Press Releases - Consumer Education and Protection - आरबीआय - Reserve Bank of India
प्रेस रिलीज
जुलै 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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जुलै 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
जुलै 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)
जुलै 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
जुलै 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
जुलै 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
जुलै 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
जुलै 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
जुलै 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
जुलै 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
जुलै 08, 2017
Corrigendum
The Reserve Bank of India had issued a Press Release on June 13, 2017 bearing reference number 2016-2017/3363 (“Press Release”) titled 'RBI identifies Accounts for Reference by Banks under the Insolvency and Bankruptcy Code (IBC)’. The third line of paragraph no. 5 of the Press Release, which reads as follows: “5. ...Such cases will be accorded priority by the National Company Law Tribunal (NCLT).” stands deleted. The remaining contents of the Press Release remain unc
The Reserve Bank of India had issued a Press Release on June 13, 2017 bearing reference number 2016-2017/3363 (“Press Release”) titled 'RBI identifies Accounts for Reference by Banks under the Insolvency and Bankruptcy Code (IBC)’. The third line of paragraph no. 5 of the Press Release, which reads as follows: “5. ...Such cases will be accorded priority by the National Company Law Tribunal (NCLT).” stands deleted. The remaining contents of the Press Release remain unc
जुलै 06, 2017
RBI extends Directions issued to the Brahmawart Commercial Co-operative Bank Ltd., Kanpur, Uttar Pradesh till November 06, 2017
The Reserve Bank of India has extended Directions issued to the Brahmawart Commercial Co-operative Bank Ltd., Kanpur for a further period of four months from July 07, 2017 to November 06, 2017, subject to review. The bank has been under directions issued under Section 35A of the Banking Regulation Act, 1949 (AACS) since July 07, 2015. The aforesaid directive was modified and its validity extended upto July 06, 2017. The same has further been extended upto November 06,
The Reserve Bank of India has extended Directions issued to the Brahmawart Commercial Co-operative Bank Ltd., Kanpur for a further period of four months from July 07, 2017 to November 06, 2017, subject to review. The bank has been under directions issued under Section 35A of the Banking Regulation Act, 1949 (AACS) since July 07, 2015. The aforesaid directive was modified and its validity extended upto July 06, 2017. The same has further been extended upto November 06,
जुलै 04, 2017
Amanath Co-operative Bank Ltd., Bengaluru- Extension of All Inclusive Directions under Section 35A of the Banking Regulation Act, 1949 (AACS)
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 April 1, 2013 read with subsequent directives, last being dated December 29, 2016 issued to the Amanath Cooperative Bank Ltd, Bengaluru for a further period of six months. Accordingly, the Reserve Bank of India, in exercise of powers vested in it under sub section (1) of Sectio
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 April 1, 2013 read with subsequent directives, last being dated December 29, 2016 issued to the Amanath Cooperative Bank Ltd, Bengaluru for a further period of six months. Accordingly, the Reserve Bank of India, in exercise of powers vested in it under sub section (1) of Sectio
जुलै 03, 2017
Laxmi Mahila Nagrik Sahkari Bank Maryadit, Raipur - Penalized
The Reserve Bank of India has imposed a monetary penalty of ₹ 3,00,000/- (₹ Three lakh only) on Laxmi Mahila Nagrik Sahkari Bank Maryadit, Raipur 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 guidelines on ‘Know Your Customer’ (KYC) issued by the Reserve Bank of India. The Reserve Bank of India had issued a show cause
The Reserve Bank of India has imposed a monetary penalty of ₹ 3,00,000/- (₹ Three lakh only) on Laxmi Mahila Nagrik Sahkari Bank Maryadit, Raipur 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 guidelines on ‘Know Your Customer’ (KYC) issued by the Reserve Bank of India. The Reserve Bank of India had issued a show cause
जून 30, 2017
Applicable Average Base Rate to be charged by NBFC-MFIs for the Quarter Beginning July 01, 2017
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 July 01, 2017 will be 9.22 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 averag
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 July 01, 2017 will be 9.22 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 averag
जून 30, 2017
Cancellation of licence of Gokul Co-operative Urban Bank Limited, Secunderabad to carry on banking business
It is hereby notified for the information of the public that the Reserve Bank of India has cancelled vide order dated June 20, 2017, the licence of Gokul Co-operative Urban Bank Ltd., 7-2-148, Monda Market, Secunderabad 500 003, to carry on banking business under Section 22 of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) read with Section 56 of Banking Regulation Act, 1949. As such, the bank is precluded from transacting the business of '
It is hereby notified for the information of the public that the Reserve Bank of India has cancelled vide order dated June 20, 2017, the licence of Gokul Co-operative Urban Bank Ltd., 7-2-148, Monda Market, Secunderabad 500 003, to carry on banking business under Section 22 of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) read with Section 56 of Banking Regulation Act, 1949. As such, the bank is precluded from transacting the business of '
जून 30, 2017
Caution against various Co-operative societies accepting deposits from non-members
It has come to the notice of the Reserve Bank of India that some Co-operative Societies/primary co-operative credit societies are accepting deposits from non-members/nominal members / associate members. Members of the public are hereby informed that such co-operative societies have neither been issued any licence under Banking Regulation Act, 1949 (As Applicable to Cooperative Societies) nor are they authorized by the Reserve Bank of India for doing banking business.
