Financial Inclusion and Development

RBI/2013-14/320 RPCD.CO.RCB.BC.No.43/07.51.013/2013-14 October 8, 2013 The Chairman All State and Central Co-operative Banks (StCBs and CCBs) Dear Sir, Housing Sector: Innovative Housing Loan Products – Upfront disbursal of housing loans It has been observed that some banks have introduced certain innovative Housing Loan Schemes in association with developers/builders, e.g. upfront disbursal of sanctioned individual housing loans to the builders without linking the di

RBI/2013-14/288 RPCD.CO.RRB.RCB.No.40/03.05.33/2013-14 September 20, 2013 All Scheduled State Cooperative Banks/ Regional Rural Banks Dear Sir, Section 42(1) of the Reserve Bank of India Act, 1934 – Change in Daily Minimum Cash Reserve Maintenance Requirement Please refer to our Circular RPCD.CO.RRB.No.16/03.05.33/2013-14 dated July 24, 2013 on the captioned subject. 2. As announced in the Press Release 2013-14/604 dated September 20, 2013, it has been decided to redu

RBI/2013-14/287 RPCD.CO.RRB.RCB.BC. No. 39/03.05.33/2013-14 September 20, 2013 The Chairmen/Chief Executive Officers, All Regional Rural Banks / State and Central Co-operative Banks Dear Sir/Madam, Bank Rate Please refer to our Circular RPCD.CO.RRB.RCB.No.13/03.05.33/2013-14 dated July 15, 2013 on the captioned subject. As announced in the Press Release 2013-2014/604 dated September 20, 2013, the Bank Rate stands adjusted by 75 basis points from 10.25 per cent to 9.50

RBI/2013-14/264 RPCD.RRB.RCB.AML.BC.No. 36/07.51.018/2013-14 September 17, 2013 The Chairmen / CEOs of Regional Rural Banks / State and Central Co-operative Banks Dear Sir / Madam, Financial Inclusion- Access to Banking Services – Basic Savings Bank Deposit Account (BSBDA) – FAQs Please refer to Circular RPCD.CO.RRB.RCB.BC.No.24/07.38.01/2012-13 dated August 22, 2012 on Basic Savings Bank Deposit Account (BSBDA) wherein banks have been advised to offer ‘Basic Savings

RBI/2013-14/248 RPCD.CO.RCB.BC.No. 30/07.51.014/2013-14 September 10, 2013 The Chairmen / CEOs All State and Central Cooperative Banks Dear Sir / Madam, Settlement of Claims of Deceased Depositor – Simplification of Procedure – Placing of claim forms on bank’s website Please refer to our circular RPCD.CO.RF.BC.No.12/07.38.01/2005-06 dated July 12, 2005 wherein simplified procedure has been specified for settlement of claims of deceased depositors. We have been receivi

RBI/2013-14/247 RPCD.RRB. BC. No. 29 /03.05.33/2013-14 September 11, 2013 All RRBs Dear Sir, Housing Sector: Innovative Housing Loan Products – Upfront disbursal of housing loans It has been observed that some banks have introduced certain innovative Housing Loan Schemes in association with developers/builders, e.g. upfront disbursal of sanctioned individual housing loans to the builders without linking the disbursals to various stages of construction of housing proje

RBI/2013-14/245 RPCD.CO.RRB.BC.No. 33/03.05.33 /2013-14 September 10, 2013 The Chairmen All Regional Rural Banks Dear Sir/Madam, Settlement of Claims of Deceased Depositor – Simplification of Procedure – Placing of claim forms on bank’s website Please refer to circular RPCD.CO.RRB.BC.22/03.05.33/2005-06 dated July 19, 2005 and wherein simplified procedure has been specified for settlement of claims of deceased depositors. We have been receiving feedback from public th

RBI/2013-14/197 RPCD.RCB.BC.No. 26 /07.51.014/2013-14 August 22, 2013 All State and Central Co-operative Banks Dear Sir / Madam, Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits Please refer to our circular RPCD.CO.RCB.Dir.BC.No.49/07.38.01/2011-12 dated December 28, 2011 on Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and Ordinary Non- Resident (NRO) Accounts. 2. In terms of para 2 ibid, interest rates o

RBI/2013-14/193 RPCD.CO.RRB. BC.No.24/03.05.33/2013-14 August 19, 2013 The Chairmen All Regional Rural Banks (RRBs) Dear Sir/Madam, Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits Please refer to our circular RPCD.CO.RRB.BC.No.45/03.05.33(C)/2011-12 dated December 19, 2011 on Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and Ordinary Non- Resident (NRO) Accounts. 2. In terms of para 2 ibid, interest rates

