Category: Press Releases

The Reserve Bank of India (RBI) has imposed monetary penalty on the following authorised Payment System Operators (PSOs) for committing offences of the nature referred to in Section 26(6) of the Payment and Settlement Systems Act, 2007 (PSS Act).

The penalties have been imposed in exercise of powers vested in RBI under the provisions of Section 30 of the PSS Act. These actions are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

Background

It was observed that TCPSL was non-compliant with the directions issued by RBI on White Label ATM deployment targets and net-worth requirement. ATPL was non-compliant with the directions issued by RBI on maintenance of escrow account balance and net-worth requirement. As these were offences of the nature referred to in Section 26(6) of the PSS Act, notices were issued to the entities. After reviewing their written responses and oral submissions made during the personal hearing, RBI concluded that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted the imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1245

The Reserve Bank of India (RBI) has, by an order dated November 24, 2021, imposed a monetary penalty of ₹20 lakh (Rupees twenty lakh only) on Mulamoottil Financiers Limited, Kozhencherry, Pathanamthitta District, Kerala (the company) for non-adherence with certain provisions of the directions issued by the RBI on classification of Non-performing Assets contained in “Master Direction – Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016” and RBI Directions on Raising Money through Private Placement by NBFCs-Debentures. This penalty has been imposed in exercise of powers vested in RBI under section 45 J A and the provisions of clause (b) of sub-section (1) of section 58 G read with clause (aa) of sub-section (5) of section 58 B of the Reserve Bank of India Act, 1934, taking into account the failure of the company 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 company with its customers.

Background

The statutory inspection of Mulamoottil Financiers Limited with reference to its financial positions as on March 31, 2018 and scrutiny conducted in February 2018, revealed, inter alia, non-compliance with above mentioned directions issued by RBI. In furtherance to the same, a notice was issued to the company advising it to show cause as to why penalty should not be imposed for failure to comply with the directions issued by RBI. After considering the company’s reply to the notice, oral submissions made during the personal hearing and examination of additional submissions made by it, RBI came to the conclusion that the charge of non-compliance with aforesaid RBI directions was substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1243

Today, the Reserve Bank of India released the sixth edition of its statistical publication titled “Handbook of Statistics on Indian States 2020-21”. Through this publication, the Reserve Bank has been disseminating wide-ranging data on the regional economies of India.

This publication follows the ‘one indicator-one table’ approach in 157 tables. It covers sub-national statistics on socio-demographics, state domestic product, agriculture, price and wages, industry, infrastructure, banking and fiscal indicators across Indian states over various time periods ranging from 1951 to 2020-21.

To make the Handbook more user friendly in terms of its portability, presentation and coverage of new items, the following changes have been introduced in the current edition of the Handbook:

In addition to the updation of the existing data series, 4 new tables have been included on the following indicators:

(i) Agriculture and Allied Activities

• State-wise Storage Capacity of Foodgrains [pertains to Food Corporation of India (both own and hired) and state agencies], 2013-2020; and

• State-wise Storage Capacity for Foodgrains and Utilization under Food Corporation of India for the period 2019-2021.

(ii) Social and Demographic Indicators

(iii) Infrastructure

• State-wise Number of Government Hospitals in Rural and Urban Areas, including Community Health Centres (CHCs), 2019.

The electronic form of the Handbook can also be accessed on www.rbi.org.in

Comments and suggestions on the Handbook are welcome and may please be sent to the Director, Regional Economy Monitoring Division, Department of Economic and Policy Research, Reserve Bank of India, 6th Floor, Amar Building, Mumbai-400001 or please click here to send email.

(Yogesh Dayal)      
Chief General Manager

Press Release: 2021-2022/1241

Ajit Prasad           
Director (Communications)

Press Release: 2021-2022/1240

Ajit Prasad           
Director (Communications)

Press Release: 2021-2022/1239

Ajit Prasad            
Director (Communications)

Press Release: 2021-2022/1235