It has come to the notice of the Reserve Bank of India that some Co-operative Societies/primary co-operative credit societies are accepting deposits from non-members/nominal members / associate members. Members of the public are hereby informed that such co-operative societies have neither been issued any licence under Banking Regulation Act, 1949 (As Applicable to Cooperative Societies) nor are they authorized by the Reserve Bank of India for doing banking business.
जून 30, 2017
RBI releases Names of Applicants under the Guidelines for ‘on tap’ Licensing of Universal Banks in the Private Sector
The Reserve Bank of India today released the names of applicants under the Guidelines for ‘on tap’ Licensing of Universal Banks in the Private Sector. As on date, application from UAE Exchange and Financial Services Limited has been received by the Reserve Bank. It may be recalled that the Guidelines for ‘on tap’ Licensing of Universal Banks in the Private Sector, issued on August 1, 2016, indicated that in order to ensure transparency, the names of the applicants for
The Reserve Bank of India today released the names of applicants under the Guidelines for ‘on tap’ Licensing of Universal Banks in the Private Sector. As on date, application from UAE Exchange and Financial Services Limited has been received by the Reserve Bank. It may be recalled that the Guidelines for ‘on tap’ Licensing of Universal Banks in the Private Sector, issued on August 1, 2016, indicated that in order to ensure transparency, the names of the applicants for
जून 30, 2017
FINO Payments Bank Limited commences operations
FINO Payments Bank Limited has commenced operations as a payments bank with effect from June 30, 2017. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India. FINO PayTech Limited, Navi Mumbai was one of the 11 applicants which were issued in-principle approval for setting up a payments bank, as announced in the press release on August 19, 2015. Jose J. Kattoor Chief
FINO Payments Bank Limited has commenced operations as a payments bank with effect from June 30, 2017. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India. FINO PayTech Limited, Navi Mumbai was one of the 11 applicants which were issued in-principle approval for setting up a payments bank, as announced in the press release on August 19, 2015. Jose J. Kattoor Chief
जून 29, 2017
RBI to work on July 1, 2017 to facilitate clearing/settlements
On account of Reserve Bank’s annual closing of accounts on June 30, 2017 (Reserve Bank’s accounting year being July to June), and July 1, 2017 being a working Saturday, the Reserve Bank of India has decided that it will remain open on July 1, 2017 and the following services will be available as per schedule given below- Services, such as, RTGS/ NEFT, transfer of funds and settlement of securities will be available from 11:00 am onwards; Settlement of funds as well as
On account of Reserve Bank’s annual closing of accounts on June 30, 2017 (Reserve Bank’s accounting year being July to June), and July 1, 2017 being a working Saturday, the Reserve Bank of India has decided that it will remain open on July 1, 2017 and the following services will be available as per schedule given below- Services, such as, RTGS/ NEFT, transfer of funds and settlement of securities will be available from 11:00 am onwards; Settlement of funds as well as
जून 23, 2017
RBI amends Banking Ombudsman Scheme: Includes Complaints relating to Misselling and Mobile/ Electronic Banking
The Reserve Bank of India has widened the scope of its Banking Ombudsman Scheme 2006, to include, inter alia, deficiencies arising out of sale of insurance/ mutual fund/ other third party investment products by banks. Under the amended Scheme, a customer would also be able to lodge a complaint against the bank for its non-adherence to RBI instructions with regard to Mobile Banking/ Electronic Banking services in India. The pecuniary jurisdiction of the Banking Ombudsm
The Reserve Bank of India has widened the scope of its Banking Ombudsman Scheme 2006, to include, inter alia, deficiencies arising out of sale of insurance/ mutual fund/ other third party investment products by banks. Under the amended Scheme, a customer would also be able to lodge a complaint against the bank for its non-adherence to RBI instructions with regard to Mobile Banking/ Electronic Banking services in India. The pecuniary jurisdiction of the Banking Ombudsm
