Press Releases - RBI - Reserve Bank of India
Press Releases
Jan 01, 2018
Cessation of 8 per cent GoI Savings (Taxable) Bonds, 2003
The Government of India (GoI), vide Notification No.F.4(10)-W&M/2003 dated January 01, 2018, hereby announces that 8% GoI Savings (Taxable) Bonds, 2003 shall cease for subscription with effect from the close of banking business on Tuesday, the 02nd January, 2018. Ajit Prasad Assistant Adviser Press Release : 2017-2018/1790
The Government of India (GoI), vide Notification No.F.4(10)-W&M/2003 dated January 01, 2018, hereby announces that 8% GoI Savings (Taxable) Bonds, 2003 shall cease for subscription with effect from the close of banking business on Tuesday, the 02nd January, 2018. Ajit Prasad Assistant Adviser Press Release : 2017-2018/1790
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Dec 22, 2017
RBI Clarification on Banks under Prompt Corrective Action
The Reserve Bank of India has come across some misinformed communication circulating in some section of media including social media, about closure of some Public Sector Banks in the wake of their being placed under the Prompt Corrective Action (PCA) framework. In this context attention is drawn to the press release issued on June 5, 2017, which stated as under: “The Reserve Bank has clarified that the PCA framework is not intended to constrain normal operations of th
The Reserve Bank of India has come across some misinformed communication circulating in some section of media including social media, about closure of some Public Sector Banks in the wake of their being placed under the Prompt Corrective Action (PCA) framework. In this context attention is drawn to the press release issued on June 5, 2017, which stated as under: “The Reserve Bank has clarified that the PCA framework is not intended to constrain normal operations of th
Dec 21, 2017
Primary (Urban) Co-operative Banks’ Outlook 2016-17
The Reserve Bank of India today herewith releases the 4th volume of the annual publication titled ‘Primary (Urban) Co-operative Banks’ Outlook 2016-17’. It can be accessed at https://dbie.rbi.org.in/DBIE/dbie.rbi?site=publications. The publication has been brought out by the ‘Department of Co-operative Bank Supervision’ of the Reserve Bank of India. The publication covers the financial accounts of Scheduled and Non-Scheduled Primary (Urban) Co-operative Banks for the
The Reserve Bank of India today herewith releases the 4th volume of the annual publication titled ‘Primary (Urban) Co-operative Banks’ Outlook 2016-17’. It can be accessed at https://dbie.rbi.org.in/DBIE/dbie.rbi?site=publications. The publication has been brought out by the ‘Department of Co-operative Bank Supervision’ of the Reserve Bank of India. The publication covers the financial accounts of Scheduled and Non-Scheduled Primary (Urban) Co-operative Banks for the
Dec 20, 2017
Composition and Ownership Pattern of Deposits with Scheduled Commercial Banks (SCBs) - March 31, 2017
Today, the Reserve Bank released data on composition and ownership pattern of deposits with scheduled commercial banks (SCBs) as on March 31, 2017. The population group classification of centres where bank branches/ offices are located is based on Census 2011. Also, the two small finance banks (SFBs), added to the Second Schedule of the Reserve Bank of India Act 1934 in February 2017 have been covered in this data release. Highlights: Households’ share in total deposi
Today, the Reserve Bank released data on composition and ownership pattern of deposits with scheduled commercial banks (SCBs) as on March 31, 2017. The population group classification of centres where bank branches/ offices are located is based on Census 2011. Also, the two small finance banks (SFBs), added to the Second Schedule of the Reserve Bank of India Act 1934 in February 2017 have been covered in this data release. Highlights: Households’ share in total deposi
Dec 18, 2017
Marginal Cost of Funds Based Lending Rate (MCLR) for the month of November 2017
The Reserve Bank of India has today released Lending Rates of Scheduled Commercial Banks based on data received during the month of November 2017. Ajit Prasad Assistant Adviser Press Release: 2017-2018/1665
The Reserve Bank of India has today released Lending Rates of Scheduled Commercial Banks based on data received during the month of November 2017. Ajit Prasad Assistant Adviser Press Release: 2017-2018/1665
Dec 15, 2017
Reserve Bank of India imposes monetary penalty on Syndicate Bank
The Reserve Bank of India (RBI) has imposed, on December 12, 2017, a monetary penalty of ₹ 50 million on Syndicate Bank (the bank) for non-compliance with the directions/guidelines issued by RBI on cheque purchase/discounting, bill discounting, and Know Your Customer (KYC)/Anti-Money Laundering (AML) 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 Ac
The Reserve Bank of India (RBI) has imposed, on December 12, 2017, a monetary penalty of ₹ 50 million on Syndicate Bank (the bank) for non-compliance with the directions/guidelines issued by RBI on cheque purchase/discounting, bill discounting, and Know Your Customer (KYC)/Anti-Money Laundering (AML) 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 Ac
Dec 14, 2017
RBI imposes Monetary Penalty on M/s Radhakrishna Finance Pvt. Ltd
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1 lakh on M/s Radhakrishna Finance Pvt. 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 various directions/orders issued by Reserve Bank of India from time to time. Background A scrutiny of the company under section 45N of Reserve Bank of India Act, 1934 (the RBI Act, 1934) with reference to its financial position as on March 3
