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CLR Snippets | First Quarter Review of Monetary Policy 2013-14 on July 30, 2013

Dr. D. Subbarao, Governor, Reserve Bank of India will announce the First Quarter Review of Monetary Policy 2013-14 on Tuesday, July 30, 2013. This will be done in a meeting with the chief executives of major scheduled commercial banks at 11.00 a.m. on July 30, 2013 at the Central Office, Reserve Bank of India, Mumbai. [...]

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Priority Sector Lending-Targets and Classification-Bank loans to MFIs for on-lending-Amendment in income generation criteria

RBI/2012-13/558 RPCD.CO.Plan.BC 80/04.09.01/2012-13 June 27, 2013 The Chairman/ Managing Director/ Chief Executive Officer [All scheduled commercial banks (excluding Regional Rural Banks)] Madam/Dear Sir, Priority Sector Lending-Targets and Classification-Bank loans to MFIs for on-lending- Amendment in income generation criteria Please refer to Paragraph VIII (a) of circular No. RPCD.CO.Plan. BC.13/04.09.01/2012-13 dated July 20, 2012 on Priority Sector Lending-Targets [...]

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RBI Notification on Risk Management and Inter Bank Dealings

RBI//2012-13/554 A.P. (DIR Series) Circular No.121 June 26, 2013 To All Authorised Dealer Category – I Banks Madam / Sir, Risk Management and Inter Bank Dealings Attention of Authorized Dealers Category – I (AD Category – I) banks is invited to section C of the Annex to A.P.(DIR Series) Circular No. 32 dated December 28, 2010  [...]

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RBI Notification on Project and Services Export

RBI/2012-13/548 A.P. (DIR Series) Circular No.118 June 26, 2013 To All Authorised Dealer Category – I Banks Madam / Sir, Export of Goods and Services – Project Exports Attention of Authorized Dealers is invited to Para B.7 (i) and C.5 (i) of Memorandum of Instructions on Project and Service Exports (PEM), enclosed to A.P.(DIR Series) Circular [...]

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External Commercial Borrowings (ECB) in Renminbi (RMB)

RBI/2012-13/546 A.P. (DIR Series) Circular No. 117 June 25, 2013 To, All Authorized Dealer Category – I Banks Madam / Sir External Commercial Borrowings (ECB) in Renminbi (RMB) Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 30 dated September 27, 2011 on the captioned subject in terms of which [...]

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Buyback / prepayment of Foreign Currency Convertible Bonds (FCCBs)

RBI/2012-13/544 A.P. (DIR Series) Circular No. 115 June 25, 2013 To, All Authorized Dealer Category – I Banks Madam / Sir Buyback / prepayment of Foreign Currency Convertible Bonds (FCCBs) Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 39 dated December 08, 2008, A.P. (DIR Series) Circular No. 75 [...]

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External Commercial Borrowings (ECB) Policy for 3G spectrum allocation

RBI/2012-13/543 A.P. (DIR Series) Circular No. 114 June 25, 2013 To, All Authorized Dealer Category – I Banks Madam / Sir External Commercial Borrowings (ECB) Policy for 3G spectrum allocation Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 28 dated January 25, 2010 relating to External Commercial Borrowings (ECB) [...]

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Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR

RBI/2012-13/537 A.P. (DIR Series) Circular No. 112 June 20, 2013 To All Category – I Authorised Dealer Banks Madam / Sir, Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No.95 dated [...]

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Review of Prudential Guidelines on Restructuring of Advances by Financial Institutions (FIs)

RBI/2012-13/534 DBOD.FID.FIC.No.5/01.02.00 /2012-13 June 17, 2013 The CEOs of All-India Term-Lending and Refinancing Institutions (Exim Bank, NABARD, NHB and SIDBI) Dear Sir, Review of Prudential Guidelines on Restructuring of Advances by Financial Institutions (FIs) In continuation of our letter DBOD.FID.FIC.No.6/01.02.00/2010-11 dated October 14, 2010 on the captioned subject, please find enclosed circular DBOD.BP.BC.No.99/ 21.04.132/2012-13 dated May 30, 2013 and [...]

