RBI October 2014

By November 14, 2014 December 20th, 2019 No Comments
Date Subject Amendment
UBD.CO.LS (PCB) Cir.No.20/07.01.000/2014-15
October 13, 2014 Review of norms for
classification of Urban Co-operative Banks (UCBs) as Financially Sound and
Well Managed (FSWM)
RBI has modified the norms for
classification of UCBs as Financially Sound and Well Managed banks and has
included additional criterion for the same. 
A.P. (DIR Series) Circular No.36
October 16, 2014 Foreign Exchange Management Act,
1999 (FEMA) Foreign Exchange (Compounding Proceedings) Rules, 2000 (the
Rules) – Compounding of Contraventions under FEMA, 1999
The Foreign Exchange
(Compounding Proceedings) Rules, 2000 notified by the Government of India
vide G.S.R.No.383 (E) dated 3rd May 2000, as amended from time to time
regarding delegation of powers to the Regional Offices of the Reserve Bank of
India to compound the contraventions of FEMA has been further modified to
delegate further powers to Regional Offices as detailed out in the
October 21, 2014 Framework for Revitalising
Distressed Assets in the Economy – Review of the Guidelines on Joint Lenders’
Forum (JLF) and Corrective Action Plan (CAP)
The Reserve Bank has  reviewed the Framework based on the
representations received from banks and the Indian Banks’ Association (IBA)
on difficulties faced by them in its effective implementation and it has been
decided to introduce certain changes in the Framework as given in the
UBD.BPD. (PCB). Cir No.24/13.05.000/2014-15
October 29, 2014 Undertaking of Activity by UCBs
as PAN Service Agents (PSA)
Earlier RBI had permitted only
Financially Sound and Well Managed UCBs to act as PAN Service Agent with
prior approval of RBI. With a view to expanding the scope of fee-based
services offered by UCBs, it has now been decided to permit all UCBs to act
as PAN Service Agent (PSA) by entering into a tie-up with any agency
authorised by Income Tax Department, Government of India.

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