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Press Releases
Oct 19, 2016
RBI imposes penalty on The Tumkur Veerashaiva Co-operative Bank Ltd.,Tumkur, Karnataka
The Reserve Bank of India has imposed a monetary penalty of ₹ 10.00 lakh (Rupees Ten lakh only) on Tumkur Veerashaiva Cooperative Bank Ltd., Tumkur, Karnataka, in exercise of the powers vested in it under the provisions of Section 47 A (1) (b) read with Section 46 (4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) for violating Reserve Bank of India’s instructions/ guidelines contained in circular dated April 11, 2005 prohibiting payment
The Reserve Bank of India has imposed a monetary penalty of ₹ 10.00 lakh (Rupees Ten lakh only) on Tumkur Veerashaiva Cooperative Bank Ltd., Tumkur, Karnataka, in exercise of the powers vested in it under the provisions of Section 47 A (1) (b) read with Section 46 (4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) for violating Reserve Bank of India’s instructions/ guidelines contained in circular dated April 11, 2005 prohibiting payment
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Oct 18, 2016
Registrations open for NCFE’s NFLAT (National Financial Literacy Assessment Test)
Registrations for National Centre for Financial Education(NCFE)’s National Financial Literacy Assessment Test (NFLAT) have started from October 15, 2016. The National Institute of Securities Markets (NISM), Navi Mumbai, has invited all school students from classes VI to X to participate in the National Financial Literacy Assessment Test (NCFE-NFLAT 2016-17). The test will be conducted online (within the school with adequate IT infrastructure and internet connectivity)
Registrations for National Centre for Financial Education(NCFE)’s National Financial Literacy Assessment Test (NFLAT) have started from October 15, 2016. The National Institute of Securities Markets (NISM), Navi Mumbai, has invited all school students from classes VI to X to participate in the National Financial Literacy Assessment Test (NCFE-NFLAT 2016-17). The test will be conducted online (within the school with adequate IT infrastructure and internet connectivity)
Oct 14, 2016
RBI cancels Certificate of Registration of NBFC
The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following non-banking financial company (NBFC) 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 Office Address CoR No. Issued On Cancellation Order Date 1. M/s Comfort Intech Limited 106, Avkar, Algani Nagar, Kalarla, Daman-396210 B-01.00419 June 25, 2002 September 28, 2016 As such, the above company
The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following non-banking financial company (NBFC) 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 Office Address CoR No. Issued On Cancellation Order Date 1. M/s Comfort Intech Limited 106, Avkar, Algani Nagar, Kalarla, Daman-396210 B-01.00419 June 25, 2002 September 28, 2016 As such, the above company
Oct 14, 2016
NBFC surrender its Certificate of Registration to RBI
The following NBFC has surrendered the Certificate of Registration granted to it 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 its Certificate of Registration. Sr. No. Name of the Company Office Address CoR No. Issued On Cancellation Order Date 1. M/s Madhu Muskan Leasing and Financing Private Limited C-5/33, S.D.A., New Delhi-110016
The following NBFC has surrendered the Certificate of Registration granted to it 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 its Certificate of Registration. Sr. No. Name of the Company Office Address CoR No. Issued On Cancellation Order Date 1. M/s Madhu Muskan Leasing and Financing Private Limited C-5/33, S.D.A., New Delhi-110016
Oct 14, 2016
RBI issues Directions to United India Co-operative Bank Ltd., Nagina, Bijnor, Uttar Pradesh - Withdrawal of Directions
The Reserve Bank of India (RBI) had issued directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS) to United India Co-operative Bank Ltd., Nagina, Bijnor, Uttar Pradesh vide directive dated July 08, 2015. The Directions were extended from time to time and the last such Directive dated March 30, 2016, are currently valid upto October 14, 2016. Reserve Bank, on being satisfied that in the public interest it is necessary to do so, in
The Reserve Bank of India (RBI) had issued directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS) to United India Co-operative Bank Ltd., Nagina, Bijnor, Uttar Pradesh vide directive dated July 08, 2015. The Directions were extended from time to time and the last such Directive dated March 30, 2016, are currently valid upto October 14, 2016. Reserve Bank, on being satisfied that in the public interest it is necessary to do so, in
Oct 14, 2016
RBI extends validity of Directions issued to the HCBL Co-operative Bank Ltd., Lucknow, Uttar Pradesh till April 15, 2017
