RBI Issues Draft Guidelines on Payment Aggregators
Posted Date : 18-Apr-2024 , 11:05:18 am | Posted By CASANSAAR
he Reserve Bank on Tuesday came out with draft guidelines to further strengthen regulations on payment aggregators, a move aimed at boosting the payment ecosystem.
The draft also covers the physical point-of-sale activities of payment aggregators (PAs).
The RBI said that given the growth in di...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 51
|
|
RBI eases rules on hedging of gold price risk in overseas markets
Posted Date : 16-Apr-2024 , 01:54:54 am | Posted By CASANSAAR
The RBI on Monday eased rules to allow resident entities to hedge their exposures to the price risk of gold using the OTC derivatives in the International Financial Services Centre (IFSC) in addition to the derivatives on the exchanges in the IFSC.
Resident entities such as banks were permitted t...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 270
|
|
RBI imposes monetary penalty on 5 co-operative banks for rule violation
Posted Date : 22-Mar-2024 , 07:25:21 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on March 21 said it has imposed monetary penalty on five co-operative banks for rule violations.
These banks are Pragati Mahila Nagrik Sahakari Bank, Janata Co-operative Bank, Jila Sahakari Kendriya Bank, Karad Urban Co-operative Bank, and The Kalupur Commercial Co...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 469
|
|
RBI organises Annual Conference of the RBI Ombudsmen
Posted Date : 20-Mar-2024 , 02:52:01 pm | Posted By CASANSAAR
The Reserve Bank of India organised the Annual Conference of RBI Ombudsmen, on March 15, 2024 in Mumbai. The theme of the conference was “Protecting the Consumers – Building Robust Systems and Procedures”. The Conference was attended by Chairman/ Managing Director & C...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 515
|
|
RBI alerts banks on heightened cyber security threats
Posted Date : 19-Mar-2024 , 07:54:39 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has cautioned some banks, urging them to fortify their defences against potential cyber attacks, as per a Moneycontrol report citing industry sources.
The warnings, issued to select banks, follow the central bank's recent Cyber Security and Information Technolo...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 387
|
|
RBI Ombudsman received more complaints against private banks per branch in FY23
Posted Date : 13-Mar-2024 , 07:32:36 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) received 6.52 complaints per branch against RBL Bank between April 1, 2022 and March 31, 2023 through the offices of RBI Ombudsman (ORBIOs), according to the latest annual report. This is the highest number of complaints per branch against any private banks, as per th...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 543
|
|
RBI urges financial institutions to disclose climate risks
Posted Date : 29-Feb-2024 , 05:25:15 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday proposed a four-year road map starting 2025-26 for regulated entities (REs) – banks, financial institutions, and non-banking finance companies (NBFCs) – to disclose climate-related financial risks under the standard framework.
The regulated...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 280
|
|
RBI to examine overseas investment rules
Posted Date : 22-Feb-2024 , 09:32:08 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) will meet banks to sort out the grey areas in overseas investment (OI) regulations which have stalled the plans of several wealthy Indians, business families, and startups from taking exposures to foreign securities, funds and companies.
Can a resident individual s...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 757
|
|
RBI asks Visa, Mastercard to stop card-based commercial payments
Posted Date : 15-Feb-2024 , 07:37:33 am | Posted By CASANSAAR
The Reserve Bank has asked international payments major Visa and Mastercard to stop card-based commercial payments made by small and large businesses due to concerns over KYC compliance.
While Visa has acknowledged to a communication to this effect from the regulator on February 8, a response fro...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 698
|
|
RBI bars Paytm Payments Bank from offering services effective March 2024
Posted Date : 01-Feb-2024 , 08:18:12 am | Posted By CASANSAAR
Reserve Bank of India has imposed restrictions on Paytm Payments Bank and barred the entity from offering incremental banking services effective March 2024, due to concerns regarding breach of and compliance with regulatory norms.
“The Comprehensive System Audit report and subsequent compli...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1752
|
|
Revised norms on fair lending practice effective from April 1 - RBI
Posted Date : 15-Jan-2024 , 09:52:03 pm | Posted By CASANSAAR
The revised fair lending practice, which prohibits banks and NBFCs from using penal charges on loan defaults as a revenue enhancement tool, will come into effect from April 1, the Reserve Bank said on Monday.
