October 7, 2015
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1. Constitution of Audit Committee of the Board: RBI vide Circular No. RBI/2015-16/181, DBS.ARS.BC 4/08.91.020/2015-16 dated, 24th September, 2015, in relation to Constitution of the Audit Committee of the Board (ACB) has advised all the public sector banks as follows: “Should a bank have more than one ED, the ED in-charge of internal inspection and audit should be the member of the ACB whereas other Eds can be invitees to the meeting if the agenda includes any item for discussion from their domain.” The details of the said circular can be seen by following the link given above. 2. External Commercial Borrowings (ECB) Policy – Issuance of Rupee denominated bonds overseas RBI vide its circular no. RBI/2015-16/193/ A.P. (DIR Series) Circular No.17 dated September 29, 2015 has put in place a framework for issuance of Rupee denominated bonds overseas within the overarching ECB policy. The broad contours of the framework are as follows:
- Eligible borrowers: Any corporate or body corporate as well as Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs).
- Recognised investors: Any investor from a Financial Action Task Force (FATF) compliant jurisdiction.
- Maturity: Minimum maturity period of 5 years.
- All-in-cost: All in cost should be commensurate with prevailing market conditions.
- Amount: As per extant ECB policy.
- End-uses: No end-use restrictions except for a negative list.