The Reserve Bank of India has extended directions issued to the HCBL Co-operative Bank Ltd., Lucknow for a further period of six months from October 16, 2016 to April 15, 2017, subject to review. The bank had been under directions since the close of business on April 16, 2015 vide directive dated April 10, 2015 issued under Section 35A of the Banking Regulation Act, 1949 (AACS). The aforesaid directive was modified and its validity extended upto October 15, 2016. The
The Reserve Bank of India has extended directions issued to the HCBL Co-operative Bank Ltd., Lucknow for a further period of six months from October 16, 2016 to April 15, 2017, subject to review. The bank had been under directions since the close of business on April 16, 2015 vide directive dated April 10, 2015 issued under Section 35A of the Banking Regulation Act, 1949 (AACS). The aforesaid directive was modified and its validity extended upto October 15, 2016. The
Oct 13, 2016
RBI extend Directions Jamkhed Merchants Co-operative Bank Ltd., Jamkhed, Ahmednagar, Maharashtra
The Reserve Bank of India, notified that Jamkhed Merchants Co-operative Bank Ltd., Ahmednagar, Maharashtra, was placed under directions for a period of six months vide directive dated April 07, 2016 from the close of business on April 12, 2016. The validity of the directions is extended for a period of six months from October 13, 2016 to April 12, 2017 vide directive dated October 06, 2016, subject to review. Reserve Bank of India, in exercise of the powers vested in
The Reserve Bank of India, notified that Jamkhed Merchants Co-operative Bank Ltd., Ahmednagar, Maharashtra, was placed under directions for a period of six months vide directive dated April 07, 2016 from the close of business on April 12, 2016. The validity of the directions is extended for a period of six months from October 13, 2016 to April 12, 2017 vide directive dated October 06, 2016, subject to review. Reserve Bank of India, in exercise of the powers vested in
Oct 06, 2016
Report of the Internal Working Group (IWG) on Rationalisation of Branch Authorisation Policy
The Reserve Bank of India today placed on its website, the Report of the Internal Working Group (IWG) on Rationalisation of Branch Authorisation Policy (Chair: Smt. Lily Vadera, Chief General Manager, Department of Banking Regulation). Suggestions/comments, if any, on the recommendations contained in the Report, may be sent by email on or before November 5, 2016. Recommendations The thrust of the recommendations is to facilitate financial inclusion by ensuring availab
The Reserve Bank of India today placed on its website, the Report of the Internal Working Group (IWG) on Rationalisation of Branch Authorisation Policy (Chair: Smt. Lily Vadera, Chief General Manager, Department of Banking Regulation). Suggestions/comments, if any, on the recommendations contained in the Report, may be sent by email on or before November 5, 2016. Recommendations The thrust of the recommendations is to facilitate financial inclusion by ensuring availab
Oct 05, 2016
RBI extend Directions Gokul Co-operative Urban Bank Ltd., Secunderabad till April 04, 2017
The Reserve Bank of India is satisfied that in the interest of the public, it is necessary to extend the validity of the Directives issued to Gokul Co-operative Urban Bank Ltd., Secunderabad, for a further period of six months. 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) has directed that the Directives issued to Gokul C
The Reserve Bank of India is satisfied that in the interest of the public, it is necessary to extend the validity of the Directives issued to Gokul Co-operative Urban Bank Ltd., Secunderabad, for a further period of six months. 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) has directed that the Directives issued to Gokul C
Oct 05, 2016
RBI extends validity of the Directions issued to the Mercantile Urban Co-operative Bank Ltd., Meerut, Uttar Pradesh
The Reserve Bank of India (RBI) has extended the Directions issued to the Mercantile Urban Co-operative Bank Ltd., Meerut for a further period of six months from October 06, 2016 to April 05, 2017, subject to review. The bank has been under directions since October 06, 2015 vide directive dated September 30, 2015 issued under sub-section (1) of Section 35A of the Banking Regulation Act, 1949 (AACS). The aforesaid directive had been modified / its validity extended vid
The Reserve Bank of India (RBI) has extended the Directions issued to the Mercantile Urban Co-operative Bank Ltd., Meerut for a further period of six months from October 06, 2016 to April 05, 2017, subject to review. The bank has been under directions since October 06, 2015 vide directive dated September 30, 2015 issued under sub-section (1) of Section 35A of the Banking Regulation Act, 1949 (AACS). The aforesaid directive had been modified / its validity extended vid
