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 exposure...
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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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Digital payments soar manifold in 5 years to FY20 - RBI
Posted Date : 12-Oct-2020 , 09:15:37 am | Posted By CASANSAAR
Concerted efforts by the Reserve Bank to move to a non/less-cash economy by pushing digital payments have begun to pay rich dividends as the volume of such payments has jumped manifold in the past five years, the latest data from the central bank showed.
Between 2015-16 and 2019-20, digital payme...
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RTGS system for real time fund transfer to become 24x7 from December
Posted Date : 09-Oct-2020 , 11:08:04 am | Posted By CASANSAAR
Reserve Bank of India Governor Shaktikanta Das on Friday announced that Real Time Gross Settlement (RTGS) payment system will be available round the clock from December 2020 to make online fund transfer smooth.
Here is all you need to know:
1. RTGS is a safe and secure system for funds transfe...
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M Rajeshwar Rao appointed as Deputy Governor of RBI
Posted Date : 08-Oct-2020 , 09:35:49 am | Posted By CASANSAAR
The central government on Wednesday has appointed M Rajeshwar Rao as deputy governor of the Reserve Bank of India, it said in a notification. He is currently the executive director of RBI. The Appointment Committee of the Union cabinet has approved the appointment, the notification stated. Rao succe...
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RBI excludes 6 PSBs from Second Schedule of RBI Act
Posted Date : 01-Oct-2020 , 10:50:02 am | Posted By CASANSAAR
The RBI has excluded six public sector banks, including OBC and Allahabad Bank, from the Second Schedule of the RBI Act following their merger with other banks. The six banks are Syndicate Bank, Oriental Bank of Commerce (OBC), United Bank of India, Andhra Bank, Corporation Bank, and Allahabad Bank....
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New banking bill gives RBI powers to restructure co-operative banks
Posted Date : 16-Sep-2020 , 09:10:45 am | Posted By CASANSAAR
The new Banking Regulation (Amendment) Bill, 2020, introduced by the government on the first day of the Parliament's Monsoon Session, provides the Reserve Bank of India (RBI) powers to restructure cooperative banks.
The Bill was introduced by Finance Minister Nirmala Sitharaman who earlier wi...
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RBI mandates automated recognition of NPAs, provisioning by June 2021
Posted Date : 15-Sep-2020 , 10:18:29 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday mandated the automation of bad-loan recognition by banks by June 30, 2021. The processes of provisioning calculation and income recognition will also have to be automated and banks will be required to upgrade their systems accordingly.
In its circular, th...
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RBI issues guidelines for appointment of CCO in banks
Posted Date : 12-Sep-2020 , 10:38:12 am | Posted By CASANSAAR
Reserve Bank of India has issued guidelines for appointment of Chief Compliance Officer (CCO) in banks to ensure uniform approach with regard to compliance and risk management culture across the banking industry.
Accordingly, RBI has said that the CCO must be appointed for a minimum fixed p...
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RBI revises LFAR norms for banks to improve Audit efficacy, risk management
Posted Date : 07-Sep-2020 , 09:44:59 am | Posted By CASANSAAR
The Reserve Bank on Saturday came up with revised long format audit report (LFAR) norms with a view to improving efficacy of internal audit and risk management systems.
The LFAR, which applies to statutory central auditors (SCA) and branch auditors of banks, has been updated keepingin view the la...
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RBI revises PSL guidelines; Bank loans to start-ups to get priority sector tag
Posted Date : 05-Sep-2020 , 10:04:07 am | Posted By CASANSAAR
Reserve Bank of India has revised Priority Sector Lending guidelines. RBI said the move is aimed at addressing regional disparities in the flow of priority sector credit. In the revised guidelines, higher weightage have been assigned to incremental priority sector credit in identified districts wher...
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RBI releases framework for pan-India entity for retail payments
Posted Date : 19-Aug-2020 , 10:23:32 am | Posted By CASANSAAR
Reserve Bank of India has unveiled the framework for setting up of pan-India Umbrella Entity for Retail Payments. As per the framework, the companies with a net worth of over 500 crore rupees will be eligible to set up an umbrella entity which among other things will be permitted to set up, manage a...
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RBI Board approves transfer of Rs 57,128 Cr as surplus to central govt
Posted Date : 17-Aug-2020 , 09:27:21 am | Posted By CASANSAAR
The RBI Board has approved the transfer of 57,128 crore rupees as surplus to the central government for the accounting year 2019-20.
In a statement, RBI has informed that it has also decided to maintain a Contingency Risk Buffer at 5.5 percent.
These decisions were taken at the 584th meeting o...
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RBI revises norms for core investment Companies
Posted Date : 14-Aug-2020 , 11:00:45 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday announced stricter guidelines for core investment companies (CICs), mandating more disclosures, better risk management and a simpler group structure.
The new guidelines were based on the recommendations of the Working Group to Review Regulatory and Supe...
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RBI mandates system-based asset classification for UCBs
Posted Date : 13-Aug-2020 , 10:57:46 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday asked urban co-operative banks (UCBs) with assets of Rs.2,000 crore or more to implement system-based asset classification from 30 June 2021.
System-based asset classification refers to asset classification (downgrading as well as upgrading) carried ou...
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