Concerned over the practice of banks and non-banking financial companies (NBFCs) using p...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 705
|
|
RBI proposes banks with less than 6% net NPAs to declare dividends
Posted Date : 03-Jan-2024 , 08:31:24 am | Posted By CASANSAAR
The Reserve Bank on Tuesday proposed allowing banks having net non-performing assets (NPAs) ratio of less than 6 per cent to declare dividends.
As per the prevailing norms last updated in 2005, banks need to have a NNPA ratio of up to 7 per cent to become eligible for declaration of dividends.
...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1369
|
|
RBI asks banks to annually review accounts inoperative for over a year
Posted Date : 02-Jan-2024 , 08:55:09 am | Posted By CASANSAAR
The Reserve Bank of India has asked banks to annually review accounts that have not seen customer-induced transactions for over a year, and term deposit accounts where there is no explicit renewal mandate and the funds have not been withdrawn after maturity.
It also barred banks from levying pena...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1162
|
|
RBI drafts new rules for Authorised Persons to become Money Changers.
Posted Date : 28-Dec-2023 , 08:19:14 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) is drafting new rules to allow ‘authorised persons' to become money changers under the Foreign Exchange Management Act (FEMA)
First announced in RBI's statement on Development and Regulatory Politics dated June 8, 2023, a draft licensing framework in ...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 393
|
|
RBI Releases Draft Licensing Framework for Authorised Persons Under FEMA
Posted Date : 27-Dec-2023 , 08:02:57 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today released a draft 'Licensing Framework for Authorised Persons (APs)' under Foreign Exchange Management Act (FEMA), 1999.
According to RBI release, the focus of the draft norms is on rationalising the authorisation framework for money changers in ...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 347
|
|
RBI updates the Alert List of unauthorized forex trading platforms
Posted Date : 28-Nov-2023 , 07:16:09 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has added the following entities/platforms/websites to the Alert List of unauthorized forex trading platforms. Updated Alert List is available here.
Sr. No
Name
Website
1
Admiral Market
https://admiralmarket...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 399
|
|
RBI imposes Penalty on PNB, Federal Bank, 2 other entities
Posted Date : 03-Nov-2023 , 08:15:34 pm | Posted By CASANSAAR
The Reserve Bank on Friday said it has imposed a Rs 72 lakh penalty on state-owned Punjab National Bank and a Rs 30 lakh penalty on private sector Federal Bank for non-compliance with certain regulatory norms.
It has also imposed a penalty of Rs 10 lakh on Mercedes-Benz Financial Services India P...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1293
|
|
People can send Rs 2,000 notes by post to RBI offices for direct credit in bank accounts
Posted Date : 03-Nov-2023 , 07:03:33 am | Posted By CASANSAAR
People can send their Rs 2,000 banknotes to specified regional offices of the Reserve Bank through the insured post for credit in their bank accounts.
This is a hassle-free option for the people who are away from the regional offices of the Reserve Bank.
Besides, the RBI is offering TLR (Tripl...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 562
|
|
RBI asks Private Bbanks to have at least 2 Whole-Time Directors
Posted Date : 26-Oct-2023 , 07:35:35 am | Posted By CASANSAAR
The Reserve Bank of Indiaon Wednesday asked private banks and wholly-owned subsidiaries of foreign banks to ensure at least two Whole Time Directors (WTDs), including the MD & CEO, on their boards to facilitate succession planning. Given the growing complexity of the banking sector, it becomes i...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 427
|
|
RBI imposes penalty on ICICI Bank, Kotak Mahindra Bank for violation of norms
Posted Date : 17-Oct-2023 , 08:07:04 pm | Posted By CASANSAAR
The Reserve Bank on Tuesday said it has imposed a penalty or Rs 12.19 crore on ICICI Bank and Rs 3.95 crore on Kotak Mahindra Bank for non-compliance of certain regulatory norms.
The penalty on private sector lender ICICI Bank has been imposed for contravention of norms related to 'Loans and ...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 583
|
|
RBI asks banks to monitor personal loans
Posted Date : 08-Oct-2023 , 08:44:12 am | Posted By CASANSAAR
Reserve Bank of India (RBI) is monitoring certain components of personal loans for signs of incipient stress, at a time when the unsecured retail loan portfolio of lenders has grown at a rapid pace.
