Notifications - Regulating Non-Banking - RBI - Reserve Bank of India
Notifications
Nov 22, 2007
Regulation of Mutual Benefit Financial Companies (MBFCs) and Mutual Benefit Companies (MBCs)
RBI/2007-08/192DNBS (PD) CC. No.108 / 03.02.21 / 2007- 08November 22, 2007To,Mutual Benefit Financial Companies (Nidhis) and Mutual Benefit Companies (Potential Nidhis)Dear Sirs, Regulation of Mutual Benefit Financial Companies (MBFCs) and Mutual Benefit Companies (MBCs)As you are aware, the Ministry of Company Affairs regulates Mutual Benefit Financial Companies (Notified Nidhis) and Mutual Benefit Companies (Potential Nidhis) comprehensively since 2001. Accordingly
RBI/2007-08/192DNBS (PD) CC. No.108 / 03.02.21 / 2007- 08November 22, 2007To,Mutual Benefit Financial Companies (Nidhis) and Mutual Benefit Companies (Potential Nidhis)Dear Sirs, Regulation of Mutual Benefit Financial Companies (MBFCs) and Mutual Benefit Companies (MBCs)As you are aware, the Ministry of Company Affairs regulates Mutual Benefit Financial Companies (Notified Nidhis) and Mutual Benefit Companies (Potential Nidhis) comprehensively since 2001. Accordingly
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Oct 10, 2007
Guidelines on Fair Practices Code for Non-Banking Financial Companies
RBI/2007-08/158 DNBS.PD/ CC. No. / 03.10.042 /2007-08 October 10, 2007 All Non-Banking Financial Companies (including Residuary Non-Banking Companies) Dear Sir, Guidelines on Fair Practices Code for Non-Banking Financial Companies Please refer to our Company Circular DNBS (PD) CC No. 80 / 03.10.042 / 2005-06 dated September 28, 2006 wherein guidelines were issued to NBFCs (including RNBCs) for framing the Fair Practices Code. In terms of paragraph (ii) of the Annex to
RBI/2007-08/158 DNBS.PD/ CC. No. / 03.10.042 /2007-08 October 10, 2007 All Non-Banking Financial Companies (including Residuary Non-Banking Companies) Dear Sir, Guidelines on Fair Practices Code for Non-Banking Financial Companies Please refer to our Company Circular DNBS (PD) CC No. 80 / 03.10.042 / 2005-06 dated September 28, 2006 wherein guidelines were issued to NBFCs (including RNBCs) for framing the Fair Practices Code. In terms of paragraph (ii) of the Annex to
Sep 04, 2007
Future approach towards monitoring of frauds in NBFCs
RBI / 2007-08/130 DNBS.PD.CC. No.106 /03.10.42/2005-06 September 4, 2007 All deposit taking NBFCs (including RNBCs) Dear Sirs, Frauds – Future approach towards monitoring of frauds in NBFCs Please refer to Company Circular 59 dated October 26, 2005 on the captioned subject. It was advised in terms of paragraph 3.1.4 thereof that FMR-1, in cases where the amount involved in fraud is Rs 25 lakhs and above shall be submitted to Fraud Monitoring Cell, DBS, CO only. It has
RBI / 2007-08/130 DNBS.PD.CC. No.106 /03.10.42/2005-06 September 4, 2007 All deposit taking NBFCs (including RNBCs) Dear Sirs, Frauds – Future approach towards monitoring of frauds in NBFCs Please refer to Company Circular 59 dated October 26, 2005 on the captioned subject. It was advised in terms of paragraph 3.1.4 thereof that FMR-1, in cases where the amount involved in fraud is Rs 25 lakhs and above shall be submitted to Fraud Monitoring Cell, DBS, CO only. It has
Jul 31, 2007
NBFCs - FIMMDA Reporting Platform for Corporate Bond Transactions
RBI/2007-2008/105DNBS.PD/ C.C. No. 96/ 03.10.001/2007-08July 31, 2007To All Non-Banking Financial Companies (NBFCs)Dear Sir,FIMMDA Reporting Platform for Corporate Bond Transactions As you are aware, the High Level Expert Committee on Corporate Bonds and Securitisation (Patil Committee) had recommended setting up of reporting platforms for corporate bonds with a view to enhance transparency and to further the development of corporate bond markets. Accordingly, BSE and
RBI/2007-2008/105DNBS.PD/ C.C. No. 96/ 03.10.001/2007-08July 31, 2007To All Non-Banking Financial Companies (NBFCs)Dear Sir,FIMMDA Reporting Platform for Corporate Bond Transactions As you are aware, the High Level Expert Committee on Corporate Bonds and Securitisation (Patil Committee) had recommended setting up of reporting platforms for corporate bonds with a view to enhance transparency and to further the development of corporate bond markets. Accordingly, BSE and
