Financial Inclusion and Development

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)

RBI/2012-13/413 RPCD.RCB.BC.No. 64/07.51.014/2012-13 February 07, 2013 The Chairmen / CEOs of all State and Central Co-operative Banks Madam / Dear Sir, Bank Finance for Purchase of Gold State and Central Co-operative Banks grant loans for various purposes against the security of gold / gold ornaments as part of their lending policy. 2. In terms of announcements made in paragraph 102 and 103 (extract enclosed) of the Second Quarter Review of Monetary Policy 2012-13 on

RBI/2012-13/407 RPCD.CO.RRB.RCB.BC. No.62/03.05.33/2012-13 January 29, 2013 The Chairmen/Chief Executive Officers, All Regional Rural Banks / State and Central Co-operative Banks Dear Sir, Bank Rate As announced in the Third Quarter Review of Monetary Policy 2012-13, the Bank Rate stands adjusted by 25 basis points from 9.00 per cent to 8.75 per cent with effect from January 29, 2013. 2. All penal interest rates on shortfall in reserve requirements, which are specific

RBI/2012-13/348 RPCD.CO. RCB.BC.No. 53/07.51.010/2012-13 December 24, 2012 The Chairmen / CEOs of all State and Central Co-operative Banks Dear Sir/Madam, The Co-operative Banks (Nomination) Rules, 1985 - Clarifications As you are aware, the Co-operative Banks (Nomination) Rules, 1985 have been framed in exercise of powers conferred under Section 52, read with Sections 45-ZA, 45-ZC, 45-ZE and 56 of the Banking Regulation Act, 1949 (10 of 1949). The nomination forms fo

RBI/2012-13/340 RPCD.CO.RRB.RCB.AML.No. 6163/07.51.018/2012-13 December 17, 2012 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 circular RPCD.CO.RRB.RCB.AML.No.838/03.05.28(A)/2012-13 dated July 30, 2012 on risks arising from the deficiencies in AML/CFT regime of certain jurisdictions. 2. Financial Action Task Force h

RBI/2012-13/333 RPCD.RRB.BC.No. 51/ 03.05.33/2012-13 December 12, 2012 All Regional Rural Banks Dear Sir The Banking Companies (Nomination) Rules, 1985 - Clarifications 1. Witness in nomination forms As you are aware, the Banking Companies (Nomination) Rules, 1985 have been framed in exercise of powers conferred by Section 52 read with Sections 45ZA, 45ZC and 45ZE of the Banking Regulation Act, 1949. The nomination forms (DA1, DA2 and DA3) have also been prescribed in

RBI /2012-13/334 RPCD.RRB.BC.No.52/03.05.33/2012-13 December 14, 2012 All Regional Rural Banks Dear Sir/Madam Conversion of Term Deposits, Daily Deposits or Recurring Deposits for Reinvestment in Term Deposits by Regional Rural Banks As per extant instructions on Interest Rates on Deposits, RRBs on request from the depositor, should allow closure of a term deposit, a deposit in the form of daily deposit or recurring deposit, to enable the depositor to immediately rein

RBI/2012-13/318 RPCD.RRB.No.BC. 49/03.05.33/2012-13 December 06, 2012 All Regional Rural Banks Dear Sir, NPA Management – Requirement of an Effective Mechanism and Granular Data Please refer to the paragraph 100 (extract enclosed) of the Monetary Policy Statement 2012-13 announced on April 17, 2012. 2. As mentioned therein, asset quality of banks is one of the most important indicators of their financial health. However, it has been observed that existing MIS on the e

RBI/2012-13/317 RPCD.CO.BC. 50/03.05.33/2012-13 December 05, 2012 All Regional Rural Banks Dear Sir / Madam Bank finance for purchase of gold Please refer to paragraphs 102 and 103 (extract enclosed) of the Second Quarter Review of Monetary Policy 2012-13 announced on October 30, 2012, proposing that other than working capital finance, banks are not permitted to finance purchase of gold in any form. 2. In terms of extant guidelines, no advances should be granted by ba

RBI/2012-13/281 RPCD.CO.RRB.No.BL.BC.42 /03.05.90/2012-13 November 02, 2012 All Regional Rural Banks Dear Sir, Master Circular on Branch Licensing – Regional Rural Banks - Amendment Please refer to our Master Circular RPCD.CO.RRB.BL.BC.05/03.05.90/2012-13 dated July 2, 2012 on the captioned subject. In partial modification, para 2.5 of the above circular may be amended to read as: “2.5 Requirement for Conduct of Government Business RRBs are permitted to undertake Stat