जून 22, 2017
Reserve Bank announces names of the members of Overseeing Committee
The Press Release issued by the Reserve Bank of India on May 22, 2017, outlining the steps taken and those on the anvil pursuant to the promulgation of the Banking Regulation (Amendment) Ordinance, 2017, had inter alia mentioned about the reconstitution of the Overseeing Committee (OC) with an expanded mandate. The Reserve Bank has since brought the OC under its aegis. The OC will, for the present, have five members, including a chairman, and will work through multipl
The Press Release issued by the Reserve Bank of India on May 22, 2017, outlining the steps taken and those on the anvil pursuant to the promulgation of the Banking Regulation (Amendment) Ordinance, 2017, had inter alia mentioned about the reconstitution of the Overseeing Committee (OC) with an expanded mandate. The Reserve Bank has since brought the OC under its aegis. The OC will, for the present, have five members, including a chairman, and will work through multipl
जून 16, 2017
RBI extends Directions issued to Navodaya Urban Co-operative Bank Ltd, Nagpur, Maharashtra
The Reserve Bank of India has extended the Directions earlier issued to Navodaya Urban Co-operative Bank Ltd, Nagpur for further four months. The Directions are now valid up to October 15, 2017, subject to review. The bank was earlier placed under directions from March 16, 2017 to June 15, 2017. The Directions were imposed in exercise of powers vested in the Reserve Bank under sub section (1) of Section 35A of the Banking Regulation Act, 1949 (AACS). A copy of the Dir
The Reserve Bank of India has extended the Directions earlier issued to Navodaya Urban Co-operative Bank Ltd, Nagpur for further four months. The Directions are now valid up to October 15, 2017, subject to review. The bank was earlier placed under directions from March 16, 2017 to June 15, 2017. The Directions were imposed in exercise of powers vested in the Reserve Bank under sub section (1) of Section 35A of the Banking Regulation Act, 1949 (AACS). A copy of the Dir
जून 14, 2017
False and misleading statements on the website of the Prithvi Credit Co-operative Society Limited (Multistate), Lucknow
It has come to the notice of the Reserve Bank of India that the captioned Society is misleading the public by displaying false statements on its website http://prithvisociety.com that RBI has issued NOC for converting multistate Prithvi Credit Cooperative Society Ltd. into Multistate Co-operative Bank by wrongly quoting the contents of the Reserve Bank’s letter LK.DCBS.1391/10.10.016/2016-17 dated February 08, 2017. It is brought to the notice of the general public th
It has come to the notice of the Reserve Bank of India that the captioned Society is misleading the public by displaying false statements on its website http://prithvisociety.com that RBI has issued NOC for converting multistate Prithvi Credit Cooperative Society Ltd. into Multistate Co-operative Bank by wrongly quoting the contents of the Reserve Bank’s letter LK.DCBS.1391/10.10.016/2016-17 dated February 08, 2017. It is brought to the notice of the general public th
जून 14, 2017
Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) - Sanmitra Sahakari Bank Maryadit, Mumbai, Maharashtra
Sanmitra Sahakari Bank Maryadit, Mumbai, Maharashtra, was placed under directions for a period of six months vide directive dated June 14, 2016 from the close of business on June 14, 2016. The validity of the directions was extended for a period of six months vide order dated December 07, 2016. It is hereby notified for the information of the public that the period of operation of the directive dated June 14, 2016 read with the directive dated December 07, 2016 has be
Sanmitra Sahakari Bank Maryadit, Mumbai, Maharashtra, was placed under directions for a period of six months vide directive dated June 14, 2016 from the close of business on June 14, 2016. The validity of the directions was extended for a period of six months vide order dated December 07, 2016. It is hereby notified for the information of the public that the period of operation of the directive dated June 14, 2016 read with the directive dated December 07, 2016 has be
