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Reserve Bank of India – Press Releases

Press Releases

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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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With no chief, decisions hang fire at IRDAI

Banking & Finance

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The delay in the appointment of a new chief has affected key policy decisions at the Insurance Regulatory and Development Authority of India.

The post of IRDAI chairman has been vacant since May first week after Subhash C Khuntia demitted office on completion of his term.

Though the Centre had issued a notification inviting applications for the new chairman on April 30, no one has been named to the post so far.

“It has been nearly two- and-half months since the regulator’s office fell vacant. This is first time that the top post of the insurance sector regulator has been kept vacant for such a long time,” said the MD & CEO of a private life insurance company.

As of now, out of the five Members of IRDAI, only four have incumbents — Distribution (SN Rajeshwari), Actuary (Pramod Kumar Arora), Life (K Ganesh) and Non-Life (TL Alamelu). The post of Member, Finance and Investment, is also vacant.

The absence of a chairman is a matter of “concern” in the present situation due to the Covid-19 pandemic and the churn the life and general insurance industry has been witnessing.

”There are key developments and decisions to be taken which will need a chairman,’’ said the Head of Underwriting of a private general insurer.

important decisions such as on the continuation of Covid-specific standard policies, and revision of premium and pricing of general and health insurance as being sought by the industry and management of Covid claims, need to ne taken, he said.

Further, the Initial Public Offer of Life Insurance Corporation of India, expected to be the largest ever IPO in India, will involve coordination with SEBI and the absence of a chairman at IRDAI can cause hiccups, feel industry experts.

Why the delay

A senior official said the notification for the new regulator got delayed this time. “On previous occasions, the process began about two months before the superannuation of the incumbent chairman. But, this year, the notification was issued only a couple of weeks before the retirement of the chairman,’’ said an IRDAI official.

About 30 candidates, including a dozen bureaucrats, two serving Members of the Authority and a couple of CEOs of private insurance companies, had apparently applied for the IRDAI chief’s post.

The short-listing of applicants has been completed, but the interviews are yet to be scheduled, it is learnt.

Interestingly, many economy watchers point out that no delay or laxity when it came to the appointment of heads of other regulators such as the RBI or SEBI and the selection process went like clock work.

Even for IBBI, the youngest regulatory body, the process of selection of a new chairman has started well before the incumbent is to demit office.

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With no chief, decisions hang fire at IRDAI

Banking & Finance

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Read More/Less


The delay in the appointment of a new chief has affected key policy decisions at the Insurance Regulatory and Development Authority of India.

The post of IRDAI chairman has been vacant since May first week after Subhash C Khuntia demitted office on completion of his term.

Though the Centre had issued a notification inviting applications for the new chairman on April 30, no one has been named to the post so far.

“It has been nearly two- and-half months since the regulator’s office fell vacant. This is first time that the top post of the insurance sector regulator has been kept vacant for such a long time,” said the MD & CEO of a private life insurance company.

As of now, out of the five Members of IRDAI, only four have incumbents — Distribution (SN Rajeshwari), Actuary (Pramod Kumar Arora), Life (K Ganesh) and Non-Life (TL Alamelu). The post of Member, Finance and Investment, is also vacant.

The absence of a chairman is a matter of “concern” in the present situation due to the Covid-19 pandemic and the churn the life and general insurance industry has been witnessing.

”There are key developments and decisions to be taken which will need a chairman,’’ said the Head of Underwriting of a private general insurer.

important decisions such as on the continuation of Covid-specific standard policies, and revision of premium and pricing of general and health insurance as being sought by the industry and management of Covid claims, need to ne taken, he said.

Further, the Initial Public Offer of Life Insurance Corporation of India, expected to be the largest ever IPO in India, will involve coordination with SEBI and the absence of a chairman at IRDAI can cause hiccups, feel industry experts.

Why the delay

A senior official said the notification for the new regulator got delayed this time. “On previous occasions, the process began about two months before the superannuation of the incumbent chairman. But, this year, the notification was issued only a couple of weeks before the retirement of the chairman,’’ said an IRDAI official.

About 30 candidates, including a dozen bureaucrats, two serving Members of the Authority and a couple of CEOs of private insurance companies, had apparently applied for the IRDAI chief’s post.

The short-listing of applicants has been completed, but the interviews are yet to be scheduled, it is learnt.

