Tuesday, 11 November 2014

RBI September 2014

Notification/Circular no. Date Subject Amendment
RBI/2014-15/199
DBOD.No.BP.BC. 35/21.04.048/2014-15
September 01, 2014 Timelines for Credit Decisions The Reserve Bank of India (RBI) on Monday asked banks to put in a place a timeline for credit decisions for all loans to eliminate “inordinate delays” by banks in convey their credit decisions to borrowers. The system must be put in place within 30 days.

RBI/2014-15/227
UBD.BPD.Cir.No.14/12.05.001/2014-15
September 01, 2014 Inoperative Accounts There may be instances where the customer has given a mandate for crediting dividend on shares to Savings Bank account and there are no other operations in the Savings Bank account. Some doubts have arisen whether such an account is to be treated as inoperative account after two years. In this regard clarificatio has been issued by RBI.
RBI/2014-15/206
UBD. CO. BPD. PCB. Cir. No. 12 /09.19.900/2014-15
September 03, 2014 Guidelines for transfer of Assets and Liabilities of Urban Cooperative Banks to Commercial Banks- Modification With a view to ensuring that the process of consolidation by way of non-disruptive exit of weak entities by a scheme of transfer of assets and liabilities of UCBs to commercial banks is undertaken in a transparent manner without affecting the financial health of the acquiring entities and the banking system as a whole, it has been decided to modify the existing guidelines for transfer of assets and liabilities of UCBs to commercial banks by stipulating the certain conditions
RBI/2014-15/209
DBOD. AML. No. 3356/14.01.001/2014-15
September 04, 2014 Simplification of KYC Norms - Creating Public Awareness The Reserve Bank of India, in the recent times, has been taking several measures to simplify KYC requirements to help the common man open bank accounts. It is, however, observed that despite such measures the general public is still facing problems in opening a bank account as these measures have not been given adequate publicity and the common man still lacks awareness on the basics of opening a bank account. In order to address these issues, create public awareness and give wide publicity to these KYC simplification measures, Reserve Bank has issued a Press Release together with a poster and a booklet comprising a few common questions relating to Know Your Customer (KYC) norms for opening bank accounts which are available in RBI's website
RBI/2014-15/216
A.P. (DIR Series) Circular No.28

September 08, 2014 Risk Management and Inter Bank Dealings: Hedging Facilities for Foreign Portfolio Investors (FPIs) In order to enhance the hedging facilities for the FPIs holding securities under the Portfolio Investment Scheme (PIS) it has been decided to permit FPIs to hedge the coupon receipts arising out of their investments in debt securities in India falling due during the following twelve months subject to the condition that the hedge contracts shall not be eligible for rebooking on cancellation. The contracts can however be rolled over on maturity provided the relative coupon amount is yet to be received.
RBI/2014-15/217
DBOD. APPT.BC.No. 40 /29.39.001/2014-15
September 09, 2014 Upper age limit for Whole Time Directors on the Boards of Banks the Companies Act, 2013 [Section 196(3)] which prescribe that ‘no company shall  appoint or continue the employment of any person as Managing Director, Whole Time Director or Manager who is below the age of 21 years or has attained the age of 70 years’.  In view of the above, it has been decided that the upper age limit for MD & CEO and other WTDs of banks in the private sector should be 70 years, i.e. beyond which nobody should continue in the post. Within the overall limit of 70 years, individual bank’s Boards are free to prescribe a lower retirement age for the WTDs, including the MD & CEO, as an internal policy.
RBI/2014-15/221
DBOD.No.CID. 41/20.16.003/2014-15
September 09, 2014 Guidelines on Wilful Defaulters –
Clarification regarding Guarantor, Lender and Unit
Master Circular on Wilful Defaulters DBOD.No.CID.BC.3/20.16.003/2014-15 dated July 1, 2014 has been amended by RBI.
RBI/2014-15/223
RPCD.RRB.RCB.AML.BC.No.31/07.51.018/2014-15
September 09, 2014 RRBs/StCBs/CCBs - KYC Norms / AML Standards / CFT / Obligation of banks under PMLA, 2002 – Client Due Diligence measures It is advised that while the requirements of client due diligence measures applied when establishing anaccount-based relationship and on-going due diligence would continue as indicated Master Circular, it has been decided to dispense with the requirement of‘positive confirmation’.
RBI/2014-15/224
RPCD.CO.RCB.BC.28/07.51.010/2014-15 
September 09, 2014 Need for Bank Branches / ATMs to be made accessible to persons with disabilities
It has been advised that State / Central Co-operative Banks(StCBs / DCCBs) have to take necessary steps to provide all existing ATMs/futureATMs with ramps so that wheel chair users / persons with disabilities can easily accessthem. Care may also be taken to make arrangements in such a way that the height of the ATMs do not create an impediment in their use by wheelchair users. Certain more guidelines have been stated in this regard.
RBI/2014-15/234              A.P. (DIR Series) Circular No.31 September 17, 2014 Foreign Direct Investment (FDI) in India - Issue of equity shares under the FDI Scheme against legitimate dues The extant guidelines for issue of shares/convertible debentures to non resident under the automatic route have been reviewed in consultation with the Government of India and, accordingly, it has been decided to permit issue of equity shares against any other funds payable by the investee company, remittance of which does not require prior permission of the Government of India or Reserve Bank of India under FEMA, 1999 or any rules/ regulations framed or directions issued thereunder provided two conditions as metioned in the circular is satisfied.
RBI/2014-15/248
RPCD.RCB.BC.No.33/07.51.012/2014-15 
September 30, 2014 StCBs/CCBs - Instruments for Augmentation of Capital Funds - Modification Circular RPCD.RCB.BC.73/07.51.012/2013-14 dated January 7, 2014 has been modifed by the RBI.
RBI/2014-15/251
IDMD.PCD.06/14.03.07/2014-15

September 30, 2014 Secondary market transactions in Government Securities - Short Selling Circular IDMD.No.03/11.01.01(B)/2005-06 dated February 28, 2006 guidelines relating to short selling has been reviewed .

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