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Press Releases
Jul 31, 2017
Reserve Bank of India imposes monetary penalty on Union Bank of India
The Reserve Bank of India (RBI) has imposed, on July 26, 2017, a monetary penalty of ₹ 20 million on Union Bank of India for non-compliance with the directions issued by RBI on Know Your Customer (KYC) norms. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to certain directions issued by RBI. This
The Reserve Bank of India (RBI) has imposed, on July 26, 2017, a monetary penalty of ₹ 20 million on Union Bank of India for non-compliance with the directions issued by RBI on Know Your Customer (KYC) norms. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to certain directions issued by RBI. This
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Jul 31, 2017
Reserve Bank of India imposes monetary penalty on Union Bank of India
The Reserve Bank of India (RBI) has imposed, on July 26, 2017, a monetary penalty of ₹ 10 million on Union Bank of India for non-compliance with the directions issued by RBI on Know Your Customer (KYC) norms. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to certain directions issued by RBI. This
The Reserve Bank of India (RBI) has imposed, on July 26, 2017, a monetary penalty of ₹ 10 million on Union Bank of India for non-compliance with the directions issued by RBI on Know Your Customer (KYC) norms. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to certain directions issued by RBI. This
Jul 31, 2017
Annual Conference of Banking Ombudsmen 2017 - July 25, 2017
The Annual Conference of Banking Ombudsmen was held at Mumbai on July 25, 2017. Shri S S Mundra, Deputy Governor, Reserve Bank of India (RBI) inaugurated the Conference. In addition to the Banking Ombudsmen, the conference was attended by Chief Executives of SBI, ICICI Bank, HDFC Bank, PNB, Indian Bank Association (IBA), Banking Codes and Standards Board of India (BCSBI) and heads of concerned regulatory and supervisory departments of the RBI. The Deputy Governor (DG)
The Annual Conference of Banking Ombudsmen was held at Mumbai on July 25, 2017. Shri S S Mundra, Deputy Governor, Reserve Bank of India (RBI) inaugurated the Conference. In addition to the Banking Ombudsmen, the conference was attended by Chief Executives of SBI, ICICI Bank, HDFC Bank, PNB, Indian Bank Association (IBA), Banking Codes and Standards Board of India (BCSBI) and heads of concerned regulatory and supervisory departments of the RBI. The Deputy Governor (DG)
Jul 28, 2017
Banks to keep their branches in rural and semi-urban areas open on Sunday (July 30, 2017) in the State of Maharashtra
In order to facilitate collection of insurance premiums on crops from farmers, all the banks, including Regional Rural Banks and Co-operative Banks are advised to keep their branches in rural and semi-urban areas open on Sunday i.e July 30, 2017. If any bank branch observes Monday as weekly off, that bank branch shall stay open on Monday, July 31, 2017, as it is the last date for payment of crop insurance premium. Ajit Prasad Assistant Adviser Press Release : 2017-201
In order to facilitate collection of insurance premiums on crops from farmers, all the banks, including Regional Rural Banks and Co-operative Banks are advised to keep their branches in rural and semi-urban areas open on Sunday i.e July 30, 2017. If any bank branch observes Monday as weekly off, that bank branch shall stay open on Monday, July 31, 2017, as it is the last date for payment of crop insurance premium. Ajit Prasad Assistant Adviser Press Release : 2017-201
Jul 19, 2017
Issue of ₹ 20/- banknotes in Mahatma Gandhi series-2005 with the inset letter 'S’ in the number panels, and signature of Dr. Urjit R. Patel, Governor
The Reserve Bank of India will shortly issue ₹ 20/- denomination banknotes in the Mahatma Gandhi Series, with the inset letter 'S' in both the number panels. The design of these banknotes to be issued now is similar in all respects to the ₹ 20/- banknotes in the same series issued earlier (For details- refer Press Release No. 2016-2017/678 dated September 15, 2016). All the banknotes in the denomination of ₹ 20/- issued by the Bank in the past will continue to be lega