Jul 11, 2007
Guidelines on Corporate Governance for NBFCs
RBI/2007-2008/92DNBS.PD/ CC 104 / 03.10.042 /2007-08July 11, 2007The Chairman/CEO1. All Deposit taking NBFCs with deposit size of Rs 20 crore and above2. All non-deposit taking NBFCs with asset size of Rs 100 crore and above (NBFC-ND-SI).Dear Sir,Guidelines on Corporate Governance Please refer to our circular DNBS.PD/ C.C. 94 / 03.10.042 /2006-07 dated May 8, 2007 on the captioned subject. The Bank has received suggestions with reference to paragraph 2(vi) of the circ
RBI/2007-2008/92DNBS.PD/ CC 104 / 03.10.042 /2007-08July 11, 2007The Chairman/CEO1. All Deposit taking NBFCs with deposit size of Rs 20 crore and above2. All non-deposit taking NBFCs with asset size of Rs 100 crore and above (NBFC-ND-SI).Dear Sir,Guidelines on Corporate Governance Please refer to our circular DNBS.PD/ C.C. 94 / 03.10.042 /2006-07 dated May 8, 2007 on the captioned subject. The Bank has received suggestions with reference to paragraph 2(vi) of the circ
May 28, 2007
Guidelines on declaration of Net Asset Value of Security Receipts issued by Securitisation Company/ Reconstruction Company
RBI/2006-2007/420 DNBS (PD) CC. No. 6 / SCRC / 10.30.049/ 2006-2007 May 28, 2007 All registered Securitisation Companies/Reconstruction Companies Dear Sir, Guidelines on declaration of Net Asset Value of Security Receipts issued by Securitisation Company/ Reconstruction Company In order to enable the Qualified Institutional Buyers to know the value of their investment in the Security Receipts issued by the Securitisation Company/Reconstruction Company, it has been dec
RBI/2006-2007/420 DNBS (PD) CC. No. 6 / SCRC / 10.30.049/ 2006-2007 May 28, 2007 All registered Securitisation Companies/Reconstruction Companies Dear Sir, Guidelines on declaration of Net Asset Value of Security Receipts issued by Securitisation Company/ Reconstruction Company In order to enable the Qualified Institutional Buyers to know the value of their investment in the Security Receipts issued by the Securitisation Company/Reconstruction Company, it has been dec
May 24, 2007
Complaints about excessive interest charged by NBFCs
RBI/2006-2007/414DNBS.PD/ CC.No. 95 /03.05.002 /2006-07May 24, 2007To,All Non-Banking Financial Companies (NBFCs)Including Residuary Non- Banking Companies (RNBCs)Dear Sir,Complaints about excessive interest charged by NBFCsThe Reserve Bank has been receiving several complaints regarding levying of excessive interest and charges on certain loans and advances by NBFCs.2. Though interest rates are not regulated by the Bank, rates of interest beyond a certain level may b
RBI/2006-2007/414DNBS.PD/ CC.No. 95 /03.05.002 /2006-07May 24, 2007To,All Non-Banking Financial Companies (NBFCs)Including Residuary Non- Banking Companies (RNBCs)Dear Sir,Complaints about excessive interest charged by NBFCsThe Reserve Bank has been receiving several complaints regarding levying of excessive interest and charges on certain loans and advances by NBFCs.2. Though interest rates are not regulated by the Bank, rates of interest beyond a certain level may b
May 08, 2007
Guidelines on Corporate Governance
RBI/2006-2007/385DNBS.PD/CC 94/03.10.042/2006-07May 8, 2007The Chairman/CEO1. All Deposit taking NBFCs with deposit size of Rs 20 crore and above2. All non-deposit taking NBFCs with asset size of Rs 100 crore and above (NBFC-ND-SI).Dear Sir,Guidelines on Corporate Governance As it is evident, the need for good corporate governance has been gaining increased emphasis over the years. Globally, companies are adopting best corporate practices to increase the investors con
RBI/2006-2007/385DNBS.PD/CC 94/03.10.042/2006-07May 8, 2007The Chairman/CEO1. All Deposit taking NBFCs with deposit size of Rs 20 crore and above2. All non-deposit taking NBFCs with asset size of Rs 100 crore and above (NBFC-ND-SI).Dear Sir,Guidelines on Corporate Governance As it is evident, the need for good corporate governance has been gaining increased emphasis over the years. Globally, companies are adopting best corporate practices to increase the investors con
