Press Releases - RBI - Reserve Bank of India
Press Releases
Sep 30, 2006
The United Western Bank Ltd. branches to operate as Industrial Development Bank of India Ltd. branches from October 3, 2006
The Government of India has today sanctioned the Scheme for the amalgamation of The United Western Bank Ltd. with Industrial Development Bank of India Ltd. The amalgamation will come into force on October 3, 2006. All the branches of The United Western Bank Ltd. will function as branches of Industrial Development Bank of India Ltd. with effect from this date. Customers, including depositors of The United Western Bank Ltd., will be able to operate their accounts as cus
The Government of India has today sanctioned the Scheme for the amalgamation of The United Western Bank Ltd. with Industrial Development Bank of India Ltd. The amalgamation will come into force on October 3, 2006. All the branches of The United Western Bank Ltd. will function as branches of Industrial Development Bank of India Ltd. with effect from this date. Customers, including depositors of The United Western Bank Ltd., will be able to operate their accounts as cus
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Aug 31, 2006
Issue of Star Series Banknotes
The Reserve Bank of India will soon issue Star series banknotes. These will be issued to begin with in Rs.10, Rs.20 and Rs.50 denominations in the Mahatma Gandhi Series-2005. The Star series banknotes will look exactly like the existing banknotes of Rs.10, Rs.20 and Rs.50 but will have an additional character, viz., *(star) in the number panel between the prefix and the serial number. Consequently, some fresh banknote packets issued by the Reserve Bank may contain som
The Reserve Bank of India will soon issue Star series banknotes. These will be issued to begin with in Rs.10, Rs.20 and Rs.50 denominations in the Mahatma Gandhi Series-2005. The Star series banknotes will look exactly like the existing banknotes of Rs.10, Rs.20 and Rs.50 but will have an additional character, viz., *(star) in the number panel between the prefix and the serial number. Consequently, some fresh banknote packets issued by the Reserve Bank may contain som
Aug 10, 2006
Measures for Banks to ensure Business Continuity in Natural Calamities affected Areas
The Reserve Bank of India issued instructions to all scheduled banks for ensuring quick restoration of all banking services in areas affected by natural calamities. The Reserve Bank's instructions include providing continued access to the customers to their bank accounts and facilitating opening of new accounts by persons affected by natural calamities, especially for availing reliefs given by Government/other agencies. The guidelines also cover measures to be taken b
The Reserve Bank of India issued instructions to all scheduled banks for ensuring quick restoration of all banking services in areas affected by natural calamities. The Reserve Bank's instructions include providing continued access to the customers to their bank accounts and facilitating opening of new accounts by persons affected by natural calamities, especially for availing reliefs given by Government/other agencies. The guidelines also cover measures to be taken b
May 18, 2006
RBI constitutes Working Group to formulate a scheme for ensuring reasonableness of the bank charges
The Reserve Bank of India today constituted a Working Group to formulate a scheme for ensuring reasonableness of bank charges and to incorporate them in the Fair Practices Code. The compliance of Fair Practices Code would be monitored by the Banking Codes and Standards Board of India. The members of the Working Group will be: 1. Shri N. Sadasivan, Banking Ombudsman, Mumbai – Chairman 2. Shri S. Diwakara, All India Depositors' Association 3. Shri H.N. Sinor, Chief Exec
The Reserve Bank of India today constituted a Working Group to formulate a scheme for ensuring reasonableness of bank charges and to incorporate them in the Fair Practices Code. The compliance of Fair Practices Code would be monitored by the Banking Codes and Standards Board of India. The members of the Working Group will be: 1. Shri N. Sadasivan, Banking Ombudsman, Mumbai – Chairman 2. Shri S. Diwakara, All India Depositors' Association 3. Shri H.N. Sinor, Chief Exec
May 18, 2006
RBI constitutes a new Customer Service Department
The Reserve Bank of India has been taking measures, on an ongoing basis, for protection of customers’ rights, enhancing the quality of customer service and strengthening grievance redressal mechanism in banks and in the Reserve Bank of India. These activities were so far being undertaken by different departments of the Reserve Bank of India. In order to bring together all activities relating to customer service in banks and Reserve Bank of India in a single department
The Reserve Bank of India has been taking measures, on an ongoing basis, for protection of customers’ rights, enhancing the quality of customer service and strengthening grievance redressal mechanism in banks and in the Reserve Bank of India. These activities were so far being undertaken by different departments of the Reserve Bank of India. In order to bring together all activities relating to customer service in banks and Reserve Bank of India in a single department
