All RBI Circulars February 2024 detailed explanation I Monthly RBI circular - February I Hindi
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Participation of Indian Banks on India International Bullion Exchange IFSC Limited (IIBX)
In June, 2022 RBI has decided to allow the branches of Indian banks operating in GIFT-IFSC to act as Professional Clearing Member (PCM) of IIBX. On review, it has been decided to additionally allow:
a) Branch/subsidiary/joint venture of an Indian bank in GIFT-IFSC to act as a Trading Member (TM)/Trading and Clearing Member (TCM) of IIBX, and
b) Indian banks authorized to import gold/silver to act as Special Category Client (SCC) of IIBX.
Permitted Activity
1) Trading Member/Trading and Clearing Member (TM/TCM) of IIBX
The TM/TCM shall execute trades only on behalf of clients (without proprietary trading).
2) Special Category Client (SCC) of IIBX
As per the extant Foreign Trade Policy, the Reserve Bank grants annual import authorization to banks for import of gold/silver. Such banks, in addition to the consignment model in domestic tariff area, are hereby allowed to operate as a SCC on IIBX for import of gold/silver.
The SCC shall execute only buy trades on behalf of clients.
The SCCs will appoint one of the IFSC Banking Units (IBUs) to act as clearing member on their behalf.
Review of Fixed Remuneration granted to Non-Executive Directors (NEDs)
Considering the crucial role of NEDs in efficient functioning of bank Boards and its various Committees and in order to further enable the banks to sufficiently attract qualified competent individuals on their Boards, it has been decided to revise the aforementioned ceiling to ₹30 lakh per annum. The banks are required to have suitable criteria for granting fixed remuneration to its NEDs, with the approval of its Board before any review of the extant remuneration. The Board of the bank may fix a lower amount within the ceiling limit of ₹30 lakh per annum depending upon the size of the bank, experience of the NED and other relevant factors.
Exclusion of “Rupee Co-operative Bank Limited” from the Second Schedule to the Reserve Bank of India Act, 1934
RBI Excludes “Rupee Co-operative Bank Limited” from the List of Scheduled Banks Under RBI Act, 1934.
Formation of new district in the State of Assam - Assignment of Lead Bank Responsibility
The Government of Assam has notified formation of a new district, viz., Hojai in the state of Assam. Accordingly, it has been decided to designate the Lead Bank of the new district which is "State Bank of India" .