Telangana High Court: Barring People with over Two Children From Polls Violates No Fundamental Right  ||  Del HC Clarifies That Breach of Promise to Marry is Not The Same as False Promise Amounting To Rape  ||  Delhi High Court Rules Law Students Cannot be Barred From Exams For Not Meeting Minimum Attendance  ||  Delhi HC: Only a Sessions Court, Not an Ilaqa Magistrate, Can Order Further Probe After Committal  ||  Allahabad High Court: Protecting Homebuyers’ Interests is Paramount in Real Estate Insolvency  ||  Allahabad HC: Police Can Freeze Accounts on Suspicion; Affected Party May Seek Magistrate’s Relief  ||  NCLAT: Claimants Must Prove Asset Ownership; Liquidator Need Not Establish Title of Assets in Custody  ||  NCLAT: Director’s Resignation Doesn’t Release Personal Guarantor from Continuing Guarantee Liability  ||  NCLAT: Delay Condonable When Composite Appeal Filed in Time is Refiled after Registry’s Objection  ||  Supreme Court: Upper Floors Can be Converted for Commercial Use Only after Paying Conversion Charges    

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

MANU/RMIC/0162/2016

Banking

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.

Tags : TERM DEPOSITS   NON-MEMBERS   ADVANCES  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved