RBI/2014-15/383DNBR(PD).CC.No.009/03.10.42/2014-15January 2, 2015All NBFCsDear 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 … [Read more...]
Security for External Commercial Borrowings – RBI Circular
RBI/2014-15/377 A.P. (DIR Series) Circular No. … [Read more...]
RBI extends last date of receipt of applications till 2nd February 2015 for Licensing of Small Finance Banks and Payments Banks
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 … [Read more...]
Revised format of reporting for representative Offices of Foreign Banks in India
RBI/2014-15/374DBR.IBD.No.9745/23.13.001/2014-15December 31, 2014The Chief RepresentativeAll Representative Offices of Foreign Banks in IndiaMadam/Dear Sir,Revised format of reporting - Representative Offices of Foreign Banks in IndiaRepresentative Offices of foreign banks in India are currently … [Read more...]
FFIs need to register with the US IRS and obtain a Global Intermediary Identification Number (GIIN) – SEBI Circular
FFIs who have registered with IRS but have not obtained a GIIN should indicate to the withholding agents that the GIIN is applied for
RBI/2014-15/372DBR. AML.No. 9644/14.07.018/2014-15December 30, 2014The Chairpersons / CEOs of all Scheduled Commercial BanksRRBs/Local Area Banks / All India Financial InstitutionsDear Madam/Sir,Inter-Governmental Agreement (IGA) with United States of America (US)under Foreign Accounts Tax … [Read more...]
RBI cancelled the certificate of registration of two NBFCs
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 NameAddress of Registered OfficeCertificate of … [Read more...]
Know Your Customer (KYC) Guidelines for banks – FAQ
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 … [Read more...]
RBI imposed penalty on Rajputana Mahila Urban Co-operative Bank Limited, for violation of KYC and AML
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 … [Read more...]
Date of exchange of currency notes prior to 2005 extended up to 30th June 2015 – RBI press releases
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 … [Read more...]