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The expression ‘ Banking System ‘ or ‘ Banks ‘ means the banks and any other financial institution referred to in sub-clauses (i) to (vi) of clause (d) of the explanation below Section 42(1) of the Reserve Bank of India Act, 1934. No. of Scheduled Commercial Banks as on Current Fortnight:134 Ajit Prasad Press Release: 2021-2022/995 |
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The Reserve Bank of India (RBI) has, by an order dated October 05, 2021, imposed a monetary penalty of ₹1.00 lakh (Rupees one lakh only) on The Kheda People’s Co-operative Bank Ltd., Kheda (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Loans and advances to directors, relatives and firms/ concerns in which they are interested’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI. 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 RBI with reference to the bank’s financial position as on March 31, 2019, the Inspection Report pertaining thereto and examination of all related correspondence revealed, inter alia, non-compliance with aforesaid directions issued by the 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 non-compliance with the aforesaid directions issued by the RBI. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, the RBI came to the conclusion that the aforesaid charge was substantiated and warranted imposition of monetary penalty. (Yogesh Dayal) Press Release: 2021-2022/994 |
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Ajit Prasad Press Release: 2021-2022/991 |
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Reserve Bank of India invites e-Tender for Supply, installation, testing and commissioning of X-Ray Baggage Scanner System for Bank’s Office Building at RBI, Thiruvananthapuram. The tendering would be done through the e-Tendering portal of MSTC Ltd (http://mstcecommerce.com/eprochome/rbi). The Schedule of e-Tender is as follows: Schedule of Tender (SOT)
Applicants intending to apply will have to satisfy the Bank by furnishing documentary evidence in support of their possessing required eligibility and in the event of their failure to do so, the Bank reserves the right to reject their candidature. The Bank is not bound to accept the lowest tender and reserves the right to accept either in full or in part any tender and reserves the right to reject all the tenders without assigning any reason therefor. Amendment / corrigendum to the tender, if any, issued in future will only be notified on the RBI Website and MSTC Website as given above. Regional Director for Kerala and Lakshadweep |
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RBI/2021-22/108 October 5, 2021 All SGL/CSGL Account holders Madam/Sir, Value Free Transfer (VFT) of Government Securities – Guidelines A reference is invited to Notification No.78 dated November 16, 2018 on Value Free Transfer (VFT) of Government Securities – Guidelines under which separate guidelines for VFT were issued to enable more efficient operations in the Government securities market. On a review, it has been decided to issue revised Value Free Transfer Guidelines to further streamline VFT of government securities. 2. VFT of the government securities shall mean transfer of securities from one SGL/CSGL to another SGL/CSGL account, without corresponding payment leg in the books of RBI. Eligible Transactions for VFT: 3. The following transactions shall be eligible for VFT of government securities:
4. Permission for VFT for any other purpose may be granted on a case-to-case basis by the Bank. Applications for the same may be submitted to Public Debt Office, Mumbai Regional Office, RBI, Fort, Mumbai – 400 001 by email. 5. Eligible VFTs (i.e., transactions listed under para 3) and permitted VFTs (in terms of para 4) can be initiated through Core Banking System of RBI viz., e-Kuber. The VFTs so undertaken shall be subject to concurrent audit by SGL/CSGL holders on a 100% sampling basis. The auditor shall verify that the transactions fall under eligible VFT transactions under para 3/para 4 of the Guidelines, as above. Any deviations may be brought to notice of the Bank by the SGL/CSGL holders immediately. 6. These guidelines are issued by the Bank in exercise of the powers conferred under Notifications dated September 22, 2021 on Subsidiary General Ledger Account: Eligibility Criteria and Operational Guidelines and Constituents’ Subsidiary General Ledger Account: Eligibility Criteria and Operational Guidelines and supersede earlier instructions issued on the subject matter vide Notification No. 78 dated November 16, 2018. Any violations of the conditions specified therein shall attract provisions of Section 27 of the Act, in addition to inviting penalties as provided in Section 30 of the Act. Yours faithfully (Rajendra Kumar) |
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The Reserve Bank of India (RBI) has, by an order dated October 04, 2021, imposed a monetary penalty of ₹1.00 lakh (Rupees one lakh only) on The Pragati Co-operative Bank Ltd., Thara (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Loans and advances to directors, relatives and firms /concerns in which they are interested’ and ‘Loans and advances to directors etc. – directors as surety/guarantors – Clarification’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI. 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 RBI with reference to the bank’s financial position as on March 31, 2019, the Inspection Report pertaining thereto and examination of all related correspondence revealed, inter alia, non-compliance with aforesaid directions issued by the 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 non-compliance with the aforesaid directions issued by the RBI. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, the RBI came to the conclusion that the aforesaid charge was substantiated and warranted imposition of monetary penalty. (Yogesh Dayal) Press Release: 2021-2022/988 |
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