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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : RBI

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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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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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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Category : RBI | Comments : 0 | Hits : 334

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 (the comp...

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Category : RBI | Comments : 0 | Hits : 318

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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Category : RBI | Comments : 0 | Hits : 676

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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Category : RBI | Comments : 0 | Hits : 211

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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Category : RBI | Comments : 0 | Hits : 148

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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