Press Releases - Regulating Non-Banking - RBI - Reserve Bank of India
Press Releases
Apr 27, 2021
Issue of Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including Housing Finance Companies)
The Reserve Bank of India had announced in the ‘Statement on Developmental and Regulatory Policies’ issued as part of the Monetary Policy Statement dated December 4, 2020 that with a view to improve the quality of financial reporting of Supervised Entities (SEs), harmonised guidelines on appointment of Statutory Auditors of Commercial Banks (excluding RRBs), Primary (Urban) Co-operative Banks (UCBs) and Non-Banking Finance Companies (NBFCs) will be issued. 2. Accordin
The Reserve Bank of India had announced in the ‘Statement on Developmental and Regulatory Policies’ issued as part of the Monetary Policy Statement dated December 4, 2020 that with a view to improve the quality of financial reporting of Supervised Entities (SEs), harmonised guidelines on appointment of Statutory Auditors of Commercial Banks (excluding RRBs), Primary (Urban) Co-operative Banks (UCBs) and Non-Banking Finance Companies (NBFCs) will be issued. 2. Accordin
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Apr 27, 2021
RBI cancels Certificate of Registration of Four NBFCs
The Reserve Bank of India (RBI), 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. CoR Issued On Cancellation Order Date 1 M/s Vrundavan Securities Limited 202, Yogi Complex, 44, Sampatrao Colony, Alkapuri, Vadodara, Gujarat – 390007 B 01.00261 June 09, 1998 January 19, 2021 2 M/s Durlav Financ
The Reserve Bank of India (RBI), 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. CoR Issued On Cancellation Order Date 1 M/s Vrundavan Securities Limited 202, Yogi Complex, 44, Sampatrao Colony, Alkapuri, Vadodara, Gujarat – 390007 B 01.00261 June 09, 1998 January 19, 2021 2 M/s Durlav Financ
Apr 27, 2021
Two 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 (RBI): Sr. No. Name of the Company Office Address CoR No. CoR Issued On Cancellation Order Date 1 M/s Balaji Instalments Supply Limited 280, Goyal Complex, Bans Mandi, Bareilly, Uttar Pradesh- 243005 B-12.00267 November 02, 2015 February 22, 2021 2 M/s Sugam Commodeal Pvt. Ltd. 54/3, 1st Cross, Ejipura Main Road, Vivek Nagar, Bengaluru, Karnataka – 560047
The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India (RBI): Sr. No. Name of the Company Office Address CoR No. CoR Issued On Cancellation Order Date 1 M/s Balaji Instalments Supply Limited 280, Goyal Complex, Bans Mandi, Bareilly, Uttar Pradesh- 243005 B-12.00267 November 02, 2015 February 22, 2021 2 M/s Sugam Commodeal Pvt. Ltd. 54/3, 1st Cross, Ejipura Main Road, Vivek Nagar, Bengaluru, Karnataka – 560047
Apr 15, 2021
Constitution of the Regulations Review Authority 2.0
The Reserve Bank of India had set up a Regulations Review Authority (RRA) initially for a period of one year from April 1, 1999 for reviewing the regulations, circulars, reporting systems, based on the feedback from public, banks and financial institutions. The recommendations of the RRA enabled streamlining and increasing the effectiveness of several procedures, simplifying regulatory prescriptions, paved the way for issuance of master circular and reduced reporting
The Reserve Bank of India had set up a Regulations Review Authority (RRA) initially for a period of one year from April 1, 1999 for reviewing the regulations, circulars, reporting systems, based on the feedback from public, banks and financial institutions. The recommendations of the RRA enabled streamlining and increasing the effectiveness of several procedures, simplifying regulatory prescriptions, paved the way for issuance of master circular and reduced reporting
Mar 31, 2021
Applicable Average Base Rate to be charged by NBFC-MFIs for the Quarter Beginning April 1, 2021
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 1, 2021 will be 7.81 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 April 1, 2021 will be 7.81 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
Mar 23, 2021
Reserve Bank of India imposes monetary penalty on Sonata Finance Private Limited
The Reserve Bank of India (RBI) has, by an order dated March 23, 2021, imposed a monetary penalty of ₹15 lakh (Rupees Fifteen lakh only) on Sonata Finance Private Limited, Lucknow, Uttar Pradesh (the company), for non-compliance with certain provisions of the directions issued by RBI on ‘Pricing of Credit’ contained in Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016. This pena
The Reserve Bank of India (RBI) has, by an order dated March 23, 2021, imposed a monetary penalty of ₹15 lakh (Rupees Fifteen lakh only) on Sonata Finance Private Limited, Lucknow, Uttar Pradesh (the company), for non-compliance with certain provisions of the directions issued by RBI on ‘Pricing of Credit’ contained in Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016. This pena
Mar 22, 2021
Reserve Bank of India imposes monetary penalty on Koyana Sahakari Bank Limited, Karad, Satara, Maharashtra
The Reserve Bank of India (RBI) has imposed, by an order dated March 22, 2021, a monetary penalty of ₹6 lakh (Rupees Six lakh only) on Koyana Sahakari Bank Limited, Karad (the bank) for contravention of the directions issued by RBI on Exposure Norms and Statutory / Other Restrictions – UCBs. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulatio
The Reserve Bank of India (RBI) has imposed, by an order dated March 22, 2021, a monetary penalty of ₹6 lakh (Rupees Six lakh only) on Koyana Sahakari Bank Limited, Karad (the bank) for contravention of the directions issued by RBI on Exposure Norms and Statutory / Other Restrictions – UCBs. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulatio
Mar 22, 2021
Reserve Bank of India imposes monetary penalty on Fedbank Financial Services Limited
The Reserve Bank of India (RBI) has, by an order dated March 22, 2021, imposed a monetary penalty of ₹15 lakh (Rupees Fifteen lakh only) on Fedbank Financial Services Limited, Mumbai (the company) for non-compliance with certain provisions of the directions issued by the Reserve Bank of India (RBI) contained in “Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016”. This penalty has been imposed in exercise of powers vested in RBI under the provisions of clau
The Reserve Bank of India (RBI) has, by an order dated March 22, 2021, imposed a monetary penalty of ₹15 lakh (Rupees Fifteen lakh only) on Fedbank Financial Services Limited, Mumbai (the company) for non-compliance with certain provisions of the directions issued by the Reserve Bank of India (RBI) contained in “Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016”. This penalty has been imposed in exercise of powers vested in RBI under the provisions of clau
Feb 08, 2021
RBI releases Annual Report of Ombudsman Schemes, 2019-20
The Reserve Bank of India (RBI) today released the Annual Report of the “Ombudsman Schemes of the Reserve Bank for the year 2019-20”. The Banking Ombudsman Scheme (BOS) was first notified by the Reserve Bank in 1995 under Section 35 A of the Banking Regulation Act, 1949. It is administered by the Reserve Bank through 22 Offices of Banking Ombudsman (OBOs) covering all states and union territories. The Annual Report covers the activities under the Banking Ombudsman Sch
The Reserve Bank of India (RBI) today released the Annual Report of the “Ombudsman Schemes of the Reserve Bank for the year 2019-20”. The Banking Ombudsman Scheme (BOS) was first notified by the Reserve Bank in 1995 under Section 35 A of the Banking Regulation Act, 1949. It is administered by the Reserve Bank through 22 Offices of Banking Ombudsman (OBOs) covering all states and union territories. The Annual Report covers the activities under the Banking Ombudsman Sch
Feb 03, 2021
Risk Based Internal Audit (RBIA) in NBFCs/UCBs
RBI had announced in the ‘Statement on Developmental and Regulatory Policies’ issued as part of the Monetary Policy Statement dated December 4, 2020 that with a view to strengthen the Internal Audit Function, which works as a third line of defence, suitable guidelines will be issued to large UCBs and NBFCs on adoption of Risk Based Internal Audit (RBIA). Accordingly, a circular on RBIA covering all deposit taking Non-Banking Financial Companies (NBFCs); all non-deposi
RBI had announced in the ‘Statement on Developmental and Regulatory Policies’ issued as part of the Monetary Policy Statement dated December 4, 2020 that with a view to strengthen the Internal Audit Function, which works as a third line of defence, suitable guidelines will be issued to large UCBs and NBFCs on adoption of Risk Based Internal Audit (RBIA). Accordingly, a circular on RBIA covering all deposit taking Non-Banking Financial Companies (NBFCs); all non-deposi
Jan 22, 2021
RBI releases Discussion Paper on Revised Regulatory Framework for NBFCs- A Scale-Based Approach
In pursuance of the announcement made in the Statement on Developmental and Regulatory Policies dated December 04, 2020, the Reserve Bank of India has released today, the Discussion Paper on Revised Regulatory Framework for NBFCs- A Scale-Based Approach. Comments on the Discussion Paper are invited from NBFCs, market participants and other stakeholders within one month from this date. Feedback on the Discussion Paper may be forwarded to: The Chief General Manager-in-C
In pursuance of the announcement made in the Statement on Developmental and Regulatory Policies dated December 04, 2020, the Reserve Bank of India has released today, the Discussion Paper on Revised Regulatory Framework for NBFCs- A Scale-Based Approach. Comments on the Discussion Paper are invited from NBFCs, market participants and other stakeholders within one month from this date. Feedback on the Discussion Paper may be forwarded to: The Chief General Manager-in-C
Jan 07, 2021
RBI cancels Certificate of Registration of Three 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. CoR Issued On Cancellation Order Date 1 Abhinav Hire Purchase Limited Station Road, Ujhani, Budaun, Uttar Pradesh – 243639 A-12.00384 June 20, 2008 November 17, 2020 2 Jupiter Management Services Private Limited 1324,
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. CoR Issued On Cancellation Order Date 1 Abhinav Hire Purchase Limited Station Road, Ujhani, Budaun, Uttar Pradesh – 243639 A-12.00384 June 20, 2008 November 17, 2020 2 Jupiter Management Services Private Limited 1324,
Jan 07, 2021
Six 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. CoR Issued On Cancellation Order Date 1 Raghukul Trading Private Limited (formerly Raghukul Properties & Investmen
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. CoR Issued On Cancellation Order Date 1 Raghukul Trading Private Limited (formerly Raghukul Properties & Investmen
Jan 05, 2021
Reserve Bank of India imposes monetary penalty on Bajaj Finance Limited
