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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0 | Hits : 1990
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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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0 | Hits : 2021
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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 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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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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0 | Hits : 1041
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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 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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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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0 | Hits : 797
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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 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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0 | Hits : 834
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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 (the comp...
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