Press Releases - आरबीआय - Reserve Bank of India
Press Releases
Press Releases* April 2011 RBI Introduces Working Paper Series The Reserve Bank of India has decided to introduce a ‘RBI Working Paper Series’ (RBI - WP) to provide a platform to the Reserve Bank Staff for presenting their research studies as well as to receive feedback from informed researchers. One of the hallmarks of research in central banks is to sense the relevant developments and emerging challenges and provide quality research inputs for policy making. To be able to do this, the research studies should be on subjects linked with the goals and objectives of the central bank and should be conducted in a scientific way. With proactive and strategic role of the central bank staff, the research inputs could serve as necessary tools for scientific policy-making and efficient functioning of the central bank. The initiative to publish the Working Papers comes in the wake of encouraging the Reserve Bank staff to contribute towards such efforts. The views expressed in all the research publications of the Reserve Bank, including the RBI Working Papers Series, do not necessarily reflect the views of the Reserve Bank and as such should not be reported as representing the views of the Reserve Bank of India. Feedback, if any, on the papers could be addressed to the respective authors of the RBI Working Paper Series. Government of India repurchased the Fertiliser Bonds Issued to Various Fertiliser Companies April 1, 2011
Opening of Rural Planning and Credit Department at RBI, Panaji Office April 1, 2011 The General Manager & Officer-in-Charge The Reserve Bank of India started functioning in Goa in 1983 when Goa was still a Union Territory. It catered to the foreign exchange needs of the people and institutions in the Union Territory of Goa. Reserve Bank of India Penalises The Jamnagar People’s Co-operative Bank Ltd., Jamnagar April 4, 2011 The Reserve Bank had issued a show cause notice to the bank, in response to which the bank submitted a written reply. After considering facts of the case, the bank's reply and also personal submissions in the matter, the Reserve Bank concluded that the violation was substantiated and warranted imposition of penalty. RBI Never asks for Your Bank Account Details April 5, 2011 It has come to the notice of the Reserve Bank of India that mail has been sent in its name ‘inviting bank customers to update their bank account details against online phishing’. The Reserve Bank has clarified that it has NOT sent any such email. It has further clarified that the Reserve Bank or banks never issue communication asking for bank account details for any purpose. The Reserve Bank has appealed to members of public not to respond to such mails and not to share their bank account details with anyone for any purpose. Reserve Bank of India Penalises The Mehsana Urban Co-operative Bank Ltd., Mehsana (Gujarat) April 5, 2011 Reserve Bank of India Penalises The Waghodia Urban Co-operative Bank Ltd., District Vadodara April 7, 2011 The Reserve Bank had issued a show cause notice to the bank, in response to which the bank submitted a written reply. After considering the facts of the case, the bank's reply and also personal submissions in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of penalty. Reserve Bank of India Penalises Navsarjan Industrial Co-operative Bank Ltd., Amkleshwar April 7, 2011 The Reserve Bank of India, in exercise of powers vested in it under the provisions of Section 47A (1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS), imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on Navsarjan Industrial Cooperative Bank Ltd., Ankleshwar. The penalty was imposed for not adhering to Anti-Money Laundering (AML) guidelines. The Reserve Bank had issued a show cause notice to the bank, in response to which the bank submitted a written reply. After considering the facts of the case, the bank's reply and also personal submissions in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of penalty. Reserve Bank of India Penalises Shree Bharat Co-operative Bank Ltd., Vadodara April 7, 2011 The Reserve Bank of India, in exercise of powers vested in it under the provisions of Section 47A (1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS), imposed a monetary penalty of `1 lakh (Rupees one lakh only) on Shree Bharat Co-operative Bank Ltd., Vadodara. The penalty was imposed for violation of Reserve Bank of India directives/guidelines by not adhering to Anti-Money Laundering (AML) guidelines, regarding submission of reports for cash transactions above `10 lakh. The Reserve Bank had issued a show cause notice to the bank, in response to which the bank submitted a written reply. After considering the facts of the case, the bank's reply and also personal submissions in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of penalty. RBI Revokes the Authorisation Granted to Kaizen Automation Private Ltd; Mumbai for Issuance of Prepaid Cards known as 'Go Mumbai' cards April 7, 2011 In exercise of the powers conferred under Section 8 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has revoked the Authorisation granted to Kaizen Automation Private Limited, B-601-602, Citi Point, Andheri, Kurla Road, J. B. Nagar, Near Kohinoor Continental, Andheri (East), Mumbai-400059 for issuance and operation of prepaid cards known as 'Go Mumbai' cards, with immediate effect.RBI Extends Liquidity Management Measures April 8, 2011 • The additional liquidity support to scheduled commercial banks under the LAF to the extent of up to one per cent of their net demand and time liabilities (NDTL) is now extended up to May 6, 2011. For any shortfall in maintenance of the statutory liquidity ratio (SLR) arising out of availment of this facility, banks may seek waiver of penal interest on a fortnightly basis purely as an ad hoc, temporarymeasure. These facilities will be reviewed once