Tel. HC: Constitutional Validity of Section 38(2) of RP Act and Rule 5.7.1 of ECI’s Handbook Upheld  ||  MP HC: Power Exercised u/s 319 of CrPC Must Come Before Acquittal Order in Case of Joint Result  ||  Del. HC: Order of CIC Directing CBDT to Give Information Regarding Ram Janmabhoomi Trust Set Aside  ||  Ker HC: In Non-Performance of Agreement, Buyer to Get Charge Over Property For Paying Purchase Price  ||  Rajasthan High Court: Reinstate Ayurvedic Doctors Who Haven’t Attained 62 Years of Age  ||  Rajasthan High Court: Accrual Time For Taxing Income to Be Postponed Till Dispute’s Adjudication  ||  Supreme Court: Distributor Not An Agent But An Independent Contractor  ||  Ker. HC: No Member of Hindu Public Can Claim to Perform Services That Only Archakas Can Perform  ||  Bom HC: Emp. to Ensure That Minor Mistakes Due to Candidate’s Disability Shouldn’t Lead to Job Loss  ||  SC Criticises Centre For Not Specifying Range of Rates For Treatment in Pvt. Hospitals & Clinics    

Advances against Term Deposits of Non-members- (Reserve Bank of India) (01 Sep 2016)



Pursuant to the deliberations in the 32nd Standing Advisory Committee meeting held on December 14, 2015, it has been decided to permit SEBs to grant advances against term deposits of non-members, subject to the following conditions:

(i) The SEB should be fulfilling all the criteria for financially sound and well managed (FSWM) UCBs laid down in our circulars UBD.CO.LS (PCB) Cir.No.20/07.01.000/2014-15 and DCBR. CO.LS (PCB) Cir.No.4/07.01.000/2014-15 dated October 13, 2014 and January 28, 2015 respectively.
(ii) The SEB should have in place an Audit Committee of the Board of Directors which is constituted and functioning in compliance with the instructions contained in our circular UBD.No.Plan.(PCB).9/09.06.00-94/95 dated July 25, 1994.
(iii) The bye-laws of SEB should have a provision for giving loans to non-members against term deposits held in their own name singly or jointly with other non-members/ members.
(iv) The SEB should maintain a reasonable margin against such advances at all times as per the policy approved by its Board.
(v) No credit facilities, other than advances against term deposits, shall be granted to non-members.


Share :        

Disclaimer | Copyright 2024 - All Rights Reserved