Notifications & Circulars
Reserve Bank of India
24.09.2020
Banking
RBI launches Survey on International Trade in Banking Services (ITBS): 2019-20
MANU/RPRL/0134/2020
The Reserve Bank of India has launched the 2019-20 round of its annual Survey on International Trade in Banking Services (ITBS).
The survey, conducted annually since 2006-07, provides information on financial services rendered by branches/subsidiaries/joint ventures of Indian banks operating abroad and branches/subsidiaries of foreign banks operating in India, based on explicit/implicit fees/commission charged to customers.
The survey schedule for the 2019-20 round is required to be filled in by the banks for branches/subsidiaries/joint venture of Indian banks operating abroad and branches/subsidiaries of foreign banks operating in India. The soft form of this survey schedule (both in Hindi and English -one of which can be used) with in-built validation checks is available on the RBI's website under the head 'Forms' (under the 'More Links' at the bottom of the home page) and sub-head 'Survey'. Duly filled-in and validated schedule can be emailed by October 15, 2020.
Tags : Survey International Trade Banking Services
Share : 
Top
Press Information Bureau
24.09.2020
Law of Medicine
AYUSH Ministry inks MoU with Industry Bodies to promote Medicinal Plants cultivation
MANU/PIBU/3374/2020
In a historic event today, the National Medicinal Plants Board (NMPB), Ministry of AYUSH signed an MoU through virtual meeting with the major AYUSH and Herbal industry bodies covering a set of measures to promote medicinal plant cultivation.
The industry bodies which signed the MoU include ADMA (Ayurvedic Drug Manufacturer's Association), Mumbai; AMAM (Association for Manufactures of Ayurvedic Medicines), New Delhi; AMMOI (Ayurvedic Medicines Manufacturers Organization of India), Thrissur; AHNMI (Association for Herbal and Nutraceutical Manufacturers of India), Mumbai; FICCI (Federation of Indian Industries), New Delhi and CII (Confederation of Indian Industry), New Delhi.
The signing ceremony was graced by the presence of Vd. Rajesh Kotecha, Secretary AYUSH who assured that his ministry would provide necessary support to resolve the issues related to the industry provided they form a combined team and approach with solutions to the respective problems faced by them. He further assured that the present govt. is committed to the development of AYUSH systems.
The industry assured the NMPB that they will provide the buy-back guarantee to the farmers / gatherers on the NMPB supported medicinal plant cultivation and collection programs. Dr. JLN Sastry, CEO, NMPB signed the MoU on behalf of Ministry of AYUSH while Mr. Chandrakant Bhanushali (ADMA), Mr. Prdeep Multani (AMAM), Dr. Ramanathan (AMMOI), Mr. Sanjay Mariwala (AHNMI), Mr. Praveen Mittal (FICCI), Mr. Rajeev Vasudevan (CII) have represented respective bodies. Industry representatives agreed that this unique gesture of Ministry of AYUSH would provide the sustainable supply of quality raw material to AYUSH, Nutraceutcial and Herbal industry.
Tags : MoU Industry Bodies Medicinal Plants cultivation
Share :
Top
Reserve Bank of India
24.09.2020
Banking
RBI imposes monetary penalty on Nashik Zilla Girna Sahakari Bank Ltd., Nashik
MANU/RPRL/0139/2020
The Reserve Bank of India (RBI) has imposed, by an order dated September 23, 2020 a monetary penalty of Rs.2,000 on Nashik Jillha Girna Sahakari Bank Ltd., Nashik (the bank) for contravention of Section 15 of the Credit Information Companies (Regulation) Act, 2005 (CIC Act). This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 25 (1) (iii) read with Section 23 (4) of the CIC Act, taking into account the failure of the bank to adhere to the provisions of the aforesaid Act.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
Background
The inspection report of the bank with reference to its financial position as on March 31, 2019, revealed, inter alia, non-compliance with the provisions of the CIC Act with regard to obtaining membership of a credit information company. Based on the same a Notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the provisions of the CIC Act.
After considering the bank's reply and additional submission made by the bank, RBI came to the conclusion that the aforesaid charge of non-compliance with the provisions of the CIC Act was substantiated and warranted imposition of monetary penalty.