May 06, 2006
Access to forex made easier for individuals: More entities to handle Non-trade Current Account Transactions
The Reserve Bank of India has today issued a circular announcing measures to enable individuals to have easier access to foreign exchange. According to the circular, select Full Fledged Money Changers, Urban Cooperative Banks and Regional Rural Banks will now be allowed to undertake a wider range of transactions relating to release/remittance of foreign exchange for various non-trade related current account transactions. With the progressive liberalisation in foreign
The Reserve Bank of India has today issued a circular announcing measures to enable individuals to have easier access to foreign exchange. According to the circular, select Full Fledged Money Changers, Urban Cooperative Banks and Regional Rural Banks will now be allowed to undertake a wider range of transactions relating to release/remittance of foreign exchange for various non-trade related current account transactions. With the progressive liberalisation in foreign
Jan 23, 2006
Collection of account payee cheque – Prohibition on crediting proceeds to third party account
In view of the recent misuse of Initial Public Offer (IPO) process by certain individuals/entities and reports received in this regard from Securities and Exchange Board of India (SEBI), the Reserve Bank of India took up detailed investigations at some banks to ascertain the modus operandi adopted by different parties in manipulating the system. It was observed that despite extant instructions, banks had credited the proceeds of individual account payee refund orders
In view of the recent misuse of Initial Public Offer (IPO) process by certain individuals/entities and reports received in this regard from Securities and Exchange Board of India (SEBI), the Reserve Bank of India took up detailed investigations at some banks to ascertain the modus operandi adopted by different parties in manipulating the system. It was observed that despite extant instructions, banks had credited the proceeds of individual account payee refund orders
Dec 26, 2005
RBI expands Scope of Banking Ombudsman Scheme; Includes Fair Banking Practices
The Reserve Bank of India today announced the revised Banking Ombudsman Scheme with enlarged scope to include customer complaints on certain new areas, such as, credit cRBI expands Scope of Banking Ombudsman Scheme; Includes Fair Banking Practicesard complaints, deficiencies in providing the promised services even by banks' sales agents, levying service charges without prior notice to the customer and non adherence to the fair practices code as adopted by individual b
The Reserve Bank of India today announced the revised Banking Ombudsman Scheme with enlarged scope to include customer complaints on certain new areas, such as, credit cRBI expands Scope of Banking Ombudsman Scheme; Includes Fair Banking Practicesard complaints, deficiencies in providing the promised services even by banks' sales agents, levying service charges without prior notice to the customer and non adherence to the fair practices code as adopted by individual b
Nov 08, 2005
No shortage of coins including Rs.5: RBI clarifies
The Reserve Bank of India has come across news reports stating that there is a shortage of Rs.5 coins due to which Rs.5 banknotes are being re-introduced. It is clarified, for the benefit of public that there is no shortage of coins of any denomination including Rs.5 coin with the offices of the Reserve Bank of India and also other banks. The members of public desirous of obtaining coins in any denominations, may do so in exchange, from the Reserve Bank of India as al
The Reserve Bank of India has come across news reports stating that there is a shortage of Rs.5 coins due to which Rs.5 banknotes are being re-introduced. It is clarified, for the benefit of public that there is no shortage of coins of any denomination including Rs.5 coin with the offices of the Reserve Bank of India and also other banks. The members of public desirous of obtaining coins in any denominations, may do so in exchange, from the Reserve Bank of India as al
Nov 03, 2005
25 paise Coins – Valid for transactions as hitherto: Clarifies RBI
The Reserve Bank has been receiving complaints from members of public regarding non-acceptance of 25 paise coins by shops, business establishments, utility services and even public sector organisations/government departments. It is also understood that there is a general impression in commercial and trading circles that 25 paise coins have ceased to be valid and are no longer in circulation. The Reserve Bank wishes to clarify that such reports are without any basis an
The Reserve Bank has been receiving complaints from members of public regarding non-acceptance of 25 paise coins by shops, business establishments, utility services and even public sector organisations/government departments. It is also understood that there is a general impression in commercial and trading circles that 25 paise coins have ceased to be valid and are no longer in circulation. The Reserve Bank wishes to clarify that such reports are without any basis an
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