Publishing of photographs of declared wilful defaulters

The penal measures that can be taken against willful defaulters are outlined in RBI circular DBR.CID.BC.No.22/20.16.003/2015-16 dated July 1, 2015. In this regard, RBI made  an observation  that the Photographs of defaulters/guarantors are published indiscriminately by some of the  lending institutions. In this context, the apex bank has directed lending institutions as under. (i) A…

Income Declaration Scheme, 2016 – Banks must accept large amount of Cash without any conditions

The Income Declaration Scheme, 2016 has come into effect from June 1, 2016. Under the said scheme, the declarants may pay their tax dues in cash at the Bank counters. In this connection, RBI invites attention to its circular DBOD.No.Leg.BC.38/09.07.005/2008-09 dated August 28, 2008, wherein banks have been advised to ensure that their branches invariably accept…

Mandatory certification for the staff manning key responsibilities in Banks

The Apex bank after examining the recommendations of the Shri G Gopalakrishna (former Executive Director of RBI)  committee on ‘Committee on Capacity Building in Banks All India financial Institutions’ in detail, decided  that recommendations pertaining to the banks may be implemented by the banks based on their organisational objectives and business strategies, after taking approval…

RBI launches Website ‘सचेत’ (‘Sachet’) in a move to curb illegal Collection of Deposits

The Sachet (‘सचेत’) portal makes available the information regarding entities that are allowed to accept deposits and prescribes regulations that different entities have to follow. The general public check on the whether the entity is having permission to accept deposits from the public. The general public can lodge the complaint and share information regarding illegal…