Apr 27, 2007
Supervisory Framework for Systemically Important non-deposit taking/holding NBFCs (NBFC-ND-SI)
RBI/2006-2007/355 DNBS.PD/ CC.No. 93 / 03.05.002 /2006-07April 27, 2007 All Systemically Important Non-Banking Financial Companies (non-deposit taking NBFCs with assets size of Rs 100 crore and above) Except Government NBFC-ND-SI Dear Sir,Supervisory Framework for Systemically Important non-deposit taking/holding NBFCs (NBFC-ND-SI) Please refer to our Company Circular DNBS.PD/ CC.No. 86/ 03.02.089 /2006-07 dated December 12, 2006. To ensure adherence to compliance wit
RBI/2006-2007/355 DNBS.PD/ CC.No. 93 / 03.05.002 /2006-07April 27, 2007 All Systemically Important Non-Banking Financial Companies (non-deposit taking NBFCs with assets size of Rs 100 crore and above) Except Government NBFC-ND-SI Dear Sir,Supervisory Framework for Systemically Important non-deposit taking/holding NBFCs (NBFC-ND-SI) Please refer to our Company Circular DNBS.PD/ CC.No. 86/ 03.02.089 /2006-07 dated December 12, 2006. To ensure adherence to compliance wit
Apr 25, 2007
Quarterly Statement to be submitted by Securitisation/Reconstruction Companies
RBI/2006-2007/346DNBS (PD) CC. No. 5 / SCRC / 10.30.000/ 2006-2007April 25, 2007 All registered Securitisation Companies/Reconstruction Companies Quarterly Statement to be submitted by Securitisation Companies/Reconstruction Companies registered with the Reserve Bank of India under Section 3(4) of the SARFAESI ActThe Reserve Bank of India in exercise of the powers conferred on it under Section 12 A of the Securitisation and Reconstruction of Financial Assets and Enfor
RBI/2006-2007/346DNBS (PD) CC. No. 5 / SCRC / 10.30.000/ 2006-2007April 25, 2007 All registered Securitisation Companies/Reconstruction Companies Quarterly Statement to be submitted by Securitisation Companies/Reconstruction Companies registered with the Reserve Bank of India under Section 3(4) of the SARFAESI ActThe Reserve Bank of India in exercise of the powers conferred on it under Section 12 A of the Securitisation and Reconstruction of Financial Assets and Enfor
Apr 24, 2007
Amendments to NBFC Regulations - Ceiling on rate of interest
RBI/2006-2007/345DNBS (PD) CC.No.92 /03.02.089/2006-07April 24, 2007To All Non-Banking Financial Companiesincluding Miscellaneous Non-Banking Companies (Chit Fund Companies) Dear Sirs,Amendments to NBFC Regulations - Ceiling on rate of interestPlease refer to paragraph 217 of the Annual Policy Statement 2007-08 in terms of which it has been stated:"The interest payable on deposits by NBFCs (other than residuary non-banking financial companies (RNBCs)) accepting public
RBI/2006-2007/345DNBS (PD) CC.No.92 /03.02.089/2006-07April 24, 2007To All Non-Banking Financial Companiesincluding Miscellaneous Non-Banking Companies (Chit Fund Companies) Dear Sirs,Amendments to NBFC Regulations - Ceiling on rate of interestPlease refer to paragraph 217 of the Annual Policy Statement 2007-08 in terms of which it has been stated:"The interest payable on deposits by NBFCs (other than residuary non-banking financial companies (RNBCs)) accepting public
Apr 04, 2007
Advertisement in electronic media
RBI/2006-2007/304DNBS (PD) / CC. No. 91 / 03.02.034 / 2006- 07April 4, 2007ToAll Deposit taking Non-Banking Financial Companies (NBFCs)(excluding Residuary Non-Banking Companies)@@NBSP@@Advertisement in electronic mediaNBFCs may refer to letter DNBS (PD) No. 788 / 02.34 / 2004-05 dated May 12, 2005 on the captioned subject advising therein that NBFCs should explicitly include in their advertisements issued in print or electronic media (including web-sites) or statemen
RBI/2006-2007/304DNBS (PD) / CC. No. 91 / 03.02.034 / 2006- 07April 4, 2007ToAll Deposit taking Non-Banking Financial Companies (NBFCs)(excluding Residuary Non-Banking Companies)@@NBSP@@Advertisement in electronic mediaNBFCs may refer to letter DNBS (PD) No. 788 / 02.34 / 2004-05 dated May 12, 2005 on the captioned subject advising therein that NBFCs should explicitly include in their advertisements issued in print or electronic media (including web-sites) or statemen
