The Reserve Bank of India (RBI) has, vide order dated June 26, 2018 cancelled the licence of Brahmawart Commercial Co-operative Bank Ltd., Kanpur, Uttar Pradesh to carry on banking business, with effect from the close of business on July 03, 2018. The Registrar of Co-operative Societies, Uttar Pradesh has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank. The Reserve Bank cancelled the licence of the bank as: i. The ba

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 July 01, 2018 will be 8.92 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 averag

The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India. The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their Certificate of Registration. Sr. No. Name of the Company Office Address CoR No. Issued On Cancellation Order Date 1. M/s Rukmini Financial Services Private Limited 14, Ballygunge Park Road, Kolkata-

The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following company. Sr. No. Name of the Company Office Address CoR No. Issued On Cancellation Order Date 1. M/s Devki Leasing and Finance Limited Velocity Multiplex, 18-A, Scheme No. 94-C, Ring Road, Indore-452010 Madhya Pradesh B.03.00060 April 20, 1998 May 17, 2018 As such, the above comp

The Reserve Bank of India (RBI) has imposed, on June 19, 2018, a monetary penalty of ₹ 60 million on Tamilnad Mercantile Bank Limited (the bank) for contravention of Master Directions on Issue and Pricing of Shares dated April 21, 2016 (the Directions) issued by RBI. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A (1) (c) read with Section 46 (4) (i) of the Banking Regulation Act, 1949 taking into account the failu

The Reserve Bank of India has imposed a monetary penalty of ₹ 1,00,000/- (Rupees one lakh only) on Northern Railway Multi-state Primary Co-operative Bank Ltd., Lucknow in exercise of powers vested in it 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 opening on-site ATM without obtaining prior approval from RBI. The Reserve

The Reserve Bank of India has imposed a monetary penalty of ₹ 1,00,000/- (Rupees one lakh only) on Urban Co-operative Bank Ltd., Basti in exercise of powers vested in it 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 opening on-site ATM without obtaining prior approval from RBI. The Reserve Bank of India had issued a Show C

The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following five Non-Banking Financial Companies (NBFCs) in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. Sr. No. Company's Name Address of Registered Office Certificate of Registration No. Issued On Date of cancellation 1 M/s Key Dealers Private Limited 35, G.C. Avenue Road, 3rd Floor, Kolkata-700 013 B.05.03516 October 01, 2001

The Reserve Bank of India today released draft guidelines on constituting Board of Management (BoM) for Primary (Urban) Cooperative Banks (UCBs). The guidelines propose that UCBs may constitute a BoM, in addition to the Board of Directors (BoD). It may be recalled that the Expert Committee on licensing of new Urban Cooperative Banks (2010) set up under the chairmanship of Shri Y.H. Malegam had recommended, inter alia, that a BoM be constituted in every UCB, in additio

The Reserve Bank of India has imposed a monetary penalty of ₹ 50,000/- (Rupees fifty thousand only) on City Co-operative Bank Ltd., Hassan, in exercise of the powers vested in it under the provisions of Section 47 A (1) (c) read with Section 46 (4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) for violating the Supervisory Action Framework (SAF) instructions issued under Section 36(1) of the Banking Regulation Act, 1949 (AACS). The Rese