Rbi master circular on forex trading


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RESERVE BANK OF INDIA

  6.     Master Circular Changes : Frequent changes in the Master Circular or Notifications by RBI require banks to make changes in their Core Banking Systems.  This leads to high IT costs, which are ultimately passed on to consumers. The RBI must restrict changes in its circulars to 9 times a year to keep costs in check.

HOW YOU CAN DEPOSIT OLD NOTES EXCEEDING RS 5000/- | SIMPLE

 We feel that with the increased use of digital payments post the demonetisation drive, it is necessary to have in place a mechanism or system to protect customers from unauthorised banking transactions. A Master circular/notification by the Reserve Bank on limiting liability in an unauthorised banking transaction will make a huge impact on protecting customers from frauds.

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Dr Patel, we are confident you will have the memorandum examined and initiate action at the earliest. We look forward to active engagement and a line of acknowledgement from your office

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Over the years, the RBI has remained silent on several anti-depositor actions of banks. The Banking Ombudsman's rulings also tend to side with banks, making no attempt to observe the pattern of complaints which would amply bring out rampant mis-selling of insurance and wealth management products. We have identified some specific areas and request RBI’s intervention to take corrective steps after engaging with customers. 

 The Prime Minister’s Awas Yojana now provides interest subsidy to loan taken by eligible households. Allowing lenders to overcharge for such loan consumers is allowing them to appropriate this subsidy provided from taxpayers’ funds. It is the duty of the government and regulators to ensure that the lenders do not appropriate this taxpayers’ money by overcharging the borrowers and create barriers when the borrower wants to shift this loan.

The Charter covers almost every problem that consumers were likely to face. Three years later, the RBI has not fixed timeframes for grievance redressal nor announced penalties for failure to treat consumers fairly, despite repeated appeals by consumer groups. Consequently, the Charter remains a toothless statement.

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