The City Co-operative Bank Ltd., Mumbai was placed under directions vide directive dated April 17, 2018 from the close of business on April 17, 2018 for a period of six months. The validity of the above directions were extended from time to time last being vide Directive dated October 15, 2018 up to April 17, 2019. It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Sectio

The Reserve Bank of India will today issue ₹ 50 denomination Banknotes in Mahatma Gandhi (New) Series bearing the signature of Shri Shaktikanta Das, Governor. The design of these notes is similar in all respects to ₹ 50 banknotes in Mahatma Gandhi (New) Series. All banknotes in the denomination of ₹ 50 issued by the Reserve Bank in the past will continue to be legal tender. Yogesh Dayal Chief General Manager Press Release: 2018-2019/2467

The Reserve Bank of India (RBI) is satisfied that in the interest of public, it is necessary to issue certain directions to The Bhimavaram Co-operative Urban Bank Ltd., Bhimavaram, Andhra Pradesh. Accordingly, the Reserve Bank of India, in exercise of the powers vested in it under sub-section (1) of Section 35A of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) read with Section 56 of the Banking Regulation Act, 1949, hereby directs that, Th

The Reserve Bank of India has imposed a monetary penalty of ₹ 1,00,000/- (Rupees one lakh only) on U.P. Postal Primary Co-operative Bank Ltd., Lucknow in exercise of powers vested under the provisions of Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for violation of RBI Instructions/Guidelines for shifting of its branch without obtaining prior approval from RBI. The Reserve Bank of India had is

It is hereby notified for information of the public that in exercise of powers vested in it under sub section (1) of Section 35A of the Banking Regulation Act, 1949 read with Section 56 of the Banking Regulation Act, 1949 (AACS), the Reserve Bank of India has issued certain Directions to The Mudhol Co-operative Bank Ltd., Post Mudhol, Bagalkot District, Karnataka., whereby, as from the close of business on April 08, 2019, the aforesaid bank shall not, without prior ap

Reserve Bank of India (RBI) has learnt through media reports that Lakshmi Vilas Bank (LVB) and Indiabulls Housing Finance Limited (IBHFL) have made a merger announcement on April 5, 2019 with approval of their respective Boards. It has been reported in a section of the media that the presence of two nominee directors of the RBI on the Board of LVB implies RBI’s indirect approval of the proposal. It is clarified that the merger announcement does not have any approval o

The Reserve Bank of India has today released Lending Rates of Scheduled Commercial Banks based on data received during the month of March 2019. Ajit Prasad Assistant Adviser Press Release : 2018-2019/2368

The Amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda Scheme, 2019 dated January 2, 2019, issued by the Government of India was published under Extraordinary Part II-Section 3-Sub-section (i) in the Gazette of India sanctioning the Amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda in terms of section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) and section 9 of the Banking Companies (Acquisition an

Reserve Bank of India, in the public interest, had issued directions to Shri Ganesh Sahakari Bank Ltd., Nashik, Maharashtra in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS) from the close of business on April 01, 2013. Reserve Bank of India has now, in exercise of powers vested with the Reserve Bank of India under sub-section (2) of Section 35A of the Banking Regulation Act, 1949 (A

The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning April 01, 2019 will be 9.21 per cent. It may be recalled that the Reserve Bank had, in its circular dated February 7, 2014, issued to NBFC-MFIs regarding pricing of credit, stated that it will, on the last working day of every quarter, advise the avera