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1 lakh on M/s Radhakrishna Finance Pvt. 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 various directions/orders issued by Reserve Bank of India from time to time. Background A scrutiny of the company under section 45N of Reserve Bank of India Act, 1934 (the RBI Act, 1934) with reference to its financial position as on March 3
Dec 13, 2017
Reserve Bank of India imposes monetary penalty on IndusInd Bank Limited
The Reserve Bank of India (RBI) has imposed on December 12, 2017, a monetary penalty of ₹ 30 million on IndusInd Bank Limited (the bank) for non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms and contravention of regulatory restrictions pertaining to non-fund based (NFB) facilities. 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
The Reserve Bank of India (RBI) has imposed on December 12, 2017, a monetary penalty of ₹ 30 million on IndusInd Bank Limited (the bank) for non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms and contravention of regulatory restrictions pertaining to non-fund based (NFB) facilities. 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
Dec 11, 2017
Professor Vijay Joshi, Emeritus Fellow, Merton College, Oxford, delivers the Fifteenth L. K. Jha Memorial Lecture titled ‘India’s Economic Reforms: Reflections on the Unfinished Agenda
The Reserve Bank of India hosted the fifteenth L.K. Jha Memorial Lecture on December 11, 2017 in Mumbai. The lecture was delivered by Professor Vijay Joshi, Emeritus Fellow, Merton College, Oxford. Governor Dr. Urjit R. Patel welcomed the guests and highlighted the significance of the L.K. Jha Memorial Lecture series instituted by the Reserve Bank of India in 1990. Prof. Vijay Joshi has written several books on India, including India’s Long Road: The Search for Prospe
The Reserve Bank of India hosted the fifteenth L.K. Jha Memorial Lecture on December 11, 2017 in Mumbai. The lecture was delivered by Professor Vijay Joshi, Emeritus Fellow, Merton College, Oxford. Governor Dr. Urjit R. Patel welcomed the guests and highlighted the significance of the L.K. Jha Memorial Lecture series instituted by the Reserve Bank of India in 1990. Prof. Vijay Joshi has written several books on India, including India’s Long Road: The Search for Prospe
Dec 11, 2017
RBI penalised The A P Mahajan’s Co-operative Urban Bank Ltd., Hyderabad, Telangana
The Reserve Bank of India has imposed a monetary penalty of ₹ 0.50 lakh (Rupees Fifty thousand only) on The A P Mahajan’s Co-operative Urban Bank Ltd., Hyderabad, Telangana, 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 Reserve Bank of India directives and guidelines on Exposure Norms and Statutory/Other Restrict
The Reserve Bank of India has imposed a monetary penalty of ₹ 0.50 lakh (Rupees Fifty thousand only) on The A P Mahajan’s Co-operative Urban Bank Ltd., Hyderabad, Telangana, 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 Reserve Bank of India directives and guidelines on Exposure Norms and Statutory/Other Restrict
Dec 06, 2017
Fifth Bi-monthly Monetary Policy Statement, 2017-18 Resolution of the Monetary Policy Committee (MPC) Reserve Bank of India
On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to: keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.0 per cent. Consequently, the reverse repo rate under the LAF remains at 5.75 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 6.25 per cent. The decision of the MPC is consistent with a neutral stance of
On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to: keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.0 per cent. Consequently, the reverse repo rate under the LAF remains at 5.75 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 6.25 per cent. The decision of the MPC is consistent with a neutral stance of
Dec 06, 2017
Statement on Developmental and Regulatory Policies
Rationalisation of Merchant Discount Rate 1. In recent times, debit card transactions at ‘Point of Sales’ have shown significant growth. With a view to giving further fillip to acceptance of debit card payments for purchase of goods and services across a wider network of merchants, it has been decided to rationalise the framework for Merchant Discount Rate (MDR) applicable on debit card transactions based on the category of merchants. A differentiated MDR for asset-li
Rationalisation of Merchant Discount Rate 1. In recent times, debit card transactions at ‘Point of Sales’ have shown significant growth. With a view to giving further fillip to acceptance of debit card payments for purchase of goods and services across a wider network of merchants, it has been decided to rationalise the framework for Merchant Discount Rate (MDR) applicable on debit card transactions based on the category of merchants. A differentiated MDR for asset-li
Dec 05, 2017
Reserve Bank cautions regarding risk of virtual currencies including Bitcoins
Attention of members of public is drawn to the Press Release issued by the Reserve Bank of India (RBI) on December 24, 2013, cautioning users, holders and traders of Virtual Currencies (VCs) including Bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs. Vide press release dated February 1, 2017, RBI has also clarified that it has not given any licence/authorisation
Attention of members of public is drawn to the Press Release issued by the Reserve Bank of India (RBI) on December 24, 2013, cautioning users, holders and traders of Virtual Currencies (VCs) including Bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs. Vide press release dated February 1, 2017, RBI has also clarified that it has not given any licence/authorisation
Nov 30, 2017
RBI cancels Certificate of Registration of 2 NBFCs
