Banking

Obligation of NBFCs under Prevention of Money laundering Act, 2002

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RBI/2014-15/383DNBR(PD).CC.No.009/03.10.42/2014-15 January 2, 2015 All NBFCs Dear Sirs, Know your Customer (KYC) Norms/Anti-Money Laundering (AML) standards/ Combating of Financing of Terrorism (CFT)/ Obligation of NBFCs under Prevention of Money laundering Act (PMLA), 2002 – Client Due Diligence measures Please refer to our Master Circular DNBS(PD) CC.No.387/03.10.42/ 2014-15 July 1, 2014, as per which NBFCs are required … Read more

Security for External Commercial Borrowings – RBI Circular

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RBI/2014-15/377                                                       A.P. (DIR Series) Circular No. 55                                                           January 01, 2015 To All Authorised Dealer Category-I Banks Madam/ Sir Security for External Commercial Borrowings Attention of Authorised Dealers Category-I … Read more

RBI extends last date of receipt of applications till 2nd February 2015 for Licensing of Small Finance Banks and Payments Banks

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The Reserve Bank of India received requests seeking extension of time for submission of applications for Small Finance Banks / Payments Banks, the last date for which was January 16, 2015. Keeping in view the difficulties expressed by various parties, it has been decided to extend the last date of receipt of applications to February 2, 2015. Accordingly, … Read more

Revised format of reporting for representative Offices of Foreign Banks in India

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RBI/2014-15/374DBR.IBD.No.9745/23.13.001/2014-15 December 31, 2014 The Chief RepresentativeAll Representative Offices of Foreign Banks in India Madam/Dear Sir, Revised format of reporting – Representative Offices of Foreign Banks in India Representative Offices of foreign banks in India are currently required to submit information/documents on an annual basis to Reserve Bank of India as under: a certificate from … Read more

FFIs need to register with the US IRS and obtain a Global Intermediary Identification Number (GIIN) – SEBI Circular

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CIRCULAR  CIR/MIRSD/6/2014                                                                                     December 30, 2014   All Intermediaries registered with SEBI   Sub: Registration for the purpose of Foreign Accounts Tax Compliance Act (FATCA)     2.    The Government of India has informed SEBI vide communication dated December 30, 2014 that as per the FAQ published on the US Internal Revenue Service (IRS) website, Foreign … Read more

FFIs who have registered with IRS but have not obtained a GIIN should indicate to the withholding agents that the GIIN is applied for

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RBI/2014-15/372DBR. AML.No. 9644/14.07.018/2014-15 December 30, 2014 The Chairpersons / CEOs of all Scheduled Commercial BanksRRBs/Local Area Banks / All India Financial Institutions Dear Madam/Sir, Inter-Governmental Agreement (IGA) with United States of America (US)under Foreign Accounts Tax Compliance Act (FATCA)- Registration Please refer to our circular DBOD. AML. No. 20472 /14.07.018/2013-14 dated June 27, 2014 on the captioned … Read more

RBI cancelled the certificate of registration of two NBFCs

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The Reserve Bank of India has cancelled the certificate of registration of the following non-banking financial companies (NBFCs) in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. Sr.No. Company’s Name Address of Registered Office Certificate of RegistrationNo. & Date Date ofcancellation 1. Kabra Commercial … Read more

Know Your Customer (KYC) Guidelines for banks – FAQ

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This is a summarised and simplified version of the Reserve Bank of India’s Know Your Customer guidelines updated up to December 22, 2014. Q 1. What is KYC? Why is it required? Response: KYC means “Know Your Customer”. It is a process by which banks obtain information about the identity and address of the customers. This process … Read more

RBI imposed penalty on Rajputana Mahila Urban Co-operative Bank Limited, for violation of KYC and AML

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The Reserve Bank of India has imposed a monetary penalty of Rs. 5.00 lakh (Rupees five lakh only) on Rajputana Mahila Urban Co-operative Bank Limited, Jaipur in exercise of powers vested in it under the provisions of Section 47(A) (1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for violation … Read more

Date of exchange of currency notes prior to 2005 extended up to 30th June 2015 – RBI press releases

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Soliciting cooperation from the public in withdrawing these notes from circulation, the Reserve Bank of India has urged them to deposit the old design notes in their bank accounts or exchange them at a bank branch convenient to them. The Reserve Bank of India has stated that the public can do so till June 30, … Read more