A reference is invited to RBI Master Circular on Customer Service in Banks dated
01-July-2015, containing instructions for scheduled commercial banks to ensure banking
services for Persons with Disabilities.
Provisions of section 15 of FEMA, 1999, enable compounding of contraventions and, empowers
the RBI to compound any contravention as defined under section 13 of FEMA, 1999, except
contraventions under section 3 (a) of FEMA, 1999, on an application made by person
committing such contravention.
RBI has come across instances of guarantees (including Standby Letters of Credit [SBLCs] and
/ or performance guarantees) issued by persons resident outside India, favouring persons
resident in India, which are not permitted under extant FEMA regulations.
GOI, vide Trade Notice No.18/2024-2025 dated 30-09-2024, has allowed for an extension of the
Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit ('Scheme') for
three months up to 31-Dec-2024.
The Credit Information Companies (Regulation) Act, 2005 (CICRA) stipulates that only Credit
Institutions (CIs) can furnish credit information to Credit Information Companies (CICs).
ARCs advised to become a member of at least one CIC.
A reference is invited to RBI Master Circular on Customer Service in Banks dated
01-July-2015, containing instructions for scheduled commercial banks to ensure banking
services for Persons with Disabilities.
Provisions of section 15 of FEMA, 1999, enable compounding of contraventions and, empowers
the RBI to compound any contravention as defined under section 13 of FEMA, 1999, except
contraventions under section 3 (a) of FEMA, 1999, on an application made by person
committing such contravention.
RBI has come across instances of guarantees (including Standby Letters of Credit [SBLCs] and
/ or performance guarantees) issued by persons resident outside India, favouring persons
resident in India, which are not permitted under extant FEMA regulations.
GOI, vide Trade Notice No.18/2024-2025 dated 30-09-2024, has allowed for an extension of the
Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit ('Scheme') for
three months up to 31-Dec-2024.
The Credit Information Companies (Regulation) Act, 2005 (CICRA) stipulates that only Credit
Institutions (CIs) can furnish credit information to Credit Information Companies (CICs).
ARCs advised to become a member of at least one CIC.
A reference is invited to RBI Master Circular on Customer Service in Banks dated
01-July-2015, containing instructions for scheduled commercial banks to ensure banking
services for Persons with Disabilities.
Blogs & Articles
Why concurrent audit is important for banks?
Due Diligence vs. Audit: Understanding the Distinctions
Due Diligence vs. Audit: Understanding the Distinctions
An EY report suggests that India requires a
tax buoyancy of 1.2-1.5 to reach a growth rate of 6.5-7%
In order to effectively enhance its financial
capabilities, the Central government will have to significantly bolster its efforts in
revenue generation. This is especially crucial as it aims to elevate the tax-to-GDP
ratio, which is currently projected at approximately 12.0% for the fiscal year 2026, as
per the budget estimates, to a more ambitious target of 14.0% by the conclusion of
fiscal year 2031.
Financial institutions remain wary of lending to microfinance organizations, even with
reductions in risk weights.
The Reserve Bank of India (RBI) made an
important announcement, indicating that it has opted to lower the risk weights for
bank loans directed towards non-banking financial companies and the microfinance
industry, bringing them down from 125% to a more accommodating 100%.