जून 06, 2017
Marginal Cost of Funds Based Lending Rate (MCLR) for the month of May 2017
The Reserve Bank of India has today released Lending Rates of Scheduled Commercial Banks based on data received during the month of May 2017. Ajit Prasad Assistant Adviser Press Release: 2016-2017/3297
The Reserve Bank of India has today released Lending Rates of Scheduled Commercial Banks based on data received during the month of May 2017. Ajit Prasad Assistant Adviser Press Release: 2016-2017/3297
जून 05, 2017
Financial Literacy Week (June 5- 9, 2017)
Financial Literacy is the first step towards financial prosperity. Financial literacy empowers the common man with knowledge which enables better financial decision making and ultimately financial well-being. In order to create awareness at a large scale on key topics every year, Reserve Bank of India (RBI) has decided to observe one week in a year as ‘Financial Literacy Week’. RBI this year, across the States, will observe June 5 to 9 as the Financial Literacy Week.
Financial Literacy is the first step towards financial prosperity. Financial literacy empowers the common man with knowledge which enables better financial decision making and ultimately financial well-being. In order to create awareness at a large scale on key topics every year, Reserve Bank of India (RBI) has decided to observe one week in a year as ‘Financial Literacy Week’. RBI this year, across the States, will observe June 5 to 9 as the Financial Literacy Week.
जून 05, 2017
RBI imposed penalty on the Jalore Nagrik Sahakari Bank Limited, Jalore
The Reserve Bank of India has imposed a monetary penalty of ₹ 5.00 lakh (₹ Five lakh only) on the Jalore Nagrik Sahakari Bank Limited, Jalore, in exercise of powers vested in it under the provisions of Section 47 A (1) (c) read with 46 (4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for violation of RBI instructions / guidelines relating to (i) breach of prudential interbank single and gross exposure limit and (ii) giving donation ex
The Reserve Bank of India has imposed a monetary penalty of ₹ 5.00 lakh (₹ Five lakh only) on the Jalore Nagrik Sahakari Bank Limited, Jalore, in exercise of powers vested in it under the provisions of Section 47 A (1) (c) read with 46 (4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for violation of RBI instructions / guidelines relating to (i) breach of prudential interbank single and gross exposure limit and (ii) giving donation ex
जून 02, 2017
Financial Literacy Quiz
To emphasize the importance of financial literacy, the Reserve Bank of India is observing June 5-9, 2017 as Financial Literacy Week across the country. The Week will focus on four broad themes, viz. Know Your Customer (KYC), Exercising Credit Discipline, Grievance Redress and Going Digital (UPI and *99#). During this week, the Financial Literacy Centres (FLCs) and rural branches will conduct special camps and all bank branches in the country will display posters on th
To emphasize the importance of financial literacy, the Reserve Bank of India is observing June 5-9, 2017 as Financial Literacy Week across the country. The Week will focus on four broad themes, viz. Know Your Customer (KYC), Exercising Credit Discipline, Grievance Redress and Going Digital (UPI and *99#). During this week, the Financial Literacy Centres (FLCs) and rural branches will conduct special camps and all bank branches in the country will display posters on th
मे 23, 2017
Paytm Payments Bank Limited commences operations
Paytm Payments Bank Limited has commenced operations as a payments bank with effect from May 23, 2017. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India. Shri Vijay Shekhar Sharma was one of the 11 applicants who was issued in-principle approval for setting up a payments bank, as announced in the press release on August 19, 2015.Alpana Killawala Principal Advise
Paytm Payments Bank Limited has commenced operations as a payments bank with effect from May 23, 2017. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India. Shri Vijay Shekhar Sharma was one of the 11 applicants who was issued in-principle approval for setting up a payments bank, as announced in the press release on August 19, 2015.Alpana Killawala Principal Advise
