RBI tightens norms for investments in NBFCs from non-FATF nations
Posted Date : 13-Feb-2021 , 08:56:00 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday tightened the rules governing investments in non-bank lenders originating from countries that are not compliant with global standards on prevention of money laundering.
“Investments in non-banking financial companies (NBFCs) from FATF non-compliant ...
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RBI issues audit norms for NBFCs, UCBs
Posted Date : 04-Feb-2021 , 08:14:30 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday issued guidelines on a risk-based internal audit system for non-banking financial companies (NBFCs) and urban cooperative banks (UCBs).
The central bank said all deposit-taking NBFCs with assets of ₹5,000 crore or more and all primary UCBs with a...
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RBI appoints an external firm to audit HDFC Bank’s IT Infrastructure
Posted Date : 03-Feb-2021 , 09:38:02 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has appointed an external professional IT company to conduct an audit of HDFC Bank’s IT Infrastructure and has sought a report from the company at the earliest, said a person familiar with the development.
“The RBI has appointed a third party to conduct...
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RBI says it will charge banks if they do not improve customer grievance
Posted Date : 29-Jan-2021 , 09:54:39 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) asked banks to step up disclosures on customer complaints and cost of redressal, cautioning lenders that fail to improve their redress mechanism quickly will be charged.
At the end of March 2020, the total number of complaints across various offices of RBI stood at...
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RBI unveils stricter norms for banks to bolster grievance redress mechanism
Posted Date : 28-Jan-2021 , 09:39:48 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday announced a comprehensive framework aimed at strengthening the grievance redress mechanism in banks and nudge lenders address the customer complaints in a time bound manner. The central bank’s action follows an increase in customer complaints in the...
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RBI open to digital currency, examining the need to introduce CBDC
Posted Date : 27-Jan-2021 , 08:15:54 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on January 25 said it is examining if there is a need to introduce central bank digital currency (CBDC) in the country and, if yes, how to operationalise it.
The RBI's statement comes against the backdrop of private digital currencies, virtual currencies, and c...
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RBI proposes 4-tier structure for tighter regulation of NBFCs
Posted Date : 23-Jan-2021 , 11:03:04 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has proposed a tighter regulatory framework for non-banking financial companies (NBFCs) by creating a four-tier structure with a progressive increase in intensity of regulation.
In its discussion paper on revised regulatory framework for NBFCs, the RBI has said the...
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Reserve Bank of India imposes monetary penalty on Deutsche Bank AG
Posted Date : 13-Jan-2021 , 07:56:30 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has, by an order dated January 12, 2021, imposed a monetary penalty of Rs.2 crore (Rupees Two Crore only) on Deutsche Bank AG (the bank) for non-compliance with certain provisions of directions issued by RBI contained in the “Reserve Bank of India (Interest Rate...
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Bank NPA may rise to 25-year high under severe stress - RBI
Posted Date : 12-Jan-2021 , 08:18:42 am | Posted By CASANSAAR
The bad loan ratio of banks in India could rise 600 basis points (bps) to 13.5% under the baseline stress scenario or nearly double to 14.8% by September this year, under a severe stress scenario, taking it to a 25-year-high, the Reserve Bank of India (RBI) said on Monday.
Under the baseline scen...
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RBI ask banks to align internal audit function with global best practices
Posted Date : 08-Jan-2021 , 08:14:15 am | Posted By CASANSAAR
The RBI on Thursday asked banks to align their internal audit function with international best practices, like those issued by the Basel Committee on Banking Supervision (BCBS).
As per a 2002 guidance note, banks are required to put in place a risk based internal audit (RBIA) system as part of th...
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RBI unveils guidelines for digital payment infra fund
Posted Date : 07-Jan-2021 , 09:46:08 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday announced operational guidelines for the Payments Infrastructure Development Fund (PIDF) scheme, aimed at encouraging deployment of more digital payments infrastructure across tier-3 to tier-6 centres.
