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English Release 18-October 2014
Date Month Year
  • President's Secretariat
  • Bangladesh Youth Delegation Calls on the President
  • Prime Minister's Office
  • PM reconstitutes National Committee to commemorate the 125th Birth Anniversary of Shri Jawaharlal Nehru
  • PM’s Telephone Call to H. E. Mr. Hamid Karzai, former President of Islamic Republic of Afghanistan
  • Cabinet
  • Productivity Linked Bonus for Railway Employees
  • Approval for Ahmedabad Metro Rail Project Phase-1
  • India's participation in the development of Chahbahar port in Iran
  • Cabinet Committee on Economic Affairs (CCEA)
  • Deregulation of Diesel Prices
  • Revision of Domestic Gas Prices
  • Policy framework for relaxations, extensions and clarifications at the development and production stage under psc regime for early monetization of hydrocarbon discoveries
  • Modified direct benefit transfer scheme to be relaunched in the country
  • Financial support to Mahanagar Telephone Nigam Limited on account of liability arising from levy of Minimum Alternate Tax
  • Four laning/two laning of Chandikhole-Dubari-Talcher section of National Highway – 200 and National Highway - 23 in Odisha
  • Ex post facto approval regarding Special Banking Arrangement for payment of outstanding subsidy to fertilizer companies during 2013-14
  • Min of Agriculture
  • Radha Mohan Singh assures assistance to rehabilitate farming activities in Hud Hud affected Andhra
  • Min of Chemicals and Fertilizers
  • Ex post facto approval regarding Special Banking Arrangement for payment of outstanding subsidy to fertilizer companies during 2013-14
  • Min of Defence
  • Coas Closing Remarks on Culmination of Army Commander’s Conference on 18 Oct 14
  • Min of Environment and Forests
  • Environment protection and Development need to be synergized
  • Min of External Affairs
  • India's participation in the development of Chahbahar port in Iran
  • Min of Information & Broadcasting
  • Selection of Feature & Non-Feature Films in Indian Panorama for 45th International Film Festival of India, IFFI 2014
  • Min of Petroleum & Natural Gas
  • Deregulation of Diesel Prices
  • Revision of Domestic Gas Prices
  • Policy framework for relaxations, extensions and clarifications at the development and production stage under psc regime for early monetization of hydrocarbon discoveries
  • Modified direct benefit transfer scheme to be relaunched in the country
  • Ministry of Railways
  • Productivity Linked Bonus for Railway Employees
  • Min of Road Transport & Highways
  • Financial support to Mahanagar Telephone Nigam Limited on account of liability arising from levy of Minimum Alternate Tax
  • Four laning/two laning of Chandikhole-Dubari-Talcher section of National Highway – 200 and National Highway - 23 in Odisha
  • Min of Science & Technology
  • Dr Jitendra Singh Launch’s ‘Jammu Kashmir Arogya Gram Yojana’ Under CSIR
  • Min of Urban Development
  • Approval for Ahmedabad Metro Rail Project Phase-1

Previous Date

 
Ministry of Finance23-November, 2012 19:32 IST
Foreign National to Open Banks in India

As per the “Draft Guidelines for Licencing of New Banks in Private Sector” issued by the Reserve Bank of India (RBI) on 29.08.2011, only entities/groups in the private sector that are owned and controlled by residents shall be eligible to promote banks.

RBI has formulated the Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating of Financing of Terrorism (CFT) guidelines to be followed by banks, so as to prevent banks from being used, intentionally or unintentionally, by criminal elements for money-laundering or terrorist financing activities. KYC procedures also enables banks to know/understand their customers and their financial dealings better, which in-turn help them manage their risk prudently. Accordingly, all banks, including foreign banks, functioning in India have been advised to follow certain customer identification procedures for opening of accounts and monitoring transactions of a suspicious nature for the purpose of reporting it to appropriate authority, i.e. Financial Intelligence Unit-India (FIU-IND). The banks are also required to ensure that a proper Board approved policy framework on KYC/AML/CFT is formulated and implemented by them in accordance with the extant legal and regulatory framework.

This was stated by the Minister of State for Finance, Shri Namo Narain Meena in a written reply to a question in the Lok Sabha today.

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