RBI/2012-13/283 RPCD.CO.RRB.BC. No.43/03.05.90/2012-13 November 6, 2012 All Regional Rural Banks Dear Sir, Branch Licensing Policy - Opening of branches in unbanked rural centres RRBs are an integral part of the rural credit system and are expected to play an increasingly important role in the development of rural areas. Presently, RRBs which satisfy the stipulated conditions as provided in our circulars No. RPCD.CO.RRB.BL.BC.No. 19/03.05.90/2011-12 dated August 1, 20

RBI/2012-13/272 RPCD.CO.RCB.RRB.BC.No.39/03.05.33/2012-13 October 30, 2012 All Scheduled State Co-operative Banks / Regional Rural Banks Dear Sir, Section 42(1) of the Reserve Bank of India Act, 1934 - Maintenance of CRR Please refer to our Circular RPCD.CO.RCB.RRB.BC.No.28/07.02.01/2012-13 dated September 18, 2012, on the captioned subject. 2. As set out in the Reserve Bank’s Press Release 2012-2013/713 dated October 30, 2012, it has been decided to reduce the Cash R

RBI/2012-13/249 RPCD. No. RRB.BC. 35/03.05.90/2012-13 October 11, 2012 All Regional Rural Banks Dear Sir, Banking facilities to visually challenged / persons with disabilities Please refer to our Circular RPCD.CO.RRB.BC.No.13/03.05.33/2008-09 dated July 23, 2008 on the captioned subject advising that all banking facilities such as cheque book facility including third party cheques, ATM facility, Net banking facility, locker facility, retail loans, credit cards etc., a

RBI/2012-13/234 RPCD.No.RRB.BC.33/.03.05.033/2012-13 October 08, 2012 All Regional Rural Banks Dear Sir/Madam Interest Rate on Deposits Attention is invited to paragraphs 84 and 85 of the Monetary Policy Statement 2012-13 announced on April 17, 2012 (extract enclosed) on Variation in Interest Rates on Deposits. It has been observed that there are wide variations in the interest rates offered by banks on single term deposits of Rs. 15 lakh and above and those offered o

RBI/2012-13/216 RPCD.CO.RCB.RRB.BC.No.28/07.02.01/2012-13 September 18, 2012 All Scheduled State Co-operative Banks/ Regional Rural Banks Dear Sir, Section 42(1) of the Reserve Bank of India Act, 1934 – Maintenance of Cash Reserve Ratio (CRR) Please refer to our circular RPCD.CO.RCB.RRB.BC.No.65/03.05.33/2011-12 dated March 12, 2012, on the captioned subject. 2. As set out in the Reserve Bank's Press Release 2012-2013/452 dated September 17, 2012, it has been decided

RBI/2012-13/157 RPCD.CO.RRB.BL.BC.No.18 /03.05.90/2012-13 August 1, 2012 All Regional Rural Banks Dear Sir, Simplification of the Procedure for Branch Licensing Please refer to our circular RPCD.CO.RRB.BL.BC.No.90/03.05.90-A/2011-12 dated June 13, 2006, liberalising and simplifying the procedure for opening, shifting or merger of branches. 2. As per extant general policy on branch licensing the applications for opening, shifting, merger or conversion of branches, have

RBI/2012-13/149 RPCD.CO.RRB.NO.17/03.05.33(C)/2012-13 July 31, 2012 The Chairmen All Regional Rural Banks (RRBs) Dear Sir, Interest Rates on Deposits held in FCNR (B) Accounts Please refer to paragraph 4 of the directives enclosed to the circular DBOD.Dir.BC.49/13.03.00/2000-2001 dated November 4, 2000 and mail box clarification dated May 13, 2005 in terms of which it was clarified that in the case of FCNR (B) deposits of staff members, existing or retired, interest r

RBI/2012-13/148 RPCD.CO.RRB.NO.16 /03.05.33(C) /2012-13 July 31, 2012 The Chairmen All Regional Rural Banks (RRBs) Dear Sir, Interest Rates on Rupee Deposits held in Domestic, Ordinary Non-Resident (NRO) and Non-Resident (External) (NRE) Accounts Please refer to paragraph 5 of the directives enclosed to the circular DBOD.Dir.BC.47/13.03.00/2000-2001 dated November 4, 2000 and mail box clarification dated May 13, 2005 in terms of which it was clarified that in the case