a view is taken on the recommendations of Report of the Working Group on Operating Procedure of Monetary Policy (Chairman: Shri Deepak Mohanty). Reserve Bank of India Penalises Shree Savli Nagrik Sahakari Bank Ltd., District Vadodara April 8, 2011 Shree Mahalaxmi Mercantile Cooperative Bank Limited, Dabhoi, Dist. Vadodara, Gujarat – Penalised April 11, 2011 The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on Shree Mahalaxmi Mercantile Co-operative Bank Limited, Dabhoi, Dist. Vadodara, Gujarat, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) for violation of operational instructions by sanctioning fresh loans and advances. The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply. After considering the facts of the case and the bank's reply and also personal submissions in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of the penalty. The Rander People's Cooperative Bank Limited, Rander, Dist. Surat, Gujarat – Penalised April 11, 2011 The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on The Rander People's Co-operative Bank Limited, Rander, Dist. Surat, Gujarat, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply. After considering the facts of the case and the bank's reply and also personal submissions in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of the penalty. Underwriting Auctions for Government Securities April 11, 2011
The underwriting auctions will be conducted using multiple price based auction method. Primary Dealers (PDs) may submit their bids for ACU auctions electronically through Negotiated Dealing System (NDS) between 10.30 a.m. and 12.30 p.m. on April 13, 2011 (Wednesday). The underwriting commission will be credited to the current account of the respective PDs at the RBI, Fort, Mumbai on the date of issue of securities. The Ankola Urban Cooperative Bank Limited, Ankola, Dist. Uttara Kannada – Penalised April 13, 2011 The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply. After considering the facts of the case and the bank's reply and also personal submissions in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of the penalty. The Kushtagi Pattana Sahakara Bank Niyanit, Kushtagi, Dist. Koppal – Penalised April 13, 2011 The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply. After considering the facts of the case and the bank's reply and also personal submissions in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of the penalty. The Salal Sarvoday Nagarik Sahakari Bank Limited, Salal, Dist. Sabarkantha, Gujarat – Penalised April 13, 2011 The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply. After considering the facts of the case and the bank's reply and also personal submissions in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of the penalty. Goldman Sachs authorised to undertake Primary Dealer Business April 15, 2011 The Botad People's Co-operative Bank Limited, Botad, Dist. Bhavnagar, Gujarat– Penalised April 15, 2011 The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply. After considering the facts of the case and the bank's reply and also personal submissions in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of the penalty. The Suvikas People's Co-operative Bank Ltd., Ahmedabad – Penalised April 15, 2011 Shri Vinayak Sahakari Bank Ltd., Ahmedabad – Penalised April 15, 2011 The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply. After considering the facts of the case, bank's reply and personal submissions in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of the penalty. The Siddhi Co-operative Bank Ltd., Ahmedabad – Penalised April 15, 2011 The Reserve Bank had issued a show cause notice to The Siddhi Co-operative Bank Ltd. The bank submitted a written reply in response to the Show Cause notice and after considering facts of the case, the bank's reply and personal submissions in the matter, the Reserve Bank concluded that the violations were substantiated and warranted imposition of penalty. The Reserve Bank has imposed the penalty in exercise of powers vested in it under the provisions of Section 47 A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). Foreign Exchange for You: RBI Reaches out to Kolkata Public through Exhibition April 18, 2011 The exhibition is open to public between 10.00 a.m. to 6.00 p.m. at the National Library on April 18 and 19, 2011. A few public and private sector banks as well as full-fledged money changers have put their stalls exhibiting foreign exchange facilities available to members of public. A special desk to answer public queries on fictitious offers of foreign exchange is also set up by the Reserve Bank. The Reserve Bank has been conducting such outreach programmes in various parts of the country. The outreach programme includes an exhibition of foreign exchange facilities made available to trade and individuals over the past several years. Interface with the Top Executives of the Reserve Bank of India is a highlight of such outreach programmes. Dwarakadas Mantri Nagari Sahakari Bank Ltd., Beed, Dist. Beed – Penalised April 19, 2011 The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply. After considering the facts of the case, bank's reply and personal submissions in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of the penalty. IDBI Bank Limited Authorised as Primary Dealer April 19, 2011 Reserve Bank Cancels the Licence of Shri Balaji Co-operative Bank Ltd., Nashik (Maharashtra) April 21, 2011 The bank was granted a licence by Reserve Bank on October 14, 1996 to commence banking business. The statutory inspection of the bank with reference to its financial position as on March 31, 2009 assessed the CRAR at (-) 3.0 per cent, negative networth of (-) `2.84 lakh and erosion in deposits to the extent of 1.6 per cent. Gross and Net NPAs were 91.5 per cent and 81.5 per cent of Gross and Net Advances respectively on that date. The bank was also advised on January 22, 2010 to step