tag:blogger.com,1999:blog-23551736440289900442024-03-06T12:02:16.564-08:00Latest RBI Master Circulars SimplifiedBeing a faculty at a Bankers Training College, many a times I would refer the RBI master circulars for my sessions. Every time I found it a huge task. The language is complicated, Compound sentences were making it difficult to comprehend and above all the circulars are real lengthy. So I started simplifying them for my future consumption.
Why not share my work with others.
So my dear friends enjoy reading.poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.comBlogger230125tag:blogger.com,1999:blog-2355173644028990044.post-87605296115804862282018-05-05T00:40:00.000-07:002018-05-05T00:40:23.243-07:00Storage of Payment System Data<div dir="ltr" style="text-align: left;" trbidi="on">
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<br />
<div class="head" style="text-align: justify;">
<b><span style="color: black; font-size: 14.0pt;">You can also listen to the communication by clicking on the link </span></b></div>
<div class="head" style="text-align: justify;">
<b><span style="color: black; font-size: 14.0pt;"><a href="https://drive.google.com/open?id=1Vn-PyoM2ZBjH4VhO4k1Qa8QAqMNStK_K" target="_blank">https://drive.google.com/open?id=1Vn-PyoM2ZBjH4VhO4k1Qa8QAqMNStK_K</a></span></b></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;">It has been decided that:</span></div>
<div style="margin-left: 36.0pt; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span style="color: black; font-size: 14.0pt;">All
system providers shall ensure that the entire data relating to payment systems
operated by them are stored in a system only in India. This data should include
the full end-to-end transaction details / information collected / carried /
processed as part of the message / payment instruction. Where there is a foreign
leg to the transaction, the data can also be stored in the foreign country.</span></div>
<div style="margin-left: 36.0pt; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> <span id="goog_1917710120"></span><a href="https://www.blogger.com/"></a><span id="goog_1917710121"></span></span></span></span><span style="color: black; font-size: 14.0pt;">This instruction
is to be complied within a period of six months and reported to the Reserve
Bank by October 15, 2018.</span></div>
<div style="margin-left: 36.0pt; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 16.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span style="color: black; font-size: 14.0pt;">System providers shall also submit the
System Audit Report (SAR) duly approved by their board to RBI by Dec 31<sup>st</sup>
2018. The audit should be conducted by CERT-IN empaneled auditors. </span><span style="color: black; font-family: "Brush Script MT"; font-size: 16.0pt;"></span></div>
<div style="text-align: justify;">
<span style="color: black; font-family: "Brush Script MT"; font-size: 16.0pt;">Based on RBI notification dated 6th April 2018. For any further
clarification, please visit <a href="http://www.rbi.org.in/">www.rbi.org.in</a>
...............Poppy</span></div>
</div>
poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com0tag:blogger.com,1999:blog-2355173644028990044.post-62647178220872866422018-05-05T00:37:00.000-07:002018-05-05T00:37:34.004-07:00Prohibition on dealing in Virtual Currencies (VCs)<div dir="ltr" style="text-align: left;" trbidi="on">
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<br />
<div class="head" style="text-align: justify;">
<b><span style="color: black; font-size: 14.0pt;">If you are not much of a reader, simply click on the link and listen </span></b></div>
<div class="head" style="text-align: justify;">
<b><span style="color: black; font-size: 14.0pt;"><a href="https://drive.google.com/open?id=1QinTL2kGSj0LwSz54msvloTP5WNjKMio" target="_blank">https://drive.google.com/open?id=1QinTL2kGSj0LwSz54msvloTP5WNjKMio</a></span></b></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;">It has been decided that, with immediate effect, entities
regulated by the Reserve Bank shall not deal in VCs or provide services for
facilitating any person or entity in dealing with or settling VCs.</span></div>
<div style="text-align: justify;">
<span style="color: black; font-size: 14.0pt;">Such
services include maintaining accounts, registering, trading, settling,
clearing, giving loans against virtual tokens, accepting them as collateral,
opening accounts of exchanges dealing with them and transfer or receipt of
money in accounts relating to purchase or sale of VCs.</span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;">Regulated entities which already provide such services shall exit
the relationship within three months from the date of this circular.</span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-family: "Brush Script MT"; font-size: 16.0pt;">Based on RBI notification dated 6th
April 2018. For any further clarification, please visit <a href="http://www.rbi.org.in/">www.rbi.org.in</a> ...............Poppy</span></div>
</div>
poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com0tag:blogger.com,1999:blog-2355173644028990044.post-59600652825529945012018-05-05T00:03:00.001-07:002018-05-05T00:03:33.324-07:00Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks – Spreading of MTM losses and creation of Investment Fluctuation Reserve (IFR)<div dir="ltr" style="text-align: left;" trbidi="on">
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<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;"><b>In case you are not a reading buff, click on the link and simply listen</b></span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;"><b><a href="https://drive.google.com/open?id=1VHdXKTuGZwrKIEuXOUwuOGdyM3tgOT4b" target="_blank">https://drive.google.com/open?id=1VHdXKTuGZwrKIEuXOUwuOGdyM3tgOT4b</a></b></span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<br /></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;"><b>I</b>t has been decided to grant banks the option to spread
provisioning for mark to market (MTM) losses on investments held in AFS and HFT
for the quarters ended December 31, 2017 and March 31, 2018. The provisioning may
be spread equally over up to four quarters, commencing with the quarter in
which the loss is incurred.</span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;">Banks choosing the above option shall make suitable disclosures in
their notes to accounts/ quarterly results providing details of</span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; margin-left: 36.0pt; mso-list: l2 level1 lfo3; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: -18.0pt; widows: 2; word-spacing: 0px;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-size: 14.0pt;">the provisions
for depreciation made during the quarter/year and</span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; margin-left: 36.0pt; mso-list: l2 level1 lfo3; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: -18.0pt; widows: 2; word-spacing: 0px;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-size: 14.0pt;">the
balance required to be made in the remaining quarters.</span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;">All banks are advised to create an Investment Fluctuation Reserve
(IFR) with effect from the year 2018-19, as under:</span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;">An amount not less than the lower of the following:</span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; margin-left: 36.0pt; mso-list: l0 level1 lfo2; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: -18.0pt; widows: 2; word-spacing: 0px;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-size: 14.0pt;">net
profit on sale of investments during the year</span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; margin-left: 36.0pt; mso-list: l0 level1 lfo2; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: -18.0pt; widows: 2; word-spacing: 0px;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-size: 14.0pt;">net
profit for the year less mandatory appropriations</span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;">shall be transferred to the IFR, until the amount is at least 2 %
of the HFT and AFS portfolio, on a continuing basis. This should be achieved
within a period of 3 years where feasable.</span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;">A bank may, at its discretion, draw down the balance available in
IFR in excess of 2 %, for credit to the balance of profit/loss at the end of any
accounting year. Where the balance in the IFR is less than 2 %, a draw down
will be permitted subject to the following conditions:</span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; margin-left: 36.0pt; mso-list: l1 level1 lfo1; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: -18.0pt; widows: 2; word-spacing: 0px;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-size: 14.0pt;">The
drawn down amount is used only for meeting the minimum CET1/Tier 1 capital
requirements by way of appropriation to free reserves or reducing the balance
of loss, and</span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; margin-left: 36.0pt; mso-list: l1 level1 lfo1; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-indent: -18.0pt; widows: 2; word-spacing: 0px;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-size: 14.0pt;">The
amount drawn down is not more than the extent, the MTM provisions made during
the aforesaid year exceed the net profit on sale of investments during that
year.</span></div>
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<span style="color: black; font-size: 14.0pt;">IFR shall be eligible for
inclusion in Tier 2 capital.</span></div>
</div>
<div style="text-align: justify;">
<span style="color: black; font-family: "Brush Script MT"; font-size: 16.0pt;">Based on RBI notification dated 2<sup>nd</sup> April 2018. For any
further clarification, please visit <a href="http://www.rbi.org.in/">www.rbi.org.in</a>
...............Poppy</span></div>
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poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com0tag:blogger.com,1999:blog-2355173644028990044.post-51427634634991017562018-03-20T18:22:00.000-07:002018-03-20T18:22:14.273-07:00Agency commission payable to banks for operating Special Deposit Scheme<div dir="ltr" style="text-align: left;" trbidi="on">
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<br />
<div class="head" style="text-align: justify;">
<b><span style="color: black; font-size: 14.0pt;">Reading is boring at times. So why not click on the link and
simply listen to it</span></b></div>
<div class="head" style="text-align: justify;">
<b><span style="color: black; font-size: 14.0pt;"><a href="https://drive.google.com/open?id=1ZN2JnHwQUDlgRXBaQ-UKxko3NQ1BK49G">https://drive.google.com/open?id=1ZN2JnHwQUDlgRXBaQ-UKxko3NQ1BK49G</a></span></b></div>
<div class="head" style="text-align: justify;">
<b><span style="color: black; font-size: 14.0pt;">
</span></b></div>
<div style="text-align: justify;">
<span style="color: black; font-size: 14.0pt;">It has
been decided that henceforth agency commission claims on SDS related
transactions (where mirror accounts are maintained in RBI) will be settled at
Central Accounts Section (CAS), Nagpur, with immediate effect. </span></div>
<div style="text-align: justify;">
<span style="color: black; font-size: 14.0pt;">The
claims are to be submitted on quarterly basis.</span></div>
<div style="border-bottom: solid windowtext 1.5pt; border: none; mso-element: para-border-div; padding: 0cm 0cm 1.0pt 0cm;">
<div style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm; text-align: justify;">
<span style="color: black; font-size: 14.0pt;">However, agency banks will continue to claim reimbursement of
interest paid and withdrawal from SDS accounts from the respective Regional
Offices of RBI in which the mirror accounts are maintained.</span></div>
</div>
<div class="MsoNormal" style="line-height: normal; text-align: justify;">
<span style="font-family: "Brush Script MT"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman";">Based on RBI notification sated 15<sup>th</sup> March 2018.
