Press Releases - RBI - Reserve Bank of India
Press Releases
Dec 01, 2016
Withdrawal of Legal Tender from SBNs: RBI cautions against Information received on Unsecured/Unofficial Channels
In the wake of withdrawal of legal tender character from the Specified Bank Notes (SBNs), the Reserve Bank of India has, from time to time, been issuing instructions to the banks which are sent directly to banks through an official mail. These are also placed on the Reserve Bank’s official website (https://www.rbi.org.in). It has been reported that certain guidelines/instructions purported to be issued by the Reserve Bank are being circulated in the social media by so
In the wake of withdrawal of legal tender character from the Specified Bank Notes (SBNs), the Reserve Bank of India has, from time to time, been issuing instructions to the banks which are sent directly to banks through an official mail. These are also placed on the Reserve Bank’s official website (https://www.rbi.org.in). It has been reported that certain guidelines/instructions purported to be issued by the Reserve Bank are being circulated in the social media by so
PDF (
Nov 30, 2016
RBI modifies Directions issued to Indian Mercantile Co-operative Bank Ltd., Lucknow
The Reserve Bank of India has notified that in partial modification of its Directive dated October 19, 2015, it has, vide Directive dated November 25, 2016, modified the directions on the Indian Mercantile Co-operative Bank Ltd., Lucknow. The bank had been originally placed under directions w.e.f June 12, 2014 vide directive dated June 04, 2014. In terms of the said Directive dated October 19, 2015, among other conditions, a sum not exceeding 70% (seventy percent) of
The Reserve Bank of India has notified that in partial modification of its Directive dated October 19, 2015, it has, vide Directive dated November 25, 2016, modified the directions on the Indian Mercantile Co-operative Bank Ltd., Lucknow. The bank had been originally placed under directions w.e.f June 12, 2014 vide directive dated June 04, 2014. In terms of the said Directive dated October 19, 2015, among other conditions, a sum not exceeding 70% (seventy percent) of
Nov 28, 2016
Withdrawal of Legal Tender status of banknotes of ₹ 500 and ₹ 1000: Activity at Banks during November 10-27, 2016
Consequent to the announcement of withdrawal of legal tender status of banknotes of ₹ 500 and ₹ 1000 denominations from the midnight of November 8, 2016, the Reserve Bank of India made arrangements for exchange and/or deposit of such notes at the counters of the Reserve Bank and commercial banks, Regional Rural banks and Urban Cooperative Banks. Banks have since reported that such exchange/deposits effected from November 10, 2016 upto November 27, 2016 amounted to ₹ 8
Consequent to the announcement of withdrawal of legal tender status of banknotes of ₹ 500 and ₹ 1000 denominations from the midnight of November 8, 2016, the Reserve Bank of India made arrangements for exchange and/or deposit of such notes at the counters of the Reserve Bank and commercial banks, Regional Rural banks and Urban Cooperative Banks. Banks have since reported that such exchange/deposits effected from November 10, 2016 upto November 27, 2016 amounted to ₹ 8
Nov 26, 2016
RBI Announces Measures to Manage Liquidity Conditions
With the withdrawal of the legal tender status of ₹ 500 and ₹ 1,000 denomination bank notes (hereafter referred to as Specified Bank Notes - SBNs) beginning November 9, 2016, there has been a surge in deposits relative to the expansion in bank credit, leading to large excess liquidity in the system. The magnitude of surplus liquidity available with the banking system is expected to increase further in the fortnights ahead. In view of this, it has been decided to absor
With the withdrawal of the legal tender status of ₹ 500 and ₹ 1,000 denomination bank notes (hereafter referred to as Specified Bank Notes - SBNs) beginning November 9, 2016, there has been a surge in deposits relative to the expansion in bank credit, leading to large excess liquidity in the system. The magnitude of surplus liquidity available with the banking system is expected to increase further in the fortnights ahead. In view of this, it has been decided to absor
Nov 25, 2016
Withdrawal of Legal Tender Status of ₹ 500 and ₹ 1000: Exchange Facility at RBI to continue
The Reserve Bank of India advises members of public that exchange of banknotes in ₹ 500 and ₹ 1000 denominations, whose legal tender status has been withdrawn, will continue to be available at the counters of the Reserve Bank upto the current limits per person as hitherto. (However such exchange facility is no longer available at other banks' counters). Alpana Killawala Principal Adviser Press Release: 2016-2017/1317
The Reserve Bank of India advises members of public that exchange of banknotes in ₹ 500 and ₹ 1000 denominations, whose legal tender status has been withdrawn, will continue to be available at the counters of the Reserve Bank upto the current limits per person as hitherto. (However such exchange facility is no longer available at other banks' counters). Alpana Killawala Principal Adviser Press Release: 2016-2017/1317
Nov 23, 2016
Airtel Payments Bank Limited commences operations
Airtel Payments Bank Limited has commenced its operations as a payments bank with effect from November 23, 2016. 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. Airtel M Commerce Services Limited 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. Anirudha D
Airtel Payments Bank Limited has commenced its operations as a payments bank with effect from November 23, 2016. 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. Airtel M Commerce Services Limited 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. Anirudha D
Nov 23, 2016
