Press Releases - Regulating Co-operative Banking - RBI - Reserve Bank of India
Press Releases
May 07, 2021
Group of Advisors to Regulations Review Authority invites feedback and suggestions
The Reserve Bank of India has set up a Regulations Review Authority (RRA 2.0), initially for a period of one year from May 01, 2021, vide press release dated April 15, 2021. The RRA will review the regulatory prescriptions internally as well as by seeking suggestions from the RBI regulated entities and other stakeholders on their simplification and ease of implementation. 2. The RRA has constituted an Advisory Group, representing members from regulated entities, inclu
The Reserve Bank of India has set up a Regulations Review Authority (RRA 2.0), initially for a period of one year from May 01, 2021, vide press release dated April 15, 2021. The RRA will review the regulatory prescriptions internally as well as by seeking suggestions from the RBI regulated entities and other stakeholders on their simplification and ease of implementation. 2. The RRA has constituted an Advisory Group, representing members from regulated entities, inclu
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Apr 30, 2021
Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 - The Needs of Life Co-operative Bank Ltd, Mumbai - Extension of Period
The Reserve Bank of India vide directive DCBS.CO.BSD-I/D-3/12.22.163/2018-19 dated October 26, 2018 had placed The Needs of Life Co-operative Bank Ltd, Mumbai under Directions from the close of business on October 29, 2018 for a period of six months. The validity of the directions was extended from time-to-time, the last being up to April 30, 2021. 2. It is hereby notified for the information of the public that the Reserve Bank of India, in exercise of powers vested i
The Reserve Bank of India vide directive DCBS.CO.BSD-I/D-3/12.22.163/2018-19 dated October 26, 2018 had placed The Needs of Life Co-operative Bank Ltd, Mumbai under Directions from the close of business on October 29, 2018 for a period of six months. The validity of the directions was extended from time-to-time, the last being up to April 30, 2021. 2. It is hereby notified for the information of the public that the Reserve Bank of India, in exercise of powers vested i
Apr 30, 2021
Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 - The Kapol Co-operative Bank Ltd, Mumbai, Maharashtra - Extension of Period
The Reserve Bank of India vide directive DCBS.CO.BSD-I./D-9/12.22.111/2016-17 dated March 30, 2017 had placed The Kapol Co-operative Bank Ltd, Mumbai, Maharashtra under Directions from the close of business on March 30, 2017 for a period of six months. The validity of the directions was extended from time-to-time, the last being up to April 30, 2021. 2. It is hereby notified for the information of the public that Reserve Bank of India, in exercise of powers vested in
The Reserve Bank of India vide directive DCBS.CO.BSD-I./D-9/12.22.111/2016-17 dated March 30, 2017 had placed The Kapol Co-operative Bank Ltd, Mumbai, Maharashtra under Directions from the close of business on March 30, 2017 for a period of six months. The validity of the directions was extended from time-to-time, the last being up to April 30, 2021. 2. It is hereby notified for the information of the public that Reserve Bank of India, in exercise of powers vested in
Apr 27, 2021
Issue of Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including Housing Finance Companies)
The Reserve Bank of India had announced in the ‘Statement on Developmental and Regulatory Policies’ issued as part of the Monetary Policy Statement dated December 4, 2020 that with a view to improve the quality of financial reporting of Supervised Entities (SEs), harmonised guidelines on appointment of Statutory Auditors of Commercial Banks (excluding RRBs), Primary (Urban) Co-operative Banks (UCBs) and Non-Banking Finance Companies (NBFCs) will be issued. 2. Accordin
The Reserve Bank of India had announced in the ‘Statement on Developmental and Regulatory Policies’ issued as part of the Monetary Policy Statement dated December 4, 2020 that with a view to improve the quality of financial reporting of Supervised Entities (SEs), harmonised guidelines on appointment of Statutory Auditors of Commercial Banks (excluding RRBs), Primary (Urban) Co-operative Banks (UCBs) and Non-Banking Finance Companies (NBFCs) will be issued. 2. Accordin
Apr 22, 2021
RBI cancels the licence of Bhagyodaya Friends Urban Co-operative Bank Limited, Warud, Dist. Amravati, Maharashtra
Today, the Reserve Bank of India (RBI) has, vide order dated April 20, 2021 cancelled the licence of Bhagyodaya Friends Urban Co-operative Bank Limited, Warud, Dist. Amravati, Maharashtra. Consequently, the bank ceases to carry on banking business, with effect from the close of business on April 22, 2021. The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a
Today, the Reserve Bank of India (RBI) has, vide order dated April 20, 2021 cancelled the licence of Bhagyodaya Friends Urban Co-operative Bank Limited, Warud, Dist. Amravati, Maharashtra. Consequently, the bank ceases to carry on banking business, with effect from the close of business on April 22, 2021. The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a