For further clarity visit </span><a href="http://www.rbi.org.in/"><span style="font-family: "Brush Script MT"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman";">www.rbi.org.in</span></a><span style="font-family: "Brush Script MT"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman";">
.............. Poppy</span></div>
</div>
poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com0tag:blogger.com,1999:blog-2355173644028990044.post-18597633551330570972018-03-18T07:17:00.000-07:002018-03-18T07:17:20.257-07:00Discontinuing Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: black; font-size: 14.0pt;">In case you don’t feel like reading, please click on the link to
listen to the podcast.</span>
<br />
<div class="head" style="text-align: justify;">
<span style="color: black; font-size: 14.0pt;"><a href="https://drive.google.com/open?id=1SSJ2TFcDzKkL2B-XTVBrWXKbbgykvBS_">https://drive.google.com/open?id=1SSJ2TFcDzKkL2B-XTVBrWXKbbgykvBS_</a>
</span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;">On a review of the prevailing guidelines on ‘External Commercial
Borrowings, Trade Credit, Borrowing and Lending in Foreign Currency, it has
been decided to discontinue the practice of issuing of LoUs and LoCs with
immediate effect. </span></div>
<div style="text-align: justify;">
<span style="color: black; font-size: 14.0pt;">Letters
of Credit and Bank Guarantees may continue to be issued as per prevailing
guidelines.</span></div>
<div style="border-bottom: solid windowtext 1.5pt; border: none; mso-element: para-border-div; padding: 0cm 0cm 1.0pt 0cm;">
<div style="-webkit-text-stroke-width: 0px; border: none; font-variant-caps: normal; font-variant-ligatures: normal; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; orphans: 2; padding: 0cm; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;">The changes will be applicable
from 13<sup>th</sup> March 2018.</span></div>
<div style="-webkit-text-stroke-width: 0px; border: none; font-variant-caps: normal; font-variant-ligatures: normal; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; orphans: 2; padding: 0cm; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<br /></div>
</div>
<div style="text-align: justify;">
<span style="color: black; font-family: "Brush Script MT"; font-size: 16.0pt;">Based on RBI notification dated 13<sup>th</sup> March 2018. In
case you need further clarification, please visit <a href="http://www.rbi.org.in/">www.rbi.org.in</a> .................... Poppy</span></div>
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poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com1tag:blogger.com,1999:blog-2355173644028990044.post-21272404004313186442018-03-18T06:37:00.000-07:002018-03-18T06:37:10.293-07:00Hedging of Commodity Price Risk and Freight Risk in Overseas Markets<div dir="ltr" style="text-align: left;" trbidi="on">
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<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> <a href="https://drive.google.com/open?id=1ibfyBgp93oNxaOdkwC4cDu9rllsMaDKw" target="_blank">https://drive.google.com/open?id=1ibfyBgp93oNxaOdkwC4cDu9rllsMaDKw</a><br style="mso-special-character: line-break;" />
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<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The revised directions shall come into force from
April 1, 2018.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">However, residents hedging such risk based on the
previous set of guidelines would be permitted to continue till June 30, 2018 or
the last date specified in the approval, whichever is earlier.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
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<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
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1, 2018:</span></div>
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<br /></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">i. Hedging is the activity of undertaking a
derivative transaction to reduce an identifiable and measurable risk.</span></div>
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than Individuals.</span></div>
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exposure to commodity price risk</b> if</span></div>
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<br /></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l3 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">It purchases/sells a commodity, the price of which
is fixed by reference to an international benchmark ; or</span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l3 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">It purchases/sells a product which contains a
commodity and the price of the product is linked to an international benchmark
of the commodity.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">iv. An eligible entity will be said to have <b>indirect
exposure to commodity price risk </b>if it purchases/sells a product which
contains the commodity and the price of the product is not linked to an
international benchmark of the commodity.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">v. An eligible entity will be said to have <b>exposure
to</b> <b>freight risk</b> if it is engaged in the business of refining oil or in
the business of shipping.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">vi. Bank(s) refer to banks licensed as Authorised
Dealer – Category I.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Eligible Commodities</span></b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> are :</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l4 level1 lfo2; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">All commodities (except Gold, Gems and precious
stones) in case of direct exposures to commodity price risk:</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l4 level1 lfo2; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Aluminum, Copper, Lead, Zinc, Nickel, and Tin In
case of indirect exposures to commodity price risk:</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">This list of eligible commodities would be reviewed
annually.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Permitted Products - </span></b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Permitted products refer to the following:</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">a. Generic Products</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l2 level1 lfo3; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Futures and forwards</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l2 level1 lfo3; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Vanilla options (call option and put option)</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l2 level1 lfo3; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Swaps</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">b. Structured Products</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l2 level1 lfo3; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Products which are combination of either cash
instrument and one or more generic products</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l2 level1 lfo3; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Products which are combination of two or more
generic products</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Hedging of Commodity Price Risk: </span></b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Eligible entities, having exposure to commodity price risk, may hedge such
exposure in overseas markets, using any of the permitted products.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Hedging of Freight Risk: </span></b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Eligible entities, having exposure to freight risk, may hedge such exposure
in overseas markets, by using any of the permitted products.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Other Operational Guidelines:</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">i. Banks may permit eligible entities to hedge risk
and may remit foreign exchange outside India in respect of such transactions
after satisfying themselves that :</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo4; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The entity has exposure to such risk, contracted or
anticipated.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo4; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The quantity proposed to be hedged and the tenor of
the hedge are in line with the exposure.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo4; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">In case of OTC derivatives, the requirement to
undertake OTC hedges is justified.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo4; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">In case of hedging using a benchmark price other
than that of the commodity exposed to, the requirement to undertake such hedges
is justified.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo4; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Such hedging is taken up by the management of the
entity under a policy approved by the Board of Directors of a company or
equivalent forum for others.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo4; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The entity has the necessary risk management
policies in place.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo4; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The entity has reasonable understanding of the
utility and likely risks associated with the products proposed to be used for
hedging.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">ii. OTC contracts shall be booked with a bank or
with non-bank entities which are permitted to offer such derivatives. For this purpose,
a list of acceptable jurisdictions shall be specified by FEDAI.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">iii. Structured products may be permitted to
eligible entities who are </span></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-list: l1 level1 lfo5; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">listed on recognized domestic stock exchanges or </span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-list: l1 level1 lfo5; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">fully owned subsidiaries of such entities or </span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-list: l1 level1 lfo5; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">unlisted entities whose net worth is higher than Rs.
200 crores, subject to the condition that such product are used for the purpose
of hedging as defined under these directions.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">iv. All transactions related to hedging shall be
routed through a special account for this purpose.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">v. Banks shall keep on their records full details
of all hedge transactions and related remittances made by the entity.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">vi. Banks shall obtain an annual certificate from
the statutory auditors of the entity confirming that the hedge transactions and
the margin remittances are in line with the exposure of the entity. The
statutory auditor shall also comment on the risk management policy of the
entity for hedging exposure to commodity price risk and freight risk and the
appropriateness of the methodology to arrive at the quantum of these exposures.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">vii. Banks shall undertake immediate corrective
action in case of any irregularity or misuse of these directions. All such
cases should be reported to Chief General Manager, Financial Markets Regulation
Department, Reserve Bank of India.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Standby Letters of Credit (SBLC) / Guarantees</span></b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> - Banks are permitted to issue Standby Letters of Credit (SBLC) /
Guarantees, for a maximum period of one year, in lieu of making a remittance of
margin money for commodity hedging transactions. Banks should ensure that these
SBLCs / Guarantees are used by their clients for the intended purposes.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Realisation and repatriation of foreign exchange</span></b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> - Realisation and repatriation of foreign exchange resulting from
permitted transactions shall be guided by the provisions of the Foreign
Exchange Management (Realisation, repatriation and surrender of foreign
exchange) Regulations, 2015.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div style="border-bottom: solid windowtext 1.5pt; border: none; mso-element: para-border-div; padding: 0cm 0cm 1.0pt 0cm;">
<div class="MsoNormal" style="border: none; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Report to Reserve
Bank</span></b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> - Banks shall submit a quarterly report
Reserve Bank of India. In case of no transactions, a “Nil” report may be
submitted.</span></div>
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Brush Script MT"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Based on RBI
master direction dated 12<sup>th</sup> March 2018. For further clarification
please visit </span><span style="font-size: 16.0pt;"><a href="http://www.rbi.org.in/"><span style="font-family: "Brush Script MT"; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">www.rbi.org.in</span></a></span><span style="color: black; font-family: "Brush Script MT"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> .............. Poppy<span style="mso-tab-count: 1;"> </span></span><span style="color: black; font-family: "Brush Script MT"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-tab-count: 8;"> </span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
</div>
poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com0tag:blogger.com,1999:blog-2355173644028990044.post-4579617543305099522018-03-01T20:08:00.000-08:002018-03-03T04:10:16.578-08:00Priority Sector Lending <div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: Georgia, "Times New Roman", serif;"><i><span style="font-size: large;">Not in a mood to read???</span></i></span><br />
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<b><span style="color: black; font-size: 14.0pt;">Targets and Classification </span></b></div>
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<br /></div>
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<span style="color: black; font-size: 14.0pt;">In case of <b>foreign Banks with 20 branches & above,</b> it
has been decided that from FY 2018-19, </span></div>
<div style="margin-left: 36.0pt; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-size: 14.0pt;"><span style="mso-list: Ignore;">a.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-size: 14.0pt;">8% of
ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposure (CEOBE),
whichever is higher, is to be lent to the small and marginal farmers. </span></div>
<div style="margin-left: 36.0pt; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-size: 14.0pt;"><span style="mso-list: Ignore;">b.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-size: 14.0pt;">7.50%
of ANBC or CEOBE, whichever is higher, is to be lent to the Micro Enterprises.</span></div>
<div style="text-align: justify;">
<span style="color: black; font-size: 14.0pt;">It has
also been decided to remove the currently applicable loan limits of </span><span style="color: black; font-family: "arial" , "sans-serif"; font-size: 14.0pt;">₹</span><span style="color: black; font-size: 14.0pt;"> 5 crore to Micro Ent ( Services) and </span><span style="color: black; font-family: "arial" , "sans-serif"; font-size: 14.0pt;">₹</span><span style="color: black; font-size: 14.0pt;"> 10 crore to Small and Medium Enterprises (Services), for
classification under priority sector. </span></div>
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<span style="color: black; font-size: 14.0pt;">Henceforth, all bank loans to MSMEs,
engaged in providing or rendering of services as per MSMED Act, 2006, shall
qualify under priority sector without any credit cap.</span></div>
</div>
<div style="margin-bottom: .0001pt; margin: 0cm; text-align: justify;">
<span style="color: black; font-family: "brush script mt"; font-size: 16.0pt;">Based on RBI
notification dated 1<sup>st</sup> March 2018. For any further clarification,
please visit <a href="http://www.rbi.org.in/">www.rbi.org.in</a><span style="mso-spacerun: yes;"> </span>................. Poppy</span></div>
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poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com0tag:blogger.com,1999:blog-2355173644028990044.post-91637724074688619132018-02-18T20:18:00.000-08:002018-02-18T20:18:49.381-08:00Acceptance of coins<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: black; font-size: 14.0pt;">Reserve
Bank continues to receive complaints about non-acceptance of coins by bank branches.
Therefore, it has mandated all banks to direct all branches to accept coins of
all denominations tendered at their counters either for exchange or for deposit
in accounts.</span></div>
<div style="text-align: justify;">
<br /></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;">It is further advised that coins, particularly, in the denominations
of </span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman";">₹</span><span style="color: black; font-size: 14.0pt;"> 1 and 2, can be accepted by weighing.
However, accepting coins packed in polythene sachets of 100 each could also be preferred.
