Prohibition on dealing in Virtual Currencies (VCs)

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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.

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.

Regulated entities which already provide such services shall exit the relationship within three months from the date of this circular.

Based on RBI notification dated 6th April 2018. For any further clarification, please visit www.rbi.org.in ...............Poppy

Submission of Financial Information to Information Utilities

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).

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.

All regulated creditors are advised to immediately put in place systems and procedures to ensure compliance.

Based on RBI notification dt 19/12/2017. For ant further clarification, please visit www.rbi.org.in

Natural Calamities Portal- Monthly Reporting

Reserve Bank of India has developed a dedicated portal (https://dbie.rbi.org.in/DCP/) for collection and compilation of data on natural calamities.

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.

Banks are required to upload the data on relief measures extended during April - June 2017 immediately and thereafter every month by the 10th of the following month.

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.

Based on RBI circular dated 3/8/17. For any further clarification, please refer www.rbi.org.in ................Poppy

Min. Qualifications - Chief Financial Officer (CFO) and Chief Technology Officer (CTO)

RBI has advised that banks, while inviting applications for the post of Chief Financial Officer (CFO) and Chief Technology Officer (CTO), stipulate minimum qualifications and experience as below. Banks may, however, prescribe additional qualifications and experience if they want to.

(i) Chief Financial Officer

Minimum Qualification: Qualified Chartered Accountant.

Experience: 15 years in overseeing financial operations in banks/large corporate/ PSUs/ FIs/financial services organizations, of which 10 years should be in Banks/FIs (of which 5 years should be at senior management level).

(ii) Chief Technology Officer

Minimum Qualification: Engineering Graduate or MCA or equivalent qualification from a recognized University / Institution.

Experience: 15 years in relevant areas. Should have worked in Banking-IT related areas/projects involving IT Policy and Planning/ Financial Networks and Applications/ Financial Information Systems/ Cyber Security Technologies/ Payment Technologies, etc., of which 5 years should be at senior management level.

Based on RBI circular dated 18^th May 2017. For further clarification please refer www.rbi.org.in

Compliance with Ghosh Committee Recommendations

It has now been decided that henceforth the compliance to Ghosh committee recommendations need not be reported to the audit committee of the Board. However Banks are advised to ensure that the recommendations are duly complied with and compliance to these recommendations are made a part of the Internal Audit. It is also expected that the recommendations are incorporated in the manual of instructions too.

Such guidelines were also issued with respect to Jilani committee recommendations vide rbi circular dated 28/4/16.

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Based on rbi circular dated 20/04/2017. For any further clarification in the matter please refer www.rbi.org.in........................Poppy

Withdrawal of the Incremental CRR

All scheduled banks were required to maintain, incremental CRR of 100% of the increase in NDTL between 16/9/16 and 11/11/16 w.e.f  26/11/16.

It has now been decided to withdraw the requirement from 10/12/16 onwards.

Based on RBI circular dated 7/12/2016. For any further clarification please refer www.rbi.org.in...............Poppy

Department of  Banking Regulation, Central Of f ice, Centre 1,Cuf f e Parade, Colaba, Mumbai - 400 005,

Tele: 91-22-22-22189 Fax: 91-22-22160970 E-mail: cgmicdbodco@rbi.org.in