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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : RBI

India loses Rs 100 crore to bank fraud every day over past 7 years - RBI
Posted Date : 30-Mar-2022 , 08:09:59 am | Posted By CASANSAAR

India lost at least Rs 100 crore every day to bank fraud or scams over the past seven years, although there was a year-on-year reduction in the total amount involved, according to RBI data. The finance ministry, however, said measures put in place for prompt reporting and prevention had led t...

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RBI imposes penalty on these 8 co-operative banks
Posted Date : 15-Mar-2022 , 08:07:47 am | Posted By CASANSAAR

The Reserve Bank of India has imposed a penalty of Rs 12.75 lakh on eight cooperative banks for deficiencies in regulatory compliances, the central bank said on Monday. The RBI has slapped a penalty of Rs 4 lakh on The Nabapalli Cooperative Bank Limited, Barasat, 24 Paraganas (N), West Bengal f...

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RBI bars Paytm Payments Bank from opening new accounts with immediate effect
Posted Date : 12-Mar-2022 , 09:33:52 am | Posted By CASANSAAR

Reserve Bank of India (RBI) has barred Paytm Payments Bank from opening new accounts with immediate effect. RBI has also directed Paytm Payments Bank to appoint an IT audit firm to conduct a comprehensive audit of its IT system. In a statement, RBI said the onboarding of new customers will be s...

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Category : RBI | Comments : 0 | Hits : 631

RBI launches UPI123pay and 24x7 helpline for digital payments in Mumbai
Posted Date : 09-Mar-2022 , 10:01:52 am | Posted By CASANSAAR

RBI launched UPI for feature phones called UPI123pay. RBI governor Shaktikanta Das launched the UPI123pay and also launched a 24x7 helpline for digital payments in Mumbai. This new initiative by RBI will facilitate use of UPI with text and allow feature phone users to seamlessly perform various fina...

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RBI amends payments systems rules
Posted Date : 24-Feb-2022 , 10:01:46 am | Posted By CASANSAAR

The Reserve Bank of India on Wednesday issued amended Payments and Settlement Systems Regulations that allows companies wanting to run payment businesses to seek licenses from the regulator. The licensing application should include process flow of the operator, technology platform to be u...

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RBI cautions public against PPIs issued by unauthorised entities
Posted Date : 23-Feb-2022 , 09:31:24 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Tuesday urged the public to exercise utmost caution while using unauthorised prepaid payment instruments (PPIs) saying they must verify beforehand that application or entity that they are dealing with is authorised to carry out the activity it performs or assures t...

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RRA recommends withdrawal of 100 more circulars - RBI
Posted Date : 21-Feb-2022 , 12:19:52 pm | Posted By CASANSAAR

The Reserve Bank of India on Friday said the Regulations Review Authority has recommended withdrawing about 100 more redundant circulars, besides elimination of certain paper based returns, a move expected to ease compliance for regulated entities. The Reserve Bank of India has set up the Regulat...

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RBI imposes monetary penalty on 8 cooperative banks
Posted Date : 25-Jan-2022 , 08:16:54 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on January 24 imposed monetary penalties on eight cooperative banks for the violation of loan and know your customer norms. These banks are Rajkot Peoples Cooperative Bank, Vasai Janata Sahakari Bank, Mogaveera Cooperative Bank, The Varachha Cooperative Bank, The...

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Reserve Bank of India imposes Monetary Penalty on two Payment System Operators
Posted Date : 24-Dec-2021 , 09:46:26 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has imposed monetary penalty on the following two Payment System Operators (PSOs) for committing offences of the nature referred to in Section 26 (6) of the Payment and Settlement Systems Act, 2007 (PSS Act). Sr. No. ...

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RBI imposes penalty of Rs 1 Cr on Union Bank of India
Posted Date : 30-Nov-2021 , 08:26:38 am | Posted By CASANSAAR

The Reserve Bank of India on Monday imposed a monetary penalty of Rs 1 crore on state-owned Union Bank of India for deficiencies in regulatory compliance. The penalty was imposed by an order dated November 25 for non-compliance with the certain provisions of directions issued by the RBI contained in...

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RBI Imposes Rs. 1 Crore Penalty On State Bank Of India For Violating Norms
Posted Date : 27-Nov-2021 , 09:19:11 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) today imposed a monetary penalty of ₹ 1 crore on the country's largest lender State Bank of India (SBI) For holding shares in the borrower companies of an amount exceeding 30 per cent of the paid-up share capital of those companies. The RBI imposed the penal...

