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RESERVE BANK OF INDIA (RBI)

May 6, 2015
1. Interest Rates on Deposits RBI has vide its circular RBI/2014-15/554 DBR.No.Dir.BC.87/13.03.00/2014-15 dated 16th April, 2015  stated that banks are allowed to offer differential rates of interest on term deposits on the basis of tenor for deposits less than Rs.1 crore and on the basis of quantum and tenor on term deposits of Rs. 1 crore and above. 2. Non-Banking Financial Company-Micro Finance Institutions (NBFC-MFIs) – Non-Banking Financial Company-Micro Finance Institutions (NBFC-MFIs) – Directions – Modifications RBI vide circular RBI/2014-15/544 DNBR.CC.PD.No.027/03.10.01/2014-15 dated 8th April, 2015 brought subsequent modifications to NBFC-MFIs in the backdrop of the Andhra Pradesh-MFI crisis. The sector has largely moved forward since then. Accordingly certain modifications are being introduced. Notwithstanding to the circular, all NBFC-MFIs are expected to be prudent and responsible in their lending activity besides educating their borrowers on the dangers of wasteful conspicuous consumption. 3. Implementation of Section 51-A of UAPA, 1967- Updates of the UNSCR 1267(1999)/1989(2011) Committee’s Al Qaida sanctions list RBI vide circular RBI/2014-15/541 DNBR(PD).CC.No.026/03.10.42/2014-15 dated 6th April, 2015 announced that that NBFCs are required to update the list of individuals/entities as circulated by Reserve Bank and before opening any new account, it should be ensured that the name/s of the proposed customer does not appear in the list. Further, NBFCs should scan all existing accounts to ensure that no account is held by or linked to any of the entities or individuals included in the list. 4. Auction of Government of India Dated Securities RBI vide circular RBI/2014-15/540 Ref. No. IDMD/1984/08.02.032/2014-15 dated 6th April, 2015 decided to permit remittances to the Prime Minister’s National Relief Fund through the Exchange Houses subject to the condition that the remittances are directly credited to the Fund by the banks and the banks maintain full details of the remitters. 5. Export of Goods and Services – Project Exports RBI had vide its circular earlier circular permitted AD banks / Exim Bank to consider according post-award approvals without any monetary limit and permit subsequent changes in the terms of post award approval within the relevant FEMA guidelines / regulations. Further, in terms of para B. 11 (i) of the revised Memorandum of instructions on Project and Service exports, Exim Bank in participation with commercial banks in India may extend Buyer’s credit upto the limit of USD 20 million to foreign buyers in connection with export of goods on deferred payment terms and turn key projects from India. RBI has now vide its circular RBI/2014-15/534 A.P.(DIR Series) Circular No.93 dated 1stApril , 2015   decided to withdraw the limit of USD 20 million for Buyer’s credit which may be extended to foreign buyers in connection with export of goods on deferred payment terms and turn key projects from India.  
  • By CS P. Surya Prakash  gg 0 Comments   

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