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May 07, 2007
Complaints about excessive interest charged by banks
Date: May 07, 2007 Complaints about excessive interest charged by banks RBI/2006-2007/377 DBOD No. Dir.BC.93/ 13.03.00/2006-07May 7, 2007All Commercial Banks (Excluding RRBs)Dear SirComplaints about excessive interest charged by banksPlease refer to paragraph 168 of the Annual Policy Statement for the year 2007-08 (copy enclosed).2. The Reserve Bank and Banking Ombudsmans' offices have been receiving several complaints regarding levying of excessive interest and charg
Date: May 07, 2007 Complaints about excessive interest charged by banks RBI/2006-2007/377 DBOD No. Dir.BC.93/ 13.03.00/2006-07May 7, 2007All Commercial Banks (Excluding RRBs)Dear SirComplaints about excessive interest charged by banksPlease refer to paragraph 168 of the Annual Policy Statement for the year 2007-08 (copy enclosed).2. The Reserve Bank and Banking Ombudsmans' offices have been receiving several complaints regarding levying of excessive interest and charg
Apr 30, 2007
Senior Citizens Savings Scheme, 2004 - Clarification in respect of rate of interest in death cases.
RBI/2006-2007/360 DGBA.CDD. H-15824/15.15.001/2006-07April 30, 2007The General Manager Government Accounts Department, Head Office State Bank of India / State Bank of Indore / State Bank of Patiala State Bank of Bikaner & Jaipur / State Bank of Saurashtra State Bank of Travancore / State Bank of Hyderabad / State Bank of Mysore Allahabad Bank / Bank of Baroda / Bank of India / Bank of Maharashtra/ Canara Bank / Central Bank of India / Corporation Bank / Dena Bank
RBI/2006-2007/360 DGBA.CDD. H-15824/15.15.001/2006-07April 30, 2007The General Manager Government Accounts Department, Head Office State Bank of India / State Bank of Indore / State Bank of Patiala State Bank of Bikaner & Jaipur / State Bank of Saurashtra State Bank of Travancore / State Bank of Hyderabad / State Bank of Mysore Allahabad Bank / Bank of Baroda / Bank of India / Bank of Maharashtra/ Canara Bank / Central Bank of India / Corporation Bank / Dena Bank
Apr 18, 2007
Introduction of `Protected Disclosures Scheme for Private Sector and Foreign banks`
RBI/2006-2007/328 DO DBS .FrMC No. BC 5 /23.02.011 /2006-07 April 18, 2007 All Private Sector and Foreign Banks operating in India Introduction of ‘Protected Disclosures Scheme for Private Sector and Foreign banks' The Government of India, vide its Resolution dated April 21, 2004 had authorized the Central Vigilance Commission (CVC) as the 'Designated Agency' to receive written complaints for disclosure on any allegation of corruption or misuse of office by any employ
RBI/2006-2007/328 DO DBS .FrMC No. BC 5 /23.02.011 /2006-07 April 18, 2007 All Private Sector and Foreign Banks operating in India Introduction of ‘Protected Disclosures Scheme for Private Sector and Foreign banks' The Government of India, vide its Resolution dated April 21, 2004 had authorized the Central Vigilance Commission (CVC) as the 'Designated Agency' to receive written complaints for disclosure on any allegation of corruption or misuse of office by any employ
Apr 17, 2007
Safe Deposit Lockers/Articles in Safe Custody
RBI/2006-2007/325 DBOD.No.Leg.BC.78 /09.07.005/2006-07 April 17, 2007 To All Scheduled Commercial Banks (excluding RRBs) Dear Sir, Extension of Safe Deposit Locker / Safe Custody Article Facility and Access to Safe Deposit Lockers / Return of Safe Custody Articles by banks. The Committee on Procedures and Performance Audit on Public Services (CPPAPS) had made some recommendations for easy operation of lockers. We have reviewed all the guidelines issued by us on variou
