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 […]

The Securities and Exchange Board of India approved the creation of a Social Stock Exchange and its framework in a board meeting of the regulator held earlier today. The proposal for the creation of a Social Stock Exchange was put forth by Finance Minister Nirmala Sitharaman in her Budget speech in July 2019. The capital market regulator said that it will engage with NABARD, SIDBI and stock exchanges to create a capacity-building fund of Rs […]

Supreme Court: The 3-judge bench of SA Bobde, CJ and AS Bopanna* and V. Ramasubramanian, JJ has held that  under the Prevention of Money ­Laundering Act, 2002, though the Directorate of Enforcement is vested with sufficient power to freeze the accounts; such power is circumscribed by a procedure laid down under the statute. “It certainly is not the requirement that the communication addressed to the Bank itself should contain all the details. But what is necessary is […]