The Reserve Bank of India has tightened norms for appointing auditors and has capped the numbers based on the asset size of the bank with an aim to prevent wide variations in asset classification and misleading accounts statements. Banks shall take prior approval from the RBI on the appointment of auditors, but non-bank lenders can go ahead with just intimating the regulator. As per the new norms, banks will be required to take prior approval […]

The Reserve Bank of India (RBI) is in discussion with banks to revise guidelines for syndicate loan arrangements of ₹2,000 crore and above. This may entail a detailed single point inspection of syndicated loan accounts and norms for a more structured approach by lenders to take care of the entire life cycle of the loan. “In order to mitigate the shortcomings in the existing arrangements for credit delivery, it was decided to relook at the […]

Reserve Bank of India (RBI) has extended the deadline for implementation of its guidelines on current account opening by banks to October 31 from July 31 heeding to requests by banks. In a notification on its website, the central bank said it has agreed to extend the timeframe in response to requests from banks for some more time to resolve the operational issues arising from the notification. “Banks will be permitted time till October 31, […]

The central bank Wednesday eased compliance norms across the board for individuals, advising banks against physical presence of customers for KYC (Know Your Customer) verifications. Bank customers are supposed to submit valid documents to remain compliant with KYC, a key measure that helps check banking frauds. Given the spread of the virus, KYC is required to be made without physical presence, the central bank said. Deadlines have also been extended. “Keeping in view the covid-related […]

This has reference to Exchange circular NSE/INSP/43488 dated February 10, 2020 with respect to Treatment of Inactive trading account. Based on representations received from Members’ and in consultation with other Stock Exchanges the following clarification is being issued The requirement for flagging the client as inactive in the UCC database of the Exchanges and the exemption for reporting (weekly submission of securities holding and monthly upload of client funds and securities balances) shall continue to […]