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 Registered Office Address CoR No. Issued On Cancellation Order Date 1 M/s Natwest Investments Limited Satyanarayana Enclave, Icon Block, 3rd
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 Registered Office Address CoR No. Issued On Cancellation Order Date 1 M/s Natwest Investments Limited Satyanarayana Enclave, Icon Block, 3rd
Nov 23, 2016
RBI cancels Certificate of Registration of 6 NBFCs
The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following non-banking financial companies (NBFCs). The Reserve Bank, 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 Star Line Leasings Limited 417-419, ‘Midas’, Sahar Plaza, Mathurdas Vasanji Road, Andheri (East), Mumbai - 400
The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following non-banking financial companies (NBFCs). The Reserve Bank, 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 Star Line Leasings Limited 417-419, ‘Midas’, Sahar Plaza, Mathurdas Vasanji Road, Andheri (East), Mumbai - 400
Nov 22, 2016
Special measures to incentivise Electronic Payments
In order to meet the transactional needs of the public through digital means, the Reserve Bank has introduced additional measures by way of special dispensation for small merchants and enhancement in limits for semi-closed Prepaid Payment Instruments (PPIs). A special dispensation has now been enabled for small merchants whereby PPIs issuers can issue PPIs to such merchants. While balance in such PPIs cannot exceed ₹ 20,000/- at any point of time, the merchants can tr
In order to meet the transactional needs of the public through digital means, the Reserve Bank has introduced additional measures by way of special dispensation for small merchants and enhancement in limits for semi-closed Prepaid Payment Instruments (PPIs). A special dispensation has now been enabled for small merchants whereby PPIs issuers can issue PPIs to such merchants. While balance in such PPIs cannot exceed ₹ 20,000/- at any point of time, the merchants can tr
Nov 22, 2016
Exchange Facility – Reports of misuse – Caution to Public
The facility for public to exchange the specified bank notes (old notes in ₹ 500 and ₹ 1000) for legal tender notes and allowing them to deposit into bank accounts in unlimited amounts is provided to enable members of the public in possession of these notes as on the date of the announcement to secure the value of these notes either through exchange or by deposit into their bank accounts. It is reported that certain gullible persons are exchanging these notes on behal
The facility for public to exchange the specified bank notes (old notes in ₹ 500 and ₹ 1000) for legal tender notes and allowing them to deposit into bank accounts in unlimited amounts is provided to enable members of the public in possession of these notes as on the date of the announcement to secure the value of these notes either through exchange or by deposit into their bank accounts. It is reported that certain gullible persons are exchanging these notes on behal
Nov 21, 2016
Activity at Banks during November 10 to November 18, 2016
Consequent to the announcement of withdrawal of Legal Tender status of banknotes of ₹ 500 and ₹ 1000 denominations from the midnight of November 8, 2016, the Reserve Bank of India made arrangements for exchange and /or deposit of such notes at the counters of the Reserve Bank and commercial banks, Regional Rural banks and Urban Cooperative Banks. Banks have since reported that such exchange/deposits effected from November 10, 2016 upto November 18, 2016 amounted to ₹
Consequent to the announcement of withdrawal of Legal Tender status of banknotes of ₹ 500 and ₹ 1000 denominations from the midnight of November 8, 2016, the Reserve Bank of India made arrangements for exchange and /or deposit of such notes at the counters of the Reserve Bank and commercial banks, Regional Rural banks and Urban Cooperative Banks. Banks have since reported that such exchange/deposits effected from November 10, 2016 upto November 18, 2016 amounted to ₹
Nov 21, 2016
RBI signs MoU on “Supervisory Cooperation and Exchange of Supervisory Information” with the Central Bank of Myanmar
The Reserve Bank of India signed a Memorandum of Understanding (MoU) on “Supervisory Cooperation and Exchange of Supervisory Information” with Central Bank of Myanmar of the Republic of Union of Myanmar on October 19, 2016. The MoU was signed by Mr. U Kyaw Tin, Minister of State for Foreign Affairs, Government of Myanmar on behalf of Central Bank of Myanmar and Shri S S Mundra, Deputy Governor on behalf of Reserve Bank of India at a function held in New Delhi the augu
The Reserve Bank of India signed a Memorandum of Understanding (MoU) on “Supervisory Cooperation and Exchange of Supervisory Information” with Central Bank of Myanmar of the Republic of Union of Myanmar on October 19, 2016. The MoU was signed by Mr. U Kyaw Tin, Minister of State for Foreign Affairs, Government of Myanmar on behalf of Central Bank of Myanmar and Shri S S Mundra, Deputy Governor on behalf of Reserve Bank of India at a function held in New Delhi the augu
Nov 20, 2016
Public can continue to accept ₹ 10 coins as legal tender: RBI
The Reserve Bank of India puts into circulation coins minted by the Government of India. These coins have distinctive features. Coins in new denominations to meet transaction needs of public and coins in new designs to reflect various themes - economic, social and cultural - are introduced from time to time. As coins remain in circulation for longer periods, it is quite possible that coins of different designs and even shapes are circulating at the same time. One such
The Reserve Bank of India puts into circulation coins minted by the Government of India. These coins have distinctive features. Coins in new denominations to meet transaction needs of public and coins in new designs to reflect various themes - economic, social and cultural - are introduced from time to time. As coins remain in circulation for longer periods, it is quite possible that coins of different designs and even shapes are circulating at the same time. One such
Nov 20, 2016
RBI extends Directions issued to the Lokseva Sahakari Bank Ltd., Pune, Maharashtra
The Reserve Bank of India, notified that Lokseva Sahakari Bank Ltd., Pune, 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. The validity of the directions was extended four times, for a period of six months each, vide order dated November 12, 2014; dated May 06, 2015; dated November 04, 2015 and dated May 13, 2016. It is hereby notified for the information of the public that the perio
The Reserve Bank of India, notified that Lokseva Sahakari Bank Ltd., Pune, 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. The validity of the directions was extended four times, for a period of six months each, vide order dated November 12, 2014; dated May 06, 2015; dated November 04, 2015 and dated May 13, 2016. It is hereby notified for the information of the public that the perio
Nov 18, 2016
Withdrawal limits and customer fee/charges for POS relaxed
The Reserve Bank of India had issued instructions to banks on November 14, 2016 that banks shall waive levy of ATM charges for all transactions by saving bank customers done at all ATMs, irrespective of the number of transactions during the month, from November 10, 2016 till December 30, 2016, subject to review. As another customer-centric measure, the limit for cash withdrawal at POS has been made uniform at to ₹ 2000/- per day across all centres (Tier I to VI) for a
The Reserve Bank of India had issued instructions to banks on November 14, 2016 that banks shall waive levy of ATM charges for all transactions by saving bank customers done at all ATMs, irrespective of the number of transactions during the month, from November 10, 2016 till December 30, 2016, subject to review. As another customer-centric measure, the limit for cash withdrawal at POS has been made uniform at to ₹ 2000/- per day across all centres (Tier I to VI) for a
Nov 17, 2016
Supply of Notes Sufficient; Do Not Panic or Hoard Currency: RBI reiterates
The Reserve Bank of India has once again clarified today that there is sufficient supply of notes consequent upon increased production which started nearly two months ago. Members of public are requested not to panic or hoard currency notes. Alpana Killawala Principal Adviser Press Release : 2016-2017/1235
The Reserve Bank of India has once again clarified today that there is sufficient supply of notes consequent upon increased production which started nearly two months ago. Members of public are requested not to panic or hoard currency notes. Alpana Killawala Principal Adviser Press Release : 2016-2017/1235
Nov 17, 2016
RBI cancels Licence of Sai Nagari Sahakari Bank Limited, Hadgaon
The Reserve Bank of India has cancelled the licence issued to Sai Nagari Sahakari Bank Limited, Hadgaon, consequent upon its merger with Shankar Nagari Sahakari Bank Limited, Nanded with effect from August 26, 2016. The Reserve Bank has done this under Section 22 of Banking Regulation Act, 1949 (As Applicable to Cooperative Societies) (ACCS). Anirudha D. Jadhav Assistant Manager Press Release : 2016-2017/1241
The Reserve Bank of India has cancelled the licence issued to Sai Nagari Sahakari Bank Limited, Hadgaon, consequent upon its merger with Shankar Nagari Sahakari Bank Limited, Nanded with effect from August 26, 2016. The Reserve Bank has done this under Section 22 of Banking Regulation Act, 1949 (As Applicable to Cooperative Societies) (ACCS). Anirudha D. Jadhav Assistant Manager Press Release : 2016-2017/1241
Nov 17, 2016
Pay IT dues in advance at RBI or at authorised bank branches – December 2016
It is observed that the rush for remitting Income –Tax dues through the Reserve Bank of India has been far too heavy towards the end of December 2016 and it becomes difficult for the Bank to cope with the pressure of receipts although additional counters to the maximum extent possible are provided for the purpose. Consequently, the members of public are required to wait in queues at the Bank for unnecessarily long periods. To obviate the inconvenience involved, assess
It is observed that the rush for remitting Income –Tax dues through the Reserve Bank of India has been far too heavy towards the end of December 2016 and it becomes difficult for the Bank to cope with the pressure of receipts although additional counters to the maximum extent possible are provided for the purpose. Consequently, the members of public are required to wait in queues at the Bank for unnecessarily long periods. To obviate the inconvenience involved, assess
Nov 15, 2016
Withdrawal of Legal Tender Character of Specified Bank Notes: RBI asks Cooperative Banks to ensure Strict Compliance to its Instructions
There were reports that some cooperative banks were not strictly adhering to the instructions issued in connection with the withdrawal of legal tender status of the existing ₹ 500 and ₹ 1000 bank notes (specified bank notes). The Reserve Bank of India today informed that it has advised the Urban Cooperative Banks through its Regional Offices and the State Cooperative Banks through National Bank for Agricultural and Rural Development (NABARD) of the need to ensure stri
There were reports that some cooperative banks were not strictly adhering to the instructions issued in connection with the withdrawal of legal tender status of the existing ₹ 500 and ₹ 1000 bank notes (specified bank notes). The Reserve Bank of India today informed that it has advised the Urban Cooperative Banks through its Regional Offices and the State Cooperative Banks through National Bank for Agricultural and Rural Development (NABARD) of the need to ensure stri
Nov 14, 2016
DCCBs can allow existing customers to withdraw upto ₹ 24,000 from their accounts : RBI
The Reserve Bank of India has today clarified that District Central Cooperative Banks (DCCBs) can allow their existing customers to withdraw money from their accounts upto ₹ 24,000 per week upto November 24, 2016. However, no exchange facility against the specified bank notes (₹ 500 and ₹ 1000) or deposit of such notes should be entertained by them. The Reserve Bank has accordingly advised all banks to permit withdrawal of cash by DCCBs from their accounts based on ne
The Reserve Bank of India has today clarified that District Central Cooperative Banks (DCCBs) can allow their existing customers to withdraw money from their accounts upto ₹ 24,000 per week upto November 24, 2016. However, no exchange facility against the specified bank notes (₹ 500 and ₹ 1000) or deposit of such notes should be entertained by them. The Reserve Bank has accordingly advised all banks to permit withdrawal of cash by DCCBs from their accounts based on ne
Nov 14, 2016
Usage of ATMs – Waiver of customer charges
The Reserve Bank of India has today decided that banks shall waive levy of ATM charges for all transactions (inclusive of both financial and non-financial transactions) by savings bank customers done at their own banks’ ATMs as well as at other banks’ ATMs, irrespective of the number of transactions during the month. The above waiver of charges on ATM usage will be effective from November 10, 2016 till December 30, 2016, subject to review. Alpana Killawala Principal A
The Reserve Bank of India has today decided that banks shall waive levy of ATM charges for all transactions (inclusive of both financial and non-financial transactions) by savings bank customers done at their own banks’ ATMs as well as at other banks’ ATMs, irrespective of the number of transactions during the month. The above waiver of charges on ATM usage will be effective from November 10, 2016 till December 30, 2016, subject to review. Alpana Killawala Principal A
Nov 14, 2016
Constitution of Task Force for enabling dispensation of Mahatma Gandhi (New) Series Banknotes - Recalibration and reactivation of ATMs
It has become necessary to re-calibrate all ATMs/ Cash handling machines to dispense the new design notes following introduction of Mahatma Gandhi (New) Series Banknotes including a new High Denomination (₹ 2000) in new designs. 2. ATMs play a vital role in meeting the currency requirements of the public and have become a major channel for disbursement of cash. Re-activation of ATMs extends the availability and disbursal of notes for the customers of banks at convenie
It has become necessary to re-calibrate all ATMs/ Cash handling machines to dispense the new design notes following introduction of Mahatma Gandhi (New) Series Banknotes including a new High Denomination (₹ 2000) in new designs. 2. ATMs play a vital role in meeting the currency requirements of the public and have become a major channel for disbursement of cash. Re-activation of ATMs extends the availability and disbursal of notes for the customers of banks at convenie
Nov 13, 2016
Don't draw and hoard; enough cash in small denominations available at RBI and banks: RBI
The Reserve Bank assures members of the public that enough cash in small denominations is also available at the Reserve Bank and banks. The Reserve Bank urges that public need not be anxious; need not come over to banks repeatedly to draw and hoard; Cash is available when they need it. Alpana Killawala Principal Adviser Press Release : 2016-2017/1194
The Reserve Bank assures members of the public that enough cash in small denominations is also available at the Reserve Bank and banks. The Reserve Bank urges that public need not be anxious; need not come over to banks repeatedly to draw and hoard; Cash is available when they need it. Alpana Killawala Principal Adviser Press Release : 2016-2017/1194
Nov 13, 2016
Issue of ₹ 500 banknotes inset letter ‘L’ in Mahatma Gandhi (New) Series
The Reserve Bank of India will shortly issue ₹ 500 denomination banknotes in Mahatma Gandhi (New) Series with inset letter ‘L’ in both the number panels, bearing the signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India, the year of printing '2016’ and Swachh Bharat Logo printed on the reverse of the Banknote. The new ₹ 500 banknotes are different from the earlier specified bank note (SBN) series in colour, size, theme, location of security features and des
The Reserve Bank of India will shortly issue ₹ 500 denomination banknotes in Mahatma Gandhi (New) Series with inset letter ‘L’ in both the number panels, bearing the signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India, the year of printing '2016’ and Swachh Bharat Logo printed on the reverse of the Banknote. The new ₹ 500 banknotes are different from the earlier specified bank note (SBN) series in colour, size, theme, location of security features and des
Nov 12, 2016
Authorities are closely monitoring Information through Reports: RBI
The Reserve Bank of India today clarified that as part of the instructions issued to banks, including to cooperative banks, regarding withdrawal of legal tender status of the existing ₹ 500 and ₹ 1000 bank notes (specified bank notes), detailed reporting system has been put in place. The Reserve Bank further stated that with a view to preventing misuse of the facility, the authorities are closely monitoring the information received through these reports about exchange
The Reserve Bank of India today clarified that as part of the instructions issued to banks, including to cooperative banks, regarding withdrawal of legal tender status of the existing ₹ 500 and ₹ 1000 bank notes (specified bank notes), detailed reporting system has been put in place. The Reserve Bank further stated that with a view to preventing misuse of the facility, the authorities are closely monitoring the information received through these reports about exchange
