The RBI said the penalties have been imposed based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered by the two lenders with their customers.
The Reserve Bank has revoked the deposit-taking status of Dewan Housing Finance (DHFL), the first financial services firm to go for bankruptcy proceedings, and has reclassified it as a non-deposit taking housing finance company, before approving the Piramal group's bid to take over it towards the end of the resolution process.
SBI Ecowrap report has suggested that the space for monetary accommodation is over, and the Reserve Bank of India (RBI) will face multiple challenges in terms of boosting India's growth rate.
In February this year, the RBI had issued a circular mandating the RBIA framework for select non-banking financial companies (NBFCs) and urban co-operative banks by March 31, 2022.
"The Central Govt has re-appointed Shri Mahesh Kumar Jain as Dy Governor, RBI for a period of 2 years with effect from June 22, 2021, or until further orders, whichever is earlier, upon completion of his existing term on June 21, 2021," the central bank said in a statement.
The RBI said the penalty has been imposed for non-compliance with RBI directions on 'Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)' and 'Depositor Education and Awareness Fund Scheme 2014'.
RBI has imposed penalty aggregating to Rs 6 crore on Bank of India and Punjab National Bank for contravention of norms.
Amidst the rising criticism of its recent circular on appointing auditors by large financial institutions, the Reserve Bank on Friday said it will shortly issue a set of clarifications that various stakeholders have sought.
NACH facilitates one-to-many credit transfers such as payment of dividend, interest, salary and pension. It also facilitates collection of payments pertaining to electricity, gas, telephone, water, periodic instalments towards loans, investments in mutual funds and insurance premium
The Reserve Bank on Friday lowered the country's growth projection for the current financial year to 9.5 percent from 10.5 percent.
As per the RBI's data issued on May 28, the country's foreign exchange reserves rose by USD 2.865 billion to a record high of USD 592.894 billion for the week ended May 21.
The Reserve Bank of India on Friday projected the retail inflation at 5.1 per cent in the current financial year ending March 31, 2022.
RBI Monetary Policy: RBI has maintained a status quo on repo rate and reverse repo rate on account of uncertainty over the impact of the second wave.
The latest directive comes against the backdrop of some banks and regulated entities citing the circular and cautioning customers against dealing in virtual currencies.
While cancelling the licence, effective close of business hours on Monday, the RBI said public interest would be adversely affected if the bank is allowed to carry on its banking business any further.
The Reserve Bank's new norms for auditors will help enhance the overall audit quality as well as transparency, apart from adding to the value to the businesses rather than wasting resources, according to various auditing experts amid concerns expressed by businesses over the new regulations.
Reserve Bank of India (RBI) is likely to retain the benchmark interest rate at the existing levels at its upcoming monetary policy review, feel experts
The Reserve Bank of India has appointed Jose J Kattoor as Executive Director (ED), the central bank said in a statement on Monday.
The moratorium of up to two years will be available to individuals and small and medium enterprises that did not restructure their loans in 2020 and were classified as standard accounts till March 2021, RBI Governor Shaktikanta Das in an unscheduled address.
The RBI has also decided to extend the scope of video KYC (know-your-customer) or V-CIP (video-based customer identification process) for new categories of customers such as proprietorship firms, authorised signatories and beneficial owners of legal entities.
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