RBI announces Revised Methodology for Overnight MIBID/MIBOR from July 22, 2015

The Reserve Bank of India has stated that the methodology for the FIMMDA-NSE-Overnight Mumbai Interbank Bid/Offer Rate (Overnight MIBID/MIBOR) benchmark in India will be revised with the introduction of the FBIL-Overnight MIBOR on July 22, 2015. The FBIL-Overnight MIBOR will be based on actual traded rates and will be administered by a new company called…

Calendar for Auction of Government of India Treasury Bills (For the Quarter ending September 2015) Notified

After reviewing the cash position of the Government of India, in consultation with the Reserve Bank of India (RBI), the Government of India has decided to notify the amounts for the issuance of Treasury Bills for the quarter ending September 2015 as under: Notified Amount for Auction of Treasury Bills (July 01, 2015 to September 30,…

Withdrawal of all old series of Banknotes issued prior to 2005

RBI/2014-15/650 DCM(Plg) No.G-15/5486/10.27.00/2014-15 June 26, 2015 The Chairman / Managing Director / Chief Executive Officer All Scheduled Commercial Banks Primary (Urban) Co-operative Banks/RRBs Dear Sir /Madam Withdrawal of all old series of Banknotes issued prior to 2005 Please refer to our circular DCM (Plg) No. G-19/3880/10.27.00/2013-14 dated March 03, 2014, DCM (Plg) No. G-8/3004/10.27.00/2014-15 dated…

Amendment to Prevention of Money Laundering (Maintenance of Records) Rules, 2005 – additional documents for the limited purpose of ‘proof of address’

The Government has amended the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 providing additional relaxations for the purpose of proof of address in addition to the relaxations in proof of identity under ‘simplified measures’ as contained in paragraph 2(d) of PML Rules. Thus, for the limited purpose of proof of address the following…

Draft Framework on Issuance of Rupee linked Bonds Overseas – comments invited

Background A few international financial institutions were permitted to issue Rupee linked bonds in overseas markets, subject to certain conditions. In view of the interest shown by international investors for these bonds, the Reserve Bank on April 07, 2015 announced in its first Bi-monthly Monetary Policy Statement, 2015-16 its intention to expand the scope of…

Strategic Debt Restructuring Scheme

RBI/2014-15/627DBR.BP.BC.No.101/21.04.132/2014-15 June 8, 2015 All Scheduled Commercial Banks(excluding RRBs)All-India Term-lending and Refinancing Institutions(Exim Bank, NABARD, NHB and SIDBI) Dear Sir, Strategic Debt Restructuring Scheme Please refer to our circular DBOD.BP.BC.No.97/21.04.132/2013-14 dated February 26, 2014 on “Framework for Revitalising Distressed Assets in the Economy – Guidelines on Joint Lenders’ Forum (JLF) and Corrective Action Plan (CAP)”, wherein change…

Submission of Long Form Audit Report (LFAR) by Concurrent Auditors

RBI/2014-15/626 DBS.CO.ARS.BC.8/08.91.001/2014-15 June 2, 2015 CMD of Nationalized Banks Chairman SBI MD of Associate Banks of SBI Madam/Dear Sir, Submission of Long Form Audit Report (LFAR) by Concurrent Auditors In terms of enclosure 1 of RBI circular DBS.CO.PP.BC.11/11.01.005/2001-2002 dated April 17, 2002 all the banks were advised, inter alia, as under: LFAR in respect of…