Category: Press Releases

Government of India has announced the sale (re-issue) of Government Stock detailed below through auctions to be held on June 25 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 June 25, 2021 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E- Kuber) System between 09:00 A.M. and 09:30 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
Director   

Press Release: 2021-2022/422

The Reserve Bank of India vide directive DCBS.CO.BSD-I/D-16/12.22.474/2018-19 dated June 21, 2019 had placed the Shri Anand Co-operative Bank Limited, Chinchwad, Pune, Maharashtra under Directions from the close of business on June 25, 2019 for a period of six months. The validity of the directions was extended from time-to-time, the last being up to June 24, 2021.

2. It is hereby notified for the information of the public that, the 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 September 24, 2021 as per the directive DOR.MON.D-18/12.22.474/2021-22 dated June 22, 2021, subject to review.

3. All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive dated June 22, 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 the 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: 2021-2022/421

The Reserve Bank has launched the 2020-21 round of its annual Survey on Computer Software and Information Technology Enabled Services (ITES) Exports.

The annual survey being conducted since 2002-03, collects data on various aspects of computer services exports as well as exports of information technology enabled services (ITES) and business process outsourcing (BPO). The survey results are released in the public domain besides being used for compilation of balance of payments (BoP) statistics and other uses.

The survey schedule for the 2020-21 round is required to be filled in by all software and ITES/BPO exporting companies. The soft form of this survey schedule (both in Hindi and English) is available on the RBI’s website under the head ‘Forms’ (available under ‘More Links’ at the bottom of the home page) and sub-head ‘Survey’, which can be duly filled and submitted by email July 31, 2021. The instructions are provided in FAQs and, in case of any query or clarification, kindly contact:

The Director,
International Investment Position Division,
Department of Statistics and Information Management (DSIM),
Reserve Bank of India,
C-9, 5th floor, Bandra-Kurla Complex, Bandra (E),
Mumbai – 400 051.
Please click here to send email.
Phone: 022-2657 8510

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/419

The Reserve Bank has launched the 2020-21 round of its annual survey on ‘Foreign Liabilities and Assets of Mutual Funds and Asset Management Companies’. The survey collects information from Mutual Fund companies and Asset Management Companies on their external financial liabilities and assets as at end-March of the latest financial year. Consolidated results of the survey are released in the public domain besides being used for compilation of India’s external sector statistics.

Asset Management companies (AMCs) are required to submit the annual return on Foreign Liabilities and Assets (FLA) online through the web-based portal (https://flair.rbi.org.in) by July 31, 2021.

In addition, Mutual Fund companies are required to fill the survey schedule (Schedule-4), which is available on the RBI website (www.rbi.org.in → Forms → Survey) and send via e-mail by July 31, 2021.

Both Hindi and English formats are available for Schedule-4 and reporting entities may use either of them. Please refer to the instructions with FAQs and in case of any query or clarification, kindly contact:

The Director,
International Investment Position Division (IIPD),
Department of Statistics and Information Management (DSIM),
Reserve Bank of India,
C9-5th floor, Bandra-Kurla Complex, Bandra (East),
Mumbai-400051.
Please click here to send email.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/420

The Reserve Bank of India (RBI) has imposed, by an order dated June 23, 2021, a monetary penalty of ₹ 2 lakh (Rupees Two lakh only) on Janseva Sahakari Bank Limited, Pune (the bank) for contravention of the direction issued by RBI on Know Your Customer (KYC). This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(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 direction issued by the RBI.

The 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 that the bank had not introduced system of periodic review of risk categorization of accounts. 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 direction.

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 of non-compliance with the RBI directions was substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/417

The Reserve Bank of India (RBI) has imposed, by an order dated June 23, 2021, a monetary penalty of ₹4 lakh (Rupees Four lakh only) on Excellent Co-operative Bank Ltd., Mumbai (the bank) for contravention of the directions issued by RBI on ‘Maintenance of Deposit Accounts’ and ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(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 THE RBI.

The 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 that the bank had (i) no system of periodic updation of KYC information of customers in the bank and (ii) not conducted annual review of inoperative accounts. 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 aforesaid directions.

After considering the bank’s reply to the notice, the RBI came to the conclusion that the aforesaid charges were substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/416

The Reserve Bank of India (RBI) has imposed, by an order dated June 23, 2021, a monetary penalty of ₹2 lakh (Rupees Two lakh only) on The Ajara Urban Co-operative Bank Ltd., Ajara, Kolhapur (the bank) for contravention of direction issued by the RBI on ‘Maintenance of Deposit Accounts’. This penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47A(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 direction issued by THE RBI.

The 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 that the annual review of inoperative accounts had not been done by the bank. 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 aforesaid direction.

After considering the bank’s reply to the Notice and oral submissions made in the personal hearing, the RBI came to the conclusion that the aforesaid charge was substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/415

Ajit Prasad
Director   

Press Release: 2021-2022/413