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for over a year, and term deposit accounts where there is no explicit renewal mandate and the funds have not been withdrawn after maturity.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 : 1752
|
 |
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 : 919
|
|
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 : 875
|
|
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 : 999
|
|
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 : 1863
|
|
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 : 1219
|
|
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 : 1081
|
|
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 : 1109
|
|
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 : 1456
|
|
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 : 1063
|
|
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 : 1073
|
|
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 : 938
|
|
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 : 780
|
|
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 : 1603
|
|
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 : 2596
|
|
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 : 1015
|
|
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 : 778
|
|
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 : 1159
|
|
RBI issued new guidelines for locker holders in public sector banks
Posted Date : 14-Jun-2023 , 08:37:40 am | Posted By CASANSAAR
RBI has issued a new guideline for those who have lockers in government banks of the country. In such a situation, now the agreement of the bank locker is being changed. SBI has asked customers to contact their branch soon.
SBI New Bank Locker Agreement: There is great news for SBI customers. Giv...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1501
|
|
Wilful Defaulters, Fraudsters can go for Compromise settlement - RBI
Posted Date : 13-Jun-2023 , 08:18:14 am | Posted By CASANSAAR
Wilful defaulters and companies involved in fraud can go for a compromise settlement or technical write-offs by banks and finance companies, as per a circular by Reserve Bank of India (RBI).
Banks can undertake compromise settlements or technical write-offs regarding accounts categorised as wilfu...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1143
|
|
RBI issues updated list of entities not authorized to deal in forex transactions
Posted Date : 08-Jun-2023 , 09:20:22 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today issued an updated alert list of entities that are not authorized to deal in foreign exchange (forex) transactions or operate electronic trading platforms (ETPs) for forex.
The Apex Bank in its press release issued today added eight names of platforms/we...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1056
|
|
RBI permits banking units at IFSC to settle NDDCs in rupee
Posted Date : 07-Jun-2023 , 07:02:58 am | Posted By CASANSAAR
The Reserve Bank of India said it has permitted banks operating International Financial Services Centre (IFSC) to offer non-deliverable derivatives contracts utilising rupees to resident non-retail users for hedging.
The step has been taken in order to develop the onshore rupee non-deliverable de...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 959
|
|
RBI imposes Rs 2.2 Cr Penalty on Indian Overseas Bank
Posted Date : 02-Jun-2023 , 10:17:05 pm | Posted By CASANSAAR
Reserve Bank on Friday imposed a penalty of Rs 2.20 crore on state-owned Indian Overseas Bank (IOB) for non-compliance of income recognition and other deficiencies in regulatory compliance.
The fine is imposed for contravention of the provisions of certain directions issued by RBI on &lsquo...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1948
|
|
RBI Governor advises Bank Boards to adopt fair practices for customer protection
Posted Date : 29-May-2023 , 10:43:37 pm | Posted By CASANSAAR
Reserve Bank of India’s Governor Shaktikanta Das advised Bank Boards to adopt fair practices and customer protection including digital lending. Quick and effective redress of customers' grievances reflect the efficacy of a bank’s overall functioning, he added.
Mr. Das was ad...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1355
|
|
RBI Slaps Penalty of Rs. 84.50 Lakh on Central Bank for Regulatory Non Compliance
Posted Date : 27-May-2023 , 08:58:13 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has taken action against Central Bank of India by imposing a monetary penalty of ?84.50 lakh (Rupees Eighty four lakh fifty thousand only). The penalty has been imposed due to the bank’s failure to comply with specific provisions outlined in the ‘Reserve B...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1081
|
|
RBI Governor asks Public Sector Banks to Strengthen Governance
Posted Date : 23-May-2023 , 08:24:10 am | Posted By CASANSAAR
Reserve Bank of India Governor Shaktikanta Das on Monday asked public sector banks to further strengthen their governance and risk management with a view to identify and mitigate risks at an early stage.
The governor was addressing a Conference for the Directors on the Boards of Public ...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1098
|
|
Business visit expenses borne by employer not covered under RBI's remittance scheme
Posted Date : 18-May-2023 , 09:38:55 pm | Posted By CASANSAAR
The finance ministry on Thursday said expenses incurred by an employee on a business visit, when such expenses are borne by the employer, will not be covered under RBI's liberalised remittance scheme.
A clarification to this effect was provided in a set of FAQs issued by the finance ministr...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 906
|
|
RBI Amends Rules Governing Know-Your-Customer (KYC) Checks
Posted Date : 29-Apr-2023 , 07:41:52 am | Posted By CASANSAAR
The RBI has amended rules governing know-your-customer checks undertaken by lenders, according to a statement by the regulator on Friday.
The changes have been made to align with the recent amendments carried out in the Prevention of Money Laundering (Maintenance of Records) Rules, update t...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1195
|
|
RBI announces framework for acceptance of Green Deposits
Posted Date : 12-Apr-2023 , 06:23:40 am | Posted By CASANSAAR
With a view to foster and develop a green finance eco-system in India, the Reserve Bank has put in place a framework for acceptance of Green Deposits.
In a statement, RBI has said that the financial sector can play a pivotal role in mobilizing and allocating resources for green activities/p...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1591
|
|
RBI issues detailed norms for outsourcing of IT services by banks, NBFCs
Posted Date : 10-Apr-2023 , 09:22:58 pm | Posted By CASANSAAR
Reserve Bank of India on Monday came out with detailed norms for outsourcing of IT services by banks, NBFCs and regulated financial sector entities to ensure that such arrangements do not undermine their responsibilities and obligations to customers.
In its 'Master Direction on Outsourcing ...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1704
|
|
|
