Month: May 2021

Reserve Bank of India – Annual Report

Publications

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April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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Reserve Bank of India – Annual Report

Publications

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Read More/Less




April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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RBI asks banks not to cite its 2018 cryptocurrency circular

Banking & Finance

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The Reserve Bank of India (RBI) on Monday asked regulated entities to desist from citing or quoting from its April 2018 circular on “Prohibition on dealing in Virtual Currencies (VCs)” as it is no longer valid following the Supreme Court setting the circular aside in March 2020. The regulated entities include all Commercial and Co-operative Banks, Payments Banks, Small Finance Banks, Non-Banking Finance Companies, and Payment System Providers.

The central bank said it has come across media reports that certain banks/ regulated entities have cautioned their customers against dealing in virtual currencies by making a reference to the RBI circular on “Prohibition on dealing in Virtual Currencies (VCs)”dated April 06, 2018. “Such references to the above circular by banks/ regulated entities are not in order as this circular was set aside by the Hon’ble Supreme Court on March 04, 2020 in the matter of Writ Petition (Civil) No.528 of 2018 (Internet and Mobile Association of India v. Reserve Bank of India),” RBI said in a statement.

Also read: RBI cancels licence of Pune-based Shivajirao Bhosale Sahakari Bank

The central bank said the regulated entities may, however, continue to carry out customer due diligence processes in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT) and obligations of regulated entities under Prevention of Money Laundering Act, (PMLA), 2002. Further, they should ensure compliance with relevant provisions under Foreign Exchange Management Act (FEMA) for overseas remittances.

Banks issue warnings

Recently, many banks warned domestic crypto currency investors about virtual currency transactions being done through their bank accounts and have said it is not permitted by RBI.

Many crypto investors tweeted that HDFC Bank has sent them a cautionary email stating that their account reflects probable virtual currency transactions, which is not permitted by the RBI based on their 2018 circular. SBI Card too has sent a similar advisory to customers and said that usage of credit cards for transaction on virtual currency merchant platforms may lead to suspension or cancellation of the credit card.

Private digital currencies/ virtual currencies/ crypto currencies (CCs) have gained popularity in recent years. RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it.

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RBI cancels licence of Pune-based Shivajirao Bhosale Sahakari Bank

Banking & Finance

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The Reserve Bank of India (RBI) has cancelled the licence of Pune-based Shivajirao Bhosale Sahakari Bank. The RBI said the bank ceases to carry on banking business, with effect from the close of business on May 31.

With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of the bank as per the Deposit Insurance and Credit Guarantee Corporation (DICGC). Act, 1961, will be set in motion, the central bank said in a statement.

“As per the data submitted by the bank, more than 98 per cent of the depositors will receive full amounts of their deposits from DICGC.

“On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of ₹5 lakh from the DICGC subject to the provisions of the DICGC Act, 1961,” RBI said.

Liquidator for the bank

The Registrar of Cooperative Societies, Maharashtra, has been requested to issue an order for winding up the bank and appoint a liquidator for the bank, it added.

“The bank does not have adequate capital and earning prospects. As such, it does not comply with the provisions…of the Banking Regulation Act, 1949.

“…The continuance of the bank is prejudicial to the interests of its depositors,” the statement said.

The RBI observed that the bank with its present financial position would be unable to pay its present depositors in full.

According to the central bank, public interest would be adversely affected if the bank is allowed to carry on its banking business any further.

The bank was placed under RBI Directions from the close of business on May 4, 2019.

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Reserve Bank of India – Press Releases

Press Releases

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Today, the Reserve Bank of India (RBI) has, vide order dated May 28, 2021 cancelled the licence of Shivajirao Bhosale Sahakari Bank Ltd., Pune, Maharashtra. Consequently, the bank ceases to carry on banking business, with effect from the close of business on May 31, 2021. The Registrar of Cooperative Societies, Maharashtra 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:

  1. The bank does not have adequate capital and earning prospects. As such, it does not comply with the provisions of section 11(1) and section 22 (3) (d) read with section 56 of the Banking Regulation Act, 1949,

  2. The bank has failed to comply with the requirements of section 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d) and 22(3)(e) read with section 56 of the Banking Regulation Act, 1949,

  3. The continuance of the bank is prejudicial to the interests of its depositors,

  4. The bank with its present financial position would be unable to pay its present depositors in full and

  5. Public interest would be adversely affected if the bank is allowed to carry on its banking business any further.

2. Consequent to the cancellation of its licence Shivajirao Bhosale Sahakari Bank Ltd., Pune, Maharashtra is prohibited from conducting the business of ‘banking’ which includes acceptance of deposits and repayment of deposits as defined in Section 5(b) read with Section 56 of the Banking Regulation Act, 1949 with immediate effect.