up its recovery efforts and submit a concrete proposal for merger latest by March 31, 2010. The bank's financial position deteriorated sharply with reference to its financial position as on March 31, 2010 wiping off not only owned funds of the bank but also eroding deposits to the extent of 31.4 per cent. The CRAR of the bank was (-) 88.5 per cent as against the prescribed minimum of 9 per cent. The bank had also defaulted in maintaining of CRR and SLR. Inspite of giving sufficient time and opportunity, the bank had not been able to improve its financials or submit any concrete proposal for merger. Due to its precarious financial position, the bank was placed under directions under Section 35 A of the Banking Regulation Act, 1949 (AACS) vide Directive UBD CO BSD-I No. D-19/12.22.378/2010-11 dated October 18, 2010. Serious deficiencies as mentioned above revealed that the affairs of the bank were being conducted in a manner detrimental to the interests of the depositors. The bank did not comply with the provisions of Sections 11(1), 18, 22(3)(a) & (b) and 24 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies). The bank had also not taken any initiative towards recovery of NPAs. In view of the aforesaid serious deficiencies/ irregularities and the deteriorating financial position of the bank, it was issued a notice on December 03, 2010 to show cause (SCN) as to why the licence granted to the bank on October 14, 1996 to conduct banking business should not be cancelled. The bank submitted its reply to the SCN vide its letter dated December 30, 2010. The reply to the SCN was considered and examined but not found satisfactory. Further, no concrete proposal was received from the bank for merger. Therefore, Reserve Bank of India took the extreme measure of cancelling licence of the bank in the interest of bank's depositors. With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of the Shri Balaji Cooperative Bank Ltd, Nashik, Maharashtra will be set in motion subject to the terms and conditions of the Deposit Insurance Scheme. Consequent to the cancellation of its licence, Shri Balaji Co-operative Bank Ltd, Nashik, Maharashtra is prohibited from carrying on 'banking business' as defined in Section 5(b) of the Banking Regulation Act, 1949 (AACS) including acceptance and repayment of deposits. For any clarifications, depositors may approach Smt. K.S. Jyotsna, Deputy General Manager, Urban Banks Department, Mumbai Regional Office, Reserve Bank of India, Mumbai, whose contact details are as below: Postal Address: Urban Banks Department, Mumbai Regional Office, Reserve Bank of India, 2nd Floor, Garment House, Dr. A.B. Road, Worli, Mumbai - 400 018. Telephone Number: (022) 24824203, 24939930, Fax Number: (022) 24935495 Email. WMA Limits for Government of India fixed for the Financial Year 2011-12 April 22, 2011 The Reserve Bank may trigger fresh floatation of market loans when the Government of India utilises 75 per cent of the WMA limit. The Reserve Bank would retain the flexibility to revise the limits at any time, in consultation with the Government of India, taking into consideration the prevailing circumstances. The interest rate on WMA/overdraft will be: The minimum balance required to be maintained by the Government of India with the Reserve Bank of India will not be less than `100 crore on Fridays, on the date of closure of Government of India's financial year and on June 30, i.e., closure of the annual accounts of the Reserve Bank of India and not less than `10 crore on other days. Independence Co-operative Bank Ltd., Nasik – Penalised April 25, 2011 The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply. Based on the reply the Reserve Bank of India After considering the facts of the case, bank’s reply and personal submissions in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of the penalty.Ajit PrasadAssistant General ManagerPress Release : 2010- 2011/1547 The Bhuj Mercantile Co-operative Bank Ltd., Bhuj, Dist. Kutch – Penalised April 25, 2011 The Reserve Bank had issued a show cause notice to The Bhuj Co-operative Bank Ltd., Bhuj, Dist. Kutch. The bank submitted a written reply in response to the Show Cause notice and after considering facts of the case, the bank's reply and personal submissions in the matter, the Reserve Bank concluded that the violations were substantiated and warranted imposition of penalty. The Reserve Bank has imposed the penalty in exercise of powers vested in it under the provisions of Section 47 A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI imposes Penalty on 19 Commercial Banks for Non-compliance of its instructions on Derivatives April 26, 2011 The penalties have been imposed on these banks for contravention of various instructions issued by the Reserve Bank in respect of derivatives, such as, failure to carry out due diligence in regard to suitability of products, selling derivative products to users not The Reserve Bank had issued Show Cause Notices to these banks. In response to this, the banks submitted their written replies. On a careful examination of the banks' written replies and the oral submissions made during the personal hearings, the Reserve Bank found that the violations were established and the penalties were thus imposed.
RBI Releases Discussion Paper on Deregulation of Savings Bank Deposit Rate April 28, 2011 1. Should savings deposit interest rate be deregulated at this point of time? 5. Should higher interest rate be paid on savings deposits without a cheque book facility? Suggestions and comments may please be sent by May 20, 2011 to the Adviser-in-Charge, Reserve Bank of India, Monetary Policy Department, Central Office, 24th floor, Central Office Building, Mumbai-400001 or by email. Manipal Co-operative Bank Ltd., Manipal, Karnataka – Penalised April 29, 2011 * Important Press Releases during April 2011. |
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