RBI/2006-2007/325 DBOD.No.Leg.BC.78 /09.07.005/2006-07 April 17, 2007 To All Scheduled Commercial Banks (excluding RRBs) Dear Sir, Extension of Safe Deposit Locker / Safe Custody Article Facility and Access to Safe Deposit Lockers / Return of Safe Custody Articles by banks. The Committee on Procedures and Performance Audit on Public Services (CPPAPS) had made some recommendations for easy operation of lockers. We have reviewed all the guidelines issued by us on variou
Apr 12, 2007
StCBs/DCCBs – Nomination Facility in Single Deposit Accounts
RBI/2006-2007/318 RPCD.CO.RF. BC.No. 70 /07.38.01/2006-07April 12, 2007The Chairmen/CEOs All State and District Central Co-operative BanksDear Sir,Nomination Facility in Single Deposit Accounts Please refer to Paragraph 9 of the circular RPCD.CO.RF.BC.No.12/07.38.01/ 2005-06 dated July 12, 2005 on the above subject wherein banks were advised to give wide publicity and provide guidance to deposit account holders on the benefits of nomination facility and the survivorsh
RBI/2006-2007/318 RPCD.CO.RF. BC.No. 70 /07.38.01/2006-07April 12, 2007The Chairmen/CEOs All State and District Central Co-operative BanksDear Sir,Nomination Facility in Single Deposit Accounts Please refer to Paragraph 9 of the circular RPCD.CO.RF.BC.No.12/07.38.01/ 2005-06 dated July 12, 2005 on the above subject wherein banks were advised to give wide publicity and provide guidance to deposit account holders on the benefits of nomination facility and the survivorsh
Apr 09, 2007
Rounding off Transactions to the nearest rupee
RBI/2006-2007/315 RPCD.CO.RF.BC.No.67 /07.02.01/2006-07 April 9, 2007 All State and Central Co-operative Banks Dear Sir Rounding off Transactions to the nearest rupee Please refer to our circular RPCD.No.RF.BC.68/D.1-90-91 dated January 1, 1991, in terms of which banks were advised that all transactions, including payment of interest on deposits/charging of interest on advances, should be rounded off to the nearest rupee; i.e. fraction of 50 paise and above shall be r
RBI/2006-2007/315 RPCD.CO.RF.BC.No.67 /07.02.01/2006-07 April 9, 2007 All State and Central Co-operative Banks Dear Sir Rounding off Transactions to the nearest rupee Please refer to our circular RPCD.No.RF.BC.68/D.1-90-91 dated January 1, 1991, in terms of which banks were advised that all transactions, including payment of interest on deposits/charging of interest on advances, should be rounded off to the nearest rupee; i.e. fraction of 50 paise and above shall be r
Apr 05, 2007
Nomination Facility in Single Deposit Accounts
RBI/2006-2007/310 DBOD.No.Leg BC. 75 /09.07.005/2006-07April 5, 2007All Scheduled Commercial Banks (excluding RRBs)Dear Sir,Nomination Facility in Single Deposit Accounts Please refer to Para 9 of our Circular DBOD. No. BC.95/09.07.005/2004-05 dated June 9, 2005 on the above subject wherein banks were advised to give wide publicity and provide guidance to deposit account holders on the benefits of nomination facility and the survivorship clause. We feel that despite t
RBI/2006-2007/310 DBOD.No.Leg BC. 75 /09.07.005/2006-07April 5, 2007All Scheduled Commercial Banks (excluding RRBs)Dear Sir,Nomination Facility in Single Deposit Accounts Please refer to Para 9 of our Circular DBOD. No. BC.95/09.07.005/2004-05 dated June 9, 2005 on the above subject wherein banks were advised to give wide publicity and provide guidance to deposit account holders on the benefits of nomination facility and the survivorship clause. We feel that despite t
Mar 30, 2007
Rounding off cheques to the nearest rupee
RBI.No.2006-2007/299 DBOD. Dir. BC. 70/13.01.01/ 2006-07March 30, 2007All Commercial Banks (excluding RRBs)Dear SirRounding off cheques to the nearest rupee Please refer to paragraph 19 of our Master Circular DBOD Dir. BC. 6/13.03.00/2006-07dated July 1, 2006 on 'Interest Rates on Deposits', in terms of which banks were advised that all transactions, including payment of interest on deposits/charging of interest on advances, should be rounded off to the nearest rupee;
