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of <h1>RBI Master Circular: Guidelines for Scheduled Banks on Guarantees, Co-Acceptances, and Risk Management in Banking Operations.</h1> The Master Circular issued by the Reserve Bank of India (RBI) on November 9, 2021, consolidates guidelines for Scheduled Commercial Banks regarding guarantees and co-acceptances. It outlines the procedures and precautions banks must follow in issuing financial and performance guarantees, including unsecured guarantees. The circular emphasizes the importance of internal control systems, compliance with prudential norms, and adherence to the Foreign Exchange Management Act. It also addresses the issuance of guarantees for export purposes, co-acceptance of bills, and restrictions on guarantees for non-banking financial entities. The circular aims to ensure sound risk management and prevent fraud in the conduct of guarantee business.
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