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UCBs – Fraud Monitoring Cell of Reserve Bank of India, to function from Bengaluru from July 1, 2013

RBI/2012-13/531 UBD.CO.BPD. (PCB). Cir. No. 55/12.05.001/2012-13 June 13, 2013 Chief Executive Officers All Primary Urban Co-operative Banks Madam/Dear Sir Fraud Monitoring Cell of Reserve Bank of India, to function from Bengaluru from July 1, 2013 Please refer to the Press Release No. 2012-2013/2045 dated June 5, 2013 hosted on the RBI website. 2. It would be observed [...]

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RBI releases Report of the Committee on Financial Benchmarks

The Reserve Bank of India has, today, placed on its website, the Report of the Committee on Financial Benchmarks. It may be recalled that the Reserve Bank had announced the constitution of the Committee on Financial Benchmarks (Chairman: Shri P. Vijaya Bhaskar, Executive Director) on June 28, 2013 with a mandate to study various issues relating to financial benchmarks in India and to submit the Report by December 31, 2013. The Draft Report of the Committee was placed on RBI website on January 3, 2014 for public comments. The Committee has finalised its report after taking into account the feedback received from market participants and other stakeholders.

Ajit Prasad
Assistant General Manager

Press Release : 2013-2014/1597

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Withdrawal of all old series of Banknotes issued prior to 2005

RBI/2013-2014/467
DCM(Plg) No.G-17/3231/10.27.00/2013-14

January 23, 2014

The Chairman / Managing Director/ Chief Executive Officer
All Scheduled Commercial Banks
Primary(Urban) Co-operative Banks/RRBs

Dear Sir /Madam

Withdrawal of all old series of Banknotes issued prior to 2005

As you are aware, RBI has been following a policy of phasing out of certain series of banknotes from time to time. It has now been decided that all old series of banknotes issued prior to 2005 will be completely withdrawn from circulation.

2. Accordingly, the following plan of action has been formulated:

(i) All older series of banknotes issued prior to 2005 would be acceptable for all kinds of monetary transactions only till March 31, 2014.

(ii) Thereafter, the public will be required to approach bank branches which would provide them exchange facilities on an ongoing basis.

(iii) These notes will continue to be legal tender.

(iv) From July 01, 2014, to exchange more than 10 pieces of ` 500 and ` 1000 notes, bank branches should obtain from non-customers, proof of their identity and residence.

(v) A public notification informing public of the exercise and soliciting their co-operation and enabling them to identify the older series is issued separately. A copy of the same is enclosed for ready reference.

3. Please issue suitable instructions to all your branches, to provide exchange facilities to members of public and to stop re-issue of the older series banknotes issued prior to 2005. Notes of such series tendered over the counters may be sorted immediately and deposited in the currency chests under the Linkage Scheme or forwarded to the nearest Issue Office of Reserve Bank of India for disposal.

4. Please also advise your branches to extend all cooperation to the members of public so that the withdrawal is carried out in a smooth and non-disruptive manner, without any inconvenience to the public.

Please acknowledge receipt.

Yours faithfully

(Dr. Sanjeev Sharma)
General Manager in-Charge

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Prepaid Payment Instruments issued by Non-Banking Institutions

RBI/2013-14/461

DNBS(PD).CC. No 368 /03.10.01 /2013-14

January 24 , 2014

All Non Banking Financial Companies

Dear Sirs,

Prepaid Payment Instruments issued by Non-Banking Institutions

Non–banking institutions (NBIs) are allowed to issue prepaid payment instruments (PPIs) and collect money in this behalf from the customers, subject to authorisation under the Payment and Settlement Systems Act (PSS Act), 2007. As this function involves providing payment service, and is regulated under the PSS Act by the Reserve Bank of India, it has been decided to exempt NBIs from the provisions of the Chapter lll B of the RBI Act, 1934, with respect to the money received by them for issue of PPIs.

