Press Releases - Regulating Commercial Banking - RBI - Reserve Bank of India
Press Releases
Jan 09, 2006
Ganesh Bank of Kurundwad: RBI announces Amalgamation Scheme with Federal Bank
The Reserve Bank of India has today placed in public domain a draft scheme of amalgamation of the Ganesh Bank of Kurundwad Limited with the Federal Bank Limited. The Reserve Bank has invited suggestions and comments from members of public, including the banks' shareholders, depositors and creditors on the draft scheme. The draft scheme has also been sent to both the banks. Both the banks have been given two weeks' time, upto January 21, 2006, to consider the draft sch
The Reserve Bank of India has today placed in public domain a draft scheme of amalgamation of the Ganesh Bank of Kurundwad Limited with the Federal Bank Limited. The Reserve Bank has invited suggestions and comments from members of public, including the banks' shareholders, depositors and creditors on the draft scheme. The draft scheme has also been sent to both the banks. Both the banks have been given two weeks' time, upto January 21, 2006, to consider the draft sch
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Nov 24, 2005
RBI releases Report on Trend and Progress of Banking in India: 2004-05
The Reserve Bank of India has today released its Report on Trend and Progress of Banking in India, 2004-05. The Report gives a detailed account of the policy developments and performance of commercial banks, co-operative banks and non-banking financial institutions during 2004-05. The Report is divided into seven chapters and contains detailed statistical tables on several parameters relating to the operations and performance of various financial institutions. Overvie
The Reserve Bank of India has today released its Report on Trend and Progress of Banking in India, 2004-05. The Report gives a detailed account of the policy developments and performance of commercial banks, co-operative banks and non-banking financial institutions during 2004-05. The Report is divided into seven chapters and contains detailed statistical tables on several parameters relating to the operations and performance of various financial institutions. Overvie
Nov 07, 2005
Commercial Bank Presence in India and Pakistan
An understanding has been reached between the Reserve Bank of India (RBI) and the State Bank of Pakistan (SBP) on granting permission for opening two branches of banks from India in Pakistan and two branches of banks from Pakistan in India, on a reciprocal basis. The specific banks to be permitted to open the branches would be mutually agreed upon by the RBI and the SBP keeping in view their respective regulatory policies and procedures. The licensing of subsequent or
An understanding has been reached between the Reserve Bank of India (RBI) and the State Bank of Pakistan (SBP) on granting permission for opening two branches of banks from India in Pakistan and two branches of banks from Pakistan in India, on a reciprocal basis. The specific banks to be permitted to open the branches would be mutually agreed upon by the RBI and the SBP keeping in view their respective regulatory policies and procedures. The licensing of subsequent or
Oct 20, 2005
RBI imposes penalty on State Bank of Indore, Madhya Pradesh
The Reserve Bank of India imposes a penalty of Rs.5,00,000/-(Rupees five lakh only) on State Bank of Indore, Indore, Madhya Pradesh, under Section 47(A)(1)(b) of the Banking Regulation Act, 1949 for violation of instructions/guidelines issued by the Reserve Bank of India in regard to opening of account and monitoring of cash transactions at one of their branches during the year 2000. P.V.Sadanandan Manager Press Release: 2005-2006/487
The Reserve Bank of India imposes a penalty of Rs.5,00,000/-(Rupees five lakh only) on State Bank of Indore, Indore, Madhya Pradesh, under Section 47(A)(1)(b) of the Banking Regulation Act, 1949 for violation of instructions/guidelines issued by the Reserve Bank of India in regard to opening of account and monitoring of cash transactions at one of their branches during the year 2000. P.V.Sadanandan Manager Press Release: 2005-2006/487
Sep 30, 2005
Scheme of Amalgamation under section 44A of Banking Regulation Act, 1949 - Bank of Punjab Ltd. with Centurion Bank Ltd
In exercise of the powers contained in Sub-section (4) of Section 44A of the Banking Regulation Act, 1949, the Reserve Bank of India sanctioned the Scheme of Amalgamation of Bank of Punjab Ltd. with Centurion Bank Ltd. The Scheme shall come into force with effect from October 1, 2005. All the branches of Bank of Punjab Ltd. shall from October 1, 2005, function as branches of Centurion Bank Ltd. Ajit Prasad Manager Press Release: 2005-2006/412
In exercise of the powers contained in Sub-section (4) of Section 44A of the Banking Regulation Act, 1949, the Reserve Bank of India sanctioned the Scheme of Amalgamation of Bank of Punjab Ltd. with Centurion Bank Ltd. The Scheme shall come into force with effect from October 1, 2005. All the branches of Bank of Punjab Ltd. shall from October 1, 2005, function as branches of Centurion Bank Ltd. Ajit Prasad Manager Press Release: 2005-2006/412