RBI.No.2006-2007/299 DBOD. Dir. BC. 70/13.01.01/ 2006-07March 30, 2007All Commercial Banks (excluding RRBs)Dear SirRounding off cheques to the nearest rupee Please refer to paragraph 19 of our Master Circular DBOD Dir. BC. 6/13.03.00/2006-07dated July 1, 2006 on 'Interest Rates on Deposits', in terms of which banks were advised that all transactions, including payment of interest on deposits/charging of interest on advances, should be rounded off to the nearest rupee;
Mar 06, 2007
Guidelines on Fair Practices Code for Lenders
RBI/2006-2007/280 DBOD.No.Leg.BC.65 /09.07.005/2006-07March 6, 2007All Scheduled Commercial Banks / All India Financial Institutions (Excluding RRBs) Dear Sir,Guidelines on Fair Practices Code for LendersPlease refer to our Circular DBOD. Leg. No.BC. 104 /09.07.007/2002-03 dated May 5, 2003 wherein guidelines were issued to banks / FIs for framing the Fair Practices Code for Lenders.2. In terms of Para 2 (i) (a) of the above Circular, banks / FIs were advised that loa
RBI/2006-2007/280 DBOD.No.Leg.BC.65 /09.07.005/2006-07March 6, 2007All Scheduled Commercial Banks / All India Financial Institutions (Excluding RRBs) Dear Sir,Guidelines on Fair Practices Code for LendersPlease refer to our Circular DBOD. Leg. No.BC. 104 /09.07.007/2002-03 dated May 5, 2003 wherein guidelines were issued to banks / FIs for framing the Fair Practices Code for Lenders.2. In terms of Para 2 (i) (a) of the above Circular, banks / FIs were advised that loa
Feb 21, 2007
Doorstep Banking – Section 23 of Banking Regulation Act, 1949
RBI/2006-2007/262 DBOD.No.BL.BC. 59 /22.01.010 /2006-2007February 21, 2007 Phalguna 2, 1928 (S)All Scheduled Commercial Banks (excluding RRBs)Dear SirSection 23 of Banking Regulation Act, 1949 – Doorstep BankingPlease refer to our circular DBOD.No.BL.BC.86/22.01.001/2004-2005 dated April 30, 2005 on the above subject, in terms of which banks were advised to formulate a scheme with the approval of their Boards, for providing services at the premises of a customer and s
RBI/2006-2007/262 DBOD.No.BL.BC. 59 /22.01.010 /2006-2007February 21, 2007 Phalguna 2, 1928 (S)All Scheduled Commercial Banks (excluding RRBs)Dear SirSection 23 of Banking Regulation Act, 1949 – Doorstep BankingPlease refer to our circular DBOD.No.BL.BC.86/22.01.001/2004-2005 dated April 30, 2005 on the above subject, in terms of which banks were advised to formulate a scheme with the approval of their Boards, for providing services at the premises of a customer and s
Feb 02, 2007
Report of the Working Group to formulate a scheme for ensuring reasonableness of bank charges
RBI/2006-2007/245 DBOD.No.Dir.BC. 56 /13.03.00/2006-2007 February 2, 2007 All Scheduled Commercial Banks (excluding RRBs) Dear Sir, Report of the Working Group to formulate a scheme for ensuring reasonableness of bank charges As banks may be aware, as announced in the Annual Policy Statement for the year 2006-2007, in order to ensure fair practices in banking services, Reserve Bank of India had constituted a Working Group to formulate a scheme for ensuring reasonablen
RBI/2006-2007/245 DBOD.No.Dir.BC. 56 /13.03.00/2006-2007 February 2, 2007 All Scheduled Commercial Banks (excluding RRBs) Dear Sir, Report of the Working Group to formulate a scheme for ensuring reasonableness of bank charges As banks may be aware, as announced in the Annual Policy Statement for the year 2006-2007, in order to ensure fair practices in banking services, Reserve Bank of India had constituted a Working Group to formulate a scheme for ensuring reasonablen
Jan 31, 2007
Clean Note Policy - Stapling of Note Packets
RBI/2006-2007/241 RPCD.CO.RF.BC No.43/ 07.38.03/2006-07 January 31, 2007 All State Co-operative Banks/ District Central Co-operative Banks Dear Sir Clean Note Policy - Stapling of Note Packets It is observed that despite instructions issued by the Reserve bank of India, banks still continue to follow the practice of stapling of note packets. This practice, apart from damaging notes, reduces the life span of notes and renders it difficult for customers to open note pac