Nov 12, 2016
Withdrawal of Legal Tender Character of ₹ 500 and ₹ 1,000: RBI Statement
The withdrawal of the legal tender character of the then existing bank notes in ₹ 500 and ₹ 1,000 cast a huge responsibility on the banking system to swiftly withdraw these specified bank notes in as smooth a manner as possible and in a non-disruptive way and provide in exchange notes of other denominations which are legal tender. It entailed swift withdrawal of the specified bank notes from the ATMs also within a few hours of the announcement, recalibrating these for
The withdrawal of the legal tender character of the then existing bank notes in ₹ 500 and ₹ 1,000 cast a huge responsibility on the banking system to swiftly withdraw these specified bank notes in as smooth a manner as possible and in a non-disruptive way and provide in exchange notes of other denominations which are legal tender. It entailed swift withdrawal of the specified bank notes from the ATMs also within a few hours of the announcement, recalibrating these for
Nov 11, 2016
Enough Cash is Available, RBI reassures; urges Public to exercise Patience and Exchange Notes at Convenience
In a statement issued today, the Reserve Bank of India has said that consequent to the withdrawal of Legal Tender Character of existing ₹ 500 and ₹ 1000 Bank Notes, it has made arrangements to distribute the notes in new ₹ 2000 and other denominations across the country. There is enough cash available with banks and all arrangements have been made to reach the currency notes all over the country. Bank branches have already started exchanging notes since November 10, 2
In a statement issued today, the Reserve Bank of India has said that consequent to the withdrawal of Legal Tender Character of existing ₹ 500 and ₹ 1000 Bank Notes, it has made arrangements to distribute the notes in new ₹ 2000 and other denominations across the country. There is enough cash available with banks and all arrangements have been made to reach the currency notes all over the country. Bank branches have already started exchanging notes since November 10, 2
Nov 10, 2016
Payment Systems to remain open on Saturday, November 12 and Sunday, November 13, 2016
Consequent to the banks being open for public transactions on Saturday, November 12 and Sunday, November 13, 2016, it has been decided that Payment Systems (RTGS, NEFT, Cheque Clearing, Repo, CBLO and Call markets) shall remain open on Saturday, November 12 and Sunday, November 13, 2016. All participants/member banks are advised to facilitate operations on the above payment systems for their customers on November 12 and 13, 2016 as on regular working days. Banks may g
Consequent to the banks being open for public transactions on Saturday, November 12 and Sunday, November 13, 2016, it has been decided that Payment Systems (RTGS, NEFT, Cheque Clearing, Repo, CBLO and Call markets) shall remain open on Saturday, November 12 and Sunday, November 13, 2016. All participants/member banks are advised to facilitate operations on the above payment systems for their customers on November 12 and 13, 2016 as on regular working days. Banks may g
Nov 09, 2016
Banks closed for public on November 9, 2016
All scheduled and non-scheduled banks, including public, private, foreign, cooperative, regional rural and local area banks, will remain closed for public on Wednesday, November 9, 2016. Alpana Killawala Principal Adviser Press Release : 2016-2017/1143
All scheduled and non-scheduled banks, including public, private, foreign, cooperative, regional rural and local area banks, will remain closed for public on Wednesday, November 9, 2016. Alpana Killawala Principal Adviser Press Release : 2016-2017/1143
Nov 09, 2016
Banks to remain open for public on Saturday, November 12 and Sunday, November 13, 2016
All scheduled and non-scheduled banks, including public, private, foreign, cooperative, regional rural and local area banks, will remain open for public on Saturday, November 12 and Sunday, November 13, 2016. Banks are advised to keep all their branches open on November 12 and 13, 2016 as regular working days for transacting all business. Banks may give due publicity about availability of banking services on these days. Alpana Killawala Principal Adviser Press Release
All scheduled and non-scheduled banks, including public, private, foreign, cooperative, regional rural and local area banks, will remain open for public on Saturday, November 12 and Sunday, November 13, 2016. Banks are advised to keep all their branches open on November 12 and 13, 2016 as regular working days for transacting all business. Banks may give due publicity about availability of banking services on these days. Alpana Killawala Principal Adviser Press Release
Nov 08, 2016
RBI Issues ₹ 500 banknotes inset letter ‘E’ in Mahatma Gandhi (New) Series
The Reserve Bank of India will shortly issue ₹ 500 denomination banknotes in Mahatma Gandhi (New) Series with inset letter ‘E’ in both the number panels, bearing the signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India, the year of printing '2016’ and Swachh Bharat Logo printed on the reverse of the Banknote. The new ₹ 500 banknotes are different from the earlier specified bank note (SBN) series in colour, size, theme, location of security features and des
The Reserve Bank of India will shortly issue ₹ 500 denomination banknotes in Mahatma Gandhi (New) Series with inset letter ‘E’ in both the number panels, bearing the signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India, the year of printing '2016’ and Swachh Bharat Logo printed on the reverse of the Banknote. The new ₹ 500 banknotes are different from the earlier specified bank note (SBN) series in colour, size, theme, location of security features and des
Nov 08, 2016
Withdrawal of Legal Tender Status for ₹ 500 and ₹ 1000 Notes: RBI Notice