Aug 12, 2005
HLCC on financial and capital markets meets
A meeting of the High Level Coordination Committee (HLCC) on Financial and Capital Markets (HLCCFCM) was held today at the Reserve Bank of India (RBI), Delhi. Dr. Y.V.Reddy, Governor, Reserve Bank of India chaired the meeting. Shri A.K.Jha, Secretary, Economic Affairs, Ministry of Finance, Government of India, Shri M. Damodaran Chairman, Securities and Exchange Board of India (SEBI), Shri C.S.Rao, Chairman, Insurance Regulatory and Development Authority (IRDA), and ot
A meeting of the High Level Coordination Committee (HLCC) on Financial and Capital Markets (HLCCFCM) was held today at the Reserve Bank of India (RBI), Delhi. Dr. Y.V.Reddy, Governor, Reserve Bank of India chaired the meeting. Shri A.K.Jha, Secretary, Economic Affairs, Ministry of Finance, Government of India, Shri M. Damodaran Chairman, Securities and Exchange Board of India (SEBI), Shri C.S.Rao, Chairman, Insurance Regulatory and Development Authority (IRDA), and ot
Jun 23, 2005
No Repo/Reverse Repo operation on July 1, 2005
The Reserve Bank of India will conduct Repo/Reverse Repo auction under Liquidity Adjustment Facility (LAF) on June 30, 2005 for four days (with reversal on July 4, 2005) instead of one day, as announced earlier. Further, no Repo/Reverse Repo operation will be conducted on July 1, 2005. This is in partial modification of the auction calendar in respect of LAF notified vide our Press Release : 2004-2005/1012 dated March 29, 2005. The modification has become necessary du
The Reserve Bank of India will conduct Repo/Reverse Repo auction under Liquidity Adjustment Facility (LAF) on June 30, 2005 for four days (with reversal on July 4, 2005) instead of one day, as announced earlier. Further, no Repo/Reverse Repo operation will be conducted on July 1, 2005. This is in partial modification of the auction calendar in respect of LAF notified vide our Press Release : 2004-2005/1012 dated March 29, 2005. The modification has become necessary du
Jun 15, 2005
HLCC on Financial and Capital Markets Meets
A meeting of the High Level Coordination Committee (HLCC) on Financial and Capital Markets (HLCCFCM) was held today at the Reserve Bank of India (RBI), Mumbai. Dr. Y.V.Reddy, Governor, Reserve Bank of India chaired the meeting. Dr. Rakesh Mohan, Secretary, Economic Affairs, Ministry of Finance, Government of India, Shri M.Damodaran Chairman, Securities and Exchange Board of India (SEBI), Shri C.S.Rao, Chairman, Insurance Regulatory and Development Authority (IRDA), an
A meeting of the High Level Coordination Committee (HLCC) on Financial and Capital Markets (HLCCFCM) was held today at the Reserve Bank of India (RBI), Mumbai. Dr. Y.V.Reddy, Governor, Reserve Bank of India chaired the meeting. Dr. Rakesh Mohan, Secretary, Economic Affairs, Ministry of Finance, Government of India, Shri M.Damodaran Chairman, Securities and Exchange Board of India (SEBI), Shri C.S.Rao, Chairman, Insurance Regulatory and Development Authority (IRDA), an
Jun 13, 2005
RBI Working Group to Review Export Credit submits Report
The Reserve Bank of India's Working Group to review a range of issues relating to export credit has submitted its report. The Working Group, based on the presentations made by the representatives of the Export Promotion Organisations, discussions and study of the statistics and relevant information made available to it, has recommended that in respect of the Rupee export credit, the present interest rate prescription by the Reserve Bank of India may continue for the t
The Reserve Bank of India's Working Group to review a range of issues relating to export credit has submitted its report. The Working Group, based on the presentations made by the representatives of the Export Promotion Organisations, discussions and study of the statistics and relevant information made available to it, has recommended that in respect of the Rupee export credit, the present interest rate prescription by the Reserve Bank of India may continue for the t
Apr 25, 2005
Reserve Bank releases Report on Credit Card Regulations
The Reserve Bank released the on its website (www.rbi.org.in) Payment of penalty to the recipient of unsolicited card in case the card got activated without the approval of the recipient, Code of conduct for direct selling agents, 'Do Not Call Registry' website to be maintained by the Indian Banks' Association, sending the most important terms and conditions highlighting crucial items to the customers at all the stages and authorising the Banking Ombudsman to redress
The Reserve Bank released the on its website (www.rbi.org.in) Payment of penalty to the recipient of unsolicited card in case the card got activated without the approval of the recipient, Code of conduct for direct selling agents, 'Do Not Call Registry' website to be maintained by the Indian Banks' Association, sending the most important terms and conditions highlighting crucial items to the customers at all the stages and authorising the Banking Ombudsman to redress
