The Reserve Bank of India (RBI) has imposed on October 23, 2017, a monetary penalty of ₹ 60 million on Yes Bank Limited (the bank) for non-compliance with the directions issued by RBI on Income Recognition Asset Classification (IRAC) norms and delayed reporting of information security incident involving ATMs of the bank. 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

Some news items have appeared in a section of the media quoting a reply to a Right to Information Act application that Aadhaar number linkage with bank accounts is not mandatory. The Reserve Bank clarifies that, in applicable cases, linkage of Aadhaar number to bank account is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 published in the Official Gazette on June 1, 2017. These Rules have statutory force and,

The Reserve Bank of India has extended the Directions earlier issued to Navodaya Urban Co-operative Bank Ltd, Nagpur for further three months. The Directions are now valid up to January 15, 2018, subject to review. The Directions were imposed in exercise of powers vested in the Reserve Bank under sub section (1) of Section 35A of the Banking Regulation Act, 1949 (AACS). A copy of the Directions is displayed on the bank's premises for perusal by interested members of p

With a view to encourage original writings and research in Banking Hindi, Reserve Bank of India has launched an ‘Award scheme for outstanding writings in the field of banking Hindi’. Under this scheme, Professors (including Assistant and Associates, etc.) of Indian Universities may be awarded three prizes of ₹ 1,25,000.00 (Rupees one lac twenty five thousand only) each for writing books originally in Hindi on Economics/Banking/Financial subjects. Details of scheme are

The Reserve Bank of India has extended directions issued to the HCBL Co-operative Bank Ltd., Lucknow for a further period of six months from October 16, 2017 to April 15, 2018, subject to review. The bank has been under directions issued under Section 35A of the Banking Regulation Act, 1949 (AACS) since the close of business on April 16, 2015 vide directive dated April 10, 2015. The same has further been extended up to April 15, 2018 vide directive dated October 09, 2

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 Golden Trexim Pvt Ltd (Presently M/s Shri Jagannath Steels & Power Ltd) KJ

The Reserve Bank of India today released Draft Directions for authorising Electronic Trading Platforms for financial market instruments regulated by the Reserve Bank. Comments on the draft guidelines are invited from banks, market participants and other interested parties by November 10, 2017. Feedback on the draft directions may be forwarded to: The Chief General Manager, Reserve Bank of India Financial Markets Regulation Department 1st Floor, Main BuildingShahid Bha

The Reserve Bank of India has imposed a monetary penalty of ₹ 0.50 lakh (Rupees Fifty thousand only) on The Anantapur Co-operative Town Bank Ltd., Anantapuramu, Andhra Pradesh in exercise of the powers vested in it under the provisions of Section 47A (1) (b) read with Section 46 (4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for violation of Reserve Bank of India directives and guidelines on loans and advances to directors and their

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹20 lakh on M/s Religare Finvest Ltd. (the company) under clause (b) of sub-section (1) of section 58G read with clause (aa) of sub-section (5) of section 58B of the Reserve Bank of India Act, 1934 (the RBI Act, 1934) for the failure to comply with the directions/orders issued by RBI from time to time. Background An inspection of the company was conducted under section 45N of the RBI Act, 1934 during Se

The Reserve Bank of India has imposed a monetary penalty of ₹ 5.00 lakh (Rupees Five Lakh only) on The Needs of Life Co-operative Bank Ltd, Fort, Mumbai in exercise of the powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violations of the directives / guidelines of the Reserve Bank of India relating to the prohibition on loans and advances to Directo