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Press Releases
Jul 04, 2018
RBI cancels the license of Brahmawart Commercial Co-operative Bank Ltd., Kanpur, Uttar Pradesh
The Reserve Bank of India (RBI) has, vide order dated June 26, 2018 cancelled the licence of Brahmawart Commercial Co-operative Bank Ltd., Kanpur, Uttar Pradesh to carry on banking business, with effect from the close of business on July 03, 2018. The Registrar of Co-operative Societies, Uttar Pradesh has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank. The Reserve Bank cancelled the licence of the bank as: i. The ba
The Reserve Bank of India (RBI) has, vide order dated June 26, 2018 cancelled the licence of Brahmawart Commercial Co-operative Bank Ltd., Kanpur, Uttar Pradesh to carry on banking business, with effect from the close of business on July 03, 2018. The Registrar of Co-operative Societies, Uttar Pradesh has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank. The Reserve Bank cancelled the licence of the bank as: i. The ba
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Jun 29, 2018
Applicable Average Base Rate to be charged by NBFC-MFIs for the Quarter Beginning July 01, 2018
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 July 01, 2018 will be 8.92 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 averag
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 July 01, 2018 will be 8.92 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 averag
Jun 28, 2018
4 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 Rukmini Financial Services Private Limited 14, Ballygunge Park Road, Kolkata-
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 Rukmini Financial Services Private Limited 14, Ballygunge Park Road, Kolkata-
Jun 28, 2018
Cancellation of Certificate of Registration of NBFC
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 cancelled the Certificate of Registration of the following company. Sr. No. Name of the Company Office Address CoR No. Issued On Cancellation Order Date 1. M/s Devki Leasing and Finance Limited Velocity Multiplex, 18-A, Scheme No. 94-C, Ring Road, Indore-452010 Madhya Pradesh B.03.00060 April 20, 1998 May 17, 2018 As such, the above comp
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 cancelled the Certificate of Registration of the following company. Sr. No. Name of the Company Office Address CoR No. Issued On Cancellation Order Date 1. M/s Devki Leasing and Finance Limited Velocity Multiplex, 18-A, Scheme No. 94-C, Ring Road, Indore-452010 Madhya Pradesh B.03.00060 April 20, 1998 May 17, 2018 As such, the above comp
Jun 26, 2018
Reserve Bank of India imposes monetary penalty on Tamilnad Mercantile Bank Limited
The Reserve Bank of India (RBI) has imposed, on June 19, 2018, a monetary penalty of ₹ 60 million on Tamilnad Mercantile Bank Limited (the bank) for contravention of Master Directions on Issue and Pricing of Shares dated April 21, 2016 (the Directions) issued by RBI. 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 Act, 1949 taking into account the failu
The Reserve Bank of India (RBI) has imposed, on June 19, 2018, a monetary penalty of ₹ 60 million on Tamilnad Mercantile Bank Limited (the bank) for contravention of Master Directions on Issue and Pricing of Shares dated April 21, 2016 (the Directions) issued by RBI. 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 Act, 1949 taking into account the failu
Jun 26, 2018
Northern Railway Multi-state Primary Co-operative Bank Ltd., Lucknow- Penalised
The Reserve Bank of India has imposed a monetary penalty of ₹ 1,00,000/- (Rupees one lakh only) on Northern Railway Multi-state Primary Co-operative Bank Ltd., Lucknow in exercise of 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 violation of RBI Instructions/Guidelines for opening on-site ATM without obtaining prior approval from RBI. The Reserve
The Reserve Bank of India has imposed a monetary penalty of ₹ 1,00,000/- (Rupees one lakh only) on Northern Railway Multi-state Primary Co-operative Bank Ltd., Lucknow in exercise of 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 violation of RBI Instructions/Guidelines for opening on-site ATM without obtaining prior approval from RBI. The Reserve
Jun 26, 2018
Urban Co-operative Bank Ltd., Basti - Penalised
The Reserve Bank of India has imposed a monetary penalty of ₹ 1,00,000/- (Rupees one lakh only) on Urban Co-operative Bank Ltd., Basti in exercise of 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 violation of RBI Instructions/Guidelines for opening on-site ATM without obtaining prior approval from RBI. The Reserve Bank of India had issued a Show C
The Reserve Bank of India has imposed a monetary penalty of ₹ 1,00,000/- (Rupees one lakh only) on Urban Co-operative Bank Ltd., Basti in exercise of 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 violation of RBI Instructions/Guidelines for opening on-site ATM without obtaining prior approval from RBI. The Reserve Bank of India had issued a Show C
Jun 25, 2018
RBI cancels Certificate of Registration of 5 NBFCs
The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following five 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. Company's Name Address of Registered Office Certificate of Registration No. Issued On Date of cancellation 1 M/s Key Dealers Private Limited 35, G.C. Avenue Road, 3rd Floor, Kolkata-700 013 B.05.03516 October 01, 2001
The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following five 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. Company's Name Address of Registered Office Certificate of Registration No. Issued On Date of cancellation 1 M/s Key Dealers Private Limited 35, G.C. Avenue Road, 3rd Floor, Kolkata-700 013 B.05.03516 October 01, 2001
