Press Releases - Consumer Education and Protection - ఆర్బిఐ - Reserve Bank of India
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జూన్ 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.
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జూన్ 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
జూన్ 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
మే 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
మే 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
మే 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
మే 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.
మే 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
ఏప్రి 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
ఏప్రి 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
ఏప్రి 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
ఏప్రి 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
ఏప్రి 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
ఏప్రి 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
ఏప్రి 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
ఏప్రి 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
ఏప్రి 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
ఏప్రి 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.
ఏప్రి 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
ఏప్రి 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
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