Just a moment...

Report
FeedbackReport
Welcome to TaxTMI

We're migrating from taxmanagementindia.com to taxtmi.com and wish to make this transition convenient for you. We welcome your feedback and suggestions. Please report any errors you encounter so we can address them promptly.

Bars
Logo TaxTMI
>
×

By creating an account you can:

Feedback/Report an Error
Category :
Description :
Min 15 characters0/2000
TMI Blog
Home /

DFS Secretary Dr. Vivek Joshi chairs meeting to review banking and insurance related international trade matters

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....FS Secretary Dr. Vivek Joshi chairs meeting to review banking and insurance related international trade matters <br>News and Press Release<br>Dated:- 6-2-2024<br><BR>Functionaries of RBI, IRDAI, SBI Chairman, and senior executives of major commercial banks were present in meeting Banks to engage with exporters and importers to expedite resolution of their problems while appropriately examining co....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....mpliance requirements Banks will work closely with Department of Commerce and export promotion councils for trade facilitation and early resolution of problems Dr. Vivek Joshi, Secretary, Department of Financial Services, Ministry of Finance, chaired a review meeting to address banking and insurance related issues faced by exporters and importers in New Delhi. The meeting was attended by senior....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... officers from Ministry of External Affairs, Department of Commerce, and Ministry of Finance. Functionaries of Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority (IRDAI) along with Chairman, State Bank of India (SBI) and senior executives of major commercial banks joined the meeting. Financial Services such as trade finance, banking, and insurance have very important r....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ole to play in facilitation of Indian trade with all partner countries. Government along with sectoral regulators, RBI and IRDAI, regularly engages with important stakeholders to understand operational problems faced by them and work out solutions. Specific operational issues, viz., delay in issuance of e-bank realisation certificates, overdue letters of credit, etc. were discussed. During the me....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....eting, banks informed that after ensuring necessary due diligence and compliance with regulatory directions, trade transactions are continued to be facilitated by them. It was noted that in some cases, banks have proactively engaged with their clients and resolved the matter. Further, to ensure a seamless process, banks were advised to engage with clients to expedite resolution of their problems w....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hile appropriately examining compliance requirements. Dr. Joshi advised banks to classify issues faced by them in different categories and indicated that they may consider seeking necessary regulatory guidance from RBI and also develop a standard operating procedure through Indian Banks Association (IBA). Insurance related issues faced by the traders were discussed with IRDAI. Progress made on t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hose issues were informed by IRDAI. Dr. Joshi requested banks to work in close coordination with Department of Commerce and export promotion councils for trade facilitation and early resolution of problems faced in trade.<BR> News - Press release - PIB....