The Reserve Bank of India will shortly issue ₹ 20/- denomination banknotes in the Mahatma Gandhi Series, with the inset letter 'S' in both the number panels. The design of these banknotes to be issued now is similar in all respects to the ₹ 20/- banknotes in the same series issued earlier (For details- refer Press Release No. 2016-2017/678 dated September 15, 2016). All the banknotes in the denomination of ₹ 20/- issued by the Bank in the past will continue to be lega
Jul 18, 2017
10 NBFCs surrender their Certificate of Registration to RBI
The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India. The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their Certificate of Registration. Sr. No. Name of the Company Office Address CoR No. Issued On Cancellation Order Date 1 M/s Galaxy Granites (India) Pvt. Ltd. (Presently Guiness Commodities Private Limit
The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India. The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their Certificate of Registration. Sr. No. Name of the Company Office Address CoR No. Issued On Cancellation Order Date 1 M/s Galaxy Granites (India) Pvt. Ltd. (Presently Guiness Commodities Private Limit
Jul 18, 2017
RBI cancels Certificate of Registration of 8 NBFCs
The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following eight non-banking financial companies (NBFCs) in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. Sr. No. Name of the Company Registered Office Address CoR No. Issued On Cancellation Order Date 1 M/s Sehajpal Estates & Finance Pvt. Ltd. Nawanshahar Main Road, VPO – Aur Doaba – 144417 (Punjab) B-06.00300 June 28, 2000
The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following eight non-banking financial companies (NBFCs) in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. Sr. No. Name of the Company Registered Office Address CoR No. Issued On Cancellation Order Date 1 M/s Sehajpal Estates & Finance Pvt. Ltd. Nawanshahar Main Road, VPO – Aur Doaba – 144417 (Punjab) B-06.00300 June 28, 2000
Jul 11, 2017
Marginal Cost of Funds Based Lending Rate (MCLR) for the month of June 2017
The Reserve Bank of India has today released Lending Rates of Scheduled Commercial Banks based on data received during the month of June 2017. Shailaja Singh Assistant General Manager Press Release: 2017-2018/103
The Reserve Bank of India has today released Lending Rates of Scheduled Commercial Banks based on data received during the month of June 2017. Shailaja Singh Assistant General Manager Press Release: 2017-2018/103
Jul 11, 2017
Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) - Gomti Nagariya Sahkari Bank Ltd., Jaunpur (Uttar Pradesh)
The Reserve Bank of India is satisfied that in the interest of the public it is necessary to issue certain directions to the Gomti Nagariya Sahkari Bank Ltd., Jaunpur (Uttar Pradesh). Accordingly, the Reserve Bank of India in exercise of the powers vested in it under sub-section (1) of Section 35A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) read with Section 56 of the Banking Regulation Act, 1949 hereby directs that Gomti Nagariya Sah
The Reserve Bank of India is satisfied that in the interest of the public it is necessary to issue certain directions to the Gomti Nagariya Sahkari Bank Ltd., Jaunpur (Uttar Pradesh). Accordingly, the Reserve Bank of India in exercise of the powers vested in it under sub-section (1) of Section 35A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) read with Section 56 of the Banking Regulation Act, 1949 hereby directs that Gomti Nagariya Sah
Jul 10, 2017
The Suri Friends’ Union Co-operative Bank Ltd., Suri, West Bengal - Extension of All Inclusive Directions under Section 35A read with Section 56 of Banking Regulation Act, 1949
It is hereby notified for information of public that the Reserve Bank of India is satisfied that in the public interest, it is necessary to extend the period of operation of the Directive dated March 28, 2014, read with Directive dated December 30, 2016 issued to The Suri Friends’ Union Co-operative Bank Limited, Suri, West Bengal. Accordingly, the Reserve Bank of India in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the
It is hereby notified for information of public that the Reserve Bank of India is satisfied that in the public interest, it is necessary to extend the period of operation of the Directive dated March 28, 2014, read with Directive dated December 30, 2016 issued to The Suri Friends’ Union Co-operative Bank Limited, Suri, West Bengal. Accordingly, the Reserve Bank of India in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the
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