Such sachets may be made available to the customers. A notice to this effect is
to be displayed inside as well as outside the branch premises.</span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<br /></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;">Coins may be remitted to the currency chests as per the existing
procedure. This stock should be utilised for the purpose of re-circulation. In
case the stocks of reach beyond the holding capacity of the currency chest, the
Issue Department of the Circle may be approached for remittance of coins.</span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<br /></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;">The Controlling Offices of the bank should pay surprise visits to
the branches and report the position of compliance to the Head Office. The
reports should be reviewed at the Head Office and prompt remedial action taken,
wherever necessary.</span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<br /></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; margin-bottom: .0001pt; margin: 0cm; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;">Any non-compliance in this
regard shall be viewed as violation of instructions issued by the Reserve Bank
of India and action including penal measures may be initiated.</span><span style="font-family: "Brush Script MT"; font-size: 18.0pt;"></span></div>
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<br /></div>
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<span style="font-family: "Brush Script MT"; font-size: 18.0pt; mso-bidi-font-family: "Times New Roman";">Based on RBI circular dated 15<sup>th</sup>
Feb 2018. For any further clarification in the matter, please visit <a href="http://www.rbi.org.in/">www.rbi.org.in</a> ............... Poppy</span></div>
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<br /></div>
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poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com0tag:blogger.com,1999:blog-2355173644028990044.post-43561010790740505672018-02-18T20:00:00.001-08:002018-02-18T20:00:51.526-08:00Resolution of Stressed Assets – Revised Framework<div dir="ltr" style="text-align: left;" trbidi="on">
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<![endif]-->
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Resolution of
Stressed Assets – Revised Framework</span></b></div>
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<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">It has been
decided to substitute the existing guidelines on resolution of stressed assets with
a simplified framework. Hence, instructions on the Framework for Revitalising
Distressed Assets, Corporate Debt Restructuring Scheme, Flexible Structuring of
Existing Long Term Project Loans, SDR, Change in Ownership outside SDR, and S4A
stand withdrawn</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">I. Revised
Framework</span></b></div>
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<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The revised
framework consists of five segments</span></div>
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<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">A. Early
identification and reporting of stress</span></b></div>
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<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Lenders shall
identify incipient stress, immediately on default, by classifying these
accounts as SMA as per the following categories:</span></div>
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<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Categories</span></b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></div>
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<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 314.95pt;" valign="top" width="420">
<div align="center" class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Overdue Period</span></b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 147.15pt;" width="196">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">SMA-0</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 314.95pt;" width="420">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1-30 days</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 147.15pt;" width="196">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">SMA-1</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 314.95pt;" width="420">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">31-60 days</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 147.15pt;" width="196">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">SMA-2</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 314.95pt;" width="420">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">61-90 days</span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The CRILC-Main
Report will be submitted monthly from April 1, 2018. Lenders shall also report
to CRILC, all borrower entities in default with an exposure of Rs 5 cr and
above, on a weekly basis, every Friday. The first such weekly report shall be
submitted on February 23, 2018.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">B. Implementation
of Resolution Plan</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">All lenders must
put in place Board-approved policies for resolution. As soon as there is a
default with any lender, all lenders − singly or jointly − shall initiate steps
to cure the default. The resolution plan may involve any action including but not
limited to, regularisation of the account by payment of over dues, sale of the
exposures, change in ownership, or restructuring. The RP should be clearly
documented by all the lenders.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">C. Implementation
Conditions for Resolution Plan</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">A RP in respect of
borrowers where lenders continue to have credit exposure, shall be deemed to be
‘implemented’ only if the following conditions are met:</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">a. the borrower entity
is no longer in default with any of the lenders;</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">b. if the
resolution involves restructuring; then</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l12 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-text-indent-alt: -18.0pt; tab-stops: list 72.0pt; text-align: justify; text-indent: 0cm;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">i.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">all documentations, are completed by all lenders;
and</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l12 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-text-indent-alt: -18.0pt; tab-stops: list 72.0pt; text-align: justify; text-indent: 0cm;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">ii.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">the new capital structure and changes in the terms
of conditions get reflected in the books of all the lenders and the borrower.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">6. RPs involving
restructuring or change in ownership in accounts of <span style="mso-spacerun: yes;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">₹</span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> 100 cr and above, shall require independent credit
evaluation (ICE) of the residual debt by credit rating agencies (CRAs)
specifically authorised by RBI for this purpose. Accounts with aggregate
exposure of </span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">₹</span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> 500 cr and above shall require two such ratings. Only such RPs which
receive a credit opinion of RP4 or better, shall be considered for
implementation. ICEs shall be subject to the following:</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l11 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">a.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The CRAs shall be directly engaged by the lenders
and the payment of fee shall be made by them.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l11 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">b.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">If lenders obtain ICE from more than the required
number of CRAs, all such opinions should be rated RP4 or better for the RP to
be considered for implementation.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">D. Timelines for
Large Accounts to be Referred under IBC</span></b></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: normal; mso-add-space: auto; mso-list: l2 level1 lfo11; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Accounts with aggregate exposure of </span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">₹</span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> 2000 Cr and above, on or after March 1, 2018 which is the ‘reference date’,</span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; mso-add-space: auto; mso-list: l2 level1 lfo11; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Accounts where resolution may have been initiated
under any of the existing schemes </span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: normal; mso-add-space: auto; mso-list: l2 level1 lfo11; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Accounts classified as restructured standard assets
which are currently in specified periods (as per the previous guidelines), </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">RP shall be
implemented in all the above cases as per the following timelines:</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l10 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-text-indent-alt: -18.0pt; tab-stops: list 36.0pt; text-align: justify; text-indent: 0cm;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">i.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">If in default as on the reference date, then 180
days from the reference date.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l10 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-text-indent-alt: -18.0pt; tab-stops: list 36.0pt; text-align: justify; text-indent: 0cm;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">ii.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">If in default after the reference date, then 180
days from the date of first such default.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">If a RP is not
implemented, lenders shall file insolvency application, singly or jointly within
15 days from the expiry of the said timeline.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Where a RP is
implemented within the 180-day period, the account should not be in default at
any point of time during the ‘specified period’. Failing this the lenders shall
file an insolvency application, singly or jointly, under the IBC within 15 days
from the date of such default.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">‘Specified period’
here means the period from the date of implementation of RP till the date by
which at least 20% of the principal debt as per the RP and interest
capitalisation sanctioned as part of the restructuring, if any, is repaid.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">However the
specified period cannot end before one year from the commencement of the first
payment of interest or principal (whichever is later) on the credit facility
with longest period of moratorium under the terms of RP.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Any default in
payment after the expiry of the specified period shall be reckoned as a fresh
default.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">For accounts with
aggregate exposure of Rs. 100 cr and above but below Rs. 2000 cr, the Reserve
Bank intends to announce, over a two-year period, reference dates for
implementing the RP.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">These transition
arrangements shall not be available for entities where specific instructions
have already been issued by the Reserve Bank for reference under IBC.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">E. Prudential
Norms</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The revised
prudential norms applicable to any restructuring are contained in </span><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11218&Mode=0#AN1"><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; text-decoration: none; text-underline: none;">Annex-1</span></a><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">. The provisioning
in respect of exposure to entities against whom insolvency applications are
filed shall be as per their asset classification in terms of the guidelines on Prudential
norms on Income Recognition, Asset Classification and Provisioning. </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">II. Supervisory
Review</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Any failure on the
part of lenders in meeting the prescribed timelines or any actions with intent
to conceal the actual status of accounts will be subjected to stringent actions
like higher provisioning, monetary penalties, etc.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">III. Disclosures</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Banks shall make
appropriate disclosures in their financial statements, under ‘Notes on
Accounts’, relating to resolution plans implemented. </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">IV. Exceptions</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Restructuring in
respect of projects under implementation involving deferment of date of
commencement of commercial operations, shall continue to be covered under the
guidelines on ‘Prudential norms on Income Recognition, Asset
Classification and Provisioning pertaining’.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 12.0pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">
<hr align="left" noshade="" size="1" style="color: black;" width="100%" />
</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Annex – 1</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Norms Applicable
to Restructuring</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Restructuring
would normally involve modification of terms of advances or securities, which
would generally include, alteration of repayment period / repayable amount /
the amount of instalments / rate of interest / roll over of credit facilities /
sanction of additional credit facility / enhancement of existing credit limits
/ compromise settlements where time for payment of settlement amount exceeds
three months.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">I. Prudential
Norms</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">A. Asset
Classification</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">In case of
restructuring, </span></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: normal; mso-add-space: auto; mso-list: l5 level1 lfo12; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Accounts classified as 'standard' shall be
immediately downgraded as NPA. </span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: normal; mso-add-space: auto; mso-list: l5 level1 lfo12; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The NPAs would continue to have the same asset
classification as prior to restructuring. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 18.0pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">In both cases, the asset classification shall continue to be governed by
the ageing criteria as per the current asset classification norms.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">B. Conditions for
Upgrade</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Restructured
accounts may be upgraded only when the payments are not in default at any point
of time during the ‘specified period’ ( satisfactory performance) .</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Where the
aggregate exposure is </span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">₹</span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> 100 cr and above, in addition to demonstrating satisfactory performance,
the credit facilities should also be rated as BBB- or better at the end of the
‘specified period’. While accounts with aggregate exposure of </span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">₹</span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> 500 Cr and above shall require two ratings, those below </span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">₹</span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> 500 Cr shall require one rating. If the ratings are obtained from more
than the required number of CRAs, all such ratings should be BBB- or better.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">In case the
account does not display satisfactory performance during the specified period,
the account shall be reclassified as per the repayment schedule that existed
before the restructuring. Any future upgrade for such accounts shall be
contingent on implementation of a fresh RP and demonstration of satisfactory
performance thereafter.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">C. Provisioning
Norms</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Accounts
restructured under the revised framework shall attract provisioning as per existing
RBI guidelines. However, the provisions made in accounts restructured before
the date of this circular shall continue to be held as per the requirements
specified in the respective scheme.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">D. Additional
Finance</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Any additional
finance approved under the RP may be treated as 'standard asset' during the
specified period, provided the account performs satisfactorily. If the restructured
asset fails to perform satisfactorily during the specified period or does not
qualify for upgradation, the additional finance shall be placed in the same
asset classification category as the restructured debt.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">E. Income
recognition norms</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Interest income in
respect of restructured accounts classified as 'standard assets' may be
recognized on accrual basis and in accounts classified as 'non-performing
assets' shall be recognised on cash basis.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">In the case of
additional finance in accounts where the pre-restructuring facilities were
classified as NPA, the interest income shall be recognised only on cash basis
except when the restructuring is accompanied by a change in ownership.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">F. Conversion of
Principal into Debt or Equity and Unpaid Interest into 'Funded Interest Term
Loan' (FITL), Debt or Equity Instruments</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The FITL, debt or equity
instruments created by conversion of part of principal or unpaid interest, will
be placed in the same asset classification category in which the restructured
advance has been classified.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">These instruments
shall be valued as per usual valuation norms and marked to market. Equity
instruments, whether classified as standard or NPA, shall be valued at market
value, if quoted, or else at break-up value (without considering the
revaluation reserve, if any) as ascertained from the company's balance sheet as
on March 31st of the immediate preceding financial year. </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">In case balance
sheet as on March 31st of the immediate preceding financial year is not
available, the entire portfolio of equity shares shall be valued at Re.1.
Depreciation on these instruments shall not be offset against the appreciation
in any other securities held under the AFS ( Available for sale) category.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The unrealised
income represented by FITL, Debt or equity instrument can only be recognised in
the profit and loss account as under:</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l1 level1 lfo4; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">a.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">FITL/debt instruments: only on sale or redemption,
as the case may be;</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l1 level1 lfo4; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">b.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Unquoted or quoted equity classified as NPA: only
on sale;</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l1 level1 lfo4; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">c.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Quoted equity classified as standard: market value
of the equity as on the date of upgradation, not exceeding the amount of
unrealised income converted to such equity. Subsequent changes to value will be
dealt as per the current prudential norms.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">G. Change in
Ownership</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">In case of change
in ownership of the entities, its credit facilities may be continued or upgraded
as ‘standard’ asset after the change in implemented under IBC or this framework.