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.50 crore (Rupees Two crore Fifty lakh only) on Bajaj Finance Limited, Pune (the company), by an order dated January 05, 2021, for violation of (i) directions issued by RBI on Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs and Fair Practices Code (FPC) for applicable NBFCs, contained in the Non-Banking Financial Company - Systemically Important Non-Deposit taking Comp
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.50 crore (Rupees Two crore Fifty lakh only) on Bajaj Finance Limited, Pune (the company), by an order dated January 05, 2021, for violation of (i) directions issued by RBI on Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs and Fair Practices Code (FPC) for applicable NBFCs, contained in the Non-Banking Financial Company - Systemically Important Non-Deposit taking Comp
Dec 31, 2020
Applicable Average Base Rate to be charged by NBFC-MFIs for the Quarter Beginning January 1, 2021
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 January 1, 2021 will be 7.96 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 aver
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 January 1, 2021 will be 7.96 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 aver
Dec 09, 2020
RBI releases Draft Circular on Declaration of Dividend by NBFCs
In pursuance of the announcements made in the Statement on Developmental and Regulatory Policies dated December 04, 2020, the Reserve Bank of India has released today the Draft Circular on Declaration of Dividend by NBFCs. Comments on the Draft Circular are invited from NBFCs, industry participants and other interested parties by December 24, 2020. Feedback on the Draft Circular may be forwarded to: The Chief General Manager, Reserve Bank of India, Department of Regul
In pursuance of the announcements made in the Statement on Developmental and Regulatory Policies dated December 04, 2020, the Reserve Bank of India has released today the Draft Circular on Declaration of Dividend by NBFCs. Comments on the Draft Circular are invited from NBFCs, industry participants and other interested parties by December 24, 2020. Feedback on the Draft Circular may be forwarded to: The Chief General Manager, Reserve Bank of India, Department of Regul
Nov 19, 2020
Reserve Bank of India imposes monetary penalty on Muthoot Finance Limited
The Reserve Bank of India (RBI) has imposed, by an order dated November 19, 2020, a monetary penalty of ₹10.00 lakh (Rupees Ten lakh only) on Muthoot Finance Limited, Ernakulam (the company), for non-compliance with directions issued by RBI on maintenance of Loan to Value ratio in gold loans and on obtaining copy of PAN card of the borrower while granting gold loans in excess of ₹ 5.00 lakh, contained in Non-Banking Financial Company - Systemically Important Non-Depos
The Reserve Bank of India (RBI) has imposed, by an order dated November 19, 2020, a monetary penalty of ₹10.00 lakh (Rupees Ten lakh only) on Muthoot Finance Limited, Ernakulam (the company), for non-compliance with directions issued by RBI on maintenance of Loan to Value ratio in gold loans and on obtaining copy of PAN card of the borrower while granting gold loans in excess of ₹ 5.00 lakh, contained in Non-Banking Financial Company - Systemically Important Non-Depos
Nov 19, 2020
Reserve Bank of India imposes monetary penalty on Manappuram Finance Limited
The Reserve Bank of India (RBI) has imposed, by an order dated November 19, 2020, a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Manappuram Finance Limited, Thrissur (the company), for non-compliance with directions issued by RBI on verification of ownership of gold jewellery, contained in Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016. This penalty has been impo
The Reserve Bank of India (RBI) has imposed, by an order dated November 19, 2020, a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Manappuram Finance Limited, Thrissur (the company), for non-compliance with directions issued by RBI on verification of ownership of gold jewellery, contained in Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016. This penalty has been impo
Nov 18, 2020
Reserve Bank of India imposes monetary penalty on Nissan Renault Financial Services India Private Limited
The Reserve Bank of India (RBI) has imposed, by an order dated November 17, 2020, a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Nissan Renault Financial Services India Private Limited, Chennai, for non-compliance with RBI directions contained in Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 on Fair Practices Code for applicable NBFCs. This penalty has been impo
The Reserve Bank of India (RBI) has imposed, by an order dated November 17, 2020, a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Nissan Renault Financial Services India Private Limited, Chennai, for non-compliance with RBI directions contained in Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016 on Fair Practices Code for applicable NBFCs. This penalty has been impo
Oct 29, 2020
RBI cancels Certificate of Registration of Seven 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. Date of issue of CoR Date of Cancellation of CoR 1 Malpani Financial Services Private Limited Malpani House, Marwari Patty, Jorhat, Assam- 785001 B.08.00101 July 27, 2000 August 27, 2020 2 Vishav Dealer Private Limited
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. Date of issue of CoR Date of Cancellation of CoR 1 Malpani Financial Services Private Limited Malpani House, Marwari Patty, Jorhat, Assam- 785001 B.08.00101 July 27, 2000 August 27, 2020 2 Vishav Dealer Private Limited
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Page Last Updated on: November 22, 2024