Interestingly, many economy watchers point out that no delay or laxity when it came to the appointment of heads of other regulators such as the RBI or SEBI and the selection process went like clock work.

Even for IBBI, the youngest regulatory body, the process of selection of a new chairman has started well before the incumbent is to demit office.

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Mallya/Nirav Modi fraud cases: Latest recovery of ₹1,850 cr redeems 58% of banks’ losses

Banking & Finance

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Banks have now recovered 58 per cent of the amount they were defrauded by Vijay Mallya, Nirav Modi and Mehul Choksi. While the SBI-led consortium got another ₹792.11 crore from sale of shares held in Mallya’s Kingfisher airline, other banks have got ₹1,060-crore assets from the Fugitive Economic Offences Court in the PNB-Nirav Modi Case

Total amount

The Enforcement Directorate on Friday said while the public sector banks were defrauded of ₹22,585.83 crore, recovery and transfer of assets as of date total ₹12,762.25 crore. The ED has attached assets worth ₹18,217.27 crore under the provision of the Prevention of Money Laundering Act from the three fugitives.

“Today, the SBI-led consortium has realised ₹792.11 crore by sale of shares in Kingfisher Airlines/Vijay Mallya case. These shares were handed over by the ED to the consortium. Earlier, SBI led consortium had realised ₹7,181.50 crore by liquidating assets handed over to it,” said an ED statement.

Earlier recovery

A few days back, the ED had handed over ₹3,728.64-crore assets to the SBI-led consortium including shares of ₹3,644.74 crore, Demand Draft of ₹54.33 crore and immovable properties worth ₹29.57 crore.

Nirav Modi and his uncle Mehul Choksi are wanted by India for defrauding Punjab National Bank (PNB) of over ₹14,000 crore. They fled the country in January 2018 before their scam of using fake Letters of Undertakings (LoUs) to cheat the bank came to light.

Vijay Mallya had fled to the UK in 2016 after his Kingfisher Airlines collapsed. Mallya had borrowed to keep the consistently loss-making airline in air. By 2012, Kingfisher was declared an NPA by SBI. Accused of fraud and money laundering, Mallya owes 17 Indian banks about ₹9,000 crore.

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CBI files FIR against Fedders Electric, its promoters in bank fraud case

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The CBI has registered an FIR against Fedders Electric and Engineering Limited and its promoters for allegedly cheating an SBI-led consortium of banks to the tune of ₹1,028.94 crore, officials said on Friday.

The central probe agency conducted a search operation on Friday at seven locations in Delhi, Noida, Gurgaon and Bulandshahr.

“It has been alleged in the complaint that the accused including private company & its Directors had cheated the banks by way of diversion of funds and sham transactions with related parties,” a CBI spokesperson said.

The agency has alleged that the company produced fabricated account books, misrepresented figures to borrow funds and siphoned off various loan proceeds.The allegations were based on forensic audit report, the spokesperson said.

Along with the company, the CBI has also booked its promoters Akhtar Aziz Siddiqi, Sham Sundar Dhawan, Bindu Dogara, Ritushri Sharma, Arun Kumar Joshi and Randhir Jain.

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India (RBI) has, by an order dated July 15, 2021, imposed a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on Tripura State Co-operative Bank Ltd., Agartala (the bank) for non-compliance with regulatory directions issued by RBI contained in its Directive on “Membership of Credit Information Companies (CICs)”. This penalty has been imposed in exercise of powers vested in RBI under clause (iii) of sub-section (1) of section 25 of the Credit Information Companies (Regulation) Act, 2005.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The statutory inspection of the bank conducted by the National Bank for Agriculture and Rural Development (NABARD) with reference to the bank’s financial position as on March 31, 2019 and the Inspection Report (IR) pertaining thereto, and examination of all related correspondence revealed non-compliance with, inter alia, the aforesaid directions issued by RBI. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for contravention of the statutory directions, as stated therein. After considering the bank’s reply to the notice and oral submissions made in the personal hearing, RBI came to the conclusion that the aforesaid charge was substantiated and warranted imposition of monetary penalty, to the extent of non-compliance with the aforesaid direction.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/551

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L&T Finance Holdings net profit up 20 per cent in Q1

Banking & Finance

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L&T Finance Holdings reported a 20 per cent increase in its net profit for the quarter ended June 30, 2021 at ₹178 crore as against ₹148 crore in the first quarter of last fiscal.