Apr 01, 2005
Scheme of Amalgamation of IDBI Bank Ltd. with IDBI Ltd. to be effective from April 2, 2005
The scheme of amalgamation of the IDBI Bank Ltd. with IDBI Ltd., will come into effect from April 2, 2005. The Reserve Bank has sanctioned the scheme of amalgamation of these two banks in exercise of the powers contained in Sub-Section (4) of Section 44A of the Banking Regulation Act, 1949.Alpana KillawalaChief General Manger Press Release: 2004-2005/1033
The scheme of amalgamation of the IDBI Bank Ltd. with IDBI Ltd., will come into effect from April 2, 2005. The Reserve Bank has sanctioned the scheme of amalgamation of these two banks in exercise of the powers contained in Sub-Section (4) of Section 44A of the Banking Regulation Act, 1949.Alpana KillawalaChief General Manger Press Release: 2004-2005/1033
Mar 16, 2005
DICGC raises Premium for Deposit Insurance
The Deposit Insurance and Credit Guarantee Corporation (DICGC) has decided to raise the deposit insurance premium to 10 paise per Rs.100 from 5 paise per Rs.100 of assessable deposit per annum. The premium will be raised in a phased manner over a period of two years. In the first phase, the premium rate would be increased to 8 paise from 5 paise per annum per Rs.100 of assessable deposits for the financial year 2004-05. In the second phase the deposit insurance premiu
The Deposit Insurance and Credit Guarantee Corporation (DICGC) has decided to raise the deposit insurance premium to 10 paise per Rs.100 from 5 paise per Rs.100 of assessable deposit per annum. The premium will be raised in a phased manner over a period of two years. In the first phase, the premium rate would be increased to 8 paise from 5 paise per annum per Rs.100 of assessable deposits for the financial year 2004-05. In the second phase the deposit insurance premiu
Feb 02, 2005
RBI issues Guidelines on Merger/Amalgamation for Urban Banks
The Reserve Bank of India has, in the recent past, received some interest for merger/amalgamation from among the urban cooperative banks (urban banks). With a view to encouraging and facilitating consolidation and emergence of strong entities and providing an avenue for non-disruptive exit of weak/unviable entities in the co-operative banking sector, the Reserve Bank has decided to issue suitable guidelines to facilitate merger/amalgamation in the sector and place the
The Reserve Bank of India has, in the recent past, received some interest for merger/amalgamation from among the urban cooperative banks (urban banks). With a view to encouraging and facilitating consolidation and emergence of strong entities and providing an avenue for non-disruptive exit of weak/unviable entities in the co-operative banking sector, the Reserve Bank has decided to issue suitable guidelines to facilitate merger/amalgamation in the sector and place the
Dec 24, 2004
Dealing with Customer Complaints of Credit Cards: RBI asks banks to be more sensitive to customer complaints:IBA to evolve a Code of Conduct for Credit Card Issuing Banks
At a meeting of banks issuing credit cards held today, by the Reserve Bank of India in Mumbai, it was decided that the Indian Banks' Association along with some large credit cards issuing banks will evolve a code of conduct to be voluntarily adopted by the banks issuing credit cards. The meeting was held in the wake of significant concerns that had arisen of late in regard to credit card operations of banks. The Reserve Bank also stressed on the need for the card issu
At a meeting of banks issuing credit cards held today, by the Reserve Bank of India in Mumbai, it was decided that the Indian Banks' Association along with some large credit cards issuing banks will evolve a code of conduct to be voluntarily adopted by the banks issuing credit cards. The meeting was held in the wake of significant concerns that had arisen of late in regard to credit card operations of banks. The Reserve Bank also stressed on the need for the card issu
Nov 29, 2004
RBI releases Report on Trend and Progress of Banking in India-2003-04
The Reserve Bank of India has released today its Report on Trend and Progress of Banking in India, 2003-04. The Report gives a detailed account of the performance of and policy developments relating to commercial banks, co-operative banks, financial institutions and non-banking financial companies during 2003-04. A chapter on financial stability covering various emerging issues has been introduced. The Report is divided into eight Chapters and contains detailed statis
The Reserve Bank of India has released today its Report on Trend and Progress of Banking in India, 2003-04. The Report gives a detailed account of the performance of and policy developments relating to commercial banks, co-operative banks, financial institutions and non-banking financial companies during 2003-04. A chapter on financial stability covering various emerging issues has been introduced. The Report is divided into eight Chapters and contains detailed statis
Oct 20, 2004
RBI to disclose Penalties and Specific Supervisory Actions on Banks from November 1
