Category: Press Releases

Ajit Prasad            
Director (Communications)

Press Release: 2021-2022/1174

The Reserve Bank of India, in the public interest, had issued directions to Independence Co-operative Bank Ltd., Nashik, Maharashtra 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 (AACS) from the close of business on February 09, 2021, the validity of which was up to November 10, 2021. These directions shall continue to apply to the bank for a further period of two months from November 11, 2021 to January 10, 2022, subject to review. The Directions stipulate certain restrictions and / or ceiling on withdrawal / acceptance of deposits. A copy of Directions is displayed at the bank’s premises for interested members of public to peruse. Reserve Bank of India may consider modifications of the Directions depending upon the circumstances. The issue of Directions should not per se be construed as cancellation of banking license by the Reserve Bank of India. The bank will continue to undertake banking business with restrictions till its financial position improves.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1173

Ajit Prasad         
Director (Communications)

Press Release: 2021-2022/1172

The Reserve Bank of India has today released the data on Overseas Direct Investment, both under Automatic Route and the Approval Route, for the month of October 2021.

Ajit Prasad         
Director (Communications)

Press Release: 2021-2022/1171

The Reserve Bank of India (RBl) has imposed, by an order dated November 08, 2021, a monetary penalty of ₹5.00 lakh (Rupees Five Lakh only) on The Nakodar Hindu Urban Co-operative Bank Ltd., Nakodar, Punjab (the bank) for non-compliance with certain directions issued by RBI contained in the Master Circular DCBR.BPD. (PCB) MC No.12/09.14.000/2015-16 dated July 01, 2015 on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs’. 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 inspection report of the bank based on its financial position as on March 31, 2019, revealed, inter alia, non-adherence with/violation of the aforesaid directions, viz., non-identification of NPAs, wrong classification of assets and inadequate provisions made due to wrong classification of assets. Based on the same, a Notice was issued to the bank advising it to show cause as to why penalty should not be imposed for violation of the said directions.

After considering the bank’s reply and oral submissions made during the personal hearing, RBI came to the conclusion that the aforesaid charges of non-adherence with /violation of RBI directions were substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1169

Reserve Bank is organising its first global hackathon – “HARBINGER 2021 – Innovation for Transformation” with the theme ‘Smarter Digital Payments’. The Hackathon invites participants to identify and develop solutions that have the potential to make digital payments accessible to the under-served, enhance the ease of payments and user experience, while strengthening the security of digital payments and promoting customer protection.

HARBINGER 2021 invites innovative ideas for the following problem statements in the payment and settlement systems landscape:

1. Innovative, easy-to-use, non-mobile digital payment solutions for converting small-ticket cash transactions to digital mode.

2. Context-based retail payments to remove the physical act of payment.

3. Alternate authentication mechanism for digital payments.

4. Social Media Analysis Monitoring tool for detection of digital payment fraud and disruption.

Being part of HARBINGER 2021 gives an opportunity to the participants to get mentored by industry experts and exhibit their innovative solutions before an eminent jury and win exciting prizes in each category.

Winner: ₹ 40 lakh
Runner-up: ₹ 20 lakh

Registration for the hackathon starts from November 15, 2021. More details about the event are available at https://fintech.rbi.org.in.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1168

In view of the satisfactory compliance demonstrated by Diners Club International Ltd. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of fresh domestic customers have been lifted with immediate effect.

Background

RBI had, by order dated April 23, 2021, imposed restrictions on Diners Club International Ltd. from on-boarding new domestic customers onto its card network from May 1, 2021 for non-compliance with the RBI circular dated April 6, 2018 on Storage of Payment System Data.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1167

The Result of the auction of State Development Loans for 05 State Governments held on November 09, 2021.

Ajit Prasad            
Director (Communications)

Press Release: 2021-2022/1166

Ajit Prasad         
Director (Communications)

Press Release: 2021-2022/1165