Oct 03, 2016
RBI extends Directions issued to Shri Sai Urban Co-operative Bank Ltd., Mukhed Dist.Nanded, Maharashtra till December 31, 2016
The Reserve Bank of India has extended Directions issued to Shri Sai Urban Co-operative Bank Ltd., Mukhed, Dist. Nanded (Maharashtra) for a further period of three months from the close of business as on September 30, 2016 to December 31, 2016, subject to review. The bank was under directions since July 01, 2015. The directions were earlier extended for nine months on two occasions. The Directions were imposed in exercise of powers vested in the Reserve Bank under sub
The Reserve Bank of India has extended Directions issued to Shri Sai Urban Co-operative Bank Ltd., Mukhed, Dist. Nanded (Maharashtra) for a further period of three months from the close of business as on September 30, 2016 to December 31, 2016, subject to review. The bank was under directions since July 01, 2015. The directions were earlier extended for nine months on two occasions. The Directions were imposed in exercise of powers vested in the Reserve Bank under sub
Sep 30, 2016
Applicable Average Base Rate to be charged by NBFC-MFIs for the Quarter Beginning October 01, 2016
The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning October 01, 2016 will be 9.44 per cent. It may be recalled that the Reserve Bank had, in its circular dated February 7, 2014, issued to NBFC-MFIs regarding pricing of credit, stated that it will, on the last working day of every quarter, advise the ave
The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning October 01, 2016 will be 9.44 per cent. It may be recalled that the Reserve Bank had, in its circular dated February 7, 2014, issued to NBFC-MFIs regarding pricing of credit, stated that it will, on the last working day of every quarter, advise the ave
Sep 27, 2016
RBI imposes penalty on The Deola Merchants Co-operative Bank Ltd., Deola, Dist. Nashik
The Reserve Bank of India has imposed a monetary penalty of ₹ 1.00 lakh (Rupees One Lakh only) on The Deola Merchants Co-operative Bank Ltd., Deola, Dist. Nashik in exercise of the powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violation of the instructions / guidelines of the Reserve Bank of India relating to submission of false compliance regardi
The Reserve Bank of India has imposed a monetary penalty of ₹ 1.00 lakh (Rupees One Lakh only) on The Deola Merchants Co-operative Bank Ltd., Deola, Dist. Nashik in exercise of the powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violation of the instructions / guidelines of the Reserve Bank of India relating to submission of false compliance regardi
Sep 26, 2016
RBI imposes penalty on Shivam Sahakari Bank Limited, Kolhapur
The Reserve Bank of India has imposed a monetary penalty of ₹ 2.00 lakh (Rupees two Lakh only) on Shivam Sahakari Bank Limited, Kolhapur in exercise of the powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violations of the instructions / guidelines of the Reserve Bank of India relating to Area of Operation and Know Your Customer (KYC)/Anti-Money Laun
The Reserve Bank of India has imposed a monetary penalty of ₹ 2.00 lakh (Rupees two Lakh only) on Shivam Sahakari Bank Limited, Kolhapur in exercise of the powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violations of the instructions / guidelines of the Reserve Bank of India relating to Area of Operation and Know Your Customer (KYC)/Anti-Money Laun
Sep 26, 2016
RBI imposes penalty on The Needs of Life Co-operative Bank Ltd, Mumbai
The Reserve Bank of India has imposed a monetary penalty of ₹ 5.00 lakh (Rupees Five Lakh only) on The Needs of Life Co-operative Bank Ltd, Fort, Mumbai in exercise of the powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violations of the directives / guidelines of the Reserve Bank of India relating to members holding paid up share capital limit in e
The Reserve Bank of India has imposed a monetary penalty of ₹ 5.00 lakh (Rupees Five Lakh only) on The Needs of Life Co-operative Bank Ltd, Fort, Mumbai in exercise of the powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violations of the directives / guidelines of the Reserve Bank of India relating to members holding paid up share capital limit in e
Sep 26, 2016
RBI issues Directions to The R S Co-operative Bank Ltd., Mumbai, Maharashtra
The R S Co-operative Bank Ltd, Mumbai, Maharashtra, was placed under directions for a period of six months vide directive dated June 24, 2015 from the close of business on June 26, 2015. The validity of the directions was extended on December 21, 2015 for a period of six months from December 25, 2015 and further for a period of three months from June 26, 2016 on June 22, 2016. Besides the withdrawal, limits were relaxed from ₹ 1,000/- to ₹ 10,000/- on August 11, 2016.
