The CKP Co-operative Bank Ltd, Mumbai, Maharashtra, was placed under directions vide directive dated April 30, 2014, from close of business on May 2, 2014. The validity of the directions were extended from time to time vide subsequent directives last being order dated July 28, 2016 and was valid upto January 31, 2017 subject to review. It is hereby notified for the information of the public that the validity of the aforesaid directions has been further extended for a

The Reserve Bank of India has extended Directions issued to the Hardoi Urban Co-operative Bank Ltd., Hardoi for a further period of six months from January 30, 2017 to July 29, 2017, subject to review. The bank has been under directions issued under Section 35A of the Banking Regulation Act, 1949 (AACS) since July 29, 2016. The same has further been extended upto July 29, 2017 vide directive dated January 23, 2017. A copy of the directive dated January 23, 2017 is dis

The Reserve Bank of India has extended Directions issued to the Mahamedha Urban Co-operative Ltd., Ghaziabad for a further period of six months from January 30, 2017 to July 29, 2017, subject to review. The bank has been under directions issued under Section 35A of the Banking Regulation Act, 1949 (AACS) since July 29, 2016. The same has further been extended upto July 29, 2017 vide directive dated January 23, 2017. A copy of the directive dated January 23, 2017 is di

The Financial Action Task Force (FATF) has called on its members and other jurisdictions to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/FT) risks emanating from the jurisdiction of Democratic People's Republic of Korea (DPRK). Jurisdiction of Iran is subject to the FATF call on its members to apply enhanced due diligence measures proportionate to the risks arising f

Suryoday Small Finance Bank Limited has commenced its operations as a small finance bank with effect from January 23, 2017. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India. Suryoday Micro Finance Private Limited, Navi Mumbai was one of the 10 applicants which were issued in-principle approval for setting up a small finance bank, as announced in the press

Utkarsh Small Finance Bank Limited has commenced its operations as a small finance bank with effect from January 23, 2017. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India. Utkarsh Micro Finance Private Limited, Varanasi was one of the 10 applicants which were issued in-principle approval for setting up a small finance bank, as announced in the press relea

The Reserve Bank of India has imposed a monetary penalty of ₹ 75.00 lakh (Rupees Seventy Five Lakh only) on Bombay Mercantile Co-operative Bank Ltd., Mumbai in exercise of the powers vested in it under the provisions of Section 47A(1) read with Section 46(4) of the Banking Regulation Act., 1949 (As Applicable to Co-operative Societies), for violations of Know Your Customer/Anti-Money Laundering (KYC/AML) directives issued by RBI. The Reserve Bank of India had issued a

The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following non-banking financial company (NBFC) in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. Sr. No. Name of the Company Registered Office Address CoR No. Issued On Cancellation Order Date 1. M/s Nupoor Capitals Private Limited 20/A, 1st Floor, Plot No.1646/48, 18, Bhagya Laxmi Building, J.S.S. Marg, Kennedy Bridfe, Girgaon,

The Reserve Bank of India has extended Directions issued to the Brahmawart Commercial Co-operative Bank Ltd., Kanpur for a further period of six months from January 07, 2017 to July 06, 2017, subject to review. The bank has been under directions issued under Section 35A of the Banking Regulation Act, 1949 (AACS) since July 07, 2015. The aforesaid directive was modified and its validity extended upto January 06, 2017. The same has further been extended upto July 06, 20

The following NBFC has 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 Aeonian Investments Company Limited N.K.Mehta International House, 178, Backbay

The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following non-banking financial companies (NBFCs). The Reserve Bank, in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. Sr. No. Name of the Company Registered Office Address CoR No. Issued On Cancellation Order Date 1 M/s Virk Hire Purchase Limited 88, Kapurthala Road, Jalandhar – 144008 (Punjab) A-06.00467 June 08, 2007 November

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 the 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 Registered Office Address CoR No. Issued On Cancellation Order Date 1 M/s Jai Matadi Finance Company Limited 36-A, Bentick Street, 2nd Fl

The Reserve Bank of India has extended directions issued to The Suri Friends’ Union Co-operative Bank Ltd., Suri, West Bengal, for a further period of six months with partial modifications namely: (i) A sum not exceeding ₹ 50,000/- may be allowed to be withdrawn by depositor, provided that wherever such depositor is having liability to the bank in any manner, i.e. either as a borrower or surety, including loans against the bank deposits, the amount may be adjusted fir

The Reserve Bank of India has imposed a monetary penalty of ₹ 30 million on Lakshmi Vilas Bank Ltd. (LVB) for contravention of instructions relating to opening and operation of current accounts, extending bill discounting facilities to non-constituents and walk-in customers and non-adherence to KYC norms. This penalty has been imposed in exercise of powers vested in the Reserve Bank under the provisions of Section 47(A)(1)(c) read with Section 46(4)(i) of the Banking

The Reserve Bank of India has extended Directions issued to the Brahmawart Commercial Co-operative Bank Ltd., Kanpur for a further period of six months from January 07, 2017 to July 06, 2017, subject to review. The bank has been under directions issued under Section 35A of the Banking Regulation Act, 1949 (AACS) since July 07, 2015. The aforesaid directive was modified and its validity extended upto January 06, 2017. The same has further been extended upto July 06, 20

There had been various estimates on SBNs tendered in certain sections. We would like to clarify that the periodical SBN figures released by us were based on aggregation of accounting entries done at the large no of Currency Chests all over the country. Now that the Scheme has come to an end on December 30, 2016, these figures would need to be reconciled with the physical cash balances to eliminate accounting errors/ possible double counts etc. RBI has already initiate

It is hereby notified for information of public that the Reserve Bank of India is satisfied that in the public interest, it is necessary to extend the period of operation of the directive dated April 1,2013 read with subsequent directives, last being dated June 29,2016 issued to the Amanath Cooperative Bank Ltd, Bengaluru for a further period of six months. Accordingly, the Reserve Bank of India, in exercise of powers vested in it under sub section (1) of Section 35A

The Reserve Bank of India has introduced a facility of exchange of specified bank notes (SBNs) to give an opportunity to Indian citizens and non resident Indian (NRI) citizens who were abroad during November 9, 2016 to December 30, 2016. Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto March 31, 2017 and Non Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail

The Reserve Bank of India (RBI) has cancelled the licence of Shri Sai Urban Co-operative Bank Ltd., Mukhed, Dist. Nanded, Maharashtra. The order was made effective from the close of business on December 28, 2016.The Registrar of Co-operative Societies, Maharashtra, has also been requested to issue an order for winding up of the bank and appoint a liquidator. The Reserve Bank cancelled the licence of the bank as: The bank did not comply with the requirement of minimum

The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Finance Company-Micro Finance Institutions (NBFC-MFIs) for the quarter beginning January 01, 2017 will be 9.41 per cent. 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 average of the base rates of the five largest comm