Government of India vide their Notification no. 2652 dated November 8, 2016 have withdrawn the Legal Tender status of ₹ 500 and ₹ 1,000 denominations of banknotes of the Mahatma Gandhi Series issued by the Reserve Bank of India till November 8, 2016. This is necessitated to tackle counterfeiting Indian banknotes, to effectively nullify black money hoarded in cash and curb funding of terrorism with fake notes. Starting from November 10, 2016, members of public/corporat
Government of India vide their Notification no. 2652 dated November 8, 2016 have withdrawn the Legal Tender status of ₹ 500 and ₹ 1,000 denominations of banknotes of the Mahatma Gandhi Series issued by the Reserve Bank of India till November 8, 2016. This is necessitated to tackle counterfeiting Indian banknotes, to effectively nullify black money hoarded in cash and curb funding of terrorism with fake notes. Starting from November 10, 2016, members of public/corporat
Nov 08, 2016
Issue of ₹ 2000 Banknotes: RBI issues ₹ 2000 Banknotes
The Reserve Bank of India will shortly issue ₹ 2000 denomination banknotes in the Mahatma Gandhi (New) Series, without the inset letter, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India, and the year of printing '2016' printed on the reverse of the banknote. The new denomination has Motif of Mangalyaan on the reverse, depicting the country’s first venture into the interplanetary space. The base colour of the note is magenta. The note has other
The Reserve Bank of India will shortly issue ₹ 2000 denomination banknotes in the Mahatma Gandhi (New) Series, without the inset letter, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India, and the year of printing '2016' printed on the reverse of the banknote. The new denomination has Motif of Mangalyaan on the reverse, depicting the country’s first venture into the interplanetary space. The base colour of the note is magenta. The note has other
Nov 08, 2016
RBI issues ₹ 2000 Banknotes with inset letter ‘R’
The Reserve Bank of India will shortly issue ₹ 2000 denomination banknotes in the Mahatma Gandhi (New) Series, with the inset letter ‘R’, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India, and the year of printing '2016' printed on the reverse of the banknote. The design of these notes to be issued now is similar in all respects to the ₹ 2000 banknotes in Mahatma Gandhi (New) Series which was notified through Press Release No. 1144 dated Novembe
The Reserve Bank of India will shortly issue ₹ 2000 denomination banknotes in the Mahatma Gandhi (New) Series, with the inset letter ‘R’, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India, and the year of printing '2016' printed on the reverse of the banknote. The design of these notes to be issued now is similar in all respects to the ₹ 2000 banknotes in Mahatma Gandhi (New) Series which was notified through Press Release No. 1144 dated Novembe
Nov 07, 2016
RBI appoints Shri M. Rajeshwar Rao as New ED
The Reserve Bank of India has appointed Shri M. Rajeshwar Rao as the Executive Director consequent upon Shri G. Mahalingam taking voluntary retirement from the Reserve Bank. As Executive Director, Shri Rajeshwar Rao will look after Department of Statistics and Information Management, Financial Markets Operation Department and International Department. Prior to taking over as the Executive Director, Shri Rajeshwar Rao was the Chief General Manager, Financial Markets Op
The Reserve Bank of India has appointed Shri M. Rajeshwar Rao as the Executive Director consequent upon Shri G. Mahalingam taking voluntary retirement from the Reserve Bank. As Executive Director, Shri Rajeshwar Rao will look after Department of Statistics and Information Management, Financial Markets Operation Department and International Department. Prior to taking over as the Executive Director, Shri Rajeshwar Rao was the Chief General Manager, Financial Markets Op
Nov 02, 2016
Pay IT dues in advance at RBI or at authorised bank branches – December 2016
The Reserve Bank of India has appealed to income tax assessees to remit their income tax dues sufficiently in advance of the due date. It has also stated that assessees can use alternate channels like select branches of agency banks or the facility of online payment of taxes offered by these banks. These will obviate the inconvenience involved in standing in long queues at the Reserve Bank offices. It is observed that the rush for remitting Income – Tax dues through t
The Reserve Bank of India has appealed to income tax assessees to remit their income tax dues sufficiently in advance of the due date. It has also stated that assessees can use alternate channels like select branches of agency banks or the facility of online payment of taxes offered by these banks. These will obviate the inconvenience involved in standing in long queues at the Reserve Bank offices. It is observed that the rush for remitting Income – Tax dues through t
Nov 01, 2016
RBI updates Branch Locator as per Census 2011
The Reserve Bank of India has updated its Branch Locator - a link on its website containing the list of branches/offices of commercial banks. The link now has classification of branches/offices into various population groups with revised base population as per Census 2011. As mentioned in the RBI circular (RBI/2016-17/60/DBR.No.BAPD.BC.12/22.01.001/2016-17 dated September 1, 2016), the effective date for population group classification of centres as per Census 2011 is
The Reserve Bank of India has updated its Branch Locator - a link on its website containing the list of branches/offices of commercial banks. The link now has classification of branches/offices into various population groups with revised base population as per Census 2011. As mentioned in the RBI circular (RBI/2016-17/60/DBR.No.BAPD.BC.12/22.01.001/2016-17 dated September 1, 2016), the effective date for population group classification of centres as per Census 2011 is
