Regulations: After NSEL Crisis, RBI Says No Promoter Should Control Any Exchange

With a solution to five-month-old Rs5,600-crore NSEL scam still being elusive, RBI has said it is not advisable to let a single group of shareholders dominate the functioning of any exchange. “The (NSEL) episode has emphasised the need for ensuring that no single shareholder or a group of shareholders is permitted to dominate the functioning of the exchange or exercise management control,” RBI said in its half-yearly Financial Stability Report released recently.

The RBI report also said that there is a need to protect customers against online frauds, SMS alerts, ads inducing depositors to share account details, cloning of credit/debit cards, etc, and asked banks to evolve a comprehensive policy on online banking services.

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Scribbled Notes Are Fine: RBI

“In the wake of rumours circulating in the market that from January 1, 2014, banks will not accept banknotes with anything written on them, the RBI has urged members of public not to fall prey to such rumours and to use their banknotes without any fear,” RBI said in a notification.

RBI said it has not issued any such instructions. However, in an earlier clarification, it had instructed only banks to ask their staff not to scribble or write on the body of the banknotes.
RBI has also sought cooperation from all members of public, institutions and others in keeping the banknotes clean by not writing/scribbling anything on them.
 

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Borrowing: Banks Can Lend up to Rs1 lakh against Jewels

RBI has allowed banks to sanction loans of up to Rs1 lakh against pledge of gold ornaments and jewellery. It has been decided to permit bullet repayment of loans extended against pledge of gold ornaments and jewellery for other than agricultural purposes. Bullet repayment means a lump-sum payment for the entire loan amount at the time of maturity. The period of the loan should not exceed 12 months from the date of sanction.

Interest will be charged at monthly intervals but will become due for payment along with the principal only at the maturity, RBI said.

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