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NABARD GRADE A PREVIOUS YEAR PAPER OF ESI
SPECIAL NON-RESIDENT RUPEE ACCOUNT (SNRR ACCOUNT)
In a bid to boost internationalisation of the rupee, the RBI has relaxed norms for the opening of special non-resident rupee (SNRR) accounts and permitted direct remittance from India into these accounts.
Now, RBI has expanded the scope of SNRR Account by permitting person resident outside India to open such account for:
External Commercial Borrowings in INR;
Trade Credits in INR;
Trade (Export/ Import) Invoicing in INR; and
Business related transactions outside International Financial Service Centre (IFSC) by IFSC units at GIFT city like administrative expenses in INR outside IFSC, INR amount from sale of scrap, government incentives in INR, etc.
It has also been decided to rationalise certain other provisions for operation of the SNRR Account, as under:
Remove the restriction on the tenure of the SNRR account opened for the purposes given at paragraph 3 above as the proposed transactions are more enduring in nature.
Apart from Non-Resident Ordinary (NRO) Account, permit credit of amount due/ payable to non-resident nominee from account of a deceased account holder to Non-Resident External (NRE) Account or direct remittance outside India through normal banking channels.
RBI Vision 2022 (Utkarsh 2022)
RBI released Utkarash 2022, its vision documentBANKING POLICYduring July 2019. It provides information about, what RBI's plans for future. A summary is provided.
Mission: To promote the economic and financial well-being of the people of India in terms of price and financial stability; fair
and universal access to financial services; and a robust, dynamic
and responsive financial intermediation infrastructure.
Core Purpose :
1. To foster confidence in the internal and external value of the
Rupee and contribute to macro-economic stability
2. To regulate markets and institutions under its ambit, to ensure
financial system stability and consumer protection
3. To promote the integrity, efficiency, inclusiveness and
competitiveness of the financial and payment systems
4. To ensure efficient management of currency as well as banking
services to the Government and banks
5. To support balanced, equitable and sustainable economic
development of the country
Values: RBI commits itself to the following shared values that
guide organisational decisions and employee actions in pursuit ofthe Bank’s core purpose:
Public Interest : RBI in its actions and policies, seeks to promote
public interest and the common goodResponsiveness and Innovation: RBI seeks to be a dynamicorganisation responsive to public needs.
Integrity and Independence: To maintain highest standards of
integrity through openness, trust and accountabilityIntrospection and pursuit of excellence: RBI is committed toself-appraisal, introspection and professional excellence
VISION 1: Excellence in performance of functions.
A: Furthering the monetary policy framework and operating
procedure; enriching statutory publications; and striving for a
‘state-of-the-art’ data-intensive policy research framework
B : Creating a resilient financial intermediation ecosystem; refining
the regulatory, supervisory and financial inclusion framework.
C : Strengthening resilience, integrity and efficiency of the financialmarkets infrastructure with a focus on deepening digital payments
D: Enhancing efficiency of the ‘Banker to Government’ function
E: Broadening and widening debt markets.
F: Revamping the currency management system through enhanced
efficiency in procurement and distribution.
VISION 2: Strengthened trust of citizens and other institutions.
A : Strengthening external communication framework.
B: Creating an enabling environment to develop consumer-friendly
financial services providers
C: Ensuring sound and comprehensive internal
and external RBI policies
D: Adopting a ‘less paper’ and virtual workflowfor external stakeholders
VISION 3: Enhanced relevance andsignificance in national and global roles
A: Intensifying presence in national forums to
improve domestic financial infrastructure
B: Enhancing RBI’s brand equity.
C: Amplifying international financial
engagement by articulating RBI’s stance and
views on major global economic and regulatory
D: Strengthening existing positions in
VISION 4: Transparent, accountable andethics-driven internal governance
A: Reinforcing governance and code of ethics
B: Upgrading internal controls through robust
risk management, auditing & compliance
functions through international best practices
C: Adopting ‘less paper’ & virtual internal
VISION 5: Best-in-class and environment-friendly digital as well as physical infrastructure
A: Automating processes, achieving integration
of information and ensuring cyber security.
VISION 6: Innovative, dynamic & skilledHuman Resources
A: Reviewing and reframing the organisational
structure to effectively implement all strategies
B: Enhancing skills of human resources for
creating a suitable training framework
C: Establishing an objective performance
assessment system for efficient HRM.
D: Using technology and data analytics to
promote research-based decision making by
FOR 2019 & 2020 RBI GRADE B NOTES AT BEST PRICE PEEP IN AT www.facebook.com/groups/rbi.grade.b.prelim.main
VERY IMPORTANT TOPIC FOR RBI GRADE B 2019 EXAM
Transition from Libor to Sonia
The FCA has advised that LIBOR (the London Interbank Offered Rate) will end in 2021 and are encouraging the adoption of SONIA (the Sterling Overnight Index Average) as the alternative interest rate benchmark.
