RBI Governor launched Complaint Management System on 24th June 2019. Complaint Management System(CMS) is a software application to facilitate RBI’s grievance redressal processes. Members of public can access the CMS portal at RBI’s website “Complaint Management System by RBI” to lodge their complaints against any of the entities regulated by RBI. It symbolizes RBI’s commitment…
Security Measures for ATMs
The apex bank eased regulations for Basic Savings Bank Deposit (BSBD) Accounts, popularly known as ‘no-frills’ accounts. As part of the financial inclusion drive, the RBI had asked banks to provide BSBDA as a savings account offering – certain minimum facilities, free of charge. The Reserve Bank of India (RBI) on Monday said commercial banks need to…
Reserve Bank of India has issued a new framework on 7th June 2019 for resolution of bad loans, replacing the previous norms quashed by the Supreme Court in April, offering a 30-day gap for stress recognition instead of the one-day default earlier. The apex court had on April 2 struck down the stringent RBI circular, issued…
RBI has released Statement on Developmental and Regulatory Policies on 6th June 2019 which sets out various developmental and regulatory policy measures for strengthening regulation and supervision; broadening and deepening the financial markets; and improving payment and settlement systems. I. Regulation and Supervision 1. Leverage Ratio for Banks In order to mitigate risks of excessive leverage,…
– RBI cuts repo rate for 3rd time in a row by 25 bps to 5.75%. The repo rate, which now stands at 5.75 per cent, is the lowest since July 2010. – RBI delivers another rate cut, shifts policy stance to ‘accommodative’. The Reserve Bank of India (RBI) on Thursday the 6th June 2019,…
RBI vide Notification dated 29th May 2019 made amendments to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. An Ordinance, “Aadhaar and other Laws (amendment) Ordinance, 2019”, has been notified by the Government amending, inter alia, the Prevention of Money Laundering Act, 2002. Important changes carried out in the Master Direction in accordance with…
RBI has revised the RTGS time window with effect from June 01, 2019 as under: Sr. No. Event Time 1. Open for Business 08:00 hours 2. Customer transactions (Initial Cut-off) 18:00 hours 3. Inter-bank transactions (Final Cut-off) 19:45 hours 4. IDL Reversal 19:45 hours – 20:00 hours 5. End of Day 20:00 hours 3. The…
On May 1 We have posted an article “RBI cracks the whip on auditors, wants them to keep eye on five key areas” wherein its was mentioned that 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…
With reference to First Bi-Monthly Monetary Policy Statement on Development and Regulatory Policies RBI has prescribed eligibility criteria of housing loans for classification under priority sector for RRB’s & Small Finance Banks as under: In terms of the Master Direction for RRBs, loans to individuals up to ₹ 20 lakh for purchase/construction of a dwelling unit…