Jun 25, 2018
RBI releases draft guidelines on constituting Board of Management in Primary (Urban) Cooperative Banks
The Reserve Bank of India today released draft guidelines on constituting Board of Management (BoM) for Primary (Urban) Cooperative Banks (UCBs). The guidelines propose that UCBs may constitute a BoM, in addition to the Board of Directors (BoD). It may be recalled that the Expert Committee on licensing of new Urban Cooperative Banks (2010) set up under the chairmanship of Shri Y.H. Malegam had recommended, inter alia, that a BoM be constituted in every UCB, in additio
The Reserve Bank of India today released draft guidelines on constituting Board of Management (BoM) for Primary (Urban) Cooperative Banks (UCBs). The guidelines propose that UCBs may constitute a BoM, in addition to the Board of Directors (BoD). It may be recalled that the Expert Committee on licensing of new Urban Cooperative Banks (2010) set up under the chairmanship of Shri Y.H. Malegam had recommended, inter alia, that a BoM be constituted in every UCB, in additio
Jun 21, 2018
City Co-operative Bank Ltd., Hassan, Karnataka - Penalised
The Reserve Bank of India has imposed a monetary penalty of ₹ 50,000/- (Rupees fifty thousand only) on City Co-operative Bank Ltd., Hassan, in exercise of the powers vested in it under the provisions of Section 47 A (1) (c) read with Section 46 (4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) for violating the Supervisory Action Framework (SAF) instructions issued under Section 36(1) of the Banking Regulation Act, 1949 (AACS). The Rese
The Reserve Bank of India has imposed a monetary penalty of ₹ 50,000/- (Rupees fifty thousand only) on City Co-operative Bank Ltd., Hassan, in exercise of the powers vested in it under the provisions of Section 47 A (1) (c) read with Section 46 (4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) for violating the Supervisory Action Framework (SAF) instructions issued under Section 36(1) of the Banking Regulation Act, 1949 (AACS). The Rese
Jun 20, 2018
RBI cancels Certificate of Registration of 5 NBFCs
The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following five 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. Company's Name Address of Registered Office Certificate of Registration No. Issued On Date of cancellation 1. M/s Cygnus Publishers Limited 21A, Shakespeare Sarani, Kolkata-700017 B.05.05850 September 12, 2011 March 28
The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following five 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. Company's Name Address of Registered Office Certificate of Registration No. Issued On Date of cancellation 1. M/s Cygnus Publishers Limited 21A, Shakespeare Sarani, Kolkata-700017 B.05.05850 September 12, 2011 March 28
Jun 20, 2018
7 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 Lords Steel Industries Limited 10A, Middleton Row, 2nd Floor, Kolkata-700071 1
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 Lords Steel Industries Limited 10A, Middleton Row, 2nd Floor, Kolkata-700071 1
Jun 18, 2018
RBI imposes Monetary Penalty on M/s Kosamattam Finance Ltd
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹ 5 lakh on M/s Kosamattam 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 the books and accounts of the company was conducted under section 45N of Reserve Bank of India Act, 1934 (the RBI Act, 1934) during August, 2016. It w
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹ 5 lakh on M/s Kosamattam 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 the books and accounts of the company was conducted under section 45N of Reserve Bank of India Act, 1934 (the RBI Act, 1934) during August, 2016. It w
Jun 11, 2018
Cancellation of Certificate of Registration of 6 NBFCs
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 cancelled the Certificate of Registration of the following companies. Sr. No. Name of the Company Office Address CoR No. Issued On Cancellation Order Date 1 M/s Pace Properties Private Limited 8, Amartolla Street, 4th Floor, Room No 405, Kolkata-700001 B.05.06270 March 19, 2004 March 26, 2018 2 M/s Mahajan Vayapar Private Limited 71, B.R
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 cancelled the Certificate of Registration of the following companies. Sr. No. Name of the Company Office Address CoR No. Issued On Cancellation Order Date 1 M/s Pace Properties Private Limited 8, Amartolla Street, 4th Floor, Room No 405, Kolkata-700001 B.05.06270 March 19, 2004 March 26, 2018 2 M/s Mahajan Vayapar Private Limited 71, B.R
Jun 08, 2018
RBI imposes Monetary Penalty The Secunderabad Co-operative Urban Bank Ltd., Hyderabad, Telangana
The Reserve Bank of India has imposed a monetary penalty of ₹ 2,50,000/- (Rupees Two Lakh Fifty Thousand only) on The Secunderabad Co-operative Urban Bank Ltd., Hyderabad, Telangana, in exercise of the powers vested in it under the provisions of Section 47A (1) (a) and (c) read with Section 46 (2) and (4) of The Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for violation of Reserve Bank of India instructions/guidelines on Installation of Auto
The Reserve Bank of India has imposed a monetary penalty of ₹ 2,50,000/- (Rupees Two Lakh Fifty Thousand only) on The Secunderabad Co-operative Urban Bank Ltd., Hyderabad, Telangana, in exercise of the powers vested in it under the provisions of Section 47A (1) (a) and (c) read with Section 46 (2) and (4) of The Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for violation of Reserve Bank of India instructions/guidelines on Installation of Auto
Jun 06, 2018
RBI imposed penalty on 510 Army Base Workshop Credit Co-operative Primary Bank Ltd. Meerut Cantt.