Total income fell 5.8 per cent to ₹3,201.49 crore in the April to June 2021 quarter as against ₹3,397.53 crore a year ago.

Total revenue from operations also fell 7.3 per cent to ₹3,140.12 crore in the first quarter of the fiscal as against ₹3,387.06 crore a year ago.

Its total lending book fell by 11 per cent to ₹88,440 crore in the first quarter of the fiscal.

“The Covid second wave did impact business on account of restrictions and closures of dealerships. Despite this, the company’s collection led disbursement strategy backed by concerted on-field efforts as well as data analytics led prioritisation and resource allocation led to responsible growth in the first quarter of the fiscal,” it said in a statement.

It also made additional provisions of ₹369 crore in the first quarter of the fiscal with this carrying total macro-prudential provisions of ₹1,403 crore.

Dinanath Dubhashi, Managing Director and CEO, L&T Finance Holdings said, “The month-on-month uptick in collection efficiencies post unlock in the last quarter is a result of our concerted efforts and in recent past we have shown our ability to quickly turn around the disbursement volumes as macro factors open up.”

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Reserve Bank of India – Tenders

Tenders

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Regional Director, Reserve Bank of India, Bengaluru invites manual tender for Electrical Installation Work in connection with Renovation of Community Hall in Reserve Bank of India Staff Quarters at Osborne Road at Bengaluru. The tender along with the detailed tender notice is available at the website of the RBI at https://www.rbi.org.in under the menu “Tenders”.

2. The estimated cost of the work is ₹4.22 lakh (approx.), however the actual amount may vary.

4. The schedule for the e-Tendering process is as under:

A Tender No. 06-01-314
B Mode of Tender Offline tender
C Date of issue of tender notice 10.00 am of July 16, 2021 till August 06, 2021
D Last Date for submission of the tender 3.00 pm on August 17, 2021
E Date of opening of Part I (Technical Bid) of tender 3.30 pm on August 17, 2021

5. The Part-II i.e. price bid will be opened on the same day or at a later date as intimated by the Bank in respect of only those contractors/bidders who satisfies all criteria stipulated in Part-I. The Bank reserves the right to accept or reject any or all e-Tenders without assigning any reasons thereof.

Regional Director
Bangalore
July 16, 2021

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Bank of Maharashtra raises ₹403cr via QIP

Banking & Finance

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Bank of Maharashtra (BoM) has raised ₹403.70 crore via qualified institutions placement (QIP) issue of equity shares.

The public sector bank’s issue committee on Friday approved closure of the QIP issue of equity shares following receipt of application forms for an aggregate of ₹17.03 crore fully paid up equity shares of the bank and funds amounting to ₹403.70 crore in the escrow account from eligible qualified institutional buyers.

Also read: Bank of Maharashtra signs MoU with NABARD

The committee also determined and approved the issue price of ₹23.70 per equity share (including a premium of ₹13.70 per equity share).

The issue price is at a discount of 4.78 per cent (₹1.19 per equity share) to the floor price of ₹24.89 per equity share, BoM said in a regulatory filing. The bank’s QIP issue had opened on July 13.

BoM had allotted 73.60 crore equity shares of ₹10 each to the government of India at an issue price of ₹11.29 per equity share on August 25, 2020, against capital infusion of ₹831 crore. It also raised Tier II capital of ₹505.70 crore in FY21.

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Reserve Bank of India – Press Releases

Press Releases

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Reserve Bank of India (RBI) vide directive DCBS.CO.BSD-I/D-5/12.22.039/2017-18 dated April 17, 2018 had placed The City Co-operative Bank Ltd., Mumbai, Maharashtra under Directions from the close of business on April 17, 2018. The validity of the directions was extended from time-to-time, the last being up to July 16, 2021.

2. It is hereby notified for the information of the public that, Reserve Bank of India, 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, hereby directs that the aforesaid Directions shall continue to apply to the bank till October 16, 2021 as per the directive DOR.MON.D-24/12.22.039/2021-22 dated July 15, 2021, subject to review.

3. All other terms and conditions of the Directive under reference shall remain unchanged. A copy of the directive dated July 15, 2021 notifying the above extension is displayed at the bank’s premises for the perusal of public.

4. The aforesaid extension and /or modification by Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied with the financial position of the bank.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/550

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