Card Payments – Relaxation in requirement of Additional Factor of Authentication for small value card present transactions

RBI/2014-15/601 DPSS.CO.PD.No.2163/02.14.003/2014-2015 May 14, 2015 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/Authorised Card Payment Networks Madam / Sir Card Payments – Relaxation in requirement of Additional Factor of Authentication for small value card present…

Framework for dealing with loan frauds

RBI/2014-15/590 DBS.CO.CFMC.BC.No.007/23.04.001/2014-15 May 7, 2015 The Chairmen & Chief Executive Officers of all Scheduled Commercial Banks (excluding RRBs) and All India Select Financial Institutions Dear Sir/Madam, Framework for dealing with loan frauds The rising trend in loan related frauds in the financial sector is a matter of serious concern. Equally disquieting is the delay in…

Security and Risk Mitigation Measures for Card Present and Electronic Payment Transactions

RBI/2014-15/589 DPSS (CO) PD No.2112/02.14.003/2014-15 May 07, 2015 All Scheduled Commercial Banks including RRBs/ Co-operative Banks / State Co-operative Banks/ Central Co-operative Banks/ Authorised Card Payment Networks Madam / Dear Sir, Security and Risk Mitigation Measures for Card Present and Electronic Payment Transactions A reference is invited to our circulars DPSS.PD.CO.No.513 / 02.14.003 / 2011-2012…

Mandatory issue of acknowledgement to pensioners on submission of life certificates

RBI/2014-15/587 DGBA.GAD No.H- 5013/45.01.001/2014-15 May 07, 2015 The Chairman/ Chief Executive Officer All Agency Banks Dear Sir Mandatory issue of acknowledgement to pensioners on submission of life certificates In terms of extant instructions, all pensioners are required to furnish a life certificate to the pension disbursing bank every year in November for continuance of pension.…

RBI approval not required for distribution of Mutual Fund products by NBFCs

RBI vide its notification DNRB. (PD).CC.No. 033/03.10.001/2014-15 dt. 30th Apr-15, has dispensed with the requirement of its prior approval for distribution of Mutual Fund products by NBFCs. It also dispensed with the requirement of minimum eligibility criteria set out in Dec-2006. RBI has also modified the guidelines related to distribution of Mutual Fund products accordingly.…

RBI allowed issue of Credit Cards by Scheduled Urban Cooperative Banks

RBI/2014-15/577 DCBR.CO.BPD.(SCB).No.1/13.05.000/2014-15 April 30, 2015 The Chief Executive Officers of All Scheduled Primary (Urban) Co-operative Banks Dear Sir/Madam, First Bi-monthly Monetary Policy Statement 2015-16 – Issue of Credit Cards by Scheduled Urban Cooperative Banks Please refer to para 26 of First Bi-monthly Monetary Policy Statement 2015-16 (extract appended) by Reserve Bank of India on April…

RBI imposes Monetary Penalty on Three Banks; cautions Eight

The Reserve Bank of India has imposed monetary penalty on the following three banks for violation of Reserve Bank of India instructions, inter alia, on Know Your Customer (KYC)/ Anti Money Laundering (AML). The details of the penalty are: Sl. No. Name of the bank Penalty Amount (in ` mn) 1. Bank of Maharashtra 15 2. Dena…

RBI cancelled Certificate of Registration

The Reserve Bank of India have 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 Registration No. & Date Date of cancellation…

Government of India announce the sale of four dated securities for ₹ 16,000 crore on April 30, 2015

The Government of India has announced the sale (re-issue) of four dated securities as per the following details: Sr. No. Security Notified Amount (₹ Crore) Auction Date Settlement date 1. 8.27% GS 2020 3,000 April 30, 2015  (Thursday) May 05, 2015  (Tuesday) 2. 8.40% GS 2024 7,000 3. 7.95% GS 2032 3,000 4. 8.17% GS…

RBI asked banks to include ‘Third Gender’ field in Account Opening Form

RBI released a notification on 23rd Apr-15 directing bank to include ‘third gender’ field in all forms, applications, etc. This notification was released when RBI noticed the difficulty transgender are facing in the account opening form. Full text of notification is given below and available here for download. RBI/2014-15/572DBR.No.Leg.BC.91/09.07.005/2014-15 April 23, 2015 All Scheduled Commercial…