Tags : Monetary penalty Imposition
Share :
Top
Press Information Bureau
23.09.2020
Civil
National GIS-Enabled Land Bank System
MANU/PIBU/3333/2020
Government has integrated Industrial Information System (IIS) portal with the GIS System of six States in first phase to provide updates on land availability and plot level information to investors anywhere in the world on real time basis and help them make informed decisions.
For the development of National Land Bank, Government intends to solicit the details of industrial land with plot level information, connectivity thereto, basic facilities, other facilities available and contact details of authorities/developer of the park.
Government agencies are provided with unique User ID and password to upload the land details. However, the other investors can go to https://iis.ncog.gov.in/parks and simply register on the portal by creating a username and password and login to see the information available on the portal.
Jharkhand is one of the eight states in the second phase of integration of state land bank/GIS systems with the IIS portal. The state has uploaded land data manually on the portal in the past. The state is yet to align its portal as per the Standard Operation Procedures (SOP) of integration of the two systems. The technical teams of State of Jharkhand are in touch with MeitY team who are providing technical support to develop the GIS Based National Land Bank under IIS.
Tags : GIS-Enabled Bank System Industrial land
Share :
Top
Reserve Bank of India
23.09.2020
Banking
RBI Working Paper No. 10/2020: Are Food Prices Really Flexible? Evidence from India
MANU/RPRL/0133/2020
The Reserve Bank of India today placed on its website a Working Paper titled "Are Food Prices Really Flexible? Evidence from India" under the Reserve Bank of India Working Paper Series1. The paper is authored by GV Nadhanael.
The paper looks at the price setting behaviour in food sector in India using a novel micro level dataset. The paper reaffirms that contrary to the conventional notion of flexible prices, food prices in India exhibit varying degrees of price stickiness, documenting evidence for heterogeneity in price stickiness being driven by product group characteristics and spatial variation of price stickiness. The paper also shows that the price setting behaviour in food sector broadly matches predictions of sticky price models. A calibrated menu cost model for Indian food prices shows that differences in productivity processes, market power and menu costs could account for the differences in price stickiness across product groups. The paper computes a measure of sticky food inflation - based on a stickiness re-weighted food price index - to show that it does not perfectly align with the conventional measure of core inflation (i.e., CPI excluding food and fuel). This highlights why paying attention to the sticky component of food inflation - besides core inflation - is important for the conduct of monetary policy in India.
Tags : Working Paper Food Prices Flexibility
Share :
Top
Ministry of Finance
23.09.2020
Banking
Applicability of the provisions of sub-clause (i) of clause (c) of sub-section (1) of Section 10 of Banking Regulation Act, 1949 to Kotak Mahindra Bank Limited
MANU/FNSV/0045/2020
Whereas, sub-clause (i) of clause (c) of sub-section (1) of section 10 of the Banking Regulation Act, 1949 (10 of 1949) (hereinafter referred to as the said Act), prohibits a banking company to be managed by any person who is a director of any other company not being (a) a subsidiary of the banking company, or (b) a company registered under section 25 of the Companies Act, 1956 (1 of 1956);
And whereas, the proviso to the said sub-clause (i) of clause (c) of sub-section (1) of section 10 of the said Act provides that the prohibition in the said sub-clause shall not apply in respect of any such director for a temporary period not exceeding three months or such further period not exceeding nine months as the Reserve Bank of India may allow;
And whereas, the Reserve Bank of India allowed Shri Uday Kotak, Managing Director and Chief Executive Officer of Kotak Mahindra Bank Limited to be on the Board of Infrastructure Leasing and Financial Services Limited as its Non-executive Director, initially for a period of three months and subsequently for a further period of nine months, under the above provisions of the said Act, till 2nd day of October, 2019;
And whereas, section 53 of the said Act empowers the Central Government, on the recommendation of the Reserve Bank of India, to declare, by notification in the Official Gazette, that any or all of the provisions of the said Act shall not apply to any banking company or institution or to any class of banking companies either generally or for such period as may be specified;
And whereas, the Central Government, on the recommendations of the Reserve Bank of India, had considered it necessary to grant exemption to Kotak Mahindra Bank Limited from application of sub-clause (i) of clause (c) of sub-section (1) of section 10 of the Banking Regulation Act, 1949 in so far as it relates to Shri Uday Kotak, Managing Director and Chief Executive Officer of Kotak Mahindra Bank Limited being on the Board of Infrastructure Leasing and Financial Services Limited as its Non-executive Director, for a further period of one year with effect from the 3rd day of October, 2019 and issued a notification number S.O. 3584 (E), dated the 1st October, 2019, Published in the Gazette of India, Part II, Section 3, sub - section (ii), dated the 1st October, 2019, to that effect and the exemption so granted is expiring on 2nd October, 2020;
And whereas, the Central Government, on the recommendations of the Reserve Bank of India, has considered it necessary to grant the said exemption to Kotak Mahindra Bank Limited for a further period of one year with effect from the 3rd day of October, 2020.
