In

News and Updates Issue 15 Duration June 1-15, 2019

news and updates issue

Law school attempts to profoundly alter the way you think. A challenging but sometimes wrenching experience.

RAY BROWN, AMERICAN LAWYER

BANKING AND FOREIGN EXCHANGE
  • The Reserve Bank of India (RBI) has issued a notification RBI/2018-19/196 dated June 03, 2019 to capture exposures and concentration risk of banks more accurately and to align the “Large Exposures Framework (LEF)” instructions with international norms.
    For more information, please access –
    https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOTI196099C6B756EDB4C2AAEEC2EE45BCCA122.PDF
  • The Reserve Bank of India (RBI) has vide notification RBI/2018-19/203 dated June 07, 2019 issued Direction in relation to Prudential Framework for Resolution of Stressed Assets. The Directions apply to;
    a) Scheduled Commercial Banks (excluding Regional Rural Banks);
    b) All India Term Financial Institutions (NABARD, NHB, EXIM Bank, and SIDBI); (c) Small Finance Banks; and,
    c) Systemically Important Non-Deposit taking Non-Banking Financial Companies (NBFC-ND-SI) and Deposit taking Non-Banking Financial Companies (NBFC-D).
    For more information, please access –
    https://rbidocs.rbi.org.in/rdocs/notification/PDFs/PRUDENTIALB20DA810F3E148B099C113C2457FBF8C.PDF
  • The Reserve Bank of India (RBI) has issued a notification RBI/2018-19/206 dated June 10, 2019 in relation to Financial Inclusion- Access to Banking Services – Basic Savings Bank Deposit Account (BSBDA).
    In the interest of better customer service, it has been decided to make certain changes in the facilities associated with the account. Banks are now advised to offer the following basic minimum facilities in the BSBD Account, free of charge, without any requirement of minimum balance.
    a) The deposit of cash at bank branch as well as ATMs/CDMs
    b) Receipt/ credit of money through any electronic channel or by means of deposit /collection of cheques drawn by Central/State Government agencies and departments
    c) No limit on number and value of deposits that can be made in a month
    d) Minimum of four withdrawals in a month, including ATM withdrawals
    e) ATM Card or ATM-cum-Debit Card
    The BSBD Account shall be considered a normal banking service available to all.
    For more information, please access –
    https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT206B907C2CDEA744542826A19D64D360A27.PDF
  • The Reserve Bank of India (RBI) has issued a notification RBI/2018-2019/208 dated June 11, 2019 in relation to National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) systems – Waiver of charges. In order to provide an impetus to digital funds movement, it has been decided that with effect from July 1, 2019, processing charges and time varying charges levied on banks by Reserve Bank of India (RBI) for outward transactions undertaken using the RTGS system, as also the processing charges levied by RBI for transactions processed in NEFT system will be waived by the Reserve Bank. The banks are advised to pass on the benefits to their customers for undertaking transactions using the RTGS and NEFT systems with effect from July 1, 2019.
    For more information, please access –
    https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT2081AAF195DF07B44E1A103FF512204578D.PDF

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Disclaimer (a) “This information has been gathered from various sources. Nothing herein is or may be construed as legal advice”.

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