Consumer Education and Protection

RBI/2012-13/122 UBD.BPD (PCB) Cir. No. 3/14.01.062/2012-13 July 10, 2012 The Chief Executive Officer of All Primary (Urban) Co-operative Banks Madam/Dear Sir, Intra-bank Deposit Accounts Portability It has been brought to our notice that some banks are insisting on opening of fresh accounts by customers when customers approach them for transferring their account from one branch of the bank to another branch of the same bank. In such cases, insisting on opening of a fr

RBI/2011-12/592 DGBA.CDD. No.H-7815/15.01.001/2011-12 June 06, 2012 The Chairman & Managing Director Head Office (Government Accounts Department)State Bank of India and its Associates/Allahabad Bank /Bank of Baroda /Bank of India /Bank of Maharashtra/Canara Bank / Central Bank of India /Corporation Bank /Dena Bank /Indian Bank/Indian Overseas Bank/Oriental Bank of Commerce /Punjab National Bank / Syndicate Bank /UCO Bank /Union Bank of India /United Bank of India

RBI/2011-12/589 DBOD. No. Dir. BC.107/13.03.00/2011-12 June 5, 2012 All Scheduled Commercial Banks (Excluding RRBs) Dear Sir/Madam Home Loans-Levy of fore-closure charges/pre-payment penalty Please refer to our circular DBOD. No. Dir. BC. 56/13.03.00/2006-2007 dated February 2, 2007 on reasonableness of bank charges. 2. @@NBSP@@In this context, attention is invited to paragraphs 81 to 83 of the Monetary Policy Statement 2012-13 announced on April 17, 2012 with regard

RBI/2011-12/537 A. P. (DIR Series) Circular No.118 May 07, 2012 To All Authorised Dealers in Foreign Exchange Madam/ Sir, Release of Foreign Exchange for Miscellaneous Remittances Attention of Authorised Dealers in foreign exchange is drawn to A.P.(DIR Series) Circular No. 16 dated September 12, 2002, in terms of which the Authorised Dealers were advised to release amounts up to USD 500 or its equivalent for all permissible transactions on the basis of a simple letter

RBI/2011-12/536 A. P. (DIR Series) Circular No.117 May 07, 2012 To All Authorised Dealer banks and Authorised banks Madam/Sir, Transfer of Funds from Non-Resident Ordinary (NRO) account to Non- Resident External (NRE) Account The Committee to Review the Facilities for Individuals Under FEMA, 1999 (Chairperson : Smt. K.J.Udeshi) has recommended that the NRIs/PIOs may be permitted, subject to payment of applicable taxes, to transfer repatriable funds from their NRO acco

RBI/2011-12/535 DBOD.Dir.BC. 102/13.03.00/2011-12 May 4, 2012 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam Interest Rates on FCNR(B) Deposits Please refer to paragraph 2 of our circular No.DBOD.Dir.BC.59/13.03.00/2011-12 dated November 23, 2011 on Interest Rates on Deposits held in FCNR(B) Accounts. In view of the prevailing market conditions, it has been decided that until further notice and with effect from the close of business in India as on May

RBI/2011-12/534 DBOD.DIR.No.100/04.02.001/2011-12 May 4, 2012 All Scheduled Commercial Banks (Excluding RRBs) Dear Sir / Madam, Deregulation of Interest Rates on Export Credit in Foreign Currency Please refer to our circulars DBOD. DIR. No. 52/04.02.001/2011-12 dated November 15, 2011 and DBOD. DIR. No. 91/04.02.001/2011-12 dated March 30, 2012 relating to interest rates on export credit in foreign currency. 2. With a view to increasing the availability of funds to ex

RBI/2011-12/528 DBOD.AML. BC. No. 97/14.01.001/2011-12 April 27, 2012 The Chairmen/Chief Executive Officers, All Scheduled Commercial Banks (excluding RRBs)/Local Area Banks Dear Sir, Intra-bank Deposit Accounts Portability It has been brought to our notice that some banks are insisting on opening of fresh accounts by customers when customers approach them for transferring their account from one branch of the bank to another branch of the same bank. Such insistence on

RBI/2011-12/516 DPSS (CO) RTGS No. 1934/04.04.002/2011-12 April 20, 2012 The Chairman and Managing Director / Chief Executive Officer of all banks participating in RTGS, NEFT and NECS Dear Sir/Madam, Printing of MICR Code and IFSC Code on Passbook/Statement of Account As you are aware, the MICR code is necessary for all Electronic Clearing Service (ECS – Credit and Debit) transactions. Similarly, the IFSC code is a pre-requisite for NEFT and RTGS transactions. 2. Curr

RBI/2011-2012/496 DPSS (CO) EPPD No.1894/04.03.01/2011-12 April 12, 2012 The Chairman and Managing Director / Chief Executive Officer of member banks participating in NEFT Madam / Dear Sir, National Electronic Funds Transfer (NEFT) - Acceptance of NEFT inward for credit to Loan Accounts National Electronic Funds Transfer launched in year 2005 has been working successfully over the years and occupies an important place in the payment system space. The system is meant f