Apr 19, 2021
Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS) - United Cooperative Bank Limited, Bagnan Station Road (North), P.O. - Bagnan, Dist- Howrah, West Bengal - Extension of Period
The Reserve Bank of India, in public interest, had issued Directions to United Co-operative Bank Limited, Bagnan, West Bengal in exercise of its powers vested in it under Sub-Section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS) from the close of business on July 18, 2018, as modified from time to time which was last extended upto April 18, 2021. Reserve Bank of India has now, in public interest, further extended the Directions fo
The Reserve Bank of India, in public interest, had issued Directions to United Co-operative Bank Limited, Bagnan, West Bengal in exercise of its powers vested in it under Sub-Section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS) from the close of business on July 18, 2018, as modified from time to time which was last extended upto April 18, 2021. Reserve Bank of India has now, in public interest, further extended the Directions fo
Apr 17, 2021
Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949, (AACS) - Bhagyodaya Friends Urban Co-operative Bank Ltd., Warud, Distt. Amravati, Maharashtra - Extension of Period
The Reserve Bank of India, in the public interest, had issued directions to Bhagyodaya Friends Urban Co-operative Bank Ltd., Warud, Distt. Amravati, Maharashtra in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS) from the close of business on January 17, 2019. These directions were modified from time to time, the validity of which was last extended upto April 17, 2021. These shall cont
The Reserve Bank of India, in the public interest, had issued directions to Bhagyodaya Friends Urban Co-operative Bank Ltd., Warud, Distt. Amravati, Maharashtra in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS) from the close of business on January 17, 2019. These directions were modified from time to time, the validity of which was last extended upto April 17, 2021. These shall cont
Apr 15, 2021
Constitution of the Regulations Review Authority 2.0
The Reserve Bank of India had set up a Regulations Review Authority (RRA) initially for a period of one year from April 1, 1999 for reviewing the regulations, circulars, reporting systems, based on the feedback from public, banks and financial institutions. The recommendations of the RRA enabled streamlining and increasing the effectiveness of several procedures, simplifying regulatory prescriptions, paved the way for issuance of master circular and reduced reporting
The Reserve Bank of India had set up a Regulations Review Authority (RRA) initially for a period of one year from April 1, 1999 for reviewing the regulations, circulars, reporting systems, based on the feedback from public, banks and financial institutions. The recommendations of the RRA enabled streamlining and increasing the effectiveness of several procedures, simplifying regulatory prescriptions, paved the way for issuance of master circular and reduced reporting
Apr 12, 2021
The Bihar Awami Co-operative Bank Ltd, Bihar - Penalised
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹5,00,000/- (Five Lakh Rupees) on The Bihar Awami Co-operative Bank Ltd. in exercise of powers vested in it under the provisions of Section 47 A read with Section 46 (4) and Section 56 of the Banking Regulation Act, 1949 (AACS) for violation of the extant directions on Know Your Customer and guidelines in the matter of exchange of Specified Bank Notes, issued by the Reserve Bank of India. The Reserve Ba
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹5,00,000/- (Five Lakh Rupees) on The Bihar Awami Co-operative Bank Ltd. in exercise of powers vested in it under the provisions of Section 47 A read with Section 46 (4) and Section 56 of the Banking Regulation Act, 1949 (AACS) for violation of the extant directions on Know Your Customer and guidelines in the matter of exchange of Specified Bank Notes, issued by the Reserve Bank of India. The Reserve Ba
Apr 10, 2021
Directions under Section 35A read with Section 56 of Banking Regulation Act, 1949 (AACS) - Kolikata Mahila Co-operative Bank Limited, 8D Krishna Laha Lane, Kolkata, West Bengal- Withdrawal of Directions
Reserve Bank of India, in public interest, had issued Directions under Sub-Section (1) of Section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS) to Kolikata Mahila Co-operative Bank Limited, Kolkata, West Bengal vide Directive DCBS.CO.BSD-III/D-17/12.29.054/2018-19 dated June 27, 2019. Directions imposed were extended and modified from time to time, last being up to April 09, 2021 vide Directive DOR.CO.AID.No.D-50/12.29.054/2020-21 dated January 0
Reserve Bank of India, in public interest, had issued Directions under Sub-Section (1) of Section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS) to Kolikata Mahila Co-operative Bank Limited, Kolkata, West Bengal vide Directive DCBS.CO.BSD-III/D-17/12.29.054/2018-19 dated June 27, 2019. Directions imposed were extended and modified from time to time, last being up to April 09, 2021 vide Directive DOR.CO.AID.No.D-50/12.29.054/2020-21 dated January 0
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