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  • RBI Notifications


    Title ::Reserve Bank of India circular on Credit Cards

    Brief ::
    The Reserve Bank of India has issued certain directions to Banks ethical businesses practices in dealing with credit card holders. These include Recovery of dues, Sharing of information on risky Credit Card holders, on Credit Card Frauds, Processing of credit Card applications and charging of fees on credit cards.

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    Title :: Reserve Bank of India circular on Corporate Debt Restructuring Scheme

    Brief ::
    Keeping in view the current liquidity crisis that businesses are facing the Reserve Bank of India has issued certain directions on Corporate Debt Restructuring Scheme. The Corporate Debt Restructuring Scheme covers all sorts of cases including units in the Micro and Small Industries Segment as well as the big units

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    Title :: Reserve Bank of India circular on liberalizing the earlier Corporate Debt Restructuring Scheme

    Brief ::
    The earlier Corporate Debt Restructuring Scheme had some short comings and left out certain segments of the economy. The Reserve Bank of India further liberalized the scheme and granted more time for restructuring of the accounts.

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    Title :: Reserve Bank of India circular on extending Corporate Debt Restructuring Scheme to viable economic units facing temporary credit crunches.

    Brief ::
    Due the economic down turn a large number of otherwise economically and commercially viable units are facing temporary credit crunch. Reserve Bank of India has issued additional guide lines for extending Corporate Debt Restructuring Scheme to viable economic units facing temporary credit crunches.

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    Title :: Reserve Bank of India circular on information to be collected from borrowers for lending by multiple banks, ie: Consortium Lending.

    Brief ::
    Borrowing from more than one bank for one’s business/ industry comes under the multiple borrowing scheme. For the bankers it is called as Consortium Lending. So if you are planning to borrow from more than one look at what information the banks will be asking from you and what you will be expected to disclose.

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    Title :: Disposal of mortgaged/ hypothecated assets without knowledge of bank amounts to willful default.

    Brief ::
    The Reserve Bank of India added a new provision to their circular on definition of the term “willful defaulter” by including acts of disposal of assets without knowledge of the bank given as security to the bank.

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    Title ::Reserve Bank of India circular on expanded definition of the term “willful defaulter”.

    Brief ::
    Pursuant to the Writ Petition filed in the Supreme Court by Common Cause on will defaulters causing huge loss to Banks, the Reserve Bank of India expanded the definition of the term “willful defaulter” to including diversion of funds by the principal borrower into sister concerns etc.

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