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RBI launches its First Global Hackathon - HARBINGER 2021
Posted Date : 11-Nov-2021 , 07:40:06 am | Posted By CASANSAAR

Reserve Bank is organising its first global hackathon – “HARBINGER 2021 – Innovation for Transformation” with the theme ‘Smarter Digital Payments’. The Hackathon invites participants to identify and develop solutions that have the potential to make digital pa...

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RBI allows banks to open current accounts for borrowers availing credit from other banks
Posted Date : 30-Oct-2021 , 08:52:46 am | Posted By CASANSAAR

Banks may open current accounts for borrowers who have availed credit facilities in the form of cash credit (CC)/ overdraft (OD) from the banking system, said Reserve Bank of India (RBI) on October 29 in a release. The development comes after the RBI reviewed and took into account the feedbac...

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Shaktikanta Das reappointed as RBI Governor for three more years
Posted Date : 30-Oct-2021 , 08:32:32 am | Posted By CASANSAAR

The government has approved the reappointment of Shaktikanta Das as Governor of the Reserve Bank of India for a period of three years. The Appointments Committee of the Cabinet has approved the reappointment of Mr Das. The re-appointment will be effective from 10th December this year or until fur...

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All micro loans must be collateral-free - RBI
Posted Date : 29-Oct-2021 , 07:42:51 am | Posted By CASANSAAR

The RBI has said it proposes to make micro-lending collateral-free, not just for microfinance institutions (MFIs) but for all lenders. Delivering the inaugural address at the Sa-Dhan National Conference on 'Revitalising financial inclusion' on Wednesday, RBI deputy governor Rajeshwar Rao sai...

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RBI tightens rules for NBFCs funding IPOs
Posted Date : 23-Oct-2021 , 07:40:43 am | Posted By CASANSAAR

The Reserve Bank of India on Friday announced a limit on non-bank lenders financing subscriptions to initial share sales to stem the flow of large amounts of borrowed capital by high net worth individuals to such offerings. “There shall be a ceiling of ₹1 crore per borrower for financ...

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RBI imposes Rs. 1 Cr penalty on Paytm Payments Bank
Posted Date : 22-Oct-2021 , 07:41:39 am | Posted By CASANSAAR

The Reserve Bank of India on Wednesday imposed a monetary penalty of ₹1 crore on Paytm Payments Bank Limited (PPBL) over certain specified violations. On examination of Paytm Payments Bank’s application for issue of final Certificate of Authorisation, the RBI observed that PPBL had ...

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Category : RBI | Comments : 0 | Hits : 633

RBI imposes Rs 1 Cr penalty on State Bank of India
Posted Date : 19-Oct-2021 , 08:42:12 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Monday imposed a monetary penalty of Rs 1 crore on the country’s largest lender, State Bank of India (SBI), for not complying with directions issued by the central bank with regard to fraud classification and reporting by commercial banks. “This ac...

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Category : RBI | Comments : 0 | Hits : 920

RBI bans Haribhakti & Co from undertaking audit assignments for two years
Posted Date : 13-Oct-2021 , 08:57:06 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has barred chartered accountant firm Haribhakti & Co. LLP, from undertaking any type of audit assignments for any entities regulated by it for a period of two years with effect from April 1, 2022. "This action has been taken on account of the failure on ...

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Category : RBI | Comments : 0 | Hits : 874

RBI imposes monetary penalty of Rs 2 Cr on RBL Bank
Posted Date : 28-Sep-2021 , 08:13:49 am | Posted By CASANSAAR

Reserve Bank of India (RBI) on September 27 imposed a monetary penalty of Rs 2 crore on RBL Bank for contravention of former's directions on Reserve Bank of India (Interest Rate on Deposits) Directions, 2016 and non-compliance with provisions of clause (b) of sub-section (2) of section 10A ...

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Category : RBI | Comments : 0 | Hits : 438

RBI cautions against frauds in the name of KYC updation
Posted Date : 14-Sep-2021 , 08:27:04 am | Posted By CASANSAAR

Banking regulator Reserve Bank of India (RBI) on Monday cautioned people not to share account login details, personal information, copies of KYC documents, card information, PIN, password and OTP with unidentified persons or agencies. "Such details should not be shared through unverified/una...

