Compliance to provisions of Master Direction on Know Your Customer (KYC) RBI/2016-17/183 DBR.AML.BC.48/14.01.01/2016-17 December 15, 2016 All Regulated Entities Dear Sir/Madam, Compliance to provisions of Master Direction on Know Your Customer (KYC) A reference may be made to the following provisions of the Master Direction on Know Your Customer (KYC): (i) Section 8(d) and (e),… Read More »
Withdrawal of Legal Tender Character of the old Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on December 13, 2016) (Updated as on December 13, 2016) 1. Why is this scheme introduced? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes… Read More »
Shri R. Gandhi and Shri S. S. Mundra, RBI Deputy Governors brief Agencies on Currency Issues: Edited Transcript (Corrected) Date : Dec 13, 2016 Shri R Gandhi: The banks have since the start of the programme on November 10, 2016 till December 10, 2016 issued notes valued at ₹ 4.61 lakh crore to the public… Read More »
RBI/2016-17/182 IDMD.PDRD.No.08/03.64.00/2016-17 December 13, 2016 To All Standalone Primary Dealers Dear Sir/Madam, Distribution of Relief/Savings Bonds A reference is invited to Para A.1 of the Master Direction on Relief/Savings Bonds dated July 1, 2016 under which agency banks can enrol/register brokers for distribution of Relief/Savings bonds. A reference is also invited to the Para 12… Read More »
Preservation of CCTV recordings RBI/2016-17/181 DCM (Plg) No. 1712/10.27.00/2016-17 December 13, 2016 The Chairman & Managing Director Chief Executive Officers All Banks Dear Sir, Preservation of CCTV recordings Please refer to paragraph (5) of our circular DCM (FNVD) No.1134/16.01.05/2016-17 dated October 27, 2016 wherein it was stated that in order to facilitate identification of people… Read More »
RBI/2016-17/179 DCM (Plg) No. 1679/10.27.00/2016-17 December 12, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks Dear Sir, Detection of counterfeit notes in Specified Bank Notes (SBNs) – Reporting Please refer our circulars DCM (Plg) No.1264/10.27.00/2016-17… Read More »
RBI/2016-17/180 DCM (Plg) No. 1683/10.27.00/2016-17 December 12, 2016 The Chairman / Managing Director/ Chief Executive Officer (All banks maintaining currency chests) Dear Sir, Distribution of Mahatma Gandhi (New) Series Banknotes – Records Please refer to our circular DCM (RMMT) No. G-5/11.01.01/2016-17 dated July 15, 2016 on Receipt and Remittance of Treasure. 2. In the wake… Read More »
Date : Dec 12, 2016 The Reserve Bank of India today clarified that it has not initiated any action to cancel the banking licence of Axis Bank in the wake of certain allegations about some serious irregularities in transactions relating to deposit/exchange of Specified Bank Notes in a few branches of the bank. The clarification… Read More »
Date : Dec 08, 2016 Issuance of Rs 500 bank notes without inset letter, in the Mahatma Gandhi (New Series) The Reserve Bank of India will shortly issue Rs 500 denomination banknotes in the Mahatma Gandhi (New) Series, without any inset letter, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India, and… Read More »
RBI/2016-17/178 DPSS.CO.OSD.No.1485/06.08.005/2016-17 December 09, 2016 All Prepaid Payment Instrument Issuers, System Providers, System Participants and all other Prospective Prepaid Payment Instrument Issuers Dear Sir, Security and Risk Mitigation measure – Technical Audit of Prepaid Payment Instrument issuers With the withdrawal of legal tender characteristics of existing ₹ 500/- and ₹ 1000/- Bank Notes (Specified Bank… Read More »