RBI cracks the whip on auditors, wants them to keep eye on five key areas

RBI cracks the whip on auditors, wants them to keep eye on five key areas : The Reserve Bank of India (RBI) has asked bank auditors to keep a close watch on five key parameters and is to reassign its senior supervisory authority in charge of the inspection of specific banks. The twin changes have…

The Reserve Bank Extends Ombudsman Scheme for Non-Banking Financial Companies to eligible Non-Deposit Taking Non-Banking Financial Companies

As announced in Para 11 of the Statement on Developmental and Regulatory Policies of the Monetary Policy Statement dated April 04, 2019, the Reserve Bank of India (RBI) today has extended wef 26th April 2019 the coverage of Ombudsman Scheme for Non-Banking Financial Companies (NBFCs), 2018 (the Scheme) to eligible Non Deposit Taking Non Banking Financial…

Swiss Challenge Method – Enabling Low Vintage and Debt aggregation

In Indian Express dt 24th April 2019, a news has been flashed as under: “Central Bank of India on Friday put up two non-performing assets (NPAs) worth Rs 251 crore for sale through the Swiss challenge method.” “The auction for Srinagar Banihal Expressway (Rs 200 crore) and Maa Mahamaya Industries (Rs 51 crore) are being…

RBI releases draft “Enabling Framework for Regulatory Sandbox”

In view of the growing significance of FinTech innovations and their interface with the financial sector as well as financial sector entities, the Financial Stability and Development Council – Sub Committee had decided to set up a Working Group (WG), to look into and report on the granular aspects of FinTech and its implications, so…

SBI PO 2019 & SBI Clerk Notification 2019 Declared

Dear Friends, State Bank Of India (SBI) has released the notification regarding the recruitment of Probationary Officer (PO) 2019 and for the recruitment on the posts of the clerk in its branches all over India. Highlights of the notification here: For Clerks: ONLINE REGISTRATION OF APPLICATION AND PAYMENT OF FEES: 12.04.2019 TO 03.05.2019 Preliminary Examination will be conducted…

Assignment of Lead Bank Responsibility

Amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda has been notified vide Gazette of India Notification G.S.R. 2(E) dated January 2, 2019. The Notification called the ‘Amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda Scheme, 2019’ has come into force on April 1, 2019. In view of the above,…

Minimum Standards for a Currency Chest

1.  The Bank had constituted a Committee on Currency Movement (CCM) [Chair: Shri D.K. Mohanty, Executive Director]. The Committee, inter-alia, recommended that the Reserve Bank should encourage banks to open large Currency Chests (CCs) with modern facilities and Chest Balance Limit (CBL) of at least ₹ 10 billion. Accordingly, RBI decided to have the following…

Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring Tools and LCR Disclosure Standards

Presently, the assets allowed as Level 1 High Quality Liquid Assets (HQLAs) for the purpose of computing the LCR of banks, inter alia, include (a) Government securities in excess of the minimum SLR requirement and, (b) within the mandatory SLR requirement, Government securities to the extent allowed by RBI under (i) Marginal Standing Facility (MSF)…

Credit Flow to Agriculture- Collateral free agricultural loans

With  reference to paragraph 13 of the Statement on Development and Regulatory Policies of the Sixth Bi-Monthly Monetary Policy Statement for 2018-19 released on February 7, 2019 RBI has vide notification dated 7th February 2019 informed all the Scheduled Commercial Banks including RRB & SFB’s to raise the limit for collateral free agriculture loans to Rs. 1.6 lakh thereby…

The Reserve Bank introduces Ombudsman Scheme for Digital Transactions

As announced in the Monetary Policy Statement of December 5, 2018, the Reserve Bank of India (RBI) launched on 31st January 2019, the Ombudsman Scheme for Digital Transactions (OSDT) vide Notification dated January 31, 2019 for redressal of complaints against System Participants as defined in the said Scheme.  Follow the link for the Scheme: The Ombudsman Scheme for Digital Transactions, 2019…