Reserve Bank said the aggregate ceiling for foreign investors
to invest in Ujjivan Financial Services will remain at 49%.
RBI has authorised 29 agency banks to accept payments
of Income Tax dues. Some of the agency banks authorized
by RBI to collect tax include Allahabad Bank, UCO Bank, BOI,
Canara Bank, SBI and its five associate banks, CBI, Dena Bank,
HDFC Bank Ltd, OBC, Axis Bank Ltd, ICICI Bank and PNB.
It has stated that entities from Pakistan, China,
Bangladesh, Sri Lanka, Afghanistan, Iran and Hong Kong
or Macau will require its prior approval to establish
branch office or project office or liaison office in India.
The Cabinet has given approval to the MoU between the
Reserve Bank and the Central Bank of United Arab
Emirates (UAE) on co-operation on currency swap
agreement.
As per RBI it will shortly issue Rs. 1,000 denomination
bank notes in the Mahatma Gandhi Series of 2005 with
the insert letter of 'R' in both the number panels.
RBI released Non-Banking Financial Company -Account
Aggregator Directions, 2016. This will put in place the
regulatory framework to allow a new kind of Non-Banking
Financial Company (NBFC), which could act as an account
aggregator. The Net Owned Fund of such companies should
not be less than 2 cr. Rs..
RBI issued revised Framework for Revival and
Rehabilitation of Medium, Small and Micro Enterprises
(MSMEs). The Framework has to be put in place by the banks
not later than 30 June 2016.
Key Guidelines • It shall be applicable to MSMEs having loan limits up to 25 cr. Rs. including accounts under consortium or multiple banking arrangement (MBA). • It classifies three categories in Special Mention Account (SMA) to identify incipient stress in the accounts of MSMEs in case of Non-Performing Assets (NPAs): a) SMA-0: Principal or interest payment not overdue for more than 30 days but account showing signs of incipient stress b) SMA-1: Principal or interest payment overdue between 31-60 days c) SMA-2: Principal or interest payment overdue between 61-90 days RBI signed a Special Currency Swap Agreement with the Central Bank of Sri Lanka. Under the arrangement, the Central Bank of Sri Lanka can draw up to 700 million US dollars. To streamline monitoring of fraud cases in Urban Cooperative Banks, RBI said those involving Rs 1 cr. and above will have to be reported to its Central Fraud Monitoring Cell (CFMC) at Bengaluru within three weeks of detection. Fraud cases below Rs 1 cr. should be reported to respective regional offices of the Department of Cooperative Bank Supervision (DCBS) of the RBI. Reserve Bank Governor Raghuram Rajan has joined a task force of the World Economic Forum (WEF) to study the future of global financial system. The central bank has directed commercial banks to increase the provisioning by 2.5% every quarter so that by March 31, 2017, provisioning reached the 15% level — in line with sub-standard accounts. RBI has extended the $2 billion currency swap arrangement to SAARC nations till mid-November 2017. Under the arrangement, RBI is to offer swap arrangement up to an overall amount of $2 billion both in foreign currency and Indian rupee. RBI has signed a pact with Bank of Israel for Information Exchange and Banking supervision. RBI has decided to share FDI-related data with the country's intelligence agencies, Intelligence Bureau (IB) and Research and Analysis Wing (RAW), to check the black money entering India. Tata Consultancy Services (TCS) CEO and MD Natarajan Chandrasekaran, former Chief Secretary of Gujarat Sudhir Mankad and Bharat Narotam Doshi appointed as Non Officials Directors to the board of RBI for a tenure of 4 year.
Key Guidelines • It shall be applicable to MSMEs having loan limits up to 25 cr. Rs. including accounts under consortium or multiple banking arrangement (MBA). • It classifies three categories in Special Mention Account (SMA) to identify incipient stress in the accounts of MSMEs in case of Non-Performing Assets (NPAs): a) SMA-0: Principal or interest payment not overdue for more than 30 days but account showing signs of incipient stress b) SMA-1: Principal or interest payment overdue between 31-60 days c) SMA-2: Principal or interest payment overdue between 61-90 days RBI signed a Special Currency Swap Agreement with the Central Bank of Sri Lanka. Under the arrangement, the Central Bank of Sri Lanka can draw up to 700 million US dollars. To streamline monitoring of fraud cases in Urban Cooperative Banks, RBI said those involving Rs 1 cr. and above will have to be reported to its Central Fraud Monitoring Cell (CFMC) at Bengaluru within three weeks of detection. Fraud cases below Rs 1 cr. should be reported to respective regional offices of the Department of Cooperative Bank Supervision (DCBS) of the RBI. Reserve Bank Governor Raghuram Rajan has joined a task force of the World Economic Forum (WEF) to study the future of global financial system. The central bank has directed commercial banks to increase the provisioning by 2.5% every quarter so that by March 31, 2017, provisioning reached the 15% level — in line with sub-standard accounts. RBI has extended the $2 billion currency swap arrangement to SAARC nations till mid-November 2017. Under the arrangement, RBI is to offer swap arrangement up to an overall amount of $2 billion both in foreign currency and Indian rupee. RBI has signed a pact with Bank of Israel for Information Exchange and Banking supervision. RBI has decided to share FDI-related data with the country's intelligence agencies, Intelligence Bureau (IB) and Research and Analysis Wing (RAW), to check the black money entering India. Tata Consultancy Services (TCS) CEO and MD Natarajan Chandrasekaran, former Chief Secretary of Gujarat Sudhir Mankad and Bharat Narotam Doshi appointed as Non Officials Directors to the board of RBI for a tenure of 4 year.
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