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 penalty f...
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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 financing ...
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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 subm...
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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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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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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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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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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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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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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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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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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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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 directio...
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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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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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SC refuses to stay RBI Notices to Bank under RTI To Disclose Information
Posted Date : 03-Jul-2021 , 11:03:15 am | Posted By CASANSAAR
The Supreme Court on Friday refused the prayers made by Punjab National Bank and Union Bank of India to stay the RTI notices issued to them by the Reserve Bank of India to disclose information related to defaulters list, inspection reports etc.
A division bench comprising Justices S Abdul Nazeer ...
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RBI imposes monetary penalty on Punjab and Sind Bank
Posted Date : 03-Jul-2021 , 08:14:01 am | Posted By CASANSAAR
The Reserve Bank of India on Friday imposed a penalty of ₹25 lakh on Punjab and Sind Bank for non-compliance with certain provisions of directions on 'Cyber Security Framework in Banks'. The state-owned bank had reported a few cyber incidents to the RBI on May 16 and 20, 2020, the central ...
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RBI imposes monetary penalty on 4 co-operative banks
Posted Date : 30-Jun-2021 , 09:00:06 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has imposed monetary penalty on Andhra Pradesh Mahesh Co-operative Urban Bank, (₹112.50 lakh); Ahmedabad Mercantile Co-operative Bank (₹62.50 lakh), SVC Co-operative Bank (₹37.50 lakh) and Saraswat Co-operative Bank (₹25 lakh).
RBI, in a statement, said it ...
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Cooperative banks shall not outsource core management functions - RBI
Posted Date : 29-Jun-2021 , 08:46:41 am | Posted By CASANSAAR
The Reserve Bank of India on Monday directed cooperative banks not to outsource core management functions such as policy formulation, internal audit and compliance, compliance with KYC norms, credit sanction and management of investment portfolio.
Issuing guidelines for managing risk in outsourci...
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RBI allows jewellers to repay part of gold loan with physical gold
Posted Date : 25-Jun-2021 , 08:25:08 am | Posted By CASANSAAR
The Reserve Bank of India on Wednesday released a notification stating that jewellery exporters and domestic manufacturers of gold jewellery now have the option of replaying a part of their Gold (Metal) Loans (GML) using actual physical gold.
According to existing instructions, banks who are auth...
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Reserve Bank of India Imposes Rs 23 Lakh Fine on 3 Cooperative Banks
Posted Date : 22-Jun-2021 , 09:55:19 am | Posted By CASANSAAR
RBI on Monday imposed penalties of Rs 23 lakh on three cooperative banks, including Mogaveera Co-operative Bank Limited, Mumbai, for contravention of various norms. A penalty of Rs 12 lakh has been imposed on Mogaveera Co-operative Bank Limited, Rs 10 lakh on Indapur Urban Cooperative Bank, and Rs 1...
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RBI slaps fine on two co-operative banks for non-compliance with Directions
Posted Date : 16-Jun-2021 , 08:06:03 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday imposed monetary penalties totalling ₹11 lakh on Bijnor Urban Co-operative Bank Limited, Bijnor and National Urban Co-operative Bank Limited, New Delhi for contravention of certain norms.
The Reserve Bank of India (RBl) has imposed, by an order dated J...
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RBI extends risk based internal audit rules to big housing finance companies
Posted Date : 12-Jun-2021 , 08:54:57 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday extended the Risk-Based Internal Audit (RBIA) rules to all deposit taking HFCs and non-deposit taking HFCs with assets over Rs 5,000 crore with effect from June 30, 2022. Earlier, on February 3, the central bank had made these rules applicable to o...
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RBI may give Banks / NBFCs more time to appoint auditors
Posted Date : 11-Jun-2021 , 09:46:43 am | Posted By CASANSAAR
The Reserve Bank of India may give more time to regulated entities, including banks, to implement the new guidelines on the appointment of statutory auditors.
Regulated entities are of the view that a year’s time should have been given for implementing the guidelines as some of them have al...
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RBI asks banks not to destroy CCTV recordings of demonetisation period
Posted Date : 09-Jun-2021 , 09:34:57 am | Posted By CASANSAAR
The RBI on Tuesday asked banks to preserve the CCTV recordings of their branches and currency chests from November 8, 2016, to December 30, 2016, till further orders with a view to assisting the enforcement agencies to take actions against persons involved in illegal activities during the demonetisa...
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