RBI/2012-13/146 RPCD.CO.RRB.RCB.AML.No.838/03.05.28(A)/2012-13 July 30, 2012 The Chairmen/CEOs, All Regional Rural Banks and State /Central Co-operative Banks Dear Sir, Anti-Money Laundering (AML) / Combating of Financing of Terrorism (CFT) - Standards Please refer to our circular RPCD.CO.RRB.RCB.AML.No.9177/07.02.12/2011-12 dated March 15, 2012 on risks arising from the deficiencies in AML/CFT regime of certain jurisdictions. 2. Financial Action Task Force (FATF) has

RBI/2012-13/84 RPCD.CO.RRB.No.BL.BC.05 /03.05.090/2012-13 (Updated as on November 02, 2012) July 2, 2012 The Chairman, All Regional Rural Banks Dear Sir, Master Circular on Branch Licensing - Regional Rural Banks (RRBs) Please refer to the Master Circular RPCD.CO.RRB.No.BL.BC.07/03.05.90-A/2011-12 dated July 1, 2011 consolidating instructions / guidelines issued to banks on Branch Licensing till June 30, 2011. The Master Circular has been suitably updated by incorpora

RBI/2011-12/577 RPCD.CO.RCB.BC.No. 78/07.38.01/2011-12 May 28, 2012 All State and Central Co-operative Banks Dear Sir, Conversion of Term Deposits, Daily Deposits or Recurring Deposits for Reinvestment in Term Deposits by State and Central Co-operative Banks Please refer to paragraph 104 of the Annual Policy Statement for the year 2010-11 of Reserve Bank of India (extract enclosed). 2. As per the instructions contained in paragraph 11 of circular RPCD.No.RF.DIR.BC.53/

RBI/2011-12/517 RPCD.CO.RRB.RCB.BC.No.72/03.05.33/2011-12 April 20, 2012 The Chairmen / Chief Executive Officers, All Regional Rural Banks /State and Central Co-operative Banks Dear Sir, Bank Rate As announced in the Monetary Policy Statement 2012-13, the Bank Rate stands adjusted by 50 basis points from 9.50 per cent to 9.00 per cent with effect from April 17, 2012. 2. All penal interest rates on shortfall in reserve requirements, which are specifically linked to the

RBI/2011-12/449 RPCD.CO.RRB.RCB.AML.No. 9177/07.02.12/2011-12 March 15, 2012 The Chairmen / CEOs, All Regional Rural Banks and State / Central Co-operative Banks Dear Sir, Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) - Standards Please refer to our letters RPCD.CO.RRB.AML.No.7081/03.05.28 (A)/2011-12 and RPCD.CO.RCB.AML.No.7036/07.02.12/2011-12 dated January 16, 2012, on risks arising from the deficiencies in AML/CFT regime of certain jurisdic

RBI/2011-12/374 RPCD.CO.RRB.BC.No.57 /03.05.33 /2011-12 January 30, 2012 All State Co-operative Banks (StCBs) / District Central Co-operative Banks (DCCBs) / Regional Rural Banks (RRBs) Dear Sir, Deregulation of Savings Bank Deposit Interest Rate - Guidelines Please refer to our circulars RPCD.CO.RRB.BC.NO.33/03.05.33/2011-12 dated November 23, 2011 and RPCD.CO.RCB.BC.No. 47/07.38.01/2011-12 dated December 26, 2011 on the captioned subject. 2. Based on the references

RBI/2011-12/351 RPCD.CO.RRB.AML.No.7081/03.05.28(A)/2011-12 January 16, 2012 The Chairmen All Regional Rural Banks (RRBs) Dear Sir, Anti-Money Laundering (AML) / Combating of Financing of Terrorism (CFT) - Standards Please refer to our circular RPCD.CO.RRB.AML.No.1203 /03.05.28 (A)/2011-12 dated July 29, 2011 on risks arising from the deficiencies in AML/CFT regime of certain jurisdictions. 2. @@NBSP@@Financial Action Task Force (FATF) has updated its Statement on Oct

RBI/2011-12/350 RPCD.CO.RCB.AML.No.7036/07.02.12/2011-12 January 16, 2012 The Chairmen / CEOs of all State / Central Co-operative Banks Dear Sir, Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) - Standards Please refer to our letters RPCD.CO.RCB.AML.No.1286/07.02.12/2011-12 and RPCD.CO.RCB.AML.No.1287/07.02.12/2011-12 dated August 3, 2011 on risks arising from the deficiencies in AML/CFT regime of certain jurisdictions. 2. Financial Action Task F