मे 22, 2017
Reserve Bank of India Outlines the action plan to implement the Banking Regulation (Amendment) Ordinance, 2017
In a Release today, the Reserve Bank of India outlined the steps taken and those on the anvil post the promulgation of the Banking Regulation (Amendment) Ordinance, 2017. 2. The amendments to the BR Act 1949, introduced through the Ordinance, and the notification issued thereafter by the Central Government empower RBI to issue directions to any banking company or banking companies to initiate insolvency resolution process in respect of a default, under the provisions
In a Release today, the Reserve Bank of India outlined the steps taken and those on the anvil post the promulgation of the Banking Regulation (Amendment) Ordinance, 2017. 2. The amendments to the BR Act 1949, introduced through the Ordinance, and the notification issued thereafter by the Central Government empower RBI to issue directions to any banking company or banking companies to initiate insolvency resolution process in respect of a default, under the provisions
मे 19, 2017
Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) - Lokseva Sahakari Bank Ltd., Pune, Maharashtra
Lokseva Sahakari Bank Ltd., Pune, Maharashtra, was placed under directions for a period of six months vide directive dated May 19, 2014 from the close of business on May 20, 2014 for a period of six months. The validity of the directions were extended five times for a period of six months each, vide order dated November 12, 2014; dated May 06, 2015; dated November 04, 2015; dated May 13, 2016 and dated November 11, 2016. Besides, the bank, vide Directive dated January
Lokseva Sahakari Bank Ltd., Pune, Maharashtra, was placed under directions for a period of six months vide directive dated May 19, 2014 from the close of business on May 20, 2014 for a period of six months. The validity of the directions were extended five times for a period of six months each, vide order dated November 12, 2014; dated May 06, 2015; dated November 04, 2015; dated May 13, 2016 and dated November 11, 2016. Besides, the bank, vide Directive dated January
मे 18, 2017
RBI imposed penalty on The Karad Urban Co-operative Bank Ltd., Mumbai
The Reserve Bank of India has imposed a monetary penalty of ₹ 15.00 lakh (Rupees Fifteen Lakh only) on The Karad Urban Co-operative Bank Ltd., Mumbai in exercise of the powers vested in it under the provisions of Section 47A (1) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for breach of individual housing loan limit, breach of limit on loans for repair for house and diversion of loans for purchase of plot/land.
The Reserve Bank of India has imposed a monetary penalty of ₹ 15.00 lakh (Rupees Fifteen Lakh only) on The Karad Urban Co-operative Bank Ltd., Mumbai in exercise of the powers vested in it under the provisions of Section 47A (1) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for breach of individual housing loan limit, breach of limit on loans for repair for house and diversion of loans for purchase of plot/land.
मे 16, 2017
RBI imposes Monetary penalty on Yeshwant Nagari Sahakari Bank Ltd., Latur (Maharashtra)
The Reserve Bank of India has imposed a monetary penalty of ₹ 1.00 lakh (Rupees one lakh only) on Yeshwant Nagari Sahakari Bank Ltd., Latur, 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 (As Applicable to Co-operative Societies) for violation of the Know Your Customer and RBI instructions. The Reserve Bank of India had issued a show cause notice to the bank, in response to whi
The Reserve Bank of India has imposed a monetary penalty of ₹ 1.00 lakh (Rupees one lakh only) on Yeshwant Nagari Sahakari Bank Ltd., Latur, 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 (As Applicable to Co-operative Societies) for violation of the Know Your Customer and RBI instructions. The Reserve Bank of India had issued a show cause notice to the bank, in response to whi
एप्रि 26, 2017
RBI imposes Monetary Penalty on Dr. Panjabrao Deshmukh Urban Co-operative Bank Ltd., Amravati (Maharashtra)