If the change is implemented under this framework, then the classification as
‘standard, shall be subject to the following conditions:</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l13 level1 lfo5; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-text-indent-alt: -18.0pt; tab-stops: list 36.0pt; text-align: justify; text-indent: 0cm;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">i.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Banks shall conduct necessary due diligence and
clearly establish that the acquirer is not a person disqualified in terms of
Section 29A of IBC.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l13 level1 lfo5; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-text-indent-alt: -18.0pt; tab-stops: list 36.0pt; text-align: justify; text-indent: 0cm;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">ii.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The new promoter shall have acquired at least 26 %
of the paid up equity capital and shall be the single largest shareholder.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l13 level1 lfo5; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-text-indent-alt: -18.0pt; tab-stops: list 36.0pt; text-align: justify; text-indent: 0cm;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">iii.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The new promoter shall be in ‘control’ of the entity
as per the definition of ‘control’ in the Companies Act 2013, <span style="mso-spacerun: yes;"> </span>SEBI or any other applicable regulations and
accounting standards.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l13 level1 lfo5; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-text-indent-alt: -18.0pt; tab-stops: list 36.0pt; text-align: justify; text-indent: 0cm;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">iv.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The conditions for implementation of RP are
complied with.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">For accounts to
continue as standard, all the outstanding facilities need to demonstrate
satisfactory performance during the specified period. If the account fails to do
so at any point of time, the credit facilities shall be immediately downgraded
as non-performing assets (NPAs). Any future upgrade shall be contingent on
implementation of a fresh RP <span style="mso-spacerun: yes;"> </span>and
demonstration of satisfactory performance thereafter.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Provisions held in
such accounts as on the date of change in ownership can be reversed only after
satisfactory performance during the specified period.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">II. Principles on
classification of sale and lease back transactions as restructuring</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">A sale and
leaseback transaction or transactions of similar nature will be treated as an
event of restructuring for the purpose of asset classification and provisioning
with regard to the residual debt of the seller as well as the debt of the buyer
if all the following conditions are met:</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l3 level1 lfo6; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-text-indent-alt: -18.0pt; tab-stops: list 36.0pt; text-align: justify; text-indent: 0cm;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">i.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The seller of the assets is in financial
difficulty;</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l3 level1 lfo6; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-text-indent-alt: -18.0pt; tab-stops: list 36.0pt; text-align: justify; text-indent: 0cm;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">ii.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">More than 50 %, of the revenues of the buyer from
the specific asset is dependent upon the cash flows from the seller;</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l3 level1 lfo6; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-text-indent-alt: -18.0pt; tab-stops: list 36.0pt; text-align: justify; text-indent: 0cm;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">iii.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">25 % or more of the loans availed by the buyer for
the purchase of the specific asset is funded by the lenders who already have a
credit exposure to the seller.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">III. Prudential
Norms relating to Refinancing of Exposures to Borrowers in different currency</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">If foreign
currency borrowings or export advances for the purpose of repayment or refinancing
of rupee loans are obtained from:</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l0 level1 lfo7; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">a.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">lenders who are part of Indian banking system; or</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l0 level1 lfo7; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">b.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">with support from the Indian banking system in the
form of Guarantees, Standby Letters of Credit or Letters of Comfort, etc.,</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">such events shall
be treated as ‘restructuring’ if the borrower concerned is under financial
difficulty.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Similarly, rupee
loans for repayment or refinancing of foreign currency borrowings or export
advances will also be treated as ‘restructuring’ if such loans are extended to
a borrower who is under financial difficulty.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">IV. Regulatory
Exemptions</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Exemptions from
RBI Regulations</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Acquiring non-SLR
securities by conversion of debt is exempted from the restrictions and the
prudential limit on investment in unlisted non-SLR securities prescribed by the
RBI.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Acquisition of
shares due to conversion of debt to equity during a restructuring process will
be exempted from regulatory ceilings or restrictions on Capital Market
Exposures, investment in Para-Banking activities and intra-group exposure. </span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">However, these
will require reporting to RBI and disclosure in the Notes to Accounts in Annual
Financial Statements. Nonetheless, banks will have to comply with the
provisions of Section 19(2) of the Banking Regulation Act, 1949.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Exemptions from
Regulations of SEBI</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">With reference to SEBI
requirements, the issue price of the equity shall be the lower of (i) or (ii)
below:</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l4 level1 lfo8; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-text-indent-alt: -18.0pt; tab-stops: list 36.0pt; text-align: justify; text-indent: 0cm;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">i.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The average of the weekly high and low of the
volume weighted average price of the related equity shares quoted on the recognised
stock exchange during the twenty six weeks preceding the ‘reference date’ or the
two weeks preceding the ‘reference date’, whichever is lower; and</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l4 level1 lfo8; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-text-indent-alt: -18.0pt; tab-stops: list 36.0pt; text-align: justify; text-indent: 0cm;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">ii.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Book value: Book value per share is to be
calculated from the audited balance sheet as on March 31st of the immediate
preceding financial year adjusted for cash flows and financials post the
earlier restructuring, (without considering 'revaluation reserves'). In case
the audited balance sheet as on March 31st of the immediate preceding financial
year is not available the total book value of the borrower company shall be
reckoned at Re.1.</span></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: normal; mso-add-space: auto; mso-list: l9 level1 lfo13; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">In the case of conversion of debt into equities,
the ‘<b>reference date’</b> shall be the date on which the bank approves the
restructuring scheme. </span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; mso-add-space: auto; mso-list: l9 level1 lfo13; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">In the case of conversion of convertible securities
into equities, the ‘<b>reference date’</b> shall be the date on which the bank
approves the conversion of the convertible securities into equities. </span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: normal; mso-add-space: auto; mso-list: l9 level1 lfo13; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">In case of issuance of fresh shares to the new
promoter, the ‘<b>reference date’</b> shall be the date of signing of the
binding agreement between the bank and the new promoter.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">With reference to
the requirements at the time of selling the equity instruments in favour of a
new promoter, the selling price may be a negotiated price. However, the selling
price shall not be lower than the ‘fair value’, which shall be the higher of
(i) and (ii) below:</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l7 level1 lfo9; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-text-indent-alt: -18.0pt; tab-stops: list 36.0pt; text-align: justify; text-indent: 0cm;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">i.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The average of the weekly high and low of the
volume weighted average price of the related equity shares quoted on the
recognised stock exchange during the twenty six weeks preceding the ‘reference
date’ or during the two weeks preceding the ‘reference date’, whichever is
higher; and</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l7 level1 lfo9; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-text-indent-alt: -18.0pt; tab-stops: list 36.0pt; text-align: justify; text-indent: 0cm;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">ii.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Book value: Book value per share to be calculated
from the company's latest audited balance sheet (without considering
'revaluation reserves' adjusted for cash flows and financials post the earlier
restructuring.</span></div>
<div class="MsoListParagraph" style="line-height: normal; mso-add-space: auto; mso-list: l6 level1 lfo14; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">In case of sale of equity held by banks as a result
of conversion or invocation of pledge, the ‘<b>reference date</b>’ shall be the
date on which the share purchase agreement between the bank and the new
promoter is executed.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">V.
Non-applicability of these guidelines</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The revival and
rehabilitation of MSMEs shall continue to be guided by RBI guidelines on </span><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt;">Revival
and Rehabilitation of Micro, Small and Medium Enterprises (MSMEs)</span></b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Restructuring of
loans in the event of a natural calamity shall continue to be as per the
directions contained in RBI directs on </span><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt;">Relief Measures by banks in
areas affected by Natural Calamities</span>. </b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">VI. Cases of
frauds/wilful defaulters.</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Borrowers who have
committed frauds, malfeasance or wilful default will remain ineligible for
restructuring. However, in cases where the existing promoters are replaced by
new promoters, and the borrower company is totally delinked from such erstwhile
promoters/management, lenders may take a view on restructuring such accounts
based on their viability, without prejudice to the continuance of criminal
action against the erstwhile promoters/management.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 12.0pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">
<hr align="left" noshade="" size="1" style="color: black;" width="100%" />
</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Appendix</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Non – Exhaustive
Indicative List of Signs of Financial Difficulty</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l8 level1 lfo10; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 10.0pt; mso-bidi-font-family: Symbol; mso-bidi-font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Irregularities in cash credit or overdraft accounts
such as inability to maintain stipulated margin basis or drawings exceeding
sanctioned limits, periodic interest debited remaining unrealised;</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l8 level1 lfo10; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 10.0pt; mso-bidi-font-family: Symbol; mso-bidi-font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Failure or anticipated failure to make timely
payment of instalments of principal and interest on term loans;</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l8 level1 lfo10; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 10.0pt; mso-bidi-font-family: Symbol; mso-bidi-font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Delay in meeting commitments towards payments of
installments due, crystallized liabilities under LC/BGs, etc.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l8 level1 lfo10; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 10.0pt; mso-bidi-font-family: Symbol; mso-bidi-font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Excessive leverage;</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l8 level1 lfo10; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 10.0pt; mso-bidi-font-family: Symbol; mso-bidi-font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Inability to adhere to financial loan covenants;</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l8 level1 lfo10; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 10.0pt; mso-bidi-font-family: Symbol; mso-bidi-font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Failure to pay statutory liabilities, non- payment
of bills to operational creditors, etc.;</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l8 level1 lfo10; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 10.0pt; mso-bidi-font-family: Symbol; mso-bidi-font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Non-submission or undue delay in submission or
submission of incorrect stock statements and other control statements, delay in
publication of financial statements and adversely qualified financial
statements;</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l8 level1 lfo10; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 10.0pt; mso-bidi-font-family: Symbol; mso-bidi-font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Steep decline in production figures, downward
trends in sales and fall in profits, margin erosion etc.;</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l8 level1 lfo10; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 10.0pt; mso-bidi-font-family: Symbol; mso-bidi-font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Elongation of working capital cycle, excessive
inventory build-up;</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l8 level1 lfo10; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 10.0pt; mso-bidi-font-family: Symbol; mso-bidi-font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Significant delay in project implementation;</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 0cm; mso-list: l8 level1 lfo10; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 10.0pt; mso-bidi-font-family: Symbol; mso-bidi-font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Downward migration of internal/external
ratings/rating outlook.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 12.0pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">
<hr align="left" noshade="" size="1" style="color: black;" width="100%" />
</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Annex – 2</span></b></div>
<div align="center">
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: -48.05pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 95%px;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 2.1pt 0cm 2.1pt; width: 20.96%;" width="20%">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">ICE Symbols</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 2.1pt 0cm 2.1pt; width: 79.04%;" width="79%">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Definition</span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 2.1pt 0cm 2.1pt; width: 20.96%;" width="20%">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">RP1</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 2.1pt 0cm 2.1pt; width: 79.04%;" width="79%">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">considered to have the highest degree of safety
regarding timely servicing of financial obligations. Such debt
facilities/instruments carry lowest credit risk.</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 2.1pt 0cm 2.1pt; width: 20.96%;" width="20%">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">RP2</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 2.1pt 0cm 2.1pt; width: 79.04%;" width="79%">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">considered to have high degree of safety
regarding timely servicing of financial obligations. Such debt
facilities/instruments carry very low credit risk.</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 2.1pt 0cm 2.1pt; width: 20.96%;" width="20%">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">RP3</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 2.1pt 0cm 2.1pt; width: 79.04%;" width="79%">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">considered to have adequate degree of safety