The fund will be used to subsidize banks and non-ban...
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RBI introduces identification number to track large value transactions
Posted Date : 06-Jan-2021 , 10:49:19 am | Posted By CASANSAAR
The Reserve Bank of India on Tuesday said legal entity identifiers will be mandatory for all fund transfecs worth Rs. 50 crore and above. The LEI is a 20-digit number used to uniquely identify parties involved in financial transactions world over.
LEI numbers of the beneficiaries and remitters mu...
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RBI imposes Rs. 2.5 Cr Penalty on Bajaj Finance for breaching regulatory compliance norms
Posted Date : 06-Jan-2021 , 08:16:16 am | Posted By CASANSAAR
The Reserve Bank of India on Tuesday imposed a penalty of ₹2.5 crore on Bajaj Finance Limited for breaching regulatory compliance norms. "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 (...
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Reserve Bank of India introduces the RBI-Digital Payments Index
Posted Date : 02-Jan-2021 , 09:20:09 am | Posted By CASANSAAR
As announced in the Statement on Developmental and Regulatory Policies as part of the Sixth Bi-monthly Monetary Policy Statement for 2019-20 dated February 06, 2020, the Reserve Bank of India has constructed a composite Digital Payments Index (DPI) to capture the exte...
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RBI Cautions against unauthorised Digital Lending Platforms/Mobile Apps
Posted Date : 24-Dec-2020 , 09:44:06 am | Posted By CASANSAAR
There have been reports about individuals/small businesses falling prey to growing number of unauthorised digital lending platforms/Mobile Apps on promises of getting loans in quick and hassle-free manner. These reports also refer to excessive rates of interest and additional hidden charges being de...
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RBI imposes Rs 50 lakh penalty on an urban co-operative bank in Kerala
Posted Date : 16-Dec-2020 , 09:30:45 am | Posted By CASANSAAR
The Reserve Bank of India on Tuesday said it has imposed a penalty of Rs 50 lakh on The Urban Co-operative Bank Ltd No. 1758, Perinthalmanna in Kerala for non-compliance with directions on income recognition and asset classification norms, and on management of advances. One of the directions related...
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RBI exempts certain accounts from its current account norm
Posted Date : 15-Dec-2020 , 09:27:29 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday allowed some accounts to be excluded from the ambit of its circular in August in which the regulator had specified certain rules for opening current accounts with banks.
On 6 August, the central bank said that borrowers with more than ₹50 crore expo...
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Round the clock RTGS Money transfer facility becomes operational
Posted Date : 14-Dec-2020 , 10:04:20 am | Posted By CASANSAAR
Reserve Bank of India has made Real-Time Gross Settlement (RTGS) money transfer facility operational round-the-clock. The announcement to this effect was made by RBI Governor Shaktikanta Das. In a tweet, he said it has been decided to make RTGS available round the clock on all days of the year from ...
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RBI issues draft circular on declaration of dividend by NBFCs
Posted Date : 11-Dec-2020 , 09:20:33 am | Posted By CASANSAAR
Reserve Bank of India has issued draft circular on declaration of dividend by non-banking financial companies (NBFCs) in pursuance to the announcement made in the monetary policy declared last Friday.
Accordingly, deposit-taking NBFCs and systemically important non-deposit-taking NBFCs must have ...
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RBI announces date for launching of RTGS 24x7
Posted Date : 10-Dec-2020 , 09:35:48 am | Posted By CASANSAAR
Reserve Bank had announced in the Statement on Developmental and Regulatory Policies dated October 09, 2020, that the Real Time Gross Settlement System (RTGS) will be available round the clock on all days of the year. Accordingly, RTGS 24x7x365 will be launched with effect from 00:30 hours on D...
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RBI imposes monetary penalty on 6 entities for violation of norms
Posted Date : 21-Nov-2020 , 09:24:46 am | Posted By CASANSAAR
In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has imposed monetary penalty on the following entities for non-compliance of regulatory guidelines.