Now, therefore, in exercise of the powers conferred by sub-section (1) of section 53 of the Banking Regulation Act, 1949, the Central Government, on the recommendation of the Reserve Bank of India, hereby declare that the provisions of sub-clause (i) of clause (c) of sub-section (1) of section 10 of the said Act shall not apply to Kotak Mahindra Bank Limited in so far as it relates to its Managing Director and Chief Executive Officer Shri Uday Kotak being on Board of Infrastructure Leasing and Financial Services Limited as its Non-executive Director for a period up to the 2nd day of October, 2021.
Tags : Applicability Provisions Kotak Mahindra Bank Limited
Share :
Top
Press Information Bureau
23.09.2020
Commercial
Measures to Boost Industrial Growth Rate
MANU/PIBU/3337/2020
Industrial growth depends on a number of factors including structural, external, fiscal and industrial factors. The moderation in India's industrial growth coincides with deceleration in growth of global output. The sudden outbreak of COVID-19 has severely impacted some of the major economies of the world. It has affected countries across the globe including some of the major players like USA, European Union, UK, and India. Both World Bank and IMF estimate contraction in global GDP for FY 2020-21 due to the spillover effects of the lockdown to curb the spread of COVID-19 pandemic. Various sectors were affected due to the nation-wide lockdown. However, after the lockdown was relaxed, improvement has been witnessed in several sectors of the economy.
Government has implemented several measures to address the sluggish growth of industries, which, inter-alia, include:
(i) Relief measures have been taken for MSMEs such as collateral-free lending program with 100 percent credit guarantee, subordinate debt for stressed MSMEs with partial guarantee, partial credit guarantee scheme for public sector banks on borrowings of non-bank financial companies, housing finance companies (HFCs), and micro finance institutions, Fund of Funds for equity infusion in MSMEs, additional support to farmers via concessional credit, as well as a credit facility for street vendors (PM SVANidhi), amongst others.
(ii) Several Regulatory and compliance measures have been taken, viz. postponing tax-filing and other compliance deadlines, reduction in penalty interest rate for overdue GST filings, change in government procurement rules, faster clearing of MSME dues, IBC related relaxations for MSMEs, amongst others.
(iii) Structural reforms have been announced as part of the Aatmanirbhar Package which, inter alia, include deregulation of the agricultural sector, change in definition of MSMEs, new PSU policy, commercialization of coal mining, higher FDI limits in defence and space sector, development of Industrial Land/ Land Bank and Industrial Information System, revamp of Viability Gap Funding scheme for social infrastructure, new power tariff policy and incentivizing States to undertake sector reforms.
(iv) Government has launched National Infrastructure Pipeline, expanded Phased Manufacturing Programme, Production Linked Incentive Schemes and is creating Centralised Investment Clearance Cell for end to end support for investment. Empowered Group of Secretaries and Project Development Cells have been set up to facilitate domestic and foreign investment. Further, reduction in EPF contributions, employment provision for migrant workers; insurance coverage for workers in the healthcare sector; and wage increase for MGNREGA workers and support for building and construction workers, collateral free loans to self-help groups are some other relief measures.
(v) Common digital platform for Certificate of Origin has been launched to facilitate trade and increase Free Trade Agreement utilization by exporters. Government is promoting districts as export hubs by identifying products with export potential in the District, addressing bottlenecks for exporting these products and supporting local exporters/manufacturers to generate employment in the District.
Tags : Measures Boost Industrial Growth
Share :