Tag: The Reserve Bank of India

RBI remains net purchaser of US dollar in July; buys USD 7.205 bn, BFSI News, ET BFSI

Banking & Finance

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The Reserve Bank of India (RBI) continued to remain net buyer of the US dollar in July 2021, after it net purchased USD 7.205 billion from the spot market, according to the latest data from the RBI. In the reporting month, the central bank purchased USD 16.16 billion while sold USD 8.955 billion in the spot market, the monthly RBI bulletin for September 2021, released on Thursday, showed.

In June 2021, the RBI net purchased USD 18.633 billion. It had bought USD 21.923 billion and sold USD 3.29 billion during the month.

In July last year, the central bank had net bought USD 15.973 billion.

During 2020-21, the RBI had net purchased USD 68.315 billion from the spot market. It had bought USD 162.479 billion from the spot market and sold USD 94.164 billion during the fiscal 2020-21, the data showed.

In the forward dollar market, the outstanding net purchase at the end of July 2021 was USD 49.01 billion, compared with a net purchase of USD 49.573 billion in June 2021, the data showed. PTI HV HRS hrs



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RBI imposes Rs 50 lakh penalty on an urban co-operative bank in Kerala, BFSI News, ET BFSI

Banking & Finance

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Mumbai: The Reserve Bank of India (RBI) on Tuesday said it has imposed a penalty of Rs 50 lakh on The Urban Co-operative Bank Ltd No. 1758, Perinthalmanna in Kerala for non-compliance with directions on income recognition and asset classification norms, and on management of advances. One of the directions related to management of advances — UCBS (Urban Co-operative Banks).

Statutory inspection of the bank with reference to its financial position as on March 31, 2019, conducted by RBI, revealed that the bank had not complied with the directions, the central bank said in a statement.

A notice was issued to the bank asking why penalty should not be imposed for non-compliance with the directions issued by RBI.

“After considering the bank’s written reply, RBI came to the conclusion that the charge of non-compliance with aforesaid RBI directions was substantiated and warranted imposition of monetary penalty,” the statement said.

The penalty has been imposed through an order dated December 11.

RBI also said that the action against the co-operative bank 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.



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