RBI/2013-14/194 RPCD.CO.RRB.BC.No.22 /03.05.33/2013-14 August 19, 2013 All Regional Rural Banks Dear Sir, Interest Rates on FCNR(B) Deposits Please refer to our circular RPCD.CO.RRB.No.76/03.05.33(C)/2011-12 dated May 8, 2012 on Interest Rates on Deposits held in FCNR(B) Accounts. In view of the prevailing market conditions, it has been decided that until further notice and with effect from the close of business in India as on August 14, 2013, the interest rate ceilin

RBI/2013-14/190 RPCD.CO.RRB/RCB.BC.No. 20 /03.05.33/2013-14 August 19, 2013 All Regional Rural Banks/ Scheduled State Cooperative Banks Dear Sir, Section 42(1) of the Reserve Bank of India Act, 1934 and Section 24 of the Banking Regulation Act, 1949 – FCNR(B)/NRE deposits – exemption from maintenance of CRR/SLR @@NBSP@@ At present, banks are required to include all Foreign Currency Non-Resident Bank [FCNR (B)] and Non-Resident (External) Rupee (NRE) deposit liabilitie

RBI/2013-14/175 RPCD.CO.RRB.BC.No.18/03.05.33/2013-14 August 7, 2013 The Chairman All Regional Rural Banks Dear Sir, Frontloading of branches in unbanked rural areas Please refer to paragraph 96 of Monetary Policy Statement 2013-14 (extract enclosed) on the above subject. As stated therein, branch expansion in rural areas is essential to address the existing asymmetries in achieving financial inclusion. 2. With the objective of increasing banking penetration and finan

RBI/2013-14/166 RPCD.RRB.BC.No.17/03.05.33/2013-14 July 31, 2013 All Regional Rural Banks Dear Sir/ Madam Recommendations of Damodaran Committee on Customer Service in Banks- Uniformity in Intersol Charges Please refer to announcement made in Monetary Policy Statement 2013-14 on May 3, 2013 on ‘Recommendations of Damodaran Committee- Uniformity in Intersol Charges’. 2. With the introduction of Core Banking Solution (CBS), it is expected that customers of RRBs would be

RBI/2013-14/146 RPCD.CO.RRB.RCB.BC. No.13/03.05.33/2013-14 July 15 , 2013 The Chairmen/Chief Executive Officers, All Regional Rural Banks / State and Central Co-operative Banks Dear Sir/Madam, Bank Rate As announced in the Press Release 2013-14/100 dated July 15, 2013, the Bank Rate stands adjusted by 200 basis points from 8.25 per cent to 10.25 per cent with effect from July 15, 2013. 2. All penal interest rates on shortfall in reserve requirements, which are specifi

RBI/2012-13/542 RPCD.CO.RRB.BC.No. 78/03.05.33/2012-13 June 24, 2013 All Regional Rural Banks Dear Sir/Madam, Acknowledgement by RRBs at the time of submission of Form 15-G / 15-H As you are aware RRBs are not required to deduct TDS from depositors who submit declaration in Form 15-G/15-H under Income Tax Rules, 1962. However, it has been brought to our notice that despite submission of Form 15-G/15-H by customers, RRBs are deducting tax at source, at times, causing i

RBI/2012-13/492 RPCD.CO.RRB.RCB.BC. No.73 /03.05.33/2012-13 May 3, 2013 The Chairmen/Chief Executive Officers, All Regional Rural Banks / State and Central Co-operative Banks Dear Sir/Madam, Bank Rate As announced in the Annual Monetary Policy Statement 2013-14, the Bank Rate stands adjusted by 25 basis points from 8.50 per cent to 8.25 per cent with effect from May 3, 2013. 2. All penal interest rates on shortfall in reserve requirements, which are specifically linke

RBI/2012-13/452 RPCD.CO.RRB.RCB.BC. No. 69 /03.05.33/2012-13 March 19, 2013 The Chairmen/Chief Executive Officers, All Regional Rural Banks / State and Central Co-operative Banks Dear Sir/Madam, Bank Rate As announced in the Mid Quarter Review of Monetary Policy 2012-13, the Bank Rate stands adjusted by 25 basis points from 8.75 per cent to 8.50 per cent with effect from March 19, 2013. 2. All penal interest rates on shortfall in reserve requirements, which are specif

RBI/2012-13/443 RPCD.RRB.RCB.AML.No. 9753/07.51.018/2012-13 March 15, 2013 The Chairmen / CEOs of all Regional Rural Banks / State and Central Co-operative Banks Dear Sir, Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) - Standards Please refer to our letter RPCD.CO.RRB.RCB.AML.No. 6163/07.51.018/2012-13 dated December 17, 2012 on risks arising from the deficiencies in AML/CFT regime of certain jurisdictions. 2. Financial Action Task Force (FATF)