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Press Releases
Apr 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
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Apr 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
Apr 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
Apr 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.
Apr 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
Apr 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
Apr 03, 2017
RBI extends Directions issued to Gokul Co-operative Urban Bank Ltd., Secunderabad
The Reserve Bank of India, in exercise of the powers vested in it under Section 35A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) has directed that the Directives issued to Gokul Co-operative Urban Bank Ltd., Secunderabad from the close of business on April 04, 2017 shall continue to apply to the bank for a further period upto June 30, 2017 subject to review. Other terms and conditions of the Directive under reference shall remain uncha
The Reserve Bank of India, in exercise of the powers vested in it under Section 35A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) has directed that the Directives issued to Gokul Co-operative Urban Bank Ltd., Secunderabad from the close of business on April 04, 2017 shall continue to apply to the bank for a further period upto June 30, 2017 subject to review. Other terms and conditions of the Directive under reference shall remain uncha
Apr 03, 2017
RBI cancels the licence of The Mercantile Urban Co-operative Bank Ltd., Meerut, Uttar Pradesh
It is hereby notified for the information of the public that the Reserve Bank of India (RBI) has cancelled vide order dated March 30, 2017, the licence of The Mercantile Urban Co-operative Bank Ltd., Meerut, to carry on banking business under section 22 of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) read with Section 56 of the Banking Regulation Act, 1949. As such, the bank is precluded from transacting the business of ‘banking’ as defin
It is hereby notified for the information of the public that the Reserve Bank of India (RBI) has cancelled vide order dated March 30, 2017, the licence of The Mercantile Urban Co-operative Bank Ltd., Meerut, to carry on banking business under section 22 of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) read with Section 56 of the Banking Regulation Act, 1949. As such, the bank is precluded from transacting the business of ‘banking’ as defin
Apr 01, 2017
Applicable Average Base Rate to be charged by NBFC-MFIs for the Quarter Beginning April 01, 2017
The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning April 01, 2017 will be 9.35 per cent. It may be recalled that the Reserve Bank had, in its circular dated February 7, 2014, issued to NBFC-MFIs regarding pricing of credit, stated that it will, on the last working day of every quarter, advise the avera
The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning April 01, 2017 will be 9.35 per cent. It may be recalled that the Reserve Bank had, in its circular dated February 7, 2014, issued to NBFC-MFIs regarding pricing of credit, stated that it will, on the last working day of every quarter, advise the avera
Mar 31, 2017
RBI issues Directions to The Kapol Co-operative Bank Ltd., Mumbai
The Reserve Bank of India (vide directive DCBS.CO.BSD-I/D-09/12.22.111/2016-17 dated March 30, 2017) has placed The Kapol Co-operative Bank Ltd., Mumbai Maharashtra, under Directions. According to the Directions, depositors will be allowed to withdraw a sum not exceeding ₹ 3000 (Rupees Three Thousand only) of the total balance held in every saving bank or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI
The Reserve Bank of India (vide directive DCBS.CO.BSD-I/D-09/12.22.111/2016-17 dated March 30, 2017) has placed The Kapol Co-operative Bank Ltd., Mumbai Maharashtra, under Directions. According to the Directions, depositors will be allowed to withdraw a sum not exceeding ₹ 3000 (Rupees Three Thousand only) of the total balance held in every saving bank or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI
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