The R S Co-operative Bank Ltd, Mumbai, Maharashtra, was placed under directions for a period of six months vide directive dated June 24, 2015 from the close of business on June 26, 2015. The validity of the directions was extended on December 21, 2015 for a period of six months from December 25, 2015 and further for a period of three months from June 26, 2016 on June 22, 2016. Besides the withdrawal, limits were relaxed from ₹ 1,000/- to ₹ 10,000/- on August 11, 2016.
Sep 23, 2016
RBI issues Directions to Maratha Sahakari Bank Ltd., Mumbai, Maharashtra - Relaxation in payment of deposit
Maratha Sahakari Bank Ltd., Mumbai, was placed under directions for a period of six months vide directive dated August 31, 2016 from the close of business on August 31, 2016. In terms of the said directions, among other conditions, a sum not exceeding ₹ 1,000/- of the total balance in every savings bank or current account or any other deposit account by whatever name called was allowed to be withdrawn by a depositor. The Reserve Bank of India, in exercise of the power
Maratha Sahakari Bank Ltd., Mumbai, was placed under directions for a period of six months vide directive dated August 31, 2016 from the close of business on August 31, 2016. In terms of the said directions, among other conditions, a sum not exceeding ₹ 1,000/- of the total balance in every savings bank or current account or any other deposit account by whatever name called was allowed to be withdrawn by a depositor. The Reserve Bank of India, in exercise of the power
Sep 23, 2016
2 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 Das Securities Limited 201, Anarkali Bazar, Jhandewalan Extension, New Delhi
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 Das Securities Limited 201, Anarkali Bazar, Jhandewalan Extension, New Delhi
Sep 23, 2016
RBI cancels Certificate of Registration of 2 NBFCs
The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following 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 Office Address CoR No. Issued On Cancellation Order Date 1. M/s S.P. Global Finance and Investment Private Limited (Formerly Latur Finance and Investment Private Limited) Shop No. 15, City Arcade, Opp. P
The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following 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 Office Address CoR No. Issued On Cancellation Order Date 1. M/s S.P. Global Finance and Investment Private Limited (Formerly Latur Finance and Investment Private Limited) Shop No. 15, City Arcade, Opp. P
Sep 23, 2016
Issue of ₹ 20 banknotes without inset letter, with numerals in ascending size in number panels and without intaglio printing
The Reserve Bank of India will shortly issue ₹ 20 denomination banknotes in the Mahatma Gandhi Series-2005, without inset letter in both the number panels, bearing signature of Dr. Raghuram G.Rajan, Governor , Reserve Bank of India, and the year of printing '2016' printed on the reverse of the banknote. The design and security features of these banknotes to be issued now is similar to the ₹ 20 banknotes in Mahatma Gandhi Series- 2005 issued recently with the ascending
The Reserve Bank of India will shortly issue ₹ 20 denomination banknotes in the Mahatma Gandhi Series-2005, without inset letter in both the number panels, bearing signature of Dr. Raghuram G.Rajan, Governor , Reserve Bank of India, and the year of printing '2016' printed on the reverse of the banknote. The design and security features of these banknotes to be issued now is similar to the ₹ 20 banknotes in Mahatma Gandhi Series- 2005 issued recently with the ascending
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