RBI/2006-2007/241 RPCD.CO.RF.BC No.43/ 07.38.03/2006-07 January 31, 2007 All State Co-operative Banks/ District Central Co-operative Banks Dear Sir Clean Note Policy - Stapling of Note Packets It is observed that despite instructions issued by the Reserve bank of India, banks still continue to follow the practice of stapling of note packets. This practice, apart from damaging notes, reduces the life span of notes and renders it difficult for customers to open note pac
Dec 28, 2006
Cheque Drop Facility-UCBs
RBI /2006-2007/222 UBD.PCB. Cir.No. 25/09.39.000/06-07 December 28, 2006 The Chief Executive Officer of All Primary (Urban) Co-operative Banks Dear Sir/Madam, Cheque Drop Box Facility and the Facility for Acknowledgement of Cheques-UCBs Reserve Bank of India / Banking Ombudsmen have been receiving complaints that many bank branches are not accepting cheques at the counters and are compelling the customers to drop the cheques in the cheque drop boxes. 2. Banks are advi
RBI /2006-2007/222 UBD.PCB. Cir.No. 25/09.39.000/06-07 December 28, 2006 The Chief Executive Officer of All Primary (Urban) Co-operative Banks Dear Sir/Madam, Cheque Drop Box Facility and the Facility for Acknowledgement of Cheques-UCBs Reserve Bank of India / Banking Ombudsmen have been receiving complaints that many bank branches are not accepting cheques at the counters and are compelling the customers to drop the cheques in the cheque drop boxes. 2. Banks are advi
Dec 27, 2006
One-Time Settlement Scheme for Small Borrowal Accounts and Eligibility for Fresh Loans
RBI/2005-06/241 RPCD.PLNFS.BC.No.56/ 06.02.31/2005-06 December 27, 2005 The Chairman/ Managing Director All Scheduled Commercial Banks (Including RRBs & LABs) Dear Sir, One-Time Settlement Scheme for Small Borrowal Accounts and Eligibility for Fresh Loans In order to offer small borrowers an opportunity to settle their NPA accounts with banks and become eligible for fresh finance, all scheduled commercial banks (including Regional Rural Banks and Local Area Banks)
RBI/2005-06/241 RPCD.PLNFS.BC.No.56/ 06.02.31/2005-06 December 27, 2005 The Chairman/ Managing Director All Scheduled Commercial Banks (Including RRBs & LABs) Dear Sir, One-Time Settlement Scheme for Small Borrowal Accounts and Eligibility for Fresh Loans In order to offer small borrowers an opportunity to settle their NPA accounts with banks and become eligible for fresh finance, all scheduled commercial banks (including Regional Rural Banks and Local Area Banks)
Dec 26, 2006
Cheque Drop Box Facility and the facility for acknowledgement of cheques
RBI/2006-07/221 RPCD.CO.RF.BC.NO./40/07.40.06/2006-07 December 26, 2006 The Chairmen/ CEOs of all State/Central Co-operative Banks Dear Sir, Cheque Drop Box Facility and the facility for acknowledgement of cheques. Reserve Bank of India / Banking Ombudsmen have been receiving complaints that many bank branches are not accepting cheques at the counters and are compelling the customers to drop the cheques in the Cheque Drop Box. 2. It is, therefore, advised that custome
RBI/2006-07/221 RPCD.CO.RF.BC.NO./40/07.40.06/2006-07 December 26, 2006 The Chairmen/ CEOs of all State/Central Co-operative Banks Dear Sir, Cheque Drop Box Facility and the facility for acknowledgement of cheques. Reserve Bank of India / Banking Ombudsmen have been receiving complaints that many bank branches are not accepting cheques at the counters and are compelling the customers to drop the cheques in the Cheque Drop Box. 2. It is, therefore, advised that custome
Dec 26, 2006
Cheque drop Facility-RRBs