regarding timely servicing of financial obligations. Such debt
facilities/instruments carry low credit risk.</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 2.1pt 0cm 2.1pt; width: 20.96%;" width="20%">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">RP4</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 2.1pt 0cm 2.1pt; width: 79.04%;" width="79%">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">considered to have moderate degree of safety
regarding timely servicing of financial obligations. Such debt
facilities/instruments carry moderate credit risk.</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 2.1pt 0cm 2.1pt; width: 20.96%;" width="20%">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">RP5</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 2.1pt 0cm 2.1pt; width: 79.04%;" width="79%">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">considered to have moderate risk of default
regarding timely servicing of financial obligations.</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 6;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 2.1pt 0cm 2.1pt; width: 20.96%;" width="20%">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">RP6</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 2.1pt 0cm 2.1pt; width: 79.04%;" width="79%">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">considered to have high risk of default regarding
timely servicing of financial obligations.</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 7; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 2.1pt 0cm 2.1pt; width: 20.96%;" width="20%">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">RP7</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 2.1pt 0cm 2.1pt; width: 79.04%;" width="79%">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">considered to have very high risk of default
regarding timely servicing of financial obligations.</span></div>
</td>
</tr>
</tbody></table>
</div>
<div style="border-bottom: solid windowtext 1.5pt; border: none; mso-element: para-border-div; padding: 0cm 0cm 1.0pt 0cm;">
<div class="MsoNormal" style="border: none; line-height: normal; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm; text-align: justify;">
<br /></div>
</div>
<div class="MsoNormal" style="line-height: normal; text-align: justify;">
<span style="font-family: "Brush Script MT"; font-size: 18.0pt; mso-bidi-font-family: "Times New Roman";">Based on RBI circular dated 12<sup>th</sup> Feb 2018. For
any further clarification in the matter, please visit <a href="http://www.rbi.org.in/">www.rbi.org.in</a> ............... Poppy</span></div>
<br /></div>
poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com0tag:blogger.com,1999:blog-2355173644028990044.post-76396732146017801052018-02-13T18:17:00.000-08:002018-02-13T18:17:26.435-08:00Small Saving Schemes – Payment of Agency Commission<div dir="ltr" style="text-align: left;" trbidi="on">
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<div style="text-align: justify;">
<span style="color: black; font-size: 14.0pt;">All
Public Sector Banks, ICICI Bank Ltd., Axis Bank Ltd., and HDFC Bank Ltd., were
authorised to receive subscriptions under National Saving Time Deposit Scheme,
1981, National Saving (Monthly Income Account) Scheme, 1987, National Saving
Recurring Deposit Scheme, 1981 and National Saving Certificates (VIII Issue)
Scheme, 1989 in addition to the existing small saving schemes.</span></div>
<div style="text-align: justify;">
<span style="color: black; font-size: 14.0pt;">It has
been decided to pay agency commission to these banks for handling the work
relating to the above four small saving schemes.</span></div>
<div style="text-align: justify;">
<span style="color: black; font-size: 14.0pt;">All
the transactions may be directly reported to the Central Account Section,
Reserve Bank of India, Nagpur on a daily basis.</span></div>
<div style="border-bottom: solid windowtext 1.5pt; border: none; mso-element: para-border-div; padding: 0cm 0cm 1.0pt 0cm;">
<div style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm; text-align: justify;">
<span style="color: black; font-size: 14.0pt;">The Agency banks are required to observe the rules and regulations
of the respective scheme. Non-observance would attract penal action which shall
be borne entirely by the bank.</span></div>
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<span style="color: black; font-family: "Brush Script MT"; font-size: 18.0pt; line-height: 115%; mso-ansi-language: EN-IN; mso-bidi-font-family: Mangal; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">Based on RBI circular dated
1<sup>st</sup> Feb 2018. For any further clarification please refer </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-IN; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Mangal; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><a href="http://www.rbi.org.in/"><span style="font-family: "Brush Script MT"; font-size: 18.0pt; line-height: 115%;">www.rbi.org.in</span></a></span></div>
poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com0tag:blogger.com,1999:blog-2355173644028990044.post-33824070327336910572018-02-13T18:16:00.000-08:002018-02-13T18:16:11.416-08:00Relief for MSME Borrowers registered under GST<div dir="ltr" style="text-align: left;" trbidi="on">
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<div style="text-align: justify;">
<span style="color: black; font-size: 14.0pt;">Presently,
a loan account is classified as Non-Performing Asset (NPA) based on the 90 day
and 120 day delinquency norms, respectively. </span></div>
<div style="text-align: justify;">
<span style="color: black; font-size: 14.0pt;">It was
represented to RBI that formalisation of business through registration under
GST had adversely impacted the cash flows of the smaller entities during the
transition phase with consequent difficulties in meeting their repayment
obligations. </span></div>
<div style="text-align: justify;">
<span style="color: black; font-size: 14.0pt;">It has
now been decided that the exposure to a MSME borrower shall continue to be
classified as a standard asset subject to the following conditions:</span></div>
<div style="margin-left: 0cm; mso-list: l0 level1 lfo1; mso-text-indent-alt: -18.0pt; tab-stops: list 36.0pt; text-align: justify; text-indent: 0cm;">
<span style="color: black; font-size: 14.0pt;"><span style="mso-list: Ignore;">i.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-size: 14.0pt;">The
borrower is registered under the GST regime as on January 31, 2018.</span></div>
<div style="margin-left: 0cm; mso-list: l0 level1 lfo1; mso-text-indent-alt: -18.0pt; tab-stops: list 36.0pt; text-align: justify; text-indent: 0cm;">
<span style="color: black; font-size: 14.0pt;"><span style="mso-list: Ignore;">ii.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-size: 14.0pt;">The
aggregate exposure, does not exceed </span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman";">₹</span><span style="color: black; font-size: 14.0pt;"> 250 million as
on January 31, 2018.</span></div>
<div style="margin-left: 0cm; mso-list: l0 level1 lfo1; mso-text-indent-alt: -18.0pt; tab-stops: list 36.0pt; text-align: justify; text-indent: 0cm;">
<span style="color: black; font-size: 14.0pt;"><span style="mso-list: Ignore;">iii.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-size: 14.0pt;">The
borrower’s account was standard as on August 31, 2017.</span></div>
<div style="margin-left: 0cm; mso-list: l0 level1 lfo1; mso-text-indent-alt: -18.0pt; tab-stops: list 36.0pt; text-align: justify; text-indent: 0cm;">
<span style="color: black; font-size: 14.0pt;"><span style="mso-list: Ignore;">iv.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-size: 14.0pt;">The
amount overdue as on September 1, 2017 and payments due between September 1,
2017 and January 31, 2018 are paid not later than 180 days from their respective
original due dates.</span></div>
<div style="margin-left: 0cm; mso-list: l0 level1 lfo1; mso-text-indent-alt: -18.0pt; tab-stops: list 36.0pt; text-align: justify; text-indent: 0cm;">
<span style="color: black; font-size: 14.0pt;"><span style="mso-list: Ignore;">v.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-size: 14.0pt;">A
provision of 5% shall be made against the exposures not classified as NPA in
terms of this circular. The provision may be reversed as and when no amount is
overdue beyond the 90/120 day norm, as the case may be.</span></div>
<div style="border-bottom: solid windowtext 1.5pt; border: none; margin-left: -18.0pt; margin-right: 0cm; mso-element: para-border-div; padding: 0cm 0cm 1.0pt 0cm;">
<div style="border: none; margin-left: 18.0pt; mso-border-bottom-alt: solid windowtext 1.5pt; mso-list: l0 level1 lfo1; mso-padding-alt: 0cm 0cm 1.0pt 0cm; mso-text-indent-alt: -18.0pt; padding: 0cm; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-size: 14.0pt;"><span style="mso-list: Ignore;">vi.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-size: 14.0pt;">The additional
time is being provided for the purpose of asset classification only and not for
income recognition. If the interest from the borrower is overdue beyond
90/120 days, the same shall not be recognised on accrual basis.</span></div>
</div>
<span style="color: black; font-family: "Brush Script MT"; font-size: 18.0pt; line-height: 115%; mso-ansi-language: EN-IN; mso-bidi-font-family: Mangal; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">Based on RBI circular dated
7<sup>th</sup> Feb 2018. For any further clarification please refer </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-IN; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Mangal; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><a href="http://www.rbi.org.in/"><span style="font-family: "Brush Script MT"; font-size: 18.0pt; line-height: 115%;">www.rbi.org.in</span></a></span></div>
poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com0tag:blogger.com,1999:blog-2355173644028990044.post-12854550279816935642018-02-13T18:13:00.001-08:002018-02-13T18:13:54.954-08:00Levy of Penal Interest – Delayed Reporting<div dir="ltr" style="text-align: left;" trbidi="on">
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<br />
<div style="text-align: justify;">
<span style="color: black; font-size: 14.0pt;">Presently,
penal interest is levied for all cases where the bank has enjoyed “ineligible”
credit in its current account with the RBI on account of wrong, delayed or
non-reporting of transactions. </span></div>
<div style="text-align: justify;">
<span style="color: black; font-size: 14.0pt;">However,
instances of delayed reporting where the currency chest had “net deposit”, are
being dealt with differently by Issue offices due to absence of clear
instructions on the subject.</span></div>
<div style="text-align: justify;">
<span style="color: black; font-size: 14.0pt;">It has
now been decided that, penal interest for delayed reporting where the currency
chest had reported “net deposit” may not be charged. </span></div>
<div style="text-align: justify;">
<span style="color: black; font-size: 14.0pt;">However,
a flat penalty of </span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman";">₹</span><span style="color: black; font-size: 14.0pt;"> 50,000 may be levied for delayed
reporting as in the case of wrong reporting of soiled note remittances to RBI or
diversions shown as “Withdrawal”.</span></div>
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<span style="color: black; font-size: 14.0pt;">The revised instructions would come into effect from 9<sup>th</sup>
Feb 2018.</span></div>
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<span style="color: black; font-family: "Brush Script MT"; font-size: 18.0pt; line-height: 115%; mso-ansi-language: EN-IN; mso-bidi-font-family: Mangal; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">Based on RBI circular dated
9<sup>th</sup> Feb 2018. For any further clarification please refer </span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-IN; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Mangal; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><a href="http://www.rbi.org.in/"><span style="font-family: "Brush Script MT"; font-size: 18.0pt; line-height: 115%;">www.rbi.org.in</span></a></span></div>
poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com0tag:blogger.com,1999:blog-2355173644028990044.post-53532822708873620382017-12-20T19:09:00.000-08:002017-12-20T19:09:05.265-08:00Reporting of Transactions by agency banks to RBI<div dir="ltr" style="text-align: left;" trbidi="on">
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mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-fareast-language:EN-US;
mso-bidi-language:AR-SA;}
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<![endif]--><br />
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; margin-bottom: .0001pt; margin: 0cm; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;">In case of Central Government
transactions (electronic as well as in physical mode), if the transactions or
any adjustments are reported after a gap of 90 days from the date of
transaction, agency banks have to obtain prior approval from concerned
ministry/department and submit the same to RBI separately at the time of
reporting such transactions for settlement.</span></div>
<div style="margin-bottom: .0001pt; margin: 0cm; text-align: justify;">
<br /></div>
<div style="border-bottom: solid windowtext 1.5pt; border: none; mso-element: para-border-div; padding: 0cm 0cm 1.0pt 0cm;">
<div style="-webkit-text-stroke-width: 0px; border: none; font-variant-caps: normal; font-variant-ligatures: normal; margin-bottom: .0001pt; margin: 0cm; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; orphans: 2; padding: 0cm; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;">All instructions
related to the timeline, for reporting of government transactions, remain
unchanged.</span></div>
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Brush Script MT"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Based on RBI notification
dated 30/11/17. For any further clarification please refer <a href="http://www.rbi.org.in/">www.rbi.org.in</a> ................ Poppy</span></div>
</div>
poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com0tag:blogger.com,1999:blog-2355173644028990044.post-51218665806926334622017-12-20T19:01:00.000-08:002017-12-20T19:01:41.988-08:00Rationalisation of Merchant Discount Rate (MDR) for Debit Card Transactions<div dir="ltr" style="text-align: left;" trbidi="on">
<!--[if gte mso 9]><xml>
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<o:Version>12.00</o:Version>
</o:DocumentProperties>
</xml><![endif]--><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">It has been decided to rationalise the MDR for
debit cards based on the following criteria:</span>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Categorisation of merchants on the basis of
turnover.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Adoption of a differentiated MDR for QR-code based
transactions.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Specifying a ceiling on the maximum permissible MDR
for both ‘card present’ and ‘card not present’ transactions.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-spacerun: yes;"> </span>Accordingly,
the maximum MDR for debit card transactions shall be as under:</span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
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<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
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<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Sr. No.</span></b></div>
</td>
<td rowspan="2" style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 139.9pt;" valign="top" width="187">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Merchant
Category</span></b></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">(turnover during
prev fin year)</span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></div>
</td>
<td colspan="2" style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 272.4pt;" valign="top" width="363">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">MDR for debit
card transactions<br />
(as a % of transaction value)</span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 152.3pt;" valign="top" width="203">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Physical POS based</span></b></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">( MDR cap/transaction)</span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="top">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">QR code-based</span></b></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">( MDR cap/transaction)</span><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="top">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">1</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 139.9pt;" valign="top" width="187">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Small merchants<br />
(upto </span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">₹</span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> 20 lakh)</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 152.3pt;" valign="top" width="203">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Not exceeding 0.40%<br />
(</span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">₹</span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> 200)</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="top">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Not exceeding 0.30%<br />
( </span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">₹</span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> 200)</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="top">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">2</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 139.9pt;" width="187">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Other merchants<br />