The Reserve Bank of India has, in the interest of the investors and depositors, decided to disclose the penalties imposed by it on banks. In a circular issued to commercial banks, it has said that it would, from November 1, 2004 issue a press release giving details of the circumstances under which the penalty is imposed on a bank. It would also place the communication on the imposition of penalty to the bank in public domain. In addition, the Reserve Bank has asked ba
The Reserve Bank of India has, in the interest of the investors and depositors, decided to disclose the penalties imposed by it on banks. In a circular issued to commercial banks, it has said that it would, from November 1, 2004 issue a press release giving details of the circumstances under which the penalty is imposed on a bank. It would also place the communication on the imposition of penalty to the bank in public domain. In addition, the Reserve Bank has asked ba
Jul 26, 2004
Draft Scheme of GTB - OBC Amalgamation
Global Trust Bank Ltd., (GTB) has been placed under an Order of Moratorium on July 24, 2004 which is effective upto October 23, 2004 or an earlier date if alternate arrangements are in place. During the period of moratorium, the Reserve Bank of India has to decide the future set up of GTB. GTB had been given time to arrange for infusion of capital as also to explore the options of raising required capital or voluntary merger with any domestic bank. GTB’s proposal for
Global Trust Bank Ltd., (GTB) has been placed under an Order of Moratorium on July 24, 2004 which is effective upto October 23, 2004 or an earlier date if alternate arrangements are in place. During the period of moratorium, the Reserve Bank of India has to decide the future set up of GTB. GTB had been given time to arrange for infusion of capital as also to explore the options of raising required capital or voluntary merger with any domestic bank. GTB’s proposal for
Jul 05, 2004
Comments/Suggestions on Draft Policy on Private Banks
The Reserve Bank of India has received several suggestions and queries from the market participants and media on its draft policy framework for ownership and governance of private banks. The Reserve Bank, on Friday, placed the draft policy framework on its website for public debate. The Reserve Bank welcomes valuable suggestions and feedback. Anyone who wishes to seek clarifications or make suggestions on the draft policy is welcome to post them Based on the feedback
The Reserve Bank of India has received several suggestions and queries from the market participants and media on its draft policy framework for ownership and governance of private banks. The Reserve Bank, on Friday, placed the draft policy framework on its website for public debate. The Reserve Bank welcomes valuable suggestions and feedback. Anyone who wishes to seek clarifications or make suggestions on the draft policy is welcome to post them Based on the feedback
Jun 14, 2004
RBI releases Report of the Working Group on Financial Conglomerates for Public Comments
The Reserve Bank of India today placed for public comments the Report of the Working Group on Financial Conglomerates on its website. The Report has been released in pursuance of paragraph 131 of the Annual Policy Statement for the year 2004-05. Comments may please be sent to Chief General Manager-in-Charge, Department of Banking Supervision, Reserve Bank of India, World Trade Centre, Mumbai 400 005 or to fax No.022-22160932 It may be recalled that the Governor had an
The Reserve Bank of India today placed for public comments the Report of the Working Group on Financial Conglomerates on its website. The Report has been released in pursuance of paragraph 131 of the Annual Policy Statement for the year 2004-05. Comments may please be sent to Chief General Manager-in-Charge, Department of Banking Supervision, Reserve Bank of India, World Trade Centre, Mumbai 400 005 or to fax No.022-22160932 It may be recalled that the Governor had an
Jun 11, 2004
HLCC on Financial and Capital Markets Meets
A meeting of the High Level Coordination Committee (HLCC) on Financial and Capital Markets (HLCCFCM) was held today at the Reserve Bank of India (RBI), Mumbai. Dr. Y.V.Reddy, Governor, Reserve Bank of India chaired the meeting. Shri D.C.Gupta, Finance Secretary and Shri N.S.Sisodia, Secretary (Financial Sector), Ministry of Finance, Government of India, Shri G.N. Bajpai, Chairman, Securities and Exchange Board of India (SEBI), Shri C.S.Rao, Chairman, Insurance Regulat
A meeting of the High Level Coordination Committee (HLCC) on Financial and Capital Markets (HLCCFCM) was held today at the Reserve Bank of India (RBI), Mumbai. Dr. Y.V.Reddy, Governor, Reserve Bank of India chaired the meeting. Shri D.C.Gupta, Finance Secretary and Shri N.S.Sisodia, Secretary (Financial Sector), Ministry of Finance, Government of India, Shri G.N. Bajpai, Chairman, Securities and Exchange Board of India (SEBI), Shri C.S.Rao, Chairman, Insurance Regulat
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