The Reserve Bank of India has today asked authorised dealers (AD) Category – I banks to mandatorily file, from February 8, 2016, forms Advanced Remittance Form (ARF), Foreign Collaboration General Permission Route(FC-GPR) and Foreign Collaboration Transfer of Shares (FC-TRS) only through online mode on e-Biz portal. Physical filing of these forms will be discontinued from… Read More »
Source RBI BI/2015-16/303 A.P. (DIR Series) Circular No. 40 February 01, 2016 To All Category – I Authorised Dealer Banks Madam / Sir, Foreign Direct Investment –Reporting under FDI Scheme, Mandatory filing of form ARF, FCGPR and FCTRS on e-Biz platform and discontinuation of physical filing from February 8, 2016 Attention of Authorised Dealers Category-I… Read More »
(Updated on June 30, 2015) 1. What is Speed Clearing ? Speed Clearing refers to collection of outstation cheques (a cheque drawn on non-local bank branch) through the local clearing. It facilitates collection of cheques drawn on outstation core-banking-enabled branches of banks, if they have a net-worked branch locally. 2. Why Speed Clearing ? The… Read More »
(Updated on September 16, 2014) Q. No. 1: How many types of cards are available to a customer? Ans: Cards can be classified on the basis of their issuance, usage and payment by the card holder. There are three types of cards (a) debit cards (b) credit cards and (c) prepaid cards. Q. No. 2:… Read More »
Q1. What is RTGS System? Ans. The acronym ‘RTGS’ stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting). ‘Real Time’ means the processing of instructions at the time they are received rather than at some later time;… Read More »
Updated on 24/07/2015 Q.1. What is NEFT? Ans: National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating… Read More »
updated on 29/01/2016 Q.1. What is an Automated Teller Machine (ATM)? Ans 1. Automated Teller Machine is a computerized machine that provides the customers of banks the facility of accessing their account for dispensing cash and to carry out other financial & non-financial transactions without the need to actually visit their bank branch. Q.2. What… Read More »
Protected Disclosures Scheme for Private Sector and Foreign Banks Introduction 1.1 Disclosure of information in the public interest by the employees of an organisation is increasingly gaining acceptance by public bodies for ensuring better governance standards and probity / transparency in the conduct of affairs of public institutions. Large scale corporate frauds had necessitated, internationally,… Read More »
RBI/2015-16/302 DNBR(PD).CC.No. 072/03.10.001/2015-16 January 28, 2016 All Non-Banking Financial Companies (NBFCs) Dear Sirs, Provision of Safe Deposit Locker facility by NBFCs The Bank has received proposals from NBFCs seeking approval for offering safe deposit locker facilities. In this regard it may be noted that providing safe deposit locker facility is a fee based service and… Read More »
THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] RESERVE BANK OF INDIA (Foreign Exchange Department) NOTIFICATION Mumbai, the 21st January, 2016 No. FEMA 10(R)/2015—RB Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 G.S.R. 96(E).—In exercise of the powers conferred by Section 9 and clause (e) of sub-section (2)… Read More »