By some estimates, LIBOR determines rates on $350 trillion of financial products worldwide, so moving away from it is clearly a big change. Key businesses and functions that will be affected include commercial lending, retail banking and wealth management.
What is LIBOR?
LIBOR has been the UK’s standard benchmark interest rate for corporate lending, leasing and residential loans since the mid1980s, and has been adopted globally; set by a panel of international member banks, many financial institutions, mortgage lenders and credit card agencies set their own rates relative to it.
LIBOR is currently determined by the ICE Benchmark Administration (IBA), which consults with a panel of banks to obtain estimates of the current costs of borrowing. Using this information, the IBA is able to provide a forward looking rate which is used to calculate interest rates on loans.
Why are we moving away from LIBOR?
Confidence in LIBOR has dropped due to the reliance on panel banks setting fair and accurate estimates of the cost of lending, which may not reflect the true market position and could be at risk of manipulation (the 2012 LIBOR rigging scandal often being quoted).
Despite recent reforms to LIBOR, the FCA considers that the lack of underlying transaction data means that the validity of the opinion based submissions of panel banks remains questionable. In June 2019, the Bank of England (BOE) and the FCA jointly hosted a panel-based titled “Last Orders: Calling Time on LIBOR.” LIBOR isn’t being eliminated however, and technically could still be available after 2021, but regulators will no longer force or encourage banks to continue supporting the benchmark after that date. The FCA has asked banks to voluntarily sustain LIBOR until 2021.
What is the alternative to LIBOR?
Whereas LIBOR was adopted globally, market developments suggest the transition is now towards different countries applying their own local reference rate. In the U.S., there is SOFR (Secured Overnight Financing Rate), Japan has TONA (Tokyo Overnight Average) and the European Bank has developed the Euro Short-Term Rate (ESTER). In April 2017, the Bank of England’s Working Group on Sterling Risk-Free Reference Rates adopted the SONIA benchmark as their preferred RFR and since then has been working with the FCA on how to transition to using SONIA across British Sterling markets, with a mandate to encourage a broad-based transition to using SONIA in bond, loan and derivatives markets.
SONIA, the Sterling Overnight Index Average, is the effective interest rate paid by banks for unsecured transactions taking place “overnight” (in off-market hours) in the British Sterling market. It is “risk free” or “nearly risk-free” and doesn’t factor in any credit risk taken by lenders. The advantage of SONIA is that it does not rely on submissions made by panel banks but is instead based on a weighted average of actual overnight funding on the wholesale money markets. SONIA is therefore much more in tune with actual market conditions. Regulators anticipate that the switch from LIBOR to SONIA will create more predictability in the UK debt market.
Challenges for Borrowers / Lenders
The main challenge with SONIA is that it is a “backward looking” screen rate (as are SOFRA, TONA and the others). Interest calculated using SONIA is only known once the rate has been applied. Furthermore, because it is an overnight rate this means it changes on a daily basis. Loan agreements using SONIA cannot set a fixed interest rate across the term of the loan (e.g. 3, 6 or 12 months). The loss of cash flow visibility will be a challenge for Borrowers. Also, using SONIA it may be more difficult for borrowers to prepay principal or refinance mid period, since calculations cannot be carried out in advance of the prepayment being made. Lenders will also need to factor in their credit risk if using SONIA.
In an attempt to resolve the above the Bank of England Working Group has held public consultations on the possibility of introducing a Term SONIA Reference Rate (TSRR) which could potentially be tested in 2019. If TSRR is adopted it will go a long way to maintaining the structure of the current drafting in current contracts and allow the final rate to be known in advance of repayment dates from the outset of each interest accrual period. However, its introduction is not a certainty at this juncture.
Action Points for Borrowers and Lenders
Whilst we anticipate LIBOR is unlikely to be widely used as a reference rate from the end of 2021, exactly how this will play out in the market is still uncertain, and we will continue to monitor the situation.
To best prepare for the transition we would advise Borrowers and Lenders to review their existing lending documentation. Well drafted contracts should include fall-back provisions specifying an alternative rate for when LIBOR becomes unavailable. Such provisions might say, for example, that if LIBOR is unavailable, the rate last used will continue unchanged. Whilst this may be acceptable in the short term, a party losing out on an unfavourable interest rate may seek to re-negotiate whilst the gaining party will want to retain existing terms. Borrowers should liaise with their bank relationship managers to discuss further.
Banks and other corporates with significant LIBOR exposure should start preparing for the change if they haven’t already done so, including contract analysis. It might also be reasonable to assume that month end processing and reconciliation will be more time consuming and complicated for Lenders and Borrowers alike, so this should be factored in to planning, as well as the potential for tax implications.