In exercise of the powers conferred by clause (c) of the sub-section (1) of Section 8 of the Reserve Bank of India Act, 1934, the Central Government has nominated Shri Natarajan Chandrasekaran, Shri Bharat Narotam Doshi and Shri Sudhir Mankad as directors on the Central Board of Directors of the Reserve Bank of India for a period of four years with effect from March 4, 2016 or until further orders, whichever is earlier. Ajit Prasad Assistant Adviser Press Release: 201

Based on the recommendations of the Financial Stability and Development Council (FSDC) Sub-committee, Government of India had set up a Committee under the Chairmanship of Shri Sumit Bose, Former Union Finance Secretary with the following terms of reference: The Committee would study the prevailing incentive structure among various financial investment products taking into account the historical evolution of such a structure in India and globally and also the different

In terms of GoI notification F.No.4(19)-W&M/2014 and RBI circular IDMD.CDD.No. 2020/14.04.050/2015-16 dated March 4, 2016, the third tranche of the Sovereign Gold Bond will be open for subscription from March 8 to 14, 2016. The issue price of the Sovereign Gold Bond for the third tranche has been fixed at Rs.2916/- (Rupees Two Thousand Nine Hundred Sixteen only) per gram of gold. The rate has been fixed on the basis of simple average of closing price for gold of 9

The Reserve Bank of India, in consultation with the Government of India, has decided to issue third tranche of Sovereign Gold Bonds. Applications for the bond will be accepted from March 8, 2016 to March 14, 2016. The Bonds will be issued on March 29, 2016. The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL) and designated post offices. The borrowing through issuance of the Bond will form part of market borrowing programme of the G

The Reserve Bank of India has imposed a monetary penalty of ₹ 1.00 lakh (Rupees One lakh only) on The Muslim Co-operative Bank Ltd., Mysuru, Karnataka, in exercise of the powers vested in it under the provisions of Section 47 A (1) (b) read with Section 46 (4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) for violation of Reserve Bank of India’s instructions contained in Circular dated April 29, 2003 and dated June 24, 2003 and also Dir

Shri B. P. Kanungo has taken over as the new Executive Director at the Reserve Bank of India today. He will look after Foreign Exchange Department, Department of Government and Bank Accounts and Internal Debt Management Department. A career central banker, Shri Kanungo was in charge of Foreign Exchange Department before taking over as Executive Director. Earlier, he has also held positions of Regional Director at Jaipur and Kolkata Regional Offices of the Reserve Bank

The Reserve Bank of India has imposed a monetary penalty of ₹ 5.00 lakh (Rupees Five Lakh only) on The Nasik Merchants Co-operative Bank Ltd., Nashik in exercise of the 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 violations, during the tenure of the erstwhile Board of Directors, of the directives/ guidelines/instructions of the Reserve Bank of

The Reserve Bank of India today issued the Master Direction on Know Your Customer (KYC), Anti-Money Laundering (AML) and Combating of Financing of Terrorism (CFT). The Master Direction issued today consolidates all relevant instructions issued by different departments of the Reserve Bank so far on the subject and will be applicable to all its regulated entities. Background The Reserve Bank of India has started issuing Master Directions on all regulatory matters beginn

The Reserve Bank of India vide directive dated February 18, 2016 has, with some modifications, extended directions issued to Rupee Co-operative Bank Ltd., Pune, Maharashtra for a further period of six months from February 22, 2016 to August 21, 2016, subject to review. The bank can now allow its depositors to withdraw a sum not exceeding ₹ 20,000/- (Rupees Twenty Thousand only) in every savings bank account or current account or term deposit account or any other depos

In order to facilitate better liquidity management by the market participants and to align the liquidity operations with the working of payment systems, Reserve Bank of India has decided to conduct Reverse Repo and MSF operations on all Mumbai holidays when the RTGS is open. This change will come into effect from February 19, 2016. The timings of the Reverse Repo / MSF operations will be between 5:30 pm and 7: 30 pm on such holidays. Ajit Prasad Assistant Adviser Pres