Nov 01, 2016
RBI opens second Office of the Banking Ombudsman at New Delhi
Considering the significant increase in banking network during the recent past and the large jurisdiction being covered by the present Office of the Banking Ombudsman, New Delhi, the Reserve Bank has set up the second office of the Banking Ombudsman at Reserve Bank of India, New Delhi. The first office of the Banking Ombudsman at Reserve Bank of India, New Delhi will have the jurisdiction over Delhi and Jammu and Kashmir, whereas the second office of the Banking Ombud
Considering the significant increase in banking network during the recent past and the large jurisdiction being covered by the present Office of the Banking Ombudsman, New Delhi, the Reserve Bank has set up the second office of the Banking Ombudsman at Reserve Bank of India, New Delhi. The first office of the Banking Ombudsman at Reserve Bank of India, New Delhi will have the jurisdiction over Delhi and Jammu and Kashmir, whereas the second office of the Banking Ombud
Oct 28, 2016
RBI imposes penalty on The Devi Gayatri Co-operative Urban Bank Ltd., Hyderabad, Telangana
The Reserve Bank of India has imposed a monetary penalty of ₹1.00 lakh (Rupees one lakh only) on The Devi Gayatri 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 loans and advances to directors and their relatives
The Reserve Bank of India has imposed a monetary penalty of ₹1.00 lakh (Rupees one lakh only) on The Devi Gayatri 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 loans and advances to directors and their relatives
Oct 26, 2016
RBI cancels Certificate of Registration of 3 NBFCs
The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following three 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 Barkha Financiers Limited 105, First Floor, Opposite Police Station, T.P. Nagar, Baghpat Road, Meerut – 250002 (Uttar Prad
The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following three 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 Barkha Financiers Limited 105, First Floor, Opposite Police Station, T.P. Nagar, Baghpat Road, Meerut – 250002 (Uttar Prad
Oct 26, 2016
Circulation of Counterfeit (fake) Currency Notes – Public Notice
It has come to our notice that unscrupulous elements are putting into circulation Fake Indian Currency Notes of higher denominations in the course of normal transactions, taking advantage of the gullible and unsuspecting nature of some members of the public. We hereby caution the public to subject notes that are accepted to careful scrutiny. Genuine Indian Currency Notes of higher denominations have strong counterfeit resistant security features. The fake notes can be
It has come to our notice that unscrupulous elements are putting into circulation Fake Indian Currency Notes of higher denominations in the course of normal transactions, taking advantage of the gullible and unsuspecting nature of some members of the public. We hereby caution the public to subject notes that are accepted to careful scrutiny. Genuine Indian Currency Notes of higher denominations have strong counterfeit resistant security features. The fake notes can be
Oct 26, 2016
RBI cancels Certificate of Registration of 7 NBFCs
The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following non-banking financial companies (NBFCs). The Reserve Bank, 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 Lipi Finstock Limited P-41, Princip Street, 6th Floor, Kolkata – 700072 (West Bengal) B-14.02406 June 01, 2007
The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following non-banking financial companies (NBFCs). The Reserve Bank, 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 Lipi Finstock Limited P-41, Princip Street, 6th Floor, Kolkata – 700072 (West Bengal) B-14.02406 June 01, 2007
Oct 24, 2016
Issue of ₹ 20 banknotes with the inset letter ‘L’, with numerals in ascending size in number panels and without intaglio printing
The Reserve Bank of India will shortly issue ₹ 20 denomination banknotes in the Mahatma Gandhi Series-2005, with the inset letter ‘L’ in both the number panels, bearing signature of Dr. Raghuram G. Rajan, Governor, Reserve Bank of India and the year of printing '2016' printed on the reverse of the banknote. The design and security features of these banknotes to be issued now is similar to the ₹ 20 banknotes in Mahatma Gandhi Series- 2005 issued recently with the ascen
The Reserve Bank of India will shortly issue ₹ 20 denomination banknotes in the Mahatma Gandhi Series-2005, with the inset letter ‘L’ in both the number panels, bearing signature of Dr. Raghuram G. Rajan, Governor, Reserve Bank of India and the year of printing '2016' printed on the reverse of the banknote. The design and security features of these banknotes to be issued now is similar to the ₹ 20 banknotes in Mahatma Gandhi Series- 2005 issued recently with the ascen
Oct 24, 2016
ATM/Debit Card Data Breach
The Reserve Bank of India convened a meeting today with senior officials from select banks, National Payment Corporation of India and card network operators to review the steps taken by various agencies to contain the adverse fall out of certain card details alleged to have been compromised. It had come to the Reserve Bank’s notice on September 8, 2016 that details of certain cards issued by a few banks had been possibly compromised at Automated Teller Machines (ATMs)
The Reserve Bank of India convened a meeting today with senior officials from select banks, National Payment Corporation of India and card network operators to review the steps taken by various agencies to contain the adverse fall out of certain card details alleged to have been compromised. It had come to the Reserve Bank’s notice on September 8, 2016 that details of certain cards issued by a few banks had been possibly compromised at Automated Teller Machines (ATMs)
