RBI permits banking units at IFSC to settle NDDCs in rupee
Posted Date : 07-Jun-2023 , 07:02:58 am | Posted By CASANSAAR
The Reserve Bank of India said it has permitted banks operating International Financial Services Centre (IFSC) to offer non-deliverable derivatives contracts utilising rupees to resident non-retail users for hedging.
The step has been taken in order to develop the onshore rupee non-deliverable de...
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RBI imposes Rs 2.2 Cr Penalty on Indian Overseas Bank
Posted Date : 02-Jun-2023 , 10:17:05 pm | Posted By CASANSAAR
Reserve Bank on Friday imposed a penalty of Rs 2.20 crore on state-owned Indian Overseas Bank (IOB) for non-compliance of income recognition and other deficiencies in regulatory compliance.
The fine is imposed for contravention of the provisions of certain directions issued by RBI on &lsquo...
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RBI Governor advises Bank Boards to adopt fair practices for customer protection
Posted Date : 29-May-2023 , 10:43:37 pm | Posted By CASANSAAR
Reserve Bank of India’s Governor Shaktikanta Das advised Bank Boards to adopt fair practices and customer protection including digital lending. Quick and effective redress of customers' grievances reflect the efficacy of a bank’s overall functioning, he added.
Mr. Das was ad...
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RBI Slaps Penalty of Rs. 84.50 Lakh on Central Bank for Regulatory Non Compliance
Posted Date : 27-May-2023 , 08:58:13 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has taken action against Central Bank of India by imposing a monetary penalty of ?84.50 lakh (Rupees Eighty four lakh fifty thousand only). The penalty has been imposed due to the bank’s failure to comply with specific provisions outlined in the ‘Reserve B...
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RBI Governor asks Public Sector Banks to Strengthen Governance
Posted Date : 23-May-2023 , 08:24:10 am | Posted By CASANSAAR
Reserve Bank of India Governor Shaktikanta Das on Monday asked public sector banks to further strengthen their governance and risk management with a view to identify and mitigate risks at an early stage.
The governor was addressing a Conference for the Directors on the Boards of Public ...
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Business visit expenses borne by employer not covered under RBI's remittance scheme
Posted Date : 18-May-2023 , 09:38:55 pm | Posted By CASANSAAR
The finance ministry on Thursday said expenses incurred by an employee on a business visit, when such expenses are borne by the employer, will not be covered under RBI's liberalised remittance scheme.
A clarification to this effect was provided in a set of FAQs issued by the finance ministr...
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RBI Amends Rules Governing Know-Your-Customer (KYC) Checks
Posted Date : 29-Apr-2023 , 07:41:52 am | Posted By CASANSAAR
The RBI has amended rules governing know-your-customer checks undertaken by lenders, according to a statement by the regulator on Friday.
The changes have been made to align with the recent amendments carried out in the Prevention of Money Laundering (Maintenance of Records) Rules, update t...
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RBI announces framework for acceptance of Green Deposits
Posted Date : 12-Apr-2023 , 06:23:40 am | Posted By CASANSAAR
With a view to foster and develop a green finance eco-system in India, the Reserve Bank has put in place a framework for acceptance of Green Deposits.
In a statement, RBI has said that the financial sector can play a pivotal role in mobilizing and allocating resources for green activities/p...
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RBI issues detailed norms for outsourcing of IT services by banks, NBFCs
Posted Date : 10-Apr-2023 , 09:22:58 pm | Posted By CASANSAAR
Reserve Bank of India on Monday came out with detailed norms for outsourcing of IT services by banks, NBFCs and regulated financial sector entities to ensure that such arrangements do not undermine their responsibilities and obligations to customers.
In its 'Master Direction on Outsourcing ...
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RBI imposes penalty on Mahindra & Mahindra Financial Services, Indian Bank
Posted Date : 07-Apr-2023 , 07:11:32 am | Posted By CASANSAAR
The Reserve Bank has imposed a penalty of Rs 6.77 crore on Mahindra & Mahindra Financial Services Ltd, Mumbai, for non-compliance with norms related to disclosure of interest rates to borrowers at the time of sanction of loans, a release said on Thursday.
In another release, the RBI said a Rs...
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RBI keeps repo rate unchanged at 6.5 percent
Posted Date : 07-Apr-2023 , 06:43:05 am | Posted By CASANSAAR
Defying expert expectations, the six-member monetary policy committee headed by RBI Governor Shaktikanta Das today announced a status quo on policy rates. While announcing the first bi-monthly monetary policy statement for 2023-24, Mr. Das said the monetary policy committee has unanimously decided t...
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RBI directs all banks to keep branches open till Mar 31 for annual closing
Posted Date : 22-Mar-2023 , 09:08:53 am | Posted By CASANSAAR
With the annual closing of accounts scheduled for March 31 as the financial year 2022-23 is ending, the Reserve Bank of India (RBI) has directed all banks to keep their branches open till working hours of the above-mentioned date.
In a letter to all agency banks on Tuesday, the RBI said that all ...
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RBI cancels certificate of registration of 17 NBFCs
Posted Date : 11-Mar-2023 , 08:05:03 am | Posted By CASANSAAR
The Reserve Bank of India on Friday cancelled the Certificate of Registration (CoR) of 17 non-banking financial companies (NBFCs). The central bank noted that in the exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, it has therefore cancelled the NBFC...
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RBI imposes Monetary Penalty on Amazon Pay (India) Private Limited
Posted Date : 03-Mar-2023 , 09:25:06 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has imposed monetary penalty of ?3,06,66,000/- (Rupees three crore six lakh sixty six thousand only) on Amazon Pay (India) Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) dated...