The Reserve Bank of India has imposed a monetary penalty of ₹ 5.00 lakh (Rupees Five Lakhs only) on Dr. Panjabrao Deshmukh Urban Co-operative Bank Ltd., Amravati 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 (As Applicable to Co-operative Societies) for violation of Know Your Customer (KYC) norms. The Reserve Bank of India had issued a show cause notice to the bank, in respons
The Reserve Bank of India has imposed a monetary penalty of ₹ 5.00 lakh (Rupees Five Lakhs only) on Dr. Panjabrao Deshmukh Urban Co-operative Bank Ltd., Amravati 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 (As Applicable to Co-operative Societies) for violation of Know Your Customer (KYC) norms. The Reserve Bank of India had issued a show cause notice to the bank, in respons
एप्रि 26, 2017
RBI imposes monetary penalty on two Authorised Dealer Banks
The Reserve Bank of India has imposed monetary penalty on the following two banks for violation of Reserve Bank of India instructions on reporting requirements of FEMA 1999. The details of the penalty are: S. No. Name of the bank Penalty Amount (in ₹) 1. The Hongkong and Shanghai Banking Corporation Ltd. 70,000 2. Kotak Mahindra Bank 10,000 The penalties have been imposed in exercise of powers vested in the Reserve Bank under the provisions of section 11(3) of FEMA 19
The Reserve Bank of India has imposed monetary penalty on the following two banks for violation of Reserve Bank of India instructions on reporting requirements of FEMA 1999. The details of the penalty are: S. No. Name of the bank Penalty Amount (in ₹) 1. The Hongkong and Shanghai Banking Corporation Ltd. 70,000 2. Kotak Mahindra Bank 10,000 The penalties have been imposed in exercise of powers vested in the Reserve Bank under the provisions of section 11(3) of FEMA 19
एप्रि 24, 2017
RBI imposed penalty on Bhadohi Urban Co-operative Bank Ltd., Bhadohi
The Reserve Bank of India has imposed a monetary penalty of ₹ 20,000/- (twenty thousand rupees only) on Bhadohi Urban Co-operative Bank Ltd., Bhadohi in exercise of powers vested in it under the provisions of Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for violation of RBI Instructions/Guidelines on Policy and Practices regarding Nominal Membership, Exposure Norms and Statutory/Other Restrict
The Reserve Bank of India has imposed a monetary penalty of ₹ 20,000/- (twenty thousand rupees only) on Bhadohi Urban Co-operative Bank Ltd., Bhadohi in exercise of powers vested in it under the provisions of Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for violation of RBI Instructions/Guidelines on Policy and Practices regarding Nominal Membership, Exposure Norms and Statutory/Other Restrict
एप्रि 18, 2017
20 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 Akansha Consultancy Services Limited 705, Galav, Sayajigunj, Vadodara – 390005
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 Akansha Consultancy Services Limited 705, Galav, Sayajigunj, Vadodara – 390005
एप्रि 18, 2017
RBI cancels Certificate of Registration of 4 NBFCs
The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following four 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. Company's Name Address of Registered Office Certificate of Registration No. Issued On Date of cancellation 1 M/s Mumbai Discount Finance Private Limited 202, Nadiadwala Market, Poddar Road, Malad (East), Mumbai – 40009
The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following four 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. Company's Name Address of Registered Office Certificate of Registration No. Issued On Date of cancellation 1 M/s Mumbai Discount Finance Private Limited 202, Nadiadwala Market, Poddar Road, Malad (East), Mumbai – 40009
एप्रि 18, 2017
RBI opens the Office of the Banking Ombudsman at Jammu
Considering the significant increase in banking network during the recent past and the large jurisdiction being covered by the current Office of the Banking Ombudsman, New Delhi-I, the Reserve Bank has set up an Office of the Banking Ombudsman for the State of Jammu and Kashmir at Reserve Bank of India, Jammu. The Office of the Banking Ombudsman at Reserve Bank of India, Jammu will have the jurisdiction over the entire State of Jammu and Kashmir which, hitherto was un