The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following two 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 GFL Financials India Limited 10/2, Ramganj, Jinsi, Indore – 452002 B.03.00159 August 24, 2002 October 18, 2017 2 M/s Alagendr
The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following two 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 GFL Financials India Limited 10/2, Ramganj, Jinsi, Indore – 452002 B.03.00159 August 24, 2002 October 18, 2017 2 M/s Alagendr
Nov 30, 2017
15 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 Eagle Industrial Developments Private Limited (Presently M/s Suchitra Dyeing a
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 Eagle Industrial Developments Private Limited (Presently M/s Suchitra Dyeing a
Nov 29, 2017
Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) – The CKP Co-operative Bank Ltd, Mumbai, Maharashtra
The CKP Co-operative Bank Ltd, Mumbai, Maharashtra, was placed under directions vide directive dated April 30, 2014, from close of business on May 2, 2014. The validity of the directions was extended from time to time vide subsequent Directives, the last being Directive dated July 26, 2017 and was valid upto November 30, 2017 subject to review. It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of powers vested in it u
The CKP Co-operative Bank Ltd, Mumbai, Maharashtra, was placed under directions vide directive dated April 30, 2014, from close of business on May 2, 2014. The validity of the directions was extended from time to time vide subsequent Directives, the last being Directive dated July 26, 2017 and was valid upto November 30, 2017 subject to review. It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of powers vested in it u
Nov 29, 2017
Caution against various Co-operative societies using the word “Bank” in their names
It has come to the notice of Reserve Bank of India (RBI) that some Co-operative Societies are using the word “Bank” in their names. This is a violation of Section 7 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) (the B.R.Act, 1949). It has also come to the notice of RBI that some Co-operative societies are accepting deposits from non-members / nominal members / associate members which tantamount to conducting banking business in violatio
It has come to the notice of Reserve Bank of India (RBI) that some Co-operative Societies are using the word “Bank” in their names. This is a violation of Section 7 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) (the B.R.Act, 1949). It has also come to the notice of RBI that some Co-operative societies are accepting deposits from non-members / nominal members / associate members which tantamount to conducting banking business in violatio
Nov 24, 2017
Sovereign Gold Bond 2017-18 Series- X-Issue Price
In terms of GoI notification F.No.4(25) – B/(W&M)/2017 and RBI circular IDMD.CDD.No.929/14.04.050/2017-18 dated October 06, 2017, the Sovereign Gold Bond Scheme will be open for subscription from Monday to Wednesday of every week starting from October 09, 2017 until December 27, 2017. The settlement will be made on the first business day of the next week for the applications received during a given week. For the subscription period from November 27, 2017 to Novemb
In terms of GoI notification F.No.4(25) – B/(W&M)/2017 and RBI circular IDMD.CDD.No.929/14.04.050/2017-18 dated October 06, 2017, the Sovereign Gold Bond Scheme will be open for subscription from Monday to Wednesday of every week starting from October 09, 2017 until December 27, 2017. The settlement will be made on the first business day of the next week for the applications received during a given week. For the subscription period from November 27, 2017 to Novemb
Nov 23, 2017
Sovereign Gold Bond 2017-18 Series-VII-Issue Price
In terms of GoI notification F. No. 4(25) – B/(W&M)/2017 and RBI circular IDMD.CDD.No.929/14.04.050/2017-18 dated October 06, 2017, the Sovereign Gold Bond Scheme will be open for subscription from Monday to Wednesday of every week starting from October 09, 2017 until December 27, 2017. The settlement will be made on the first business day of the next week for the applications received during a given week. For the subscription period from November 06, 2017 to Nove
In terms of GoI notification F. No. 4(25) – B/(W&M)/2017 and RBI circular IDMD.CDD.No.929/14.04.050/2017-18 dated October 06, 2017, the Sovereign Gold Bond Scheme will be open for subscription from Monday to Wednesday of every week starting from October 09, 2017 until December 27, 2017. The settlement will be made on the first business day of the next week for the applications received during a given week. For the subscription period from November 06, 2017 to Nove
Nov 22, 2017
RBI extends Directions issued to Rupee Co-operative Bank Ltd., Pune
The Reserve Bank of India (vide directive DCBR.CO.AID/D-21/12.22.218/2017-18 dated November 17, 2017) has extended directions issued to Rupee Co-operative Bank Ltd., Pune, Maharashtra for a further period from November 22, 2017 to May 31, 2018 subject to review. The directions were originally imposed from February 22, 2013 to August 21, 2013 and were extended on eight occasions for a period of six months each and thrice for a period of three months each. The last exte
The Reserve Bank of India (vide directive DCBR.CO.AID/D-21/12.22.218/2017-18 dated November 17, 2017) has extended directions issued to Rupee Co-operative Bank Ltd., Pune, Maharashtra for a further period from November 22, 2017 to May 31, 2018 subject to review. The directions were originally imposed from February 22, 2013 to August 21, 2013 and were extended on eight occasions for a period of six months each and thrice for a period of three months each. The last exte
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