RBI has issued Cricular No 3/12.05.001/2014–15 dated December 12, 2014 regarding guideline on Levy of charges for non-maintenance of minimum balance in savings bank account shall be subject to the following additional guidelines. The guidelines will come into effect from…
Category: RBI
RBI plans new norms to make e‑commerce transactions easier
To make online transactions easier, the Reserve Bank will soon come out with single authentication payment norms for low value e‑commerce transactions without any compromise on security. Share on: whatsapp
RBI asks banks to be cautious on inoperative account payments
The Reserve Bank has asked banks to exercise caution before making payments to customers claiming funds lying idle in inoperative accounts. Banks are advised to invariably verify the genuineness of the transactions and ensure that the amounts paid to the…
Export proceeds to be realised & repatriated to India within 9 Months of from the date of Export
RBI had notified via Circular No RBI/2014–15/306 A.P. (DIR Series) Circular No. 37 that of realization and repatriation of export proceeds shall be nine months from the date of export for all exporters including Units in SEZs, Status Holder Exporters,…
Re-designing Regulatory Framework for NBFCs by RBI
Re-designing Regulatory Framework for NBFCs by RBI The Non-Banking Finance Companies (NBFCs) in India, have evolved over the last fifty years to emerge as notable alternate sources of credit intermediation. The non-bank sector in India is wide and encompasses several financial…
RBI Cautions against Misuse of cancelled NBFC Certificate of Registration
It has come to the notice of the Reserve Bank of India that some entities/imposters, including companies, partnership firms, individuals, etc., are fraudulently impersonating as Non Banking Financial Companies (NBFCs) registered with the Reserve Bank of India, by forging the…
RBI’s College of Agricultural Banking to conduct an Essay Competition to promote Financial Literacy
The Reserve Bank of India’s College of Agricultural Banking (CAB), Pune is conducting an essay competition to promote financial literacy. The theme for the Essay Competition 2014 is “How to make India a financially literate country – Strategies”. The competition…
Credit Card in the name of RBI : RBI cautions Once More about the Newest Kind of Fraud perpetrated in its Name
The Reserve Bank of India today issued one more alert to the public about the newest form of fraud perpetrated in its name — a credit card issued by fraudsters in the name of the Reserve Bank. Explaining the modus…
Customers to be informed on fall in minimum balance in Savings Bank Account
The Reserve Bank asked banks to inform their customers about fall in minimum balance well in advance and said that penal charges should be levied only to the extent of shortfall in such balances. The guidelines with respect to levying…
Primary (Urban) Co-operative Banks (UCBs) can act as PAN Service agents
Undertaking of Activity by UCBs as PAN Service Agents (PSA) Please refer to circulars UBD.BPD. (PCB). Cir. No. 63/13.05.000/2013–14 dated May 16, 2014 and UBD.BPD. (PCB). Cir. No. 38/13.05.000/2013–14 dated November 14, 2013, permitting only Financially Sound and Well Managed…