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

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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Category : RBI | Comments : 0 | Hits : 694

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 : 270

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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Category : RBI | Comments : 0 | Hits : 257

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 : 664

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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Category : RBI | Comments : 0 | Hits : 407

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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Category : RBI | Comments : 0 | Hits : 351

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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Category : RBI | Comments : 0 | Hits : 414

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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Category : RBI | Comments : 0 | Hits : 313

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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Category : RBI | Comments : 0 | Hits : 253

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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Category : RBI | Comments : 0 | Hits : 264

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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Category : RBI | Comments : 0 | Hits : 233

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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Category : RBI | Comments : 0 | Hits : 120

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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Category : RBI | Comments : 0 | Hits : 303

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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Category : RBI | Comments : 0 | Hits : 354

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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Category : RBI | Comments : 0 | Hits : 1290

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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Category : RBI | Comments : 0 | Hits : 264

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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Category : RBI | Comments : 0 | Hits : 944

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