Oct 21, 2016
Sovereign Gold Bond Scheme 2016 -17 - Series III - Issue Price
In terms of GoI notification F.No. 4(16)-W&M/2016 and RBI circular IDMD.CDD.No.893/14.04.050/2016-17 dated October 20, 2016, the Sovereign Gold Bond Scheme 2016-17, Series III will be open for subscription for the period from October 24, 2016 to November 02, 2016. The nominal value of the bond has been fixed on the basis of simple average of closing price for gold of 999 purity of the previous week (October 17-21, 2016) published by the India Bullion and Jewellers
In terms of GoI notification F.No. 4(16)-W&M/2016 and RBI circular IDMD.CDD.No.893/14.04.050/2016-17 dated October 20, 2016, the Sovereign Gold Bond Scheme 2016-17, Series III will be open for subscription for the period from October 24, 2016 to November 02, 2016. The nominal value of the bond has been fixed on the basis of simple average of closing price for gold of 999 purity of the previous week (October 17-21, 2016) published by the India Bullion and Jewellers
Oct 20, 2016
Sovereign Gold Bond Scheme 2016 -17 – Series III
The Reserve Bank of India, in consultation with Government of India, has decided to issue Sovereign Gold Bonds 2016-17 - Series III. Applications for the bond will be accepted from October 24, 2016 to November 2, 2016. The Bonds will be issued on November 17, 2016. The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated Post Offices, and recognised Stock Exchanges viz., National Stock Exchange of India Limited and Bombay St
The Reserve Bank of India, in consultation with Government of India, has decided to issue Sovereign Gold Bonds 2016-17 - Series III. Applications for the bond will be accepted from October 24, 2016 to November 2, 2016. The Bonds will be issued on November 17, 2016. The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated Post Offices, and recognised Stock Exchanges viz., National Stock Exchange of India Limited and Bombay St
Oct 20, 2016
RBI imposes penalty on Credit Agricole Corporate and Investment Bank (India)
The Reserve Bank of India has imposed a penalty of ₹ 10 million on Credit Agricole Corporate and Investment Bank (India) in exercise of the powers vested with it under the provisions of Section 47 (A) (1) (c) read with Section 46(4) (i) of the Banking Regulation Act, 1949 for contravention of the provisions of Section 6 of the Banking Regulation Act, 1949. The bank was involved in providing a host of services to and earning fees from its outsourcing agency Credit Agri
The Reserve Bank of India has imposed a penalty of ₹ 10 million on Credit Agricole Corporate and Investment Bank (India) in exercise of the powers vested with it under the provisions of Section 47 (A) (1) (c) read with Section 46(4) (i) of the Banking Regulation Act, 1949 for contravention of the provisions of Section 6 of the Banking Regulation Act, 1949. The bank was involved in providing a host of services to and earning fees from its outsourcing agency Credit Agri
Oct 19, 2016
RBI imposes penalty on The Tumkur Veerashaiva Co-operative Bank Ltd.,Tumkur, Karnataka
The Reserve Bank of India has imposed a monetary penalty of ₹ 10.00 lakh (Rupees Ten lakh only) on Tumkur Veerashaiva Cooperative Bank Ltd., Tumkur, 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 violating Reserve Bank of India’s instructions/ guidelines contained in circular dated April 11, 2005 prohibiting payment
The Reserve Bank of India has imposed a monetary penalty of ₹ 10.00 lakh (Rupees Ten lakh only) on Tumkur Veerashaiva Cooperative Bank Ltd., Tumkur, 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 violating Reserve Bank of India’s instructions/ guidelines contained in circular dated April 11, 2005 prohibiting payment
Oct 18, 2016
Registrations open for NCFE’s NFLAT (National Financial Literacy Assessment Test)
Registrations for National Centre for Financial Education(NCFE)’s National Financial Literacy Assessment Test (NFLAT) have started from October 15, 2016. The National Institute of Securities Markets (NISM), Navi Mumbai, has invited all school students from classes VI to X to participate in the National Financial Literacy Assessment Test (NCFE-NFLAT 2016-17). The test will be conducted online (within the school with adequate IT infrastructure and internet connectivity)
Registrations for National Centre for Financial Education(NCFE)’s National Financial Literacy Assessment Test (NFLAT) have started from October 15, 2016. The National Institute of Securities Markets (NISM), Navi Mumbai, has invited all school students from classes VI to X to participate in the National Financial Literacy Assessment Test (NCFE-NFLAT 2016-17). The test will be conducted online (within the school with adequate IT infrastructure and internet connectivity)
Oct 18, 2016
Sovereign Gold Bond – Dematerialisation
The Reserve Bank of India, in consultation with the Government of India, has issued six tranches of Sovereign Gold Bonds for a total value of ₹ 4145 crore till date. Investors in these bonds have been provided with the option of holding them in physical or dematerialized form. The requests for dematerialization have largely been processed successfully. A set of records, however, could not be processed for various reasons such as mismatches in names and PAN numbers, in
The Reserve Bank of India, in consultation with the Government of India, has issued six tranches of Sovereign Gold Bonds for a total value of ₹ 4145 crore till date. Investors in these bonds have been provided with the option of holding them in physical or dematerialized form. The requests for dematerialization have largely been processed successfully. A set of records, however, could not be processed for various reasons such as mismatches in names and PAN numbers, in
Install the RBI mobile application and get quick access to the latest news!
Page Last Updated on: July 28, 2025