(above </span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">₹</span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> 20 lakh)</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 152.3pt;" valign="top" width="203">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Not exceeding 0.90%<br />
(</span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">₹</span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> 1000)</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt;" valign="top">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Not exceeding 0.80%<br />
(</span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">₹</span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> 1000)</span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Banks and authorised card payment networks are adhere
to RBI guidelines on Merchant acquisition. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Banks are to ensure that the MDR does not exceed
the prescribed cap rates, irrespective of the entity.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Banks are also advised to ensure that merchants
on-boarded by them do not pass on MDR charges to customers while accepting
payments through debit cards.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The above instructions shall be effective
from <b>January 1, 2018</b>.</span></div>
<div style="border-bottom: solid windowtext 1.5pt; border: none; mso-element: para-border-div; padding: 0cm 0cm 1.0pt 0cm;">
<div class="MsoNormal" style="border: none; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm; text-align: justify;">
<br /></div>
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Brush Script MT"; font-size: 16.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Based on RBI notification
dated 6/12/17. For any further clarification refer <a href="http://www.rbi.org.in/">www.rbi.org.in</a> ................ Poppy</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
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poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com0tag:blogger.com,1999:blog-2355173644028990044.post-91043491126308772262017-12-20T18:32:00.000-08:002017-12-20T18:33:11.340-08:00Settlement of Agency transactions<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: black; font-size: 14.0pt;">Currently, some Banks are
routing their agency transactions of state governments through another agency
bank ( Aggregator), which in turn settles these agency transactions with RBI for
both receipts and payments. Both the banks share the eligible agency commission
on such transactions.</span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 0cm; margin-top: 12.0pt; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;">It has now been decided that
all agency banks should settle their transactions for both funds and commission
directly with RBI instead of routing them through the aggregator. </span></div>
<div style="margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 0cm; margin-top: 12.0pt; text-align: justify;">
<span style="color: black; font-size: 14.0pt;">Agency Transaction details/scrolls may be sent directly by
individual agency bank to the concerned State Government/Treasury. </span></div>
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<span style="color: black; font-size: 14.0pt;">The new arrangement
will be with effect from January 1, 2018.</span></div>
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<span style="color: black; font-family: "brush script mt"; font-size: 16.0pt;">Based on RBI notification Dated
7/12/17. For any further clarification in the matter refer <a href="http://www.rbi.org.in/">www.rbi.org.in</a> ............Poppy</span></div>
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<br /></div>
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poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com0tag:blogger.com,1999:blog-2355173644028990044.post-83465434520270115802017-12-20T18:14:00.000-08:002017-12-20T18:14:26.996-08:00Submission of Financial Information to Information Utilities<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: black; font-size: 14.0pt;">According to Insolvency and Bankruptcy
Code (IBC), 2016, a financial creditor shall submit information on financial parameters
and assets on which security interest has been created, to an information
utility (IU).</span></div>
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<br /></div>
<div style="margin-bottom: .0001pt; margin: 0cm; text-align: justify;">
<span style="color: black; font-size: 14.0pt;">The Insolvency and Bankruptcy Board of
India (IBBI) has registered National E-Governance Services Limited (NeSL) as
the first IU under the IBBI (IUs) Regulations.</span></div>
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<span style="color: black; font-size: 14.0pt;">All regulated creditors
are advised to immediately put in place systems and procedures to ensure
compliance.</span></div>
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<span style="color: black; font-family: "Brush Script MT"; font-size: 16.0pt;">Based on RBI
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poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com0tag:blogger.com,1999:blog-2355173644028990044.post-68739669215173466322017-10-07T19:06:00.000-07:002017-10-07T19:06:23.099-07:00Maintenance of SLR and holdings of SLR in HTM category<div dir="ltr" style="text-align: left;" trbidi="on">
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<div style="text-align: justify;">
<span style="color: black; font-size: 14.0pt;">RBI
has reduced the rate of SLR from 20 % to 19.5 % of Net Demand and Term
Liabilities from 14/10/2017. </span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;">Currently, Banks are permitted to exceed the limit of 25 % of the
total investments under HTM category, provided</span></div>
<div style="margin-left: 36.0pt; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-size: 14.0pt;">the
excess comprises of SLR securities and </span></div>
<div style="margin-left: 36.0pt; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-size: 14.0pt;">total
SLR securities held under HTM category are not more than 20.5 % of NDTL. </span></div>
<div style="text-align: justify;">
<span style="color: black; font-size: 14.0pt;">In
order to align this ceiling with the mandatory SLR, RBI has decided to reduce
the ceiling from 20.5 % to 20 % by 31/12/17 and to 19.5 % by 31/03/18.</span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;">Normally, Banks are allowed to shift investments to/from HTM
category once a year at the beginning of the accounting year with the approval
of the Board of Directors. </span></div>
<div style="text-align: justify;">
<span style="color: black; font-size: 14.0pt;">In
addition to this, RBI has now allowed Banks to shift their excess SLR
securities from the HTM category to AFS/HFT, and has also allowed direct sale
from HTM category in order to comply with the current SLR requirement. </span></div>
<div style="border-bottom: solid windowtext 1.5pt; border: none; mso-element: para-border-div; padding: 0cm 0cm 1.0pt 0cm;">
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<span style="color: black; font-size: 14.0pt;">Such transfer or sale would be excluded from the 5 % cap
prescribed for value of sales and transfers of securities to/from HTM category as
per extant RBI guidelines.</span></div>
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<div style="text-align: justify;">
<span style="color: black; font-family: "Brush Script MT"; font-size: 16.0pt;">Based on RBI notification dated 4/10/18. For any further
clarification, please refer <a href="http://www.rbi.org.in/">www.rbi.org.in</a> </span></div>
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poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com0tag:blogger.com,1999:blog-2355173644028990044.post-74557962031109684842017-09-15T18:59:00.001-07:002017-09-15T18:59:41.634-07:00Export Data Processing and Monitoring System (EDPMS) Issuance of Electronic Bank Realisation Certificate (eBRC)<div dir="ltr" style="text-align: left;" trbidi="on">
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<div style="text-align: justify;">
<span style="color: black; font-size: 14.0pt;">In
January 2016 RBI had issued guidelines on the implementation and
operationalisation of <span style="mso-spacerun: yes;"> </span>Export Data
Processing and Monitoring System (EDPMS) </span></div>
<div style="text-align: justify;">
<span style="color: black; font-size: 14.0pt;">In May
2016 RBI advised AD Category-I banks to carry out changes in their IT system /
operating procedure, report subsequent export transactions in EDPMS and also
capture the details of advance remittances received for exports in EDPMS.</span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;">RBI has now directed Banks to update the EDPMS with data of export
proceeds on “as and when realised basis” </span></div>
<div style="border-bottom: solid windowtext 1.5pt; border: none; mso-element: para-border-div; padding: 0cm 0cm 1.0pt 0cm;">
<div style="border: none; margin-bottom: .0001pt; margin: 0cm; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm; text-align: justify;">
<span style="color: black; font-size: 14.0pt;">With effect from 16/10/17, Electronic Bank
Realisation Certificate (eBRC) should be<span style="mso-spacerun: yes;">
</span>generated only from the data available in EDPMS.</span></div>
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<div style="margin-bottom: .0001pt; margin: 0cm; text-align: justify;">
<span style="color: black; font-family: "Brush Script MT"; font-size: 16.0pt;">Based on RBI
guidelines dated 15/09/2017. Far any further clarification in the matter,
please visit <a href="http://www.rbi.org.in/">www.rbi.org.in</a> </span></div>
</div>
poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com0tag:blogger.com,1999:blog-2355173644028990044.post-61282947633175260702017-08-14T06:04:00.002-07:002017-08-14T06:04:16.613-07:00Commercial Paper <div dir="ltr" style="text-align: left;" trbidi="on">
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mso-para-margin-left:0cm;
line-height:115%;
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font-size:11.0pt;
font-family:"Calibri","sans-serif";
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;
mso-fareast-language:EN-US;
mso-bidi-language:AR-SA;}
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<![endif]--><br />
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Eligible Issuers:</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l1 level1 lfo9; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Companies, including NBFCs and All India Financial
Institutions (AIFIs) subject to the condition that any fund-based facility
availed from banks or financial institutions are classified as a standard asset
at the time of issue.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l1 level1 lfo9; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Other entities like co-operative societies, unions,
government entities, trusts, LLPs and any other body corporate in India with a
net worth of </span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">₹</span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> 100 cr or above subject to the above mentioned condition.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l1 level1 lfo9; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Any other entity specifically permitted by RBI.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">End use</span></b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></div>
<div class="MsoListParagraph" style="line-height: normal; mso-add-space: auto; mso-list: l4 level1 lfo10; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The end use shall be disclosed in the offer
document at the time of issue.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Eligible
Investors:</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l2 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">All residents and non-residents permitted to invest
in CPs under FEMA; however, no person can invest in CPs issued by related
parties.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l2 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Investment by regulated financial sector entities
will be subject to conditions imposed by the regulator.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Form of the
instrument, mode of issuance, rating and documentation procedures</span></b></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-indent: 36.0pt;">
<b><u><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Form</span></u></b></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">A CP shall be issued in the form of a promissory
note and held in a dematerialized form through SEBI approved/ registered depositories.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">A CP shall be issued in a denomination of </span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">₹</span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> 5 lakh and multiples thereof.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">A CP shall be issued at a discount to face value.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">No issuer shall have the issue of a CP underwritten
or co-accepted.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Options (call/put) are not permitted on a CP.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Rating Requirement</span></b></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: normal; mso-add-space: auto; mso-list: l5 level1 lfo11; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Effective from 1<sup>st</sup> Oct 2017, those Issuers,
whose total CP issuance during a calendar year is </span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">₹</span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> 1000 crore or more, shall obtain credit rating from at least two CRAs
registered with SEBI </span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; mso-add-space: auto; mso-list: l5 level1 lfo11; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Lower of the two ratings should be adopted. </span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; mso-add-space: auto; mso-list: l5 level1 lfo11; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Where both ratings are the same, the issuance shall
be for the lower of the two amounts for which ratings are obtained. </span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: normal; mso-add-space: auto; mso-list: l5 level1 lfo11; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The minimum credit rating shall be ‘A3’ as per
rating symbol and definition prescribed by SEBI.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Documentation
Procedures</span></b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></div>
<div class="MsoListParagraph" style="line-height: normal; mso-add-space: auto; mso-list: l3 level1 lfo12; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Issuers, investors and Issuing and Paying Agents
(IPAs) shall follow the standard procedures and documentation prescribed by FIMMDA.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Issue of CP-Credit
Enhancement, limits etc.</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l10 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">A CP shall be issued as a ‘stand-alone’ product.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l10 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Banks and FIs may provide stand-by
assistance/credit, back-stop facility etc. by way of credit enhancement for a
CP issue.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l10 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Non-bank entities may provide unconditional and
irrevocable guarantee for credit enhancement for CP issue provided that </span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 72.0pt; mso-list: l10 level2 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 72.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">a.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">the offer document should properly disclose the net
worth of the guarantor company, </span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 72.0pt; mso-list: l10 level2 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 72.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">b.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">the names of the companies to which the guarantor
has issued similar guarantees, </span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 72.0pt; mso-list: l10 level2 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 72.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">c.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">the extent of the guarantees offered by the
guarantor company, </span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 72.0pt; mso-list: l10 level2 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 72.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">d.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">the conditions under which the guarantee will be
invoked.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Secondary market
trading and settlement of CP</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l6 level1 lfo4; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">All OTC trades in CP shall be reported within 15
minutes to “F-TRAC” of Clearcorp Dealing System (India) Ltd.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l6 level1 lfo4; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The settlement cycle for OTC trades shall be T+0 or
T+1.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l6 level1 lfo4; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">OTC trades in a CP shall be settled through the
clearing corporation of any recognized stock exchange or as approved by RBI.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Buyback of CP</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l7 level1 lfo5; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The buyback of a CP shall be at the prevailing
market price.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l7 level1 lfo5; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The buyback offer should be extended to all investors.