2. Notification of date in this regard is enclosed.

Yours faithfully,

(N. S. Vishwanathan)

Principal Chief General Manager

———————————————————–

RESERVE BANK OF INDIA

DEPARTMENT OF NON-BANKING SUPERVISION

CENTRAL OFFICE

CENTRE I, WORLD TRADE CENTRE

CUFFE PARADE, COLABA

MUMBAI 400 005

Notification No.DNBS. 273 /PCGM (NSV)-2014 dated January 24 , 2014

The Reserve Bank of India, on being satisfied that it is necessary so to do, in exercise of its powers conferred by section 45 NC of the Reserve Bank of India Act, 1934 (2 of 1934) hereby declares that the provisions of Chapter lll B of that Act shall not apply to a non-banking institution which is authorised to operate a payment system and to issue prepaid payment instruments under the Payment and Settlement Systems Act, 2007 (51 of 2007).

2. This exemption shall be limited and restricted to money received by such non-banking institution for issue of prepaid payment instruments.

(N. S. Vishwanathan)

Principal Chief General Manager

The post Prepaid Payment Instruments issued by Non-Banking Institutions .

Monitoring of Foreign Investment by NRIs/PIOs under PIS in Indian Companies

The Reserve Bank of India has today notified that the aggregate net purchases of equity shares in M/s Kama Holdings Limited by Non-Resident Indians (NRIs)/Persons of Indian Origin (PIOs) in the primary/secondary markets under Portfolio Investment Scheme (PIS) have reached the trigger limit. Accordingly, no further purchases of this company would be allowed through stock exchanges on behalf of Non-Resident Indians (NRIs)/Persons of Indian Origin (PIOs). The above company has been included in the Ban List of the Reserve Bank of India (for purchase of equity shares by NRI/PIOs).

Ajit Prasad
Assistant General Manager
Press Release : 2013-2014/1485

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Distribution of Banknotes & Coins – Review of Incentives & Penalties

RBI/2013-14/450 DCM (CC) No.G-16/03.39.01/2013-14 January 13, 2014 The Chairman & Managing Directors/ Chief Executive Officers All Scheduled Commercial Banks (Including RRBs, UCBs, State Cooperative Bank & District Central Cooperative Banks) Dear Sir / Madam, Distribution of Banknotes & Coins – Review of Incentives & Penalties Please refer to Sl No.4 of our Circular DCM (CC) No.G-10/03.39.01/2013-14 [...]

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Alteration in the name of “Development Credit Bank Limited” to “DCB Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934

RBI/2013-14/442 Ref.DBOD.No.Ret.BC /83/12.06.097/2013-14 January 10, 2014 All Scheduled Commercial Banks Dear Sir Alteration in the name of “Development Credit Bank Limited” to “DCB Bank Limited ” in the Second Schedule to the Reserve Bank of India Act, 1934 We advise that the name of “Development Credit Bank Limited” has been changed to “DCB Bank Limited” [...]

The post Alteration in the name of “Development Credit Bank Limited” to “DCB Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934 .

RBI sets up Committee on Data and Information Management in the Reserve Bank of India

The information requirement for monetary and macro financial policies as well as supervision has become more demanding with the increasing integration of the Indian economy and markets with the global economy. Periodic assessment of the institutional process of data capture and management, therefore, becomes important to strengthen the information base of policy making. However, for [...]

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Timely Issue of TDS Certificate to Customers

RBI/2013-14/401 UBD.CO.BPD.(PCB).Cir.No. 41/12.05.001/2013-14 December 5, 2013 To, The Chief Executive Officer All Urban Co-operative Banks Dear Sir / Madam, Timely Issue of TDS Certificate to Customers It has been brought to our notice that some banks are not providing TDS Certificate in Form 16A to their customers in time, causing inconvenience to customers in filing [...]

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