RBI told Urban Cooperative Banks to Report Credit of 5 Crore Rupees and above

The Reserve Bank of India (RBI) on recently ordered the urban cooperative banks (UCBs) to report exposures of ₹5 crore or more to a central repository, within a month of end-of-quarter. “The banks need to submit the data on large exposures within 30 days from the end of the quarter through XBRL reporting platform of … Read more RBI told Urban Cooperative Banks to Report Credit of 5 Crore Rupees and above

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RBI changes the rules of Penalty on Payment of system operators

The Reserve Bank of India (RBI) on Friday changed some of the norms for penalties on payment system operators for non compliance of the regulations. This was to ensure the safety and security to various stakeholders, including customers. Due to the advanced technology, availability of payment products, entry of more nonbank players, dis-intermediation, and significant … Read more RBI changes the rules of Penalty on Payment of system operators

RBI restricted Bangaluru Privat Banks from doing Business

The Reserve Bank of India (RBI) has restricted the Bengaluru-based private bank from doing business due to the alleged irregularities in transactions, an official said on Saturday. “Sri Guru Raghavendra Sahakara Bank in Bengaluru shall not, without prior approval of the RBI in writing, grant or renew loans and advances, make investment, borrow funds or … Read more RBI restricted Bangaluru Privat Banks from doing Business

Banks may get incentives to extend loans of backward areas: RBI by GUV MK Jain

RBI Deputy Governor MK Jain on Wednesday propsed that the incentivising banks should extend loans to poor in backward areas in a bid to promote financial inclusion. In an event which was organised by the National Bank for Agriculture and Rural Development (NABARD), MK Jain said despite the growth which can be seen in formal … Read more Banks may get incentives to extend loans of backward areas: RBI by GUV MK Jain

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INR 2000 can be demonetised- Subhash Chandra Garg

As we know that two years back, demonetisation took place in our country and everything changed totally. And now. The demonetizing Rs 2000 notes can be done and this suggestion is given by the former Finance Secretary Mr Subhash Chandra Garg on Thursday. Mr Garg said- the high debt levels are “a deterrent on our credit … Read more INR 2000 can be demonetised- Subhash Chandra Garg

RBI announced measures to push Online transactions

The Reserve Bank of India (RBI) announced some measures to push the online transactions in India. It includes the removal of charges on Online fun transfer system National Electronic Funds Transfer (NEFT), introducing interoperable system such that FASTags, which you can use to pay the fuel, parking or any other kind of fees. The Reserve … Read more RBI announced measures to push Online transactions

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RBI amended Rules for salaries of private bank directors

Reserve Bank of India has issued the revised guidelines for the salary given to the Bank executives and whole-time directors at the private banks to reduce the risks which disturb the financial structure of the organisations and to keep the governance in check. Private sector banks, foreign banks operating under the wholly-owned subsidiary mode, and … Read more RBI amended Rules for salaries of private bank directors

RBI Bank Suggested stronger corporate governance in core investment companies

The panel which has been set up by the Reserve bank of India has recently suggested that the core investment companies need stronger corporate governance practices, which includes the formation of the board-level committees, internal audits and the appointment of the independent directors. These recommendations were submitted by the WG (working group) to Review the … Read more RBI Bank Suggested stronger corporate governance in core investment companies

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RBI penalized Mehsana’s Gujarat Based Urban Co-operative bank

RBI has recently penalised the Gujarat Based Mehsana Urban Co-operative Bank for contravention of norms on ‘loans and advances to directors, relatives and firms/concerns in which they are interested’. It said that the penalty was imposed through an order. The central bank, after the statutory inspection on March 2018 said that the penalty was “for … Read more RBI penalized Mehsana’s Gujarat Based Urban Co-operative bank

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RBI Asked Banks to investigate the report on leaked debit and credit card information

The Reserve Bank of India (RBI) has issued a notice for the banks asking them to investigate the reports that shows that 1.3 million accounts of the debit and credit card customers were online on sale and to ensure that these details are safe. As per the news by ZDNet, RBI has also said that … Read more RBI Asked Banks to investigate the report on leaked debit and credit card information

RBI rejected proposal of merger of Lakshmi Vilas Bank with Indiabulls housing finance

Laskshmi Vilas bank announced that the Central bank has not given any approval on its mereger with Indiabulls finance limited. The Lakshmi Vilas Bank (LVB) said in a stock exchange filing, “This is to inform that RBI vide their letter dated October 09, 2019, informed that the application for voluntary amalgamation of lndiabulls Housing Finance … Read more RBI rejected proposal of merger of Lakshmi Vilas Bank with Indiabulls housing finance