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The Reserve Bank of India will conduct a Variable Rate Reverse Repo auction on November 18, 2021, Thursday, as under:
2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same. Ajit Prasad Press Release: 2021-2022/1214 |
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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:135 Ajit Prasad Press Release: 2021-2022/1213 |
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Ajit Prasad Press Release: 2021-2022/1212 |
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Government of India has announced the sale (re-issue) of Government Stock detailed below through auctions to be held on November 18, 2021. As per the extant scheme of underwriting notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) for the underwriting auction, applicable to each Primary Dealer (PD), are as under:
The underwriting auction will be conducted through multiple price-based method on November 18, 2021 (Thursday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 9:00 A.M. and 9:30 A.M. on the date of underwriting auction. The underwriting commission will be credited to the current account of the respective PDs with RBI on the date of issue of securities. Ajit Prasad Press Release: 2021-2022/1211 |
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Ajit Prasad Press Release: 2021-2022/1210 |
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The Financial Action Task Force (FATF), vide public document ‘High-Risk Jurisdictions subject to a Call for Action’ dated October 21, 2021, has called on its members and other jurisdictions to refer to the statement on these jurisdictions adopted in February 2020.
FATF had earlier identified the following jurisdictions as having strategic deficiencies which have developed an action plan with the FATF to deal with them. These jurisdictions are: Albania, Barbados, Burkina Faso, Botswana, Cambodia, Cayman Islands, Haiti, Jamaica, Malta, Mauritius, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Philippines, Senegal, South Sudan, Syria, Uganda, Yemen and Zimbabwe. As per the public statement, Jordan, Mali and Turkey have now been added to the list of Jurisdiction under increased Monitoring based on the decision made at the October 2021 FATF plenary. Further, as per the public Statement, Botswana and Mauritius have been removed from the list of Jurisdictions under Increased Monitoring. FATF plenary releases documents titled “High-Risk jurisdictions subject to a Call for Action” and “Jurisdictions under increased Monitoring” with respect to jurisdictions that have strategic AML/CFT deficiencies as a part of the ongoing efforts to identify and work with jurisdictions with strategic Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) deficiencies. Such advice does not preclude the regulated entities from legitimate trade and business transactions with the countries and jurisdictions mentioned there.
The detailed information is available in the updated public statements and document released by FATF on October 21, 2021. The statements and document can be accessed at the following URL:
1. http://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/increased-monitoring-october-2021.html
2. http://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/call-for-action-october-2021.html
3. http://www.fatf-gafi.org/publications/fatfgeneral/documents/outcomes-fatf-plenary-october-2021.html
About FATF
The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. The FATF monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally. The FATF’s decision making body, the FATF Plenary, meets three times a year and updates these statements, which may be noted.
Ajit Prasad
Director (Communications)
Press Release: 2021-2022/1208
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The PIDF Scheme, operationalised by the Reserve Bank from January 01, 2021, subsidises deployment of Points of Sale (PoS) infrastructure (physical and digital modes) in tier-3 to tier-6 centres and north eastern states of the country. From August 26, 2021, beneficiaries of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres are also covered. 2. Acquiring institutions (banks and non-banks), registered under the PIDF Scheme, commit region-wise deployment targets, submit deployment statistics and claim subsidy for devices which fulfil the prescribed criteria. 3. Contribution to the PIDF is made by the Reserve Bank, authorised card networks and card issuing banks; the corpus currently stands at ₹614 crore.
4. The number of payment acceptance devices deployed under the PIDF Scheme as at end-September 2021 is –
*Physical devices include PoS, mPoS (mobile PoS), GPRS (General Packet Radio Service), PSTN (Public Switched Telephone Network), etc. **Digital devices include inter-operable QR code-based payments such as UPI QR, Bharat QR, etc. (Yogesh Dayal) Press Release: 2021-2022/1207 |
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The Reserve Bank of India (RBl) has imposed, by an order dated November 16, 2021, a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Anuradha Urban Co-operative Bank Ltd., Chikhli, Dist. Buldhana, Maharashtra (the bank) for contravention of/ non-compliance with the directions issued by RBI on Board of Directors and Exposure Norms & Statutory/ Other Restrictions-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, that the bank had granted loans to relatives of three of its directors in contravention of/ non-compliance with the directions issued by RBI to Urban Co-operative Banks on Board of Directors and Exposure Norms & Statutory/ Other Restrictions-UCBs. 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 non-compliance with the directions. After considering the bank’s replies, oral submissions made during the personal hearing, RBI came to the conclusion that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty. (Yogesh Dayal) Press Release: 2021-2022/1206 |
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The Reserve Bank of India (RBl) has imposed, by an order dated November 16, 2021, a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on Nagrik Sahakari Bank Maryadit, Durg, Chhattisgarh (the bank) for contravention of/ non-compliance with the directions issued by the RBI to Urban Co-operative Banks on Exposure Norms & Statutory/ Other Restrictions-UCBs and Know Your Customer (KYC). 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, 2020, revealed, inter alia, that the bank had (i) not adhered to prudential inter-bank (Gross) exposure limit, (ii) not complied with the prudential inter-bank Counter Party limit and (iii) no system in place to identify suspicious transactions in contravention of/ non-compliance with the directions issued by RBI on Exposure Norms & Statutory/ Other Restrictions-UCBs and Know Your Customer (KYC). 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 non-compliance with the directions. After considering the bank’s replies, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty. (Yogesh Dayal) Press Release: 2021-2022/1205 |
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