</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l7 level1 lfo5; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The terms of the buyback should be identical for
all investors.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l7 level1 lfo5; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The buyback offer may not be made before 30 days
from the date of issue.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l7 level1 lfo5; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">CPs bought back shall stand extinguished.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Duties and
Obligations</span></b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The duties and
obligations of the Issuer, Issuing and Paying Agent (IPA) and Credit Rating
Agency (CRA) are set out below:</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<u><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">I. Issuer –
The issuer of CP shall</span></u></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l11 level1 lfo6; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Appoint an IPA for issuance of a CP.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l11 level1 lfo6; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Comply with all requirements under these directions
and furnish a declaration in this regard to the IPA.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l11 level1 lfo6; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Ensure that the proceeds from CP issues are for
declared end uses.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l11 level1 lfo6; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Furnish the board resolution authorizing the
company to borrow through issuance of a CP to the IPA.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l11 level1 lfo6; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Keep the banks from whom it has outstanding credit
facilities informed of its market borrowings, by the end of the month in which
a CP was issued.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l11 level1 lfo6; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Arrange for crediting the CP to the demat account through
the IPA within 7 days of issue.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l11 level1 lfo6; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Route all
subscriptions/redemptions/buybacks/payments and default details through the
IPA.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l11 level1 lfo6; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Make disclosures in the offer document.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l11 level1 lfo6; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Submit a certificate from the CEO/CFO to the IPAs
on quarterly basis that CP proceeds are used for disclosed purposes, and
certifying adherence to other conditions of the offer document and the CP
directions, within 15 days from the close of the quarter.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l11 level1 lfo6; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Inform the CRA and IPA on the same day about any
default/delay in CP related payments.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l11 level1 lfo6; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The issuer who has defaulted on a CP shall not be
allowed to access the CP market for six months from the date of default.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">II. <u>Issuing
and Paying Agent – The IPA for a CP issuance shall</u></span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l8 level1 lfo7; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Ensure that the borrower is authorised to borrow
through CPs.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l8 level1 lfo7; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Verify all information disclosed in the offer
document before issuance.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l8 level1 lfo7; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Verify all documents submitted by the issuer and issue
a certificate that these are in order.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l8 level1 lfo7; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Make available the IPA certificate in electronic
form on the website of the depositories for the CPs..</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l8 level1 lfo7; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Verify and hold certified copies of original
documents and/or digitally signed documents in its custody.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l8 level1 lfo7; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Report the details of issuance of a CP, or its
buyback and instances of default on the F-TRAC platform, by close of business
hours. Until CCIL advises full operationalisation of F-TRAC, the current
reporting arrangements shall continue.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">III. <u>Credit
Rating Agency</u></span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l9 level1 lfo8; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">A Credit Rating Agency must rate the CP issuances
responsibly, continuously monitor the rating and disseminate rating revisions to
public.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-left: 36.0pt; mso-list: l9 level1 lfo8; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-language: HI; mso-fareast-font-family: Symbol; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">A CRA must publicly disseminate the ratings of the
CP and any subsequent change, on the date of rating or change, as the case may
be.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Applicability of
other directions/regulations etc</span></b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Issuers of CPs
shall abide by any guideline issued by any regulator or other authority in
respect of issue of CPs provided that such guidelines do not conflict with
these directions.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Non-applicability
of Certain Other Directions</span></b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></div>
<div style="border-bottom: solid windowtext 1.5pt; border: none; mso-element: para-border-div; padding: 0cm 0cm 1.0pt 0cm;">
<div class="MsoNormal" style="border: none; line-height: normal; mso-border-bottom-alt: solid windowtext 1.5pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Nothing contained
in the NBFC Acceptance of Public Deposits (Reserve Bank) Directions, 1998 shall
apply to the raising of funds by issuance of CP, by any NBFC when such funds
are raised in accordance with these directions.</span></div>
</div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="color: black; font-family: "Brush Script MT"; font-size: 18.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Based on RBI circular dated 10<sup>th</sup> Aug 2017. For
any further clarification please refer <a href="http://www.rbi.org.in/">www.rbi.org.in</a>
........................Poppy</span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify;">
<br /></div>
</div>
poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com0tag:blogger.com,1999:blog-2355173644028990044.post-41413774103385636262017-08-07T05:28:00.004-07:002017-08-07T05:28:50.863-07:00Financial Literacy by FLCs and rural branches - Revision in funding limits<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: black; font-size: 14.0pt;">The Financial Inclusion Fund (FIF) Advisory Board has revised the
funding support available to banks to 60% of the expenditure of the camp
subject to a maximum of </span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman";">₹</span><span style="color: black; font-size: 14.0pt;"> 5,000/- per camp.</span></div>
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<span style="color: black; font-size: 14.0pt;">It has been decided to encourage FLCs and rural branches of banks
to use hand held projectors to show Audio-visuals and posters on financial
awareness messages. Funding for it would be provided by FIF to the extent of
50% of the cost subject to </span><span style="color: black; font-family: "Arial","sans-serif"; font-size: 14.0pt; mso-bidi-font-family: "Times New Roman";">₹</span><span style="color: black; font-size: 14.0pt;"> 5000 per rural branch / FLC on a
reimbursement basis. </span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;">The National Centre for Financial Education (<span class="head1"><b>NCFE</b></span>)
has prepared the following three audio visuals on
the Financial Awareness Messages provided by RBI. </span></div>
<div style="margin-left: 36.0pt; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-size: 14.0pt;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-size: 14.0pt;">Basic
financial awareness messages such as address proof declaration under KYC norms,
Use of Business correspondents, Electronic payment systems NEFT/RTGS and not
falling prey to fictitious emails/calls and Ponzi schemes. </span></div>
<div style="margin-left: 36.0pt; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-size: 14.0pt;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-size: 14.0pt;">Process
of using the Unified Payment Interface through BHIM and</span></div>
<div style="margin-left: 36.0pt; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<span style="color: black; font-size: 14.0pt;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-size: 14.0pt;">Various
ways of going digital and cashless. </span></div>
<div style="border-bottom: solid windowtext 1.5pt; border: none; mso-element: para-border-div; padding: 0cm 0cm 1.0pt 0cm;">
<div style="border: none; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm; text-align: justify;">
<span style="color: black; font-size: 14.0pt;">FLCs and rural branches of banks are advised to use the
audiovisuals while conducting financial literacy camps.</span></div>
</div>
<div style="text-align: justify;">
<span style="color: black; font-family: "Brush Script MT"; font-size: 16.0pt;">Based on RBI circular dated 13/07/17. Please visit <a href="http://www.rbi.org.in/">www.rbi.org.in</a> for any further clarification..........................
Poppy</span></div>
</div>
poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com0tag:blogger.com,1999:blog-2355173644028990044.post-1056348558642723992017-08-06T19:44:00.001-07:002017-08-06T19:44:25.931-07:00Issue of comprehensive Credit Information Reports<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: black; font-size: 14.0pt;">Some Credit Information Companies
are offering limited versions of Credit Information Reports to Credit
Institutions based on the commercial data, consumer data or MFI data.
Accordingly, CICs are charging differential rates for such specific reports.</span></div>
<div style="margin-bottom: .0001pt; margin: 0cm; text-align: justify;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0cm; text-align: justify;">
<span style="color: black; font-size: 14.0pt;">As the limited versions captures only the
credit information of the borrower available in a particular module, the
lenders may remain unaware of the entire credit history of the borrower. This
can adversely affect the quality of credit decisions of the CIs.</span></div>
<div style="margin-bottom: .0001pt; margin: 0cm; text-align: justify;">
<br /></div>
<div style="border-bottom: solid windowtext 1.5pt; border: none; mso-element: para-border-div; padding: 0cm 0cm 1.0pt 0cm;">
<div style="-webkit-text-stroke-width: 0px; border: none; font-variant-caps: normal; font-variant-ligatures: normal; margin-bottom: .0001pt; margin: 0cm; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; orphans: 2; padding: 0cm; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;">CICs are,
therefore, directed to ensure that the CIR furnished to the CI, incorporates
all the credit information available in all modules, e.g. consumer, commercial
and MFI, etc.</span></div>
</div>
<div style="margin-bottom: .0001pt; margin: 0cm; text-align: justify;">
<span style="color: black; font-family: "Brush Script MT"; font-size: 18.0pt;">Based on RBI
circular dated 2/8/17. For any further clarification, please visit <a href="http://www.rbi.org.in/">www.rbi.org.in</a> ............Poppy </span></div>
</div>
poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com0tag:blogger.com,1999:blog-2355173644028990044.post-12107823158605637652017-08-06T19:08:00.000-07:002017-08-06T19:10:13.398-07:00Basel III Framework on Liquidity Standards - Amendment<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Marketable securities issued or guaranteed by
foreign sovereigns satisfying all the following conditions:</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">(a) assigned a 0% risk weight under the Basel II
standardized approach for credit risk;</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">(b) Traded in large, deep and active repo or cash
markets, characterised by a low level of concentration; and proven record as
a reliable source of liquidity in the markets (repo or sale) even during
stressed market conditions.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">(c) Not issued by a bank/financial institution/
NBFC or any of its affiliated entities.</span></div>
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<br /></div>
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<b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Amended</span></b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"></span></div>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 2.25pt 0cm 2.25pt; width: 100.0%;" valign="top" width="100%">
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<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Level 1 assets of banks would include the
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or haircut:</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">i. Cash including cash reserves in excess of
required CRR.</span></div>
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<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-spacerun: yes;"> </span>For
banks incorporated in India,</span></div>
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<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Reserves held
with foreign Central Banks in excess of the reserve requirement, where the
country has been assigned a 0% risk weight as per rating by an international
rating agency.</span></div>
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</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Such reserves,
to the extent these balances cover the bank’s stressed net cash outflows in
that currency, where a country has not been assigned a 0% risk weight, but a
0% risk weight has been assigned at national discretion under Basel II
Framework.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">ii. Government securities in excess of the required
SLR.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">iii. Within the mandatory SLR requirement,
Government securities to the extent allowed by RBI, under MSF.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">iv. Marketable securities issued or guaranteed by
foreign sovereigns<sup> </sup>satisfying
all the following conditions:</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">(a) assigned a 0% risk weight under the Basel II
standardized approach for credit risk;</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">(b) Traded in large, deep and active repo or cash
markets characterised by a low level of concentration; and proven record as a
reliable source of liquidity in the markets (repo or sale) even during
stressed market conditions.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">(c) Not issued by a bank/financial
institution/NBFC or any of its affiliated entities.</span></div>
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</tr>
</tbody></table>
</div>
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<div class="MsoNormal" style="border: none; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-border-bottom-alt: solid windowtext 1.5pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm; text-align: justify;">
<br /></div>
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Brush Script MT"; font-size: 18.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: HI; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Based on RBI circular dated
2/08/17. For further clarification please refer <a href="http://www.rbi.org.in/">www.rbi.org.in</a>
..............Poppy</span></div>
</div>
poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com0tag:blogger.com,1999:blog-2355173644028990044.post-26976171496245963402017-08-06T18:18:00.001-07:002017-08-06T18:18:21.713-07:00Natural Calamities Portal- Monthly Reporting<div dir="ltr" style="text-align: left;" trbidi="on">
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<div style="margin-bottom: .0001pt; margin: 0cm; text-align: justify;">
<span style="color: black; font-size: 14.0pt;">Reserve Bank of India has developed a
dedicated portal (<a href="https://dbie.rbi.org.in/DCP/" style="background: rgba(0, 0, 0, 0);" target="_blank"><span style="text-decoration: none; text-underline: none;">https://dbie.rbi.org.in/DCP/</span></a>) for collection
and compilation of data on natural calamities.</span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; margin-bottom: .0001pt; margin: 0cm; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;">The portal provides facility of
uploading data related to relief measures extended by banks and notifications
issued by State Governments with regard to natural calamities. </span></div>
<div style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; margin-bottom: .0001pt; margin: 0cm; orphans: 2; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">
<span style="color: black; font-size: 14.0pt;">Banks are required to upload
the data on relief measures extended during April - June 2017 <span class="head"><b>immediately </b></span>and thereafter every month by the 10th of
the following month.</span></div>
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<span style="color: black; font-size: 14.0pt;">The SLBC Convener
Banks are to upload the notifications on the natural calamities for which
relief measures were implemented from April 2017 onwards and thereafter as and
when it is issued.</span></div>
</div>
<span style="color: black; font-family: "Brush Script MT"; font-size: 18.0pt; line-height: 115%; mso-ansi-language: EN-IN; mso-bidi-font-family: Mangal; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">Based on RBI circular dated
3/8/17. For any further clarification, please refer <a href="http://www.rbi.org.in/">www.rbi.org.in</a> ................Poppy</span></div>
poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com0tag:blogger.com,1999:blog-2355173644028990044.post-23639480577229450302017-07-11T06:40:00.000-07:002017-07-11T06:40:05.390-07:00Customer Protection – Limiting Liabilities of Customers<div dir="ltr" style="text-align: left;" trbidi="on">
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<![endif]--><b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;"></span></b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;"></span>
<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;"> </span><b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Strengthening of
systems and procedures</span></b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Electronic
banking transactions can be divided into two categories:</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 57.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; mso-pagination: none; punctuation-wrap: simple; tab-stops: list 57.0pt; text-align: justify; text-autospace: none; text-indent: -21.55pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">(i)<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Remote/ online payment transactions,
Pre-paid Payment Instruments, and </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 57.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; mso-pagination: none; punctuation-wrap: simple; tab-stops: list 57.0pt; text-align: justify; text-autospace: none; text-indent: -21.55pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">(ii)<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Face-to-face/ proximity payment
transactions </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; tab-stops: 206.0pt 360.0pt; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">In
order to provide a safe platform for carrying out electronic banking
transactions, banks must put in place:</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 57.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l4 level1 lfo2; mso-pagination: none; punctuation-wrap: simple; tab-stops: list 57.0pt; text-align: justify; text-autospace: none; text-indent: -21.55pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">(i)<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">appropriate systems and procedures; </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 57.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l4 level1 lfo2; mso-pagination: none; punctuation-wrap: simple; tab-stops: list 57.0pt; text-align: justify; text-autospace: none; text-indent: -21.55pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">(ii)<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">robust and dynamic fraud detection and
prevention mechanism; </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 57.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l4 level1 lfo2; mso-pagination: none; punctuation-wrap: simple; tab-stops: list 57.0pt; text-align: justify; text-autospace: none; text-indent: -21.55pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">(iii)<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">mechanism
to assess the risks resulting from unauthorised transactions and measure the
liabilities arising out of such events; </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 57.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l4 level1 lfo2; mso-pagination: none; punctuation-wrap: simple; tab-stops: list 57.0pt; text-align: justify; text-autospace: none; text-indent: -21.55pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">(iv)<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">appropriate
