The Reserve Bank of India (RBI) has, vide order dated September 14, 2017 cancelled the licence of Lokseva Sahakari Bank Ltd., Pune, Maharashtra to carry on banking business, with effect from the close of business on September 18, 2017. The Registrar of Co-operative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appointing a liquidator for the bank. The Reserve Bank cancelled the licence of the bank as: The bank does not ha

Sanmitra Sahakari Bank Maryadit, Mumbai, Maharashtra, was placed under directions for a period of six months vide directive dated June 14, 2016 from the close of business on June 14, 2016. The validity of the directions was extended vide directive dated December 07, 2016 and June 08, 2017 for a period of six months and three months respectively. It is hereby notified for the information of the public that the period of operation of the directive dated June 14, 2016 re

The Reserve Bank of India has imposed a monetary penalty of ₹5,00,000/- (rupees five lakh only) on U.P. Civil Secretariat 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 continuous non-submission of the returns u/s 27 of the Act ibid and unreasonable delay in submission of compliance to deficien

It has been reported in a section of the press, quoting a reply to RTI application, that RBI was not using machines for counting Specified Bank Notes (SBNs). RBI actually uses sophisticated Currency Verification & Processing (CVPS) machines for checking the numerical accuracy and genuineness of the currency notes, including SBNs. These machines are way superior to the note counting machines. With a view to augmenting processing capacity, RBI is using the available

The Reserve Bank of India (RBI) has extended the Directions issued to the Indian Mercantile Co-operative Bank Ltd., Lucknow for a further period of six months from September 12, 2017 to March 11, 2018, subject to review. The bank has been under directions since June 12, 2014 vide directive dated June 4, 2014 issued under sub-section (1) of Section 35A of the Banking Regulation Act, 1949 (AACS). The aforesaid directive was modified / its validity was extended vide RBI

The Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), hereby directs that the Directive dated August 28, 2015 issued to The Vaish Co-operative Commercial Bank Ltd., New Delhi, as modified from time to time, the validity of which was extended upto September 08, 2017, shall continue to apply to the bank for a further period of

It is hereby notified for the information of the public that in exercise of powers vested in it under sub-section (1) of section 35 A read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) is satisfied that in public interest it is necessary to extend the period of operation of Directions issued to Alwar Urban Co-operative Bank Ltd., Alwar (Rajasthan). The directive dated March 01, 2017 shall continue to apply to the bank for a furth

It is hereby notified for the information of the public that in exercise of powers vested in it under sub-section (1) of section 35 A read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) is satisfied that in public interest it is necessary to extend the period of operation of Directions issued to Bhilwara Mahila Urban Co-operative Bank Ltd., Bhilwara (Rajasthan). The directive dated March 07, 2017, effective from March 9, 2017, sha

Reserve Bank issued Directions under Section 35 A of the Banking Regulation Act, 1949 (As Applicable) to Co-operative Societies) to Maratha Sahakari Bank Ltd., Mumbai vide Directive dated August 31, 2016 for a period of 6 months, (i.e. up to February 28, 2017) which was modified vide subsequent Directive dated February 23, 2017 The Directions are valid for a period of six months up to August 31, 2017, subject to review. The Reserve Bank of India is satisfied that in t

The Reserve Bank of India introduced the ₹ 200 denomination notes today. Introduction of this denomination is expected to facilitate exchange transactions for the common man and provide complete series of denomination for transactions at the lower end. These notes are available only through select RBI offices and banks as is normal when a new denomination of notes is introduced and the supply increases gradually. However, the production of these notes is being ramped