Feb 23, 2007
Misuse of Bank Finance for hoarding - Status and Action
RBI/2006-2007/267 DNBS (PD) CC. No.90/ 03.10.001/2006-07 February 23, 2007 All Systemically important Non-Deposit taking NBFCs (all non-deposit taking NBFCs with asset size of Rs. 100 Crore and above) Dear Sir / Madam, Misuse of Bank Finance for hoarding – Status and Action Concerns have been expressed that some of the corporates / entities may be hoarding foodgrains which could have had the benefit of resources from the NBFC finance. NBFC-ND-SI (all non-deposit takin
RBI/2006-2007/267 DNBS (PD) CC. No.90/ 03.10.001/2006-07 February 23, 2007 All Systemically important Non-Deposit taking NBFCs (all non-deposit taking NBFCs with asset size of Rs. 100 Crore and above) Dear Sir / Madam, Misuse of Bank Finance for hoarding – Status and Action Concerns have been expressed that some of the corporates / entities may be hoarding foodgrains which could have had the benefit of resources from the NBFC finance. NBFC-ND-SI (all non-deposit takin
Feb 22, 2007
Prudential Norms Directions - Deposit taking and Non-deposit taking Non-Banking Financial Companies (NBFCs)
RBI/2006-2007/265DNBS.PD/ CC. No. 89/03.05.002 /2006-07February 22, 2007All Non-Banking Financial Companies(including RNBCs)Dear Sir,Prudential Norms Directions – Deposit taking and Non-deposit taking Non-Banking Financial Companies (NBFCs)Please refer to our circular DNBS.PD/ CC. No. 86/ 03.02.089 /2006-07 dated December 12, 2006 in terms of which regulatory framework for systemically important non-deposit taking NBFCs was prescribed. The Non-Banking Financial Compan
RBI/2006-2007/265DNBS.PD/ CC. No. 89/03.05.002 /2006-07February 22, 2007All Non-Banking Financial Companies(including RNBCs)Dear Sir,Prudential Norms Directions – Deposit taking and Non-deposit taking Non-Banking Financial Companies (NBFCs)Please refer to our circular DNBS.PD/ CC. No. 86/ 03.02.089 /2006-07 dated December 12, 2006 in terms of which regulatory framework for systemically important non-deposit taking NBFCs was prescribed. The Non-Banking Financial Compan
Jan 04, 2007
Cover for public deposits - creation of floating charge on Liquid Assets
RBI/2006-07/225 DNBS (PD) C.C No. 87 /03.02.004/2006-07 January 4, 2007. To All deposit taking Non- Banking Financial Companies (Excluding Residuary Non-Banking Companies) Dear Sir, Cover for public deposits – creation of floating charge on Liquid Assets Please refer to our circular DNBS (PD) C.C No. 47/02.01/ 2004-05 dated February 07, 2005 on the captioned subject. In terms of paragraph 3 of the said circular, all NBFCs accepting/ holding public deposits were advise
RBI/2006-07/225 DNBS (PD) C.C No. 87 /03.02.004/2006-07 January 4, 2007. To All deposit taking Non- Banking Financial Companies (Excluding Residuary Non-Banking Companies) Dear Sir, Cover for public deposits – creation of floating charge on Liquid Assets Please refer to our circular DNBS (PD) C.C No. 47/02.01/ 2004-05 dated February 07, 2005 on the captioned subject. In terms of paragraph 3 of the said circular, all NBFCs accepting/ holding public deposits were advise
Jan 04, 2007
Submission of returns by Mutual Benefit Financial Companies (MBFCs) and Mutual Benefit Companies (MBCs)
RBI / 2006-2007/226 DNBS (PD) CC. No. 88 / 03.02.21 / 2006-07 January 04, 2007 To, Mutual Benefit Financial Companies (Nidhis) and Mutual Benefit Companies (Potential Nidhis) Dear Sirs, Submission of returns by Mutual Benefit Financial Companies (MBFCs) and Mutual Benefit Companies (MBCs) As you are aware, the Ministry of Company Affairs has taken over the entire regulation of Mutual Benefit Financial Companies (Notified Nidhis) and Mutual Benefit Companies (Potential
RBI / 2006-2007/226 DNBS (PD) CC. No. 88 / 03.02.21 / 2006-07 January 04, 2007 To, Mutual Benefit Financial Companies (Nidhis) and Mutual Benefit Companies (Potential Nidhis) Dear Sirs, Submission of returns by Mutual Benefit Financial Companies (MBFCs) and Mutual Benefit Companies (MBCs) As you are aware, the Ministry of Company Affairs has taken over the entire regulation of Mutual Benefit Financial Companies (Notified Nidhis) and Mutual Benefit Companies (Potential