3. With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of Shivajirao Bhosale Sahakari Bank Ltd., Pune, Maharashtra as per the DICGC Act, 1961 will be set in motion. As per the data submitted by the bank, more than 98% of the depositors will receive full amounts of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC). On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of ₹5,00,000/- (Rupees Five lakh only) from the DICGC subject to the provisions of the DICGC Act, 1961.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/294

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Crypto Trading In India: RBI Asks Banks To Perform Customer Due Diligence

Personal Finance

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Planning

oi-Sneha Kulkarni

|

Bitcoin, blockchain, and cryptocurrencies, in general, are becoming more popular in India. The central bank’s statement came as a relief to all Indian investors and crypto exchanges who have invested in cryptocurrencies.

The Reserve Bank of India (RBI) confirmed today that banks and other businesses cannot cite its 2018 order on virtual currencies because it was overturned by the Supreme Court of India in 2020.

Crypto Trading In India: RBI Asks Banks To Perform Customer Due Diligence

Since its inception in 2009, Bitcoin has had a tumultuous trading history.
Bitcoin, Ethereum, Dogecoin, Shiba Inu are some of the popular cryptocurrencies.

According to letters received by the lenders, HDFC Bank and State Bank of India (SBI) previously warned their customers against dealing in virtual currencies such as bitcoin.

What is Virtual Currency?

Virtual currency, often known as virtual money, is an uncontrolled digital currency that is created and controlled by its creators and utilized and accepted by members of a virtual community. The whole superset that contains virtual currency, which in turn includes cryptocurrencies, is known as a digital currency.

The Central Bank further added, “Banks, as well as other entities addressed above, may, however, continue to carry out customer due diligence processes in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT) and obligations of regulated entities under Prevention of Money Laundering Act, (PMLA), 2002 in addition to ensuring compliance with relevant provisions under Foreign Exchange Management Act (FEMA) for overseas remittances.”

Indian investors have been progressively exhibiting interest in supporting the cryptocurrency markets, particularly bitcoin, as they recognize the potential of the developing business. While short-term traders seeking quick profits account for a minor portion of the sales volume, the trend is mostly driven by long-term investors who have recognized the potential of the cryptocurrency and intend to hold it for years, if not decades, to reap maximum rewards.

GoodReturns.in

Story first published: Monday, May 31, 2021, 20:24 [IST]



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Canara Bank appoints S K Majumdar as CFO

Banking & Finance

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Canara Bank has designated S K Majumdar, General Manager of the Bank as Chief Financial Officer (CFO) with effect from May 31, 2021 in place of V Ramachandra, Chief General Manager.

“Majumdar, aged 52 years, Chartered Accountant and Cost Accountant by qualification has vast banking experience of more than 21 years in various branches and administrative offices in various capacities. He has been associated with the bank since January 2000,” the bank in a regulatory filing to exchanges said.

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Reserve Bank of India – Notifications

Notifications

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RBI/2021-22/45
DOR. AML.REC 18 /14.01.001/2021-22

May 31, 2021

All Commercial and Co-operative Banks / Payments Banks/ Small Finance Banks /
NBFCs / Payment System Providers

Madam / Dear Sir,

Customer Due Diligence for transactions in Virtual Currencies (VC)

It has come to our attention through media reports that certain banks/ regulated entities have cautioned their customers against dealing in virtual currencies by making a reference to the RBI circular DBR.No.BP.BC.104/08.13.102/2017-18 dated April 06, 2018. Such references to the above circular by banks/ regulated entities are not in order as this  circular was set aside by the Hon’ble Supreme Court on March 04, 2020 in the matter of Writ Petition (Civil) No.528 of 2018 (Internet and Mobile Association of India v. Reserve Bank of India). As such, in view of the order of the Hon’ble Supreme Court, the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from.

