RBI directs urban co-op banks to stick to FIU-India’s new format

“UCBs are advised to carefully go through the reporting formats and initiate urgent steps to build capacity to generate reports, which are compliant with the XML format specifications,” the RBI said in a notification

Mumbai: The Reserve Bank of India (RBI) on Wednesday directed urban co-operative banks (UCBs) to adhere to the new format developed by the Financial Intelligence Unit (FIU-India) for filing various reports, including those on cash transactions and suspicious transactions, reports PTI.

“UCBs are advised to carefully go through the reporting formats and initiate urgent steps to build capacity to generate reports, which are compliant with the XML format specifications,” the RBI said in a notification.

It added that the date of transition from the old reporting format to the new one will be communicated to the UCBs later.

The Prevention of Money Laundering Act (PMLA) states that every reporting entity has to furnish to FIU-India details on Cash Transaction Reports (CTRs), Suspicious Transaction Reports (STRs), Counterfeit Currency Reports (CCRs) and Non Profit Organisation Transaction Reports (NTRs).

“FIU-India has advised that the earlier prescribed multiple data files reporting format is being replaced by a new single XML file format and prepared a comprehensive reporting format guide, giving the specifications of the prescribed reports to be furnished to FIU-India,” RBI said.

The reporting format guide, along with the XML sheet and user guide, can be downloaded from the website of FIU-India.

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Ensure customer identification even while using ‘Aadhaar’: RBI

Although the Aadhaar card contains details like name and address, the banks will be required to satisfy themselves about the current address of the customer under the KYC norms, the RBI said

Mumbai: The Reserve Bank of India (RBI) on Wednesday directed urban cooperative banks (UCBs) to ensure customer identification proof while opening accounts on the basis of details provided by the unique national identity number ‘Aadhaar’, reports PTI.

“... it is advised that while opening accounts based on Aadhaar also, banks must satisfy themselves about the current address of the customer by obtaining required proof of the same as per extant instructions,” the RBI said in a circular to UCBs.
The RBI had in September directed banks to accept the Aadhaar card, issued by the Unique Identification Authority of India (UIDAI), as a valid document for opening bank accounts.

Although the Aadhaar card contains details like name and address, the banks will be required to satisfy themselves about the current address of the customer under the KYC norms, it had said.

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COMMENTS

Prashant

4 years ago

RBI is right in asking for separate identification because we cant trust aadhaar too much as it can be gamed.

Subsidy on enhanced housing loan from April this year: RBI

The new scheme under which the loan limit for interest subvention was raised to Rs15 lakh, subject to the total housing cost of Rs25 lakh, will remain valid up to March 2012, the Reserve Bank of India (RBI) said

Mumbai: The liberalised scheme for 1% interest subsidy by government on housing loans up to Rs15 lakh will be available for the borrowers whose loans were sanctioned and disbursed from April this year, reports PTI.

The new scheme under which the loan limit for interest subvention was raised to Rs15 lakh, subject to the total housing cost of Rs25 lakh, will remain valid up to March 2012, the Reserve Bank of India (RBI) said today.

“Loans sanctioned and disbursed between 1 October 2009, and 31 March 2011 are outside the ambit of the new liberalised scheme...” the RBI said in a communication to all scheduled commercial banks.

The interest subvention scheme had started from October 2009 and was originally available on loans up to Rs 10 lakh, subject to a total housing cost of Rs20 lakh.

However, as proposed in the union Budget for the current fiscal, the Cabinet had raised the limit on 25th October to Rs15 lakh and Rs25 lakh, respectively.

With the increase in housing loan ceiling, the limit of subsidy for an individual borrower would go up to Rs14,865 per year for a loan of Rs15 lakh from the earlier limit of Rs9,910 for a loan of Rs10 lakh.

A budgetary provision of Rs500 crore has been made for the fiscal 2011-12 for implementing the scheme.

The government has designated the National Housing Bank as the nodal agency for implementing the scheme both for scheduled commercial banks and housing finance companies.

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