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RBI directs financial institutions and NPCI to allow access to UPI to foreign nationals
Posted Date : 13-Feb-2023 , 08:21:19 am | Posted By CASANSAAR
The Reserve Bank has directed financial institutions and National Payments Corporation of India, NPCI to allow access to Unified Payments Interface (UPI) to foreign nationals and NRIs visiting India.
In a notification issued from Mumbai today, the facility should currently be extended only to tra...
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RBI has imposed restrictions, withdrawal caps on 4 co-operative banks
Posted Date : 10-Jul-2022 , 10:24:12 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday imposed various restrictions on on four cooperative banks. The restrictions have been imposed for six months and it includes cap on withdrawals for the depositors.
The central ban k of India has imposed rest...
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RBI penalises Federal Bank and Bank of India for violating its regulations
Posted Date : 09-Jul-2022 , 08:18:31 am | Posted By CASANSAAR
The Reserve Bank of India (RBI), on Friday, imposed a monetary penalty of Rs 5.72 crore on Federal Bank Ltd., Rs 70 lakh on Bank of India and Rs 7.60 lakh on Dhani Loans and Services Ltd. for violating the provisions of its regulations.
RBI imposed a mone...
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RBI imposes monetary penalty on Indian Overseas Bank for Non-Compliance
Posted Date : 25-Jun-2022 , 09:53:23 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday imposed a monetary penalty of ₹57.50 lakh on the government-owned Indian Overseas Bank for non-compliance with certain directions. The penalty was related to the directions issued by RBI on Frauds – Classification and Reporting ...
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RBI issues guidelines for outsourcing of IT services by Banks, NBFCs
Posted Date : 24-Jun-2022 , 08:10:30 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has put forward a few norms on Thursday for the outsourcing of IT services to ring-fence banks and other regulated entities from financial, operational and reputational risks. The RBI has also invited comments from stakeholders by 22 July.
...
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RBI lifts business restrictions imposed on Mastercard
Posted Date : 17-Jun-2022 , 08:53:52 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on June 16 lifted the restrictions imposed on Mastercard citing improvement compliance.
"In view of the satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte. Ltd. with the Reserve Bank of India (RBI) c...
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RBI allows credit cards to be linked with UPI platform
Posted Date : 10-Jun-2022 , 10:40:04 am | Posted By CASANSAAR
The Reserve Bank on Wednesday allowed credit cards to be linked with the unified payments interface (UPI), which will enable more people to make payments using the popular platform.
At present, UPI facilitates transactions by linking savings or current ac...
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RBI increases repo rate by 50 basis points
Posted Date : 08-Jun-2022 , 10:31:24 am | Posted By CASANSAAR
Reserve Bank of India (RBI) once again increased its key interest rate by 50 bps on June 8, 2022, in a bid to target rising inflation.
The repo rate — the rate at which RBI lends to commercial banks — stands at 4.90%. Last month the central ba...
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RBI comes out with provisioning norms for large NBFCs
Posted Date : 07-Jun-2022 , 08:50:37 am | Posted By CASANSAAR
Reserve Bank of India (RBI) on Monday came out with a set of norms for provisioning for standard assets by large Non-Banking Financial Companies (NBFCs) in view of the increasing role played by such entities in the financial system.
In October last year, ...
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RBI penalises two co-operative banks for rule violations
Posted Date : 07-Jun-2022 , 08:15:48 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on June 6 imposed a monetary penalty on Bassein Catholic Co-operative Bank and Jila Sahakari Kendriya Bank Maryadit for non-compliance with certain directives issued by it.
The central bank imposed a monetary penalty of Rs ...
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RBI imposes monetary penalty on Punjab and Sind Bank for Non Compliance
Posted Date : 04-Jun-2022 , 08:58:02 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday imposed a monetary penalty of ₹27.50 lakh on a public sector bank, Punjab & Sind Bank for non-compliance with certain directions of the central bank.
The penalty was for non-compliance with RBI directions on...
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RBI-constituted panel to review customer service standards in banks, NBFCs
Posted Date : 24-May-2022 , 04:12:40 pm | Posted By CASANSAAR
The RBI on Monday said it has set up a committee to evaluate the efficacy, adequacy and quality of customer service in banks, NBFCs, and other entities regulated by it.
The six-member committee headed by former RBI deputy governor B P Kanungo has been ask...
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RBI Constitutes Committee for Review of Customer Service Standards in RBI Regulated Entities
Posted Date : 24-May-2022 , 08:40:07 am | Posted By CASANSAAR
As part of the Statement on Developmental and Regulatory Policies released along with the Monetary Policy Statement on April 08, 2022, the Reserve Bank of India had announced setting up of a Committee for Review of Customer Service S...
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States can't regulate NBFCs registered with RBI - SC
Posted Date : 13-May-2022 , 09:17:42 am | Posted By CASANSAAR
In an important judgment, the Supreme Court on Wednesday ruled that state laws cannot apply to over 9,500 non-banking financial companies (NBFCs) registered with the Reserve Bank of India (RBI).
Sawing off attempts by the Kerala and Gujarat governments to bring the NBFCs under the purview of th...
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RBI slaps monetary penalty on Central Bank of India for non-compliance
Posted Date : 23-Apr-2022 , 09:57:29 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday said that it has imposed a monetary penalty of Rs 36 lakh on Central Bank of India for non-compliance with certain directions of the central bank. The order was issued on April 18, 2022.
The lender has been penalised for failing to comply with dir...
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India loses Rs 100 crore to bank fraud every day over past 7 years - RBI
Posted Date : 30-Mar-2022 , 08:09:59 am | Posted By CASANSAAR
India lost at least Rs 100 crore every day to bank fraud or scams over the past seven years, although there was a year-on-year reduction in the total amount involved, according to RBI data.
The finance ministry, however, said measures put in place for prompt reporting and prevention had led t...
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