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 |
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0 | Hits : 1988
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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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RBI |
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RBI imposes Rs 6 Cr Penalty on BoI, PNB
Posted Date : 08-Jun-2021 , 09:48:35 am | Posted By CASANSAAR
The RBI on Monday imposed penalty aggregating to Rs 6 crore on Bank of India and Punjab National Bank for contravention of norms, including one related to "Frauds – Classification and Reporting".
A penalty of Rs 4 crore has been imposed on Bank of India and Rs 2 crore on Pun...
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RBI slams foreign banks on data rule
Posted Date : 02-Jun-2021 , 09:44:43 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has pulled up several multinational banks operating in the country for not providing a board-approved system audit report certifying compliance with its data-localisation norms.
In a recent communication, the RBI said that a majority of banks are yet to submit syst...
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RBI asks banks for customer due diligence for transactions in virtual currencies
Posted Date : 01-Jun-2021 , 10:22:52 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has advised banks and other regulated entities to continue to undertake due diligence of customers dealing with virtual currencies popularly known as crypto currencies.
This came in the form a clarification issued by the RBI the wake of media reports concerning Vir...
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RBI imposes Rs. 10 crore penalty on HDFC Bank
Posted Date : 29-May-2021 , 09:08:37 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹10 crore on HDFC Bank Limited for contravention of provisions of section 6(2) and section 8 of the Banking Regulation Act, 1949 (the Act), an order dated 27 May stated.
This penalty has been imposed in exercise of powers vested ...
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RBI flags risk of bubble in Indian equity markets
Posted Date : 28-May-2021 , 09:04:54 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday said the sharp rally in the domestic equity markets despite an estimated 8 per cent contraction in GDP in 2020-21 poses the “risk of a bubble”.
In its annual report for 2020-21, RBI noted that India’s equity prices have surged to recor...
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RBI to review circular on appointment of bank, NBFC Auditors - CII
Posted Date : 24-May-2021 , 09:49:14 am | Posted By CASANSAAR
Industry chamber CII has asked the Reserve Bank to review its circular on appointment of auditors for banks and NBFCs saying it was inconsistent with the provisions of the Companies Act.
The Reserve Bank in its circular on April 27, 2021 imposed various restrictions on appointment of auditors by ...
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RBI under pressure from BFSI industry to defer new Auditors' norms for a year
Posted Date : 19-May-2021 , 08:40:35 am | Posted By CASANSAAR
The BFSI industry faced with restructuring and asset quality issues is insisting that they need time as they are preoccupied with other business issues due to COVID-19 outbreak.
Pressure is building upon the Reserve Bank of India (RBI) from the banking and financial services industry (BFSI) to de...
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RBI |
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RBI cancels the licence of United Co-operative Bank Ltd., Bagnan, West Bengal
Posted Date : 14-May-2021 , 08:52:09 am | Posted By CASANSAAR
Reserve Bank of India (RBI) has, vide order dated May 10, 2021 cancelled the licence of United Co-operative Bank Ltd., Bagnan, West Bengal. Consequently, the bank ceases to carry on banking business, with effect from the close of business on May 13, 2021. The Registrar of Cooperative Societies, West...
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RTGS money transfer facility won't be available for 14 hours on Sunday - RBI
Posted Date : 13-Apr-2021 , 08:16:18 am | Posted By CASANSAAR
Reserve Bank of India (RBI) on Monday said that Real-Time Gross Settlement (RTGS) facility will not be be available for at least 14 hours on 18 April.
"A technical upgrade of RTGS, targetted to enhance resilience & to further improve disaster recovery time of RTGS system, is scheduled af...
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RBI extends timeline for processing of recurring online transactions
Posted Date : 01-Apr-2021 , 09:08:16 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday extended the deadline for processing recurring online transactions to September 30, 2021, from March 31, 2021. Banks and payment gateways had sought additional time to comply with the RBI directive on automatic recurring payment.
"To prevent any i...
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RBI |
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Delhi HC asks Finance Ministry and RBI to consider parity between IBC and Sarfaesi Act
Posted Date : 19-Mar-2021 , 08:24:47 am | Posted By CASANSAAR
The Delhi High Court on Thursday asked the Ministry of Finance and the Reserve Bank of India (RBI) to consider bringing in parity in certain sections of the Insolvency and Bankruptcy Code (IBC) and the Sarfaesi Act, which has created hurdles in the resolution plans of bankrupt telcos Reliance Commun...
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RBI asks banks, NBFCs to report accounts restructured due to COVID-19 separately
Posted Date : 13-Mar-2021 , 09:43:42 am | Posted By CASANSAAR
The Reserve Bank of India on Friday asked the banks and other lenders to report the accounts restructured due to coronavirus separately to credit bureaus. Lenders should make necessary modification to their system and report it to credit bureaus within two months, the banking regulator said.
All ...
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RBI |
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RBI imposes Rs 2 Cr fine on Bank of Maharashtra
Posted Date : 27-Feb-2021 , 09:04:56 am | Posted By CASANSAAR
The Reserve Bank of India on Friday said it has imposed a monetary penalty of Rs 2 crore on Bank of Maharashtra for non-compliance with certain direction on fraud classification and reporting.
The RBI has imposed, by an order dated February 25, 2021, a monetary penalty of Rs 2 crore on Bank of Ma...
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RBI |
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RBI sets rules for digital payments in India
Posted Date : 19-Feb-2021 , 07:32:18 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has published detailed guidelines to strengthen India's digital payments architecture and improve security, control and compliance among banks, gateways, wallets and other non-banking entities that are at the vanguard of helping New Delhi achieve its goal of a ...
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RBI issues directions for housing finance companies
Posted Date : 18-Feb-2021 , 09:38:04 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday came out with a slew of directions related to maintenance of liquidity coverage ratio, risk management, asset classification and loan-to-value ratio, among others, for housing finance companies (HFCs). The central bank said these directions, which shall c...
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RBI permits residents to make remittances to IFSCs under LRS
Posted Date : 17-Feb-2021 , 09:25:03 am | Posted By CASANSAAR
The Reserve Bank on Tuesday permitted resident individuals to make remittances under the Liberalised Remittance Scheme (LRS) to International Financial Services Centres (IFSCs) in the country.
The decision of the RBI is aimed at deepening the financial markets in the IFSCs and providing an opport...
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RBI |
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0 | Hits : 1099
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NBFCs seek relaxations to new rules proposed by RBI
Posted Date : 15-Feb-2021 , 09:41:41 am | Posted By CASANSAAR
Non-banking finance companies (NBFCs) have asked for the same benefits as banks while the central bank looks to harmonize regulations for all lending institutions. These lenders have also sought relaxations to new norms for NBFCs proposed by the Reserve Bank of India (RBI) last month in a discussion...
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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 |
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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 asset...
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RBI |
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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 |
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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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