2. Banks, as well as other entities addressed above, may, however, continue to carry out customer due diligence processes in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT) and obligations of regulated entities under Prevention of Money Laundering Act, (PMLA), 2002 in addition to ensuring compliance with relevant provisions under Foreign Exchange Management Act (FEMA) for overseas remittances.

Yours faithfully,

(Shrimohan Yadav)
Chief General Manager

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Reserve Bank of India – Press Releases

Press Releases

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Data on sectoral deployment of bank credit collected from select 33 scheduled commercial banks, accounting for about 90 per cent of the total non-food credit deployed by all scheduled commercial banks for the month of April 2021, are set out in Statements I and II.

Highlights of the sectoral deployment of bank credit are given below:

  • On a year-on-year (y-o-y) basis, non-food bank credit1 growth stood at 5.7 per cent in April 2021 as compared to 6.7 per cent in April 2020.

  • Credit growth to agriculture and allied activities accelerated to 11.3 per cent in April 2021 from 4.7 per cent in April 2020.

  • Credit growth to industry decelerated to 0.4 per cent in April 2021 from 1.7 per cent in April 2020. However, credit to medium industries registered a robust growth of 43.8 per cent in April 2021 as compared to a contraction of 6.4 per cent a year ago. Credit growth to micro and small industries accelerated to 3.8 per cent in April 2021 as compared to a contraction of 2.2 per cent a year ago, while credit to large industries contracted by 1.9 per cent as compared to a growth of 2.7 per cent a year ago.

  • Within industry, credit to ‘food processing’, ‘textiles’, ‘gems & jewellery’, ‘paper & paper products’, ‘glass & glassware’, ‘infrastructure’, ‘leather & leather products’ and ‘wood & wood products’ registered an accelerated growth in April 2021 as compared to the corresponding month of the previous year. However, credit growth to ‘mining & quarrying’, ‘beverages & tobacco’, ‘petroleum coal products & nuclear fuels’, ‘rubber, plastic & their products’, ‘vehicles, vehicle parts & transport equipment’, ‘basic metal & metal products’, ‘cement & cement products’, ‘all engineering’, ‘chemicals & chemical products’ and ‘construction’ decelerated/contracted.

  • Credit growth to the services sector decelerated to 1.2 per cent in April 2021 from 10.6 per cent in April 2020, mainly due to deceleration in credit growth to NBFCs and marginal contraction in credit to transport operators. However, credit to trade segment continued to perform well, registering accelerated growth of 10.5 per cent in April 2021 as compared to 8.7 per cent a year ago.

  • Personal loans registered an accelerated growth of 12.6 per cent in April 2021 as compared to12.3 per cent a year ago, primarily due to accelerated growth in vehicle loans, loans against gold jewellery and credit card outstanding.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/293

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Reserve Bank of India – Tenders

Tenders

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Reserve Bank of India invites two-part e-tender for “Design, Supply, Installation, Testing and Commissioning (DSITC) of Intelligent Addressable Analogue Fire Alarm System for the Bank’s office premises at Riverfront House in Ahmedabad”. Interested and eligible companies/ agencies/ firms can download the tender form from Reserve Bank of India’s website https://rbi.org.in/Scripts/BS_ViewTenders.aspx and also MSTC website https://www.mstcecommerce.com. The estimated cost of the tender is ₹9,00,000. The timeline for the tender is as follows:

1 Date and time of downloading Tender Form from Website June 01, 2021 from 01:00 AM
2 Last date for submission of tender form June 15, 2021 up to 03:00 PM
3 Last date for submission of earnest money June 14, 2021
4 Date and time of opening of Tender part – I June 15, 2021 at 04:00 PM
5 Earnest Money ₹18,000/-

All interested companies/agencies/ firms must register themselves with MSTC Ltd. through the above mentioned website to participate in the tendering process. Any further addendum / corrigendum will be published only on RBI website and MSTC website. The Bank reserves the right to reject any tender or all tenders without assigning any reason.

Regional Director
for Gujarat, Daman & Diu and Dadra & Nagar Haveli

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