Considering the significant increase in banking network during the recent past and the large jurisdiction being covered by the current Office of the Banking Ombudsman, New Delhi-I, the Reserve Bank has set up an Office of the Banking Ombudsman for the State of Jammu and Kashmir at Reserve Bank of India, Jammu. The Office of the Banking Ombudsman at Reserve Bank of India, Jammu will have the jurisdiction over the entire State of Jammu and Kashmir which, hitherto was un
एप्रि 18, 2017
RBI signs Memorandum of Understanding (MoU) on “Supervisory Cooperation and Exchange of Supervisory Information” with the Royal Monetary Authority of Bhutan
The Reserve Bank of India signed a Memorandum of Understanding (MoU) on “Supervisory Cooperation and Exchange of Supervisory Information” with the Royal Monetary Authority of Bhutan. The MoU was signed by Mr Phajo Dorjee, Deputy Governor on behalf of Royal Monetary Authority of Bhutan and Mr S S Mundra, Deputy Governor on behalf of Reserve Bank of India. The Reserve Bank has entered into Memorandam of Understanding, Letter for Supervisory Co-operation and Statement of
The Reserve Bank of India signed a Memorandum of Understanding (MoU) on “Supervisory Cooperation and Exchange of Supervisory Information” with the Royal Monetary Authority of Bhutan. The MoU was signed by Mr Phajo Dorjee, Deputy Governor on behalf of Royal Monetary Authority of Bhutan and Mr S S Mundra, Deputy Governor on behalf of Reserve Bank of India. The Reserve Bank has entered into Memorandam of Understanding, Letter for Supervisory Co-operation and Statement of
एप्रि 17, 2017
RBI opens the Office of the Banking Ombudsman at Raipur
Considering the significant increase in banking network during the recent past and the large jurisdiction being covered by the current Office of the Banking Ombudsman, Bhopal, the Reserve Bank has set up an Office of the Banking Ombudsman for the State of Chhattisgarh at Reserve Bank of India, Raipur. The Office of the Banking Ombudsman at Reserve Bank of India, Raipur will have the jurisdiction over the entire State of Chhattisgarh which, hitherto was under the juris
Considering the significant increase in banking network during the recent past and the large jurisdiction being covered by the current Office of the Banking Ombudsman, Bhopal, the Reserve Bank has set up an Office of the Banking Ombudsman for the State of Chhattisgarh at Reserve Bank of India, Raipur. The Office of the Banking Ombudsman at Reserve Bank of India, Raipur will have the jurisdiction over the entire State of Chhattisgarh which, hitherto was under the juris
एप्रि 13, 2017
RBI extends Directions to Jamkhed Merchants Co-operative Bank Ltd., Ahmednagar, Maharashtra
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 was extended for a period of six months from October 13, 2016 to April 12, 2017 vide directive dated October 06, 2016. The validity of the aforesaid directions has been further extended for a period of two months upto June 12, 2017 dated
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 was extended for a period of six months from October 13, 2016 to April 12, 2017 vide directive dated October 06, 2016. The validity of the aforesaid directions has been further extended for a period of two months upto June 12, 2017 dated
एप्रि 11, 2017
RBI imposes Monetary Penalty on M/s Shriram City Union Finance Ltd
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹20 lakh on M/s Shriram City Union Finance Ltd. (the company) under section 58G(1)(b) read with sub-section 5(aa) of section 58B of the RBI Act, 1934 for violation of directions/orders issued by Reserve Bank of India from time to time. Background A scrutiny of sample loan accounts of the company was conducted under section 45N of Reserve Bank of India Act, 1934 (the RBI Act, 1934) during November, 2015.
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹20 lakh on M/s Shriram City Union Finance Ltd. (the company) under section 58G(1)(b) read with sub-section 5(aa) of section 58B of the RBI Act, 1934 for violation of directions/orders issued by Reserve Bank of India from time to time. Background A scrutiny of sample loan accounts of the company was conducted under section 45N of Reserve Bank of India Act, 1934 (the RBI Act, 1934) during November, 2015.