Sr. No.
Name of the Entity
Speaking Order dated
...
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The Lakshmi Vilas Bank Ltd.: RBI announces Draft Scheme of Amalgamation
Posted Date : 18-Nov-2020 , 10:41:14 am | Posted By CASANSAAR
The Reserve Bank of India has today placed in public domain a draft scheme of amalgamation of The Lakshmi Vilas Bank Ltd. (LVB) with DBS Bank India Ltd. (DBIL), a banking company incorporated in India under Companies Act, 2013, and having its Registered Office at New Delhi.
...
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RBI imposes Rs 1 crore penalty on Punjab National Bank
Posted Date : 14-Nov-2020 , 10:57:26 am | Posted By CASANSAAR
State-run Punjab National Bank on November 13 said the RBI has imposed a penalty of Rs 1 crore on it for contravention of the Payment and Settlement Systems Act.
"RBI has observed that the Bank was operating a bilateral ATM sharing arrangement with Druk PNB Bank Ltd, Bhutan, (international s...
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RBI imposes Rs 50 lakh penalty on Central Bank of India
Posted Date : 11-Nov-2020 , 09:30:42 am | Posted By CASANSAAR
The Reserve Bank on Tuesday said it has imposed a penalty of Rs 50 lakh on state-run Central Bank of India for non-compliance with its directions on disbursal of some housing loans.
“Reserve Bank of India (RBI) has, by an order dated November 10, 2020, imposed a monetary penalty of Rs...
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Large NBFCs can become banks - RBI
Posted Date : 07-Nov-2020 , 10:05:03 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has said that there is a case for systemically important non-banking finance companies (NBFCs) beyond a certain size to convert into banks and subject them to the same prudent regulatory framework. This arrangement will enable a regulation-light structure to continue ...
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RBI cancels certificate of registration of seven NBFCs
Posted Date : 30-Oct-2020 , 10:24:25 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has cancelled the certificate of registration of seven non-banking finance companies. These include Malpani Financial Services Private Limited, Vishav Dealer Private Limited, U K Fin Services Limited, Prabhat (India) Limited, Compusta Securities Private Limited, Harsh...
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RBI imposes monetary penalty on DCB Bank, Jio Payments Bank for rule violations
Posted Date : 29-Oct-2020 , 09:16:46 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on October 28 imposed monetary penalty on DCB Bank and Jio Payments Bank for various rule violations.
The central bank has imposed a penalty of Rs 22 lakh on DCB Bank for non-compliance with certain provisions on marketing/distribution of mutual fund/insurance etc....
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RBI asks lending institutions to implement waiver of interest on interest scheme
Posted Date : 28-Oct-2020 , 08:57:56 am | Posted By CASANSAAR
The Reserve Bank on Tuesday asked all lending institutions, including non-banking financial companies, to implement the waiver of interest on interest for loans up to Rs 2 crore for the six months moratorium period beginning March 1, 2020.
On October 23, the government had announced the scheme fo...
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RBI to conduct purchase of Govt securities under OMOs for Rs.20,000 Cr
Posted Date : 23-Oct-2020 , 10:18:24 am | Posted By CASANSAAR
On a review of the current liquidity and financial conditions, the Reserve Bank of India (RBI) today said that it has decided to conduct purchase of Government securities under Open Market Operations (OMOs) for an aggregate amount of Rs. 20,000 crores on 29th of this month.
OMOs in general sense ...
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No violation of any law in bringing cooperative banks under supervisory control
Posted Date : 20-Oct-2020 , 08:46:34 am | Posted By CASANSAAR
The Reserve Bank of India has said that there is no violation of any law of the nation in bringing the cooperative banks under its supervisory control.
In an affidavit filed in the Madras High Court today, the RBI has said, the recent legislation enacted in Parliament is aimed at regulating banki...
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