measures to mitigate the risks and protection against such liabilities; and </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 57.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l4 level1 lfo2; mso-pagination: none; punctuation-wrap: simple; tab-stops: list 57.0pt; text-align: justify; text-autospace: none; text-indent: -21.55pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">(v)<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">system of advising customers on how to
protect themselves from related frauds. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Reporting of
unauthorised transactions by customers to banks</span></b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l6 level1 lfo9; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Customers must mandatorily register for
SMS alerts and optionally for e-mail alerts, for electronic banking
transactions. Alerts for such transactions must be sent to the customers. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l6 level1 lfo9; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">The customers must notify their bank of
any unauthorised transaction. He must be informed that longer the time taken to
notify the bank, higher will be the risk of loss. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l6 level1 lfo9; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Banks must provide 24x7 access through
multiple channels for reporting unauthorised transactions or loss or theft of
payment instrument such as card, etc. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l6 level1 lfo9; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Banks shall enable customers to
instantly respond by "Reply" to the SMS and e-mail alerts to notify objections,
if any. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l6 level1 lfo9; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">A direct link for lodging complaints must
be provided on the home page of Bank’s website. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l6 level1 lfo9; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">The reporting system must ensure that
immediate response is sent to the customers acknowledging the complaint along
with the registered complaint number. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l6 level1 lfo9; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">The system must record the time and date
of delivery of the message and receipt of customer’s response. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l6 level1 lfo9; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Banks may deny the facility of
electronic transactions, other than ATM, to customers who fail to provide their
mobile numbers. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l6 level1 lfo9; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">On receipt of report of an unauthorised
transaction, banks must take steps to prevent any such subsequent transactions
in the account.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Limited
Liability of a Customer</span></b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">(a) Zero
Liability of a Customer</span></b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">A
customer’s liability shall be zero where there is a :</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 57.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l1 level1 lfo3; mso-pagination: none; punctuation-wrap: simple; tab-stops: list 57.0pt; text-align: justify; text-autospace: none; text-indent: -21.55pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">(i)<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Contributory fraud/ negligence/
deficiency on the part of the bank. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 57.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l1 level1 lfo3; mso-pagination: none; punctuation-wrap: simple; tab-stops: list 57.0pt; text-align: justify; text-autospace: none; text-indent: -21.55pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">(ii)<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Third party breach and the customer
notifies the bank within <b>3 working days</b> of receiving the communication of
the unauthorised transaction. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">(b) Limited
Liability of a Customer</span></b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">A
customer shall be liable for the loss in the following cases:</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 57.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l3 level1 lfo4; mso-pagination: none; punctuation-wrap: simple; tab-stops: list 57.0pt; text-align: justify; text-autospace: none; text-indent: -21.55pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">(i)<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Where the loss is due to negligence by a
customer, until he reports the unauthorised transaction to the bank. Any loss
occurring thereafter shall be borne by the bank. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 57.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l3 level1 lfo4; mso-pagination: none; punctuation-wrap: simple; tab-stops: list 57.0pt; text-align: justify; text-autospace: none; text-indent: -21.55pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">(ii)<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Third party breach and when there is a
delay of <b>4 to 7</b> <b>working days</b> in notifying the bank of such a
transaction, the per transaction liability shall be limited to the transaction
value or the amount mentioned in Table 1, whichever is lower.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 225.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Table
1</span></b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 99.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Maximum
Liability of a Customer under paragraph 7 (ii)</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 99.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt;" valign="top">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Type of
Account</span></b></div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt;" valign="top">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Maximum
Liability</span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt;" valign="top">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l5 level1 lfo8; mso-pagination: none; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-bidi-font-weight: bold; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">BSBD Accounts</span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt;">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">5000</span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt;" valign="top">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l8 level1 lfo6; mso-pagination: none; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">All other SB accounts</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l8 level1 lfo6; mso-pagination: none; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Pre-paid Payment Instruments and Gift
Cards</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l8 level1 lfo6; mso-pagination: none; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Current/<span style="mso-spacerun: yes;"> </span>Cash<span style="mso-spacerun: yes;">
</span>Credit/<span style="mso-spacerun: yes;"> </span>Overdraft Accounts of<span style="mso-spacerun: yes;"> </span>MSMEs </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l8 level1 lfo6; mso-pagination: none; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Current Accounts/ Cash Credit/
Overdraft Accounts of Individuals with annual average balance (during 365
days preceding the incidence of fraud)/ limit up to Rs.25 lakh</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l8 level1 lfo6; mso-pagination: none; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Credit cards with limit up to Rs.5
lakh</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt;">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">10000</span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt;" valign="top">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l7 level1 lfo7; mso-pagination: none; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">All other Current/ Cash Credit/
Overdraft Accounts</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l7 level1 lfo7; mso-pagination: none; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Credit cards with limit above Rs.5 lakh</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt;">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">25000</span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">If
the delay in reporting is beyond <b>7 working days</b>, the customer’s
liability shall be determined as per the bank’s policy. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l10 level1 lfo10; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Banks shall provide the details of the
policy while opening the accounts. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l10 level1 lfo10; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Banks shall display their policy in
public domain. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l10 level1 lfo10; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Existing customers must be individually
informed about the policy.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 207.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<a href="https://www.blogger.com/null" name="page9"></a><b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Table 2</span></b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 140.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Summary
of Customer’s Liability</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 140.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt;">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-font-width: 99%;">Time taken to
report the fraudulent</span></b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;"></span></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-font-width: 99%;">transaction from
the date of</span></b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;"></span></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-font-width: 99%;">receiving the
communication</span></b><b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;"></span></b></div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt;">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Customer’s liability</span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt;">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Within 3 working days</span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt;">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Zero liability</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt;">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Within 4 to 7 working days</span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt;">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">The<span style="mso-spacerun: yes;"> </span>transaction<span style="mso-spacerun: yes;">
</span>value<span style="mso-spacerun: yes;"> </span>or<span style="mso-spacerun: yes;"> </span>the<span style="mso-spacerun: yes;">
</span>amount</span></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">mentioned in Table 1, whichever is
lower</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt;">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Beyond 7 working days</span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0cm 5.4pt 0cm 5.4pt;">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: center; text-autospace: none;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">As
per bank’s Board approved policy</span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">The
number of working days shall be counted as per the working schedule of the home
branch of the customer excluding the date of receiving the communication.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Reversal
Timeline for Zero Liability/ Limited Liability of customer</span></b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l12 level1 lfo11; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">On being notified by the customer, the
bank must credit the amount involved to his account within 10 working days of
such notification. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l12 level1 lfo11; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Banks may at their discretion waive off customer
liability even in cases of customer negligence. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l12 level1 lfo11; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">The credit shall be value dated as of
the date of the transaction. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Banks
shall ensure that: </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 57.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l2 level2 lfo5; mso-pagination: none; punctuation-wrap: simple; tab-stops: list 57.0pt; text-align: justify; text-autospace: none; text-indent: -21.55pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">(i)<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">a complaint is resolved and liability of
the customer, established within the time specified in the bank’s policy, but
not beyond 90 days from the receipt of complaint and the customer is duly compensated;
</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 57.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l2 level2 lfo5; mso-pagination: none; punctuation-wrap: simple; tab-stops: list 57.0pt; text-align: justify; text-autospace: none; text-indent: -21.55pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">(ii)<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">where it is unable to resolve the
complaint or determine the customer liability, within 90 days, the compensation
as prescribed is paid; </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 57.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l2 level2 lfo5; mso-pagination: none; punctuation-wrap: simple; tab-stops: list 57.0pt; text-align: justify; text-autospace: none; text-indent: -21.55pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">(iii)<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">in
case of debit card/ bank account, the customer does not suffer loss of
interest, and in case of credit card, the customer does not bear any additional
burden of interest. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<a href="https://www.blogger.com/null" name="page11"></a><b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Board
Approved Policy for Customer Protection</span></b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l9 level1 lfo12; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Taking into account the risks involved, banks
need to clearly define the rights and obligations of customers. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l9 level1 lfo12; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Banks shall revise their policy, to
cover aspects of customer protection by including the mechanism of creating
customer awareness on the risks, responsibilities and liabilities in cases of
such transactions. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l9 level1 lfo12; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">The policy must be transparent,
non-discriminatory and should stipulate the mechanism and timelines of
compensating the customers. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l9 level1 lfo12; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">The policy shall be displayed on the
bank’s website along with the details of grievance handling/ escalation
procedure.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Burden of Proof</span></b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">The
burden of proving customer liability shall lie on the bank.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Reporting and
Monitoring Requirements</span></b><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l11 level1 lfo13; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">The banks shall put in place a mechanism
for the reporting of customer liability cases to the Board or Committees. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l11 level1 lfo13; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">The reporting shall, <i>inter alia</i>,
include volume/ number of cases and the aggregate value involved and
distribution across various categories of transactions (cards, internet
banking, mobile banking, ATM, etc.). </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l11 level1 lfo13; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">The Standing Committee on Customer
Service shall periodically review </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 72.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l11 level2 lfo13; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">the unauthorised electronic banking
transactions, </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 72.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l11 level2 lfo13; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">the action taken thereon, </span></div>
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<span lang="EN-US" style="font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">the functioning of the grievance redressal
mechanism </span></div>
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<span lang="EN-US" style="font-family: "Courier New"; font-size: 14.0pt; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">take appropriate measures to improve the
systems and procedures. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l11 level1 lfo13; mso-pagination: none; punctuation-wrap: simple; text-align: justify; text-autospace: none; text-indent: -18.0pt; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: Symbol; font-size: 14.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">All such transactions shall be reviewed
by the bank’s internal auditors.</span></div>
<div style="border-bottom: solid windowtext 1.5pt; border: none; mso-element: para-border-div; padding: 0cm 0cm 1.0pt 0cm;">
<div class="MsoNormal" style="border: none; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-border-bottom-alt: solid windowtext 1.5pt; mso-layout-grid-align: none; mso-padding-alt: 0cm 0cm 1.0pt 0cm; mso-pagination: none; padding: 0cm; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<br /></div>
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; mso-pagination: none; text-align: justify; text-autospace: none; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Brush Script MT"; font-size: 18.0pt; mso-bidi-font-family: "Times New Roman";">Based on RBI circular dated 6/7/2017. For any further
clarification please refer <a href="http://www.rbi.org.in/">www.rbi.org.in</a> ………………..Poppy</span></div>
</div>
poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com0tag:blogger.com,1999:blog-2355173644028990044.post-75371539864178757752017-05-18T19:40:00.002-07:002017-05-18T19:40:58.298-07:00Partial Credit Enhancement to Corporate Bonds<div dir="ltr" style="text-align: left;" trbidi="on">
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</xml><![endif]--><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;"> </span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;"></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">On a
review of the capital requirement for PCE, it has been decided that: </span>
<br />
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 1.0pt; margin-top: 0cm; mso-layout-grid-align: none; mso-list: l0 level2 lfo1; mso-pagination: none; punctuation-wrap: simple; tab-stops: list 52.05pt; text-align: justify; text-autospace: none; text-indent: 0cm; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">a)<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">To be eligible for PCE from banks,
corporate bonds shall be rated by a minimum of two external credit rating
agencies at all times; </span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-layout-grid-align: none; mso-list: l0 level2 lfo1; mso-pagination: none; punctuation-wrap: simple; tab-stops: list 55.3pt; text-align: justify; text-autospace: none; text-indent: 0cm; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">b)<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">The rating reports shall disclose both
standalone credit rating ( pre- PCE) as well as the enhanced credit rating (post-
PCE). </span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-layout-grid-align: none; mso-list: l0 level2 lfo1; mso-pagination: none; punctuation-wrap: simple; tab-stops: list 49.8pt; text-align: justify; text-autospace: none; text-indent: 0cm; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">c)<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">For the purpose of capital computation
in the books of PCE provider, lower of the two ratings shall be reckoned. </span></div>
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<br /></div>
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<div class="MsoNormal" style="border: none; line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-border-bottom-alt: solid windowtext 1.5pt; mso-layout-grid-align: none; mso-list: l0 level2 lfo1; mso-padding-alt: 0cm 0cm 1.0pt 0cm; mso-pagination: none; padding: 0cm; punctuation-wrap: simple; tab-stops: list 50.05pt; text-align: justify; text-autospace: none; text-indent: 0cm; text-justify: inter-ideograph;">
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">d)<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Where the reassessed standalone credit
rating shows improvement over the rating at the time of bond issuance, the
capital requirement may be recalculated on the basis of the reassessed
standalone credit rating and the reassessed enhanced credit rating, without
reference to the constraints of capital floor and difference in notches. </span></div>
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<span lang="EN-US" style="font-family: "Brush Script MT"; font-size: 18.0pt; line-height: 115%; mso-bidi-font-family: "Times New Roman";">Based on RBI circular dated 18/05/2017.
For any further clarification if required, Please refer <a href="http://www.rbi.org.in/">www.rbi.org.in</a> </span></div>
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poppysharmahttp://www.blogger.com/profile/11777729949018011341noreply@blogger.com0