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RBI announces issue price for Sovereign Gold Bond Scheme 2021-22 - Series VI
Posted Date : 28-Aug-2021 , 07:39:10 am | Posted By CASANSAAR

Reserve Bank of India has announced issue price for Sovereign Gold Bond Scheme 2021-22 - Series VI. RBI has fixed price of 4,732 Rupee per gram for bonds which will be available for subscription from Monday and will remain open till 3rd September 2021. A discount of Rupees 50 will be given to inv...

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Category : RBI | Comments : 0 | Hits : 454

RBI appoints Shri Ajay Kumar as new Executive Director
Posted Date : 27-Aug-2021 , 09:46:39 am | Posted By CASANSAAR

The Reserve Bank of India has appointed Shri Ajay Kumar as Executive Director (ED) with effect from August 20, 2021. Prior to being promoted as ED, Shri Ajay Kumar was heading the New Delhi Regional Office of the Bank as Regional Director. Shri Kumar has, over a span of three decades, served i...

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Category : RBI | Comments : 0 | Hits : 409

RBI Expert Committee suggests setting up of Umbrella Organisation and 4-tier structure to regulate UCBs
Posted Date : 24-Aug-2021 , 08:47:37 am | Posted By CASANSAAR

  The expert committee on Urban Co-operative Banks was set up on February 2021 under the chairmanship of former Deputy Governor of Reserve Bank of India (RBI), NS Vishwanathan.   The expert committee on August 23 submitted its report in two parts. The first part of the report lays o...

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Category : RBI | Comments : 0 | Hits : 405

RBI issues revised norms for hiring of bank lockers
Posted Date : 19-Aug-2021 , 09:01:38 am | Posted By CASANSAAR

The Reserve Bank on Wednesday came out with revised guidelines for the hiring of lockers under which the liability of banks will be limited to 100 times its annual rent in case of fire, theft, building collapse or frauds by bank employees. As per the revised guidelines, which shall come into effe...

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Category : RBI | Comments : 0 | Hits : 1315

RBI issues draft proposals to liberalise overseas investments norms
Posted Date : 10-Aug-2021 , 08:15:39 am | Posted By CASANSAAR

The Reserve Bank on Monday issued draft guidelines to further liberalise regulatory framework governing overseas investments with a view to promote ease of doing business. The RBI has placed on its website two documents -- draft Foreign Exchange Management (Non-debt Instruments - Overseas Investm...

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Category : RBI | Comments : 0 | Hits : 11579

RBI keeps repo rate unchanged at 4%, maintains accommodative stance
Posted Date : 07-Aug-2021 , 08:41:59 am | Posted By CASANSAAR

The Monetary Policy Committee of RBI kept the Repo rate unchanged at 4 per cent. The repo rate is kept unchanged for the 7th consecutive time. Other major rates like Reverse Repo Rate, Bank Rate, MSF, CRR, SLR have also been kept unchanged. In a statement, Governor Shaktikanta Das said, The MPC has ...

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Category : RBI | Comments : 0 | Hits : 11283

RBI imposes Rs.5 Cr monetary penalty on Axis Bank
Posted Date : 29-Jul-2021 , 09:05:22 am | Posted By CASANSAAR

The Reserve Bank of India has imposed a monetary penalty of ₹5 crore on private sector lender Axis Bank. The penalty is for contravention of and non-compliance with certain provisions of directions by RBI The penalty is for contravention of and non-compliance with certain provisions of dire...

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Category : RBI | Comments : 0 | Hits : 414

Sovereign Gold Bond Scheme 2021-22–Series-IV- Issue price
Posted Date : 10-Jul-2021 , 09:40:05 am | Posted By CASANSAAR

In terms of Government of India Notification No.4(5)-B(W&M)/2021 dated May 12, 2021, Sovereign Gold Bonds 2021-22 (Series IV) will be opened for the period July 12-16, 2021 with Settlement date July 20, 2021. The issue price of the Bond during the subscription period shall be Rs 4,807 (Rupees Fo...

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Category : RBI | Comments : 0 | Hits : 939

RBI imposes penalty on 14 banks for non-compliance of rules
Posted Date : 08-Jul-2021 , 08:46:48 am | Posted By CASANSAAR

The Reserve Bank of India has imposed monetary penalties on 14 banks including Bank of Baroda and State Bank of India (SBI) for non-compliance of rules. While Bank of Baroda has been fined two crore rupees, Bandhan Bank, Bank of Maharashtra, Central Bank of India, Credit Suisse, Indian Bank, IndusIn...

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Category : RBI | Comments : 0 | Hits : 2473

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