

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