RBI/2006-07/220 RPCD.CO.RRB.BC NO./ 39/03.05.33(E)/2006-07 December 26, 2006 To All Regional Rural Banks (RRBs) Dear Sir, Cheque Drop Box Facility and the facility for acknowledgement of cheques. Reserve Bank of India / Banking Ombudsmen have been receiving complaints that many bank branches are not accepting cheques at the counters and are compelling the customers to drop the cheques in the Cheque Drop Box. 2. It is, therefore, advised that customers should not be co
RBI/2006-07/220 RPCD.CO.RRB.BC NO./ 39/03.05.33(E)/2006-07 December 26, 2006 To All Regional Rural Banks (RRBs) Dear Sir, Cheque Drop Box Facility and the facility for acknowledgement of cheques. Reserve Bank of India / Banking Ombudsmen have been receiving complaints that many bank branches are not accepting cheques at the counters and are compelling the customers to drop the cheques in the Cheque Drop Box. 2. It is, therefore, advised that customers should not be co
Dec 22, 2006
NRIs and PIOs as Nominees under Senior Citizens Savings Scheme, 2004- Clarification
RBI/ 2006-2007/217 Ref. No. DGBA.CDD. No. H- 10024 / 15.15.001 / 2006-07 December 22, 2006 The General Manager Government Accounts Department, Head Office State Bank of India / State Bank of Indore / State Bank of Patiala State Bank of Bikaner & Jaipur / State Bank of Saurashtra State Bank of Travancore / State Bank of Hyderabad / State Bank of Mysore Allahabad Bank / Bank of Baroda / Bank of India / Bank of Maharashtra/ Canara Bank / Central Bank of India / Corpo
RBI/ 2006-2007/217 Ref. No. DGBA.CDD. No. H- 10024 / 15.15.001 / 2006-07 December 22, 2006 The General Manager Government Accounts Department, Head Office State Bank of India / State Bank of Indore / State Bank of Patiala State Bank of Bikaner & Jaipur / State Bank of Saurashtra State Bank of Travancore / State Bank of Hyderabad / State Bank of Mysore Allahabad Bank / Bank of Baroda / Bank of India / Bank of Maharashtra/ Canara Bank / Central Bank of India / Corpo
Dec 18, 2006
Senior Citizens Savings Scheme, 2004 – Payment of interest in case of Pre-mature withdrawal- Clarification
RBI/ 2006-07/211 Ref. No. DGBA.CDD. No. H- 9741 / 15.15.001 / 2006-07 December 18, 2006 The General Manager Government Accounts Department, Head Office State Bank of India / State Bank of Indore / State Bank of Patiala State Bank of Bikaner & Jaipur / State Bank of Saurashtra State Bank of Travancore / State Bank of Hyderabad / State Bank of Mysore Allahabad Bank / Bank of Baroda / Bank of India / Bank of Maharashtra/ Canara Bank / Central Bank of India / Corporat
RBI/ 2006-07/211 Ref. No. DGBA.CDD. No. H- 9741 / 15.15.001 / 2006-07 December 18, 2006 The General Manager Government Accounts Department, Head Office State Bank of India / State Bank of Indore / State Bank of Patiala State Bank of Bikaner & Jaipur / State Bank of Saurashtra State Bank of Travancore / State Bank of Hyderabad / State Bank of Mysore Allahabad Bank / Bank of Baroda / Bank of India / Bank of Maharashtra/ Canara Bank / Central Bank of India / Corporat
Dec 18, 2006
Special Deposit Scheme 1975 – Payment of interest for the calendar year 2006
RBI/ 2006-07/212 Ref. No. DGBA.CDD. No. H- 9743 / 15.01.001 / 2006-07 December 18, 2006 The Chairman & Managing Director Government Accounts Department, Central Office State Bank of India / State Bank of Indore / State Bank of Patiala State Bank of Bikaner & Jaipur / State Bank of Saurashtra State Bank of Travancore / State Bank of Hyderabad / State Bank of Mysore Allahabad Bank / Bank of Baroda / Bank of India / Bank of Maharashtra/ Canara Bank / Central Bank
RBI/ 2006-07/212 Ref. No. DGBA.CDD. No. H- 9743 / 15.01.001 / 2006-07 December 18, 2006 The Chairman & Managing Director Government Accounts Department, Central Office State Bank of India / State Bank of Indore / State Bank of Patiala State Bank of Bikaner & Jaipur / State Bank of Saurashtra State Bank of Travancore / State Bank of Hyderabad / State Bank of Mysore Allahabad Bank / Bank of Baroda / Bank of India / Bank of Maharashtra/ Canara Bank / Central Bank
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