एप्रि 11, 2017
RBI imposes Monetary Penalty on M/s Hinduja Leyland Finance Ltd
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹5 lakh on M/s Hinduja Leyland Finance Ltd. (the company) under section 58G(1)(b) read with sub-section 5(aa) of section 58B of the RBI Act, 1934 for violation of directions/orders issued by Reserve Bank of India from time to time. Background An inspection of books and accounts of the company as on March 31, 2015 was conducted under section 45N of Reserve Bank of India Act, 1934 (the RBI Act, 1934) betw
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹5 lakh on M/s Hinduja Leyland Finance Ltd. (the company) under section 58G(1)(b) read with sub-section 5(aa) of section 58B of the RBI Act, 1934 for violation of directions/orders issued by Reserve Bank of India from time to time. Background An inspection of books and accounts of the company as on March 31, 2015 was conducted under section 45N of Reserve Bank of India Act, 1934 (the RBI Act, 1934) betw
एप्रि 07, 2017
RBI releases Discussion Paper on ‘Wholesale & Long-Term Finance Banks’
The Reserve Bank of India today released on its website a Discussion Paper on ‘Wholesale & Long-Term Finance Banks’. The discussion paper explores the scope for setting up more differentiated banks, specifically wholesale & long-term finance banks in the context of having issued in-principle approvals and licences to set up differentiated banks, such as, payments banks and small finance banks. As envisaged in the discussion paper, the Wholesale and Long-Term F
The Reserve Bank of India today released on its website a Discussion Paper on ‘Wholesale & Long-Term Finance Banks’. The discussion paper explores the scope for setting up more differentiated banks, specifically wholesale & long-term finance banks in the context of having issued in-principle approvals and licences to set up differentiated banks, such as, payments banks and small finance banks. As envisaged in the discussion paper, the Wholesale and Long-Term F
एप्रि 03, 2017
RBI extends Directions issued to Gokul Co-operative Urban Bank Ltd., Secunderabad
The Reserve Bank of India, in exercise of the powers vested in it under Section 35A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) has directed that the Directives issued to Gokul Co-operative Urban Bank Ltd., Secunderabad from the close of business on April 04, 2017 shall continue to apply to the bank for a further period upto June 30, 2017 subject to review. Other terms and conditions of the Directive under reference shall remain uncha
The Reserve Bank of India, in exercise of the powers vested in it under Section 35A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) has directed that the Directives issued to Gokul Co-operative Urban Bank Ltd., Secunderabad from the close of business on April 04, 2017 shall continue to apply to the bank for a further period upto June 30, 2017 subject to review. Other terms and conditions of the Directive under reference shall remain uncha
एप्रि 03, 2017
RBI cancels the licence of The Mercantile Urban Co-operative Bank Ltd., Meerut, Uttar Pradesh
It is hereby notified for the information of the public that the Reserve Bank of India (RBI) has cancelled vide order dated March 30, 2017, the licence of The Mercantile Urban Co-operative Bank Ltd., Meerut, to carry on banking business under section 22 of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) read with Section 56 of the Banking Regulation Act, 1949. As such, the bank is precluded from transacting the business of ‘banking’ as defin
It is hereby notified for the information of the public that the Reserve Bank of India (RBI) has cancelled vide order dated March 30, 2017, the licence of The Mercantile Urban Co-operative Bank Ltd., Meerut, to carry on banking business under section 22 of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) read with Section 56 of the Banking Regulation Act, 1949. As such, the bank is precluded from transacting the business of ‘banking’ as defin
एप्रि 01, 2017
Applicable Average Base Rate to be charged by NBFC-MFIs for the Quarter Beginning April 01, 2017
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 April 01, 2017 will be 9.35 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 avera
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 April 01, 2017 will be 9.35 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 avera
मार्च 31, 2017
RBI issues Directions to The Kapol Co-operative Bank Ltd., Mumbai
The Reserve Bank of India (vide directive DCBS.CO.BSD-I/D-09/12.22.111/2016-17 dated March 30, 2017) has placed The Kapol Co-operative Bank Ltd., Mumbai Maharashtra, under Directions. According to the Directions, depositors will be allowed to withdraw a sum not exceeding ₹ 3000 (Rupees Three Thousand only) of the total balance held in every saving bank or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI
The Reserve Bank of India (vide directive DCBS.CO.BSD-I/D-09/12.22.111/2016-17 dated March 30, 2017) has placed The Kapol Co-operative Bank Ltd., Mumbai Maharashtra, under Directions. According to the Directions, depositors will be allowed to withdraw a sum not exceeding ₹ 3000 (Rupees Three Thousand only) of the total balance held in every saving bank or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI
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पेज अंतिम अपडेट तारीख: नोव्हेंबर 19, 2024