The Reserve Bank of India has imposed a monetary penalty of ₹ 5,00,000/- (five lakh rupees only) on 510 Army Base Workshop Credit Co-operative Primary Bank Ltd., Meerut Cantt. in exercise of 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 violation of RBI Instructions/Guidelines on Submission of Proper Compliance on Time, Prudential Norms on Inter-b
The Reserve Bank of India has imposed a monetary penalty of ₹ 5,00,000/- (five lakh rupees only) on 510 Army Base Workshop Credit Co-operative Primary Bank Ltd., Meerut Cantt. in exercise of 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 violation of RBI Instructions/Guidelines on Submission of Proper Compliance on Time, Prudential Norms on Inter-b
Jun 06, 2018
The Kuppam Co-operative Town Bank Ltd., Kuppam, Andhra Pradesh - Penalised
The Reserve Bank of India has imposed a monetary penalty of ₹ 50,000/- (Rupees Fifty Thousand only) on The Kuppam Co-operative Town Bank Ltd., Kuppam, Andhra Pradesh, 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 violation of provision of Section 27(2) of the Act ibid. The Reserve Bank of India had issued a show cause notice
The Reserve Bank of India has imposed a monetary penalty of ₹ 50,000/- (Rupees Fifty Thousand only) on The Kuppam Co-operative Town Bank Ltd., Kuppam, Andhra Pradesh, 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 violation of provision of Section 27(2) of the Act ibid. The Reserve Bank of India had issued a show cause notice
Jun 06, 2018
Second Bi-monthly Monetary Policy Statement, 2018-19 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: increase the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 6.25 per cent. Consequently, the reverse repo rate under the LAF stands adjusted to 6.0 per cent, and the marginal standing facility (MSF) rate and the Bank Rate to 6.50 per cent. The decision of the MPC is consistent with
On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to: increase the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 6.25 per cent. Consequently, the reverse repo rate under the LAF stands adjusted to 6.0 per cent, and the marginal standing facility (MSF) rate and the Bank Rate to 6.50 per cent. The decision of the MPC is consistent with
Jun 06, 2018
Statement on Developmental and Regulatory Policies
This Statement sets out various developmental and regulatory policy measures for strengthening regulation and supervision; broadening and deepening financial markets; improving currency and debt management; fostering innovation in payment and settlement system; and, facilitating data management. I. Regulation and Supervision 1. Increase in Liquidity Coverage Ratio (LCR) carve-out from Statutory Liquidity Ratio (SLR) As per the existing roadmap, scheduled commercial ba
This Statement sets out various developmental and regulatory policy measures for strengthening regulation and supervision; broadening and deepening financial markets; improving currency and debt management; fostering innovation in payment and settlement system; and, facilitating data management. I. Regulation and Supervision 1. Increase in Liquidity Coverage Ratio (LCR) carve-out from Statutory Liquidity Ratio (SLR) As per the existing roadmap, scheduled commercial ba
Jun 05, 2018
Abhyudaya Mahila Urban Co-operative Bank Ltd., Channapatna, Karnataka - Penalised
The Reserve Bank of India has imposed a monetary penalty of ₹ 1.00 lakh (Rupees one lakh only) on Abhyudaya Mahila Urban Co-operative Bank Ltd., Channapatna, in exercise of the powers vested in it under the provisions of Section 47 A (1) (c) read with Section 46 (4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) for violating directives contained in para 3 of Reserve Bank of India Circular No. BPD Cir.50/13.05.00/2002-03 dated April 29,
The Reserve Bank of India has imposed a monetary penalty of ₹ 1.00 lakh (Rupees one lakh only) on Abhyudaya Mahila Urban Co-operative Bank Ltd., Channapatna, in exercise of the powers vested in it under the provisions of Section 47 A (1) (c) read with Section 46 (4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) for violating directives contained in para 3 of Reserve Bank of India Circular No. BPD Cir.50/13.05.00/2002-03 dated April 29,
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