“Banks and NBFCs would be well advised to strengthen their internal surveillance mechanisms,...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 919
|
|
RBI imposes penalty on SBI, Indian Bank, Punjab & Sind Bank
Posted Date : 26-Sep-2023 , 07:49:32 am | Posted By CASANSAAR
The Reserve Bank on Monday said it has imposed penalties on three state-owned banks, including SBI and Indian Bank, for violation of various regulatory norms.
A penalty of Rs 1.3 crore has been imposed on the State Bank of India for non-compliance with certain directions issued by the RBI on &lsq...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 548
|
|
RBI proposes stringent norms for wilful defaulters
Posted Date : 23-Sep-2023 , 08:38:52 am | Posted By CASANSAAR
The Reserve Bank on Thursday proposed tighter norms for treatment of wilful defaulters under which banks and other lenders will be required to examine all accounts with outstanding amount of Rs 25 lakh and more to see if the borrower is deliberately not repaying the loan.
RBI proposed that lender...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 578
|
|
RBI directs banks to release property documents within 30 days of loan repayment
Posted Date : 14-Sep-2023 , 08:06:48 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has directed banks and other financial institutions to release all the movable and immovable property documents within 30 days of the full repayment of loans. Besides that, it has also stated that lenders will need to compensate borrowers in case of any delay in relea...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 367
|
|
RBI Issues Revised Guidelines for Investment of Commercial Banks
Posted Date : 13-Sep-2023 , 09:16:57 am | Posted By CASANSAAR
The Reserve Bank of India on Tuesday issued revised classification, valuation and operation guidelines for the investment portfolio of commercial banks, which will be effective from April 1, 2024.
Banks will have to categorise investments into three categories from the next financial year: availa...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 221
|
|
RBI allows Pre-Sanctioned Credit Lines through UPI
Posted Date : 05-Sep-2023 , 12:38:29 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) Monday said the Unified Payments Interface (UPI) System will also include pre-sanctioned credit lines issued by banks for transactions.
Earlier, only the deposited amount could be transacted through the UPI System.
On April 6, 2023, the Reserve Bank...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1038
|
|
RBI launches UDGAM portal for searching unclaimed deposits across multiple banks
Posted Date : 18-Aug-2023 , 08:29:18 am | Posted By CASANSAAR
The Reserve Bank of India on Thursday launched a centralised Web portal, UDGAM (Unclaimed Deposits Gateway to Access Information), for members of the public to make it easier to search their unclaimed deposits across multiple banks at one place.
UDGAM, which was launched by RBI Governor Shaktikan...
Continue Reading...
Category :
RBI |
Comments :
1 | Hits : 1681
|
|
RBI permits banks to open vostro accounts from 22 countries for trade in rupee
Posted Date : 27-Jul-2023 , 07:07:30 am | Posted By CASANSAAR
The Reserve Bank has permitted 20 banks operating in the country to open 92 Special Rupee Vostro Accounts (SRVAs) of partner banks from 22 countries as part of efforts to promote bilateral trade in local currencies, the government said on Wednesday.
In a written reply to Lok Sabha, Minister of St...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 451
|
|
Banks write off Bad Loans worth Rs 2.09 lakh crore in 2022-23 - RBI
Posted Date : 24-Jul-2023 , 07:24:07 am | Posted By CASANSAAR
Banks wrote off bad loans worth over Rs 2.09 lakh crore (around US $ 25.50 billion) during the year ended March 2023, taking the total loan write-off by the banking sector to Rs 10.57 lakh crore (around $ 129 billion) in the last five years, the Reserve Bank of India (RBI) said in a Right to Informa...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 243
|
|
Bombay HC stays RBI Circular allowing Banks to classify accounts as Fraud
Posted Date : 20-Jun-2023 , 09:08:50 am | Posted By CASANSAAR
The division bench of justice Gautam Patel and justice Neela Gokhale was hearing a clutch of petitions, including those filed by Naresh Goyal, the promoter of now defunct Jet Airways, and his wife Anita Goyal among others, contending that the master circular authorised banks to arbitrarily classify ...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 460
|
|
|