Dec 12, 2006
Financial Regulation of Systemically Important NBFCs and Banks’ Relationship with them - for NBFCs’
RBI/2006-07/204 DNBS.PD/ CC.No. 86/ 03.02.089 /2006-07 December 12, 2006 All Non-Banking Financial Companies (deposit taking and non-deposit taking) Dear Sir, Financial Regulation of Systemically Important NBFCs and Banks’ Relationship with them Please refer to paragraph 141 of the Mid-Term Review of Annual Policy Statement for the year 2006-07 (copy of the paragraph is enclosed as Annex). 2. Non Banking Financial Companies (NBFCs) play a crucial role in broadening ac
RBI/2006-07/204 DNBS.PD/ CC.No. 86/ 03.02.089 /2006-07 December 12, 2006 All Non-Banking Financial Companies (deposit taking and non-deposit taking) Dear Sir, Financial Regulation of Systemically Important NBFCs and Banks’ Relationship with them Please refer to paragraph 141 of the Mid-Term Review of Annual Policy Statement for the year 2006-07 (copy of the paragraph is enclosed as Annex). 2. Non Banking Financial Companies (NBFCs) play a crucial role in broadening ac
Dec 06, 2006
Re-classification of NBFCs
RBI / 2006-07/200 DNBS.PD. CC No. 85 / 03.02.089 /2006-07 December 06, 2006 All Non-Banking Financial Companies excluding Residuary Non-Banking Companies Dear Sir, Mid-Term Review of the Annual Policy 2006-07 Please refer to paragraph 154 of the captioned policy. A request was received from the representatives of the NBFC sector to provide a separate classification for NBFCs engaged in financing tangible assets. Companies engaged in financing real/physical assets supp
RBI / 2006-07/200 DNBS.PD. CC No. 85 / 03.02.089 /2006-07 December 06, 2006 All Non-Banking Financial Companies excluding Residuary Non-Banking Companies Dear Sir, Mid-Term Review of the Annual Policy 2006-07 Please refer to paragraph 154 of the captioned policy. A request was received from the representatives of the NBFC sector to provide a separate classification for NBFCs engaged in financing tangible assets. Companies engaged in financing real/physical assets supp
Dec 04, 2006
Distribution of Mutual Fund products by NBFCs
RBI/2006-07/195 DNBS (PD) CC No. 84 / 03.10.27 / 2006-07 December 4, 2006 To, All Non-Banking Financial Companies (NBFCs) Including Residuary Non- Banking Companies (RNBCs) Dear Sirs, Distribution of Mutual Fund products by NBFCs Please refer to paragraph No. 153 of the Mid-Term Review of Annual Policy Statement for the year 2006-07 (copy enclosed) announced by the Governor on October 31, 2006. 2. In order to strengthen the NBFC sector by allowing diversification in t
RBI/2006-07/195 DNBS (PD) CC No. 84 / 03.10.27 / 2006-07 December 4, 2006 To, All Non-Banking Financial Companies (NBFCs) Including Residuary Non- Banking Companies (RNBCs) Dear Sirs, Distribution of Mutual Fund products by NBFCs Please refer to paragraph No. 153 of the Mid-Term Review of Annual Policy Statement for the year 2006-07 (copy enclosed) announced by the Governor on October 31, 2006. 2. In order to strengthen the NBFC sector by allowing diversification in t
Dec 04, 2006
Issue of Co-branded Credit Cards
RBI/2006-07/196 DNBS (PD) CC No. 83 / 03.10.27 / 2006-07 December 04, 2006 To, All Non-Banking Financial Companies (NBFCs) Including Residuary Non- Banking Companies (RNBCs) Dear Sirs, Issue of Co-branded Credit Cards Please refer to paragraph No. 153 of the Mid-Term Review of Annual Policy Statement for the year 2006-07 (copy enclosed) announced by the Governor on October 31, 2006. 2. In order to strengthen the NBFC sector by allowing diversification of their area of
RBI/2006-07/196 DNBS (PD) CC No. 83 / 03.10.27 / 2006-07 December 04, 2006 To, All Non-Banking Financial Companies (NBFCs) Including Residuary Non- Banking Companies (RNBCs) Dear Sirs, Issue of Co-branded Credit Cards Please refer to paragraph No. 153 of the Mid-Term Review of Annual Policy Statement for the year 2006-07 (copy enclosed) announced by the Governor on October 31, 2006. 2. In order to strengthen the NBFC sector by allowing diversification of their area of
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