Norms on eligibility, empanelment and selection of Statutory Central Auditors in Public Sector Banks from the year 2016-17 and onwards Source : Reserve Bank of India (i) The audit firm shall have a minimum of 7 full time chartered accountants, of which at least 5 should be full time partners exclusively associated* with the firm.… Read More »
Norms on eligibility, empanelment and selection of Statutory Central Auditors and Statutory Branch Auditors in Public Sector Banks for the year 2015-16 Statutory Central Auditors as Annex I and Statutory Branch Auditors as Annex II Annex I Norms on eligibility, empanelment and selection of Statutory Central Auditors in Public Sector Banks (i) The audit firm… Read More »
Source : Reserve Bank of India Implementation of Section 51-A of Unlawful Activities Prevention Act (UAPA), 1967- Updates to ISIL (Da’esh) & Al-Qaida Sanctions List RBI/2015-16/323 DBR.AML.No.10293/14.06.001/2015-16 February 16, 2016 The Chairpersons/ CEOs of all Scheduled Commercial Banks/ Regional Rural Banks/ Local Area Banks/ All India Financial Institutions/ all NBFCs/ All Primary (Urban) Co-operative Banks… Read More »
Source : Reserve Bank of India Feb 16, 2016 Photograph The Reserve Bank of India will soon undertake incognito visits to bank branches to check culture towards customer complaints in banks. It will also undertake a review of how banks have implemented Charter of Customer Rights. This was stated by Dr. Raghuram G. Rajan, Governor, Reserve… Read More »
Source Reserve Bank of India Date : Feb 15, 2016 The Reserve Bank releases monthly data on India’s international trade in services with a lag of around 45 days. The value of exports and imports of services during the month of December 2015 are given in the following Table. Table: International Trade in Services (US$… Read More »
Source Reserve Bank of India Pay IT dues in advance at RBI or at authorised bank branches – March 2016 The Reserve Bank of India has appealed to income tax assessees to remit their income tax dues sufficiently in advance of the due date. It has also stated that assessees can use alternate channels like… Read More »
RBI/2015-16/322 DCBR.CO.SCB.Cir. No. 1/13.05.000/2015-16 Magha 22,1937 February 11, 2016 To Chief Executive Officers Primary (Urban) Cooperative Banks (Scheduled Banks holding AD Category I Iicences) Dear Sir/Madam Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit The Government of India has announced the Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit… Read More »
Source Reserve Bank of India RBI/2015-16/321 DBR.No.Leg.BC.78/09.07.005/2015-16 February 11, 2016 The Chairman/Chief Executives (All Scheduled Commercial Banks other than RRBs) Dear Sir, Legal Guardianship Certificates issued under the Mental Health Act, 1987 Please refer to Circular DBOD.No.Leg.BC.84/09.07.005/2013-14 dated January 13, 2014 wherein banks were advised, inter alia, to take note of the legal provisions in… Read More »
RBI/2015-16/320 DBR. BP. BC. No. 77/21.04.098/2015-16 February 11, 2016 All Scheduled Commercial Banks (excluding RRBs) Dear Sir, Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring Tools and LCR Disclosure Standards Please refer to our circulars DBOD.BP.BC.No.120/21.04.098/2013-14 dated June 9, 2014 and DBR.BP.BC.No.52/21.04.098/2014-15 dated November 28, 2014 on ‘Basel III… Read More »
Source : RESERVE BANK OF INDIA RBI/2015-16/318 A.P. (DIR Series) Circular No. 51 February 11, 2016 To, All Authorised Dealer Category – I Banks Madam/Sir, Regulatory relaxations for start-ups- Clarifications relating to acceptance of payments Attention of Authorised Dealer Category – I (AD Category-I) banks is invited to the Foreign Exchange Management (Foreign currency accounts… Read More »