Reserve Bank of India – Speeches

Speeches

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April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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Reserve Bank of India – Notifications

Notifications

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DEPUTY GOVERNOR

Reserve Bank of India
Mumbai

 

Reserve Bank – Integrated Ombudsman Scheme, 2021

NOTIFICATION

Ref. CEPD. PRD. No.S873/13.01.001/2021-22

November 12, 2021

In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949 (10 of 1949), Section 45L of the Reserve Bank of India Act, 1934 (2 of 1934) and Section 18 of the Payment and Settlement Systems Act, 2007 (51 of 2007), and in supersession of its Notifications Ref. (i) CEPD. PRS. No. 6317/13.01.01/2016-17 dated June 16, 2017; (ii) CEPD. PRS. No. 3590/13.01.004/2017-18 dated February 23, 2018; and (iii) CEPD. PRS. No. 3370/13.01.010/2018-19 dated January 31, 2019, the Reserve Bank of India, being satisfied that it is in public interest to do so, and to make the alternate dispute redress mechanism simpler and more responsive to the customers of entities regulated by it, hereby integrates the three Ombudsman schemes – (i) the Banking Ombudsman Scheme, 2006, as amended up to July 01, 2017; (ii) the Ombudsman Scheme for Non-Banking Financial Companies, 2018; and (iii) the Ombudsman Scheme for Digital Transactions, 2019 into the Reserve Bank – Integrated Ombudsman Scheme, 2021 (the Scheme).

2. The Scheme covers the following regulated entities:

  1. all Commercial Banks, Regional Rural Banks, Scheduled Primary (Urban) Co-operative Banks and Non-Scheduled Primary (Urban) Co-operative Banks with deposits size of Rupees 50 crore and above as on the date of the audited balance sheet of the previous financial year;

  2. all Non-Banking Financial Companies (excluding Housing Finance Companies) which (a) are authorised to accept deposits; or (b) have customer interface, with an assets size of Rupees 100 crore and above as on the date of the audited balance sheet of the previous financial year;

  3. all System Participants as defined under the Scheme.

3. The regulated entities shall comply with the Scheme from the date of its implementation.

4. The format for filing a complaint under the Scheme is annexed.

5. The Scheme shall come into force from November 12, 2021.

(M. K. Jain)

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City Union Bank Q2 profit grows 15% to ₹182 crore

Banking & Finance

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City Union Bank has recorded a 15 per cent growth in its net profit at ₹182 crore for the second quarter ended September 30, 2021 when compared with ₹158 crore in the year-ago period helped by other income and lower expenses amid lower interest income.

Interest income stood at ₹1,022 crore as against ₹1,061 crore, while other income was higher at ₹203 crore (₹169 crore), spurred by recoveries from written off accounts.

Net interest income was marginally higher at ₹478 crore as compared to ₹475 crore.

Interest expenses were lower at ₹544 crore against ₹582 crore and total expenses stood at ₹820 crore against ₹846 crore.

Operating profit was higher at ₹405 crore when compared with ₹385 crore in Q2 of previous fiscal.

Provisions (other than tax) & contingencies were at lower ₹148 crore against ₹177 crore in the year-ago quarter. But provisions for bad debts stood at ₹118 crore against ₹32 crore a year-ago.

Gross NPA rises

Gross NPA of the bank increased to 5.58 per cent as of September 2021 quarter when compared with 3.44 per cent in the year-ago quarter, but fell marginally from 5.59 per cent in the June 2021 quarter.

Net NPA also increased to 3.48 per cent from 1.81 per cent in the year-ago quarter. In the June 2021 quarter, it was 3.49 per cent.

During this September quarter, CUB restructured 45 standard borrower accounts to the tune of ₹322 crore under MSME and 295 borrowers to the tune of ₹93 crore under Non-MSME category. Restructured standard advances to gross advances stood at 5.90 per cent as of September 2021.

Deposits of the bank increased by 12 per cent to ₹46,316 crore from ₹41,021 crore, while advances grew by 7 per cent to ₹38,012 crore from ₹35,437 crore.

Provision coverage ratio of the bank stood at 62 per cent as of September 30, 2021.

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Reserve Bank of India – Press Releases

Press Releases

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The following State Governments have offered to sell securities by way of auction, for an aggregate amount of ₹ 10,000 Cr. (Face Value).

Sr. No. State Amount to be raised
(₹ Cr)		 Additional Borrowing (Greenshoe) Option
(₹ Cr)		 Tenure
(Yrs)		 Type of Auction
1 Karnataka 1000 – 2 Yield
1000 – 10 Yield
2 Madhya Pradesh 2000 – 20 Yield
3 Tamil Nadu 1000 – 8 Yield
4 Telangana 1000 – 22 Yield
5 Uttar Pradesh 2500 – 10 Yield
6 West Bengal 1500 – 16 Yield
  TOTAL 10000      

The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on November 16, 2021 (Tuesday). The Government Stock up to 10% of the notified amount of the sale of each stock will be allotted to eligible individuals and institutions subject to a maximum limit of 1% of its notified amount for a single bid per stock as per the Scheme for Non-competitive Bidding Facility.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on November 16, 2021 (Tuesday). The non-competitive bids should be submitted between 10.30 A.M. and 11.00 A.M. and the competitive bids should be submitted between 10.30 A.M. and 11.30 A.M.

In case of technical difficulties, Core Banking Operations Team (email; Phone no: 022-27595666, 022-27595415, 022-27523516) may be contacted.

For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).

Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends.

The yield percent per annum expected by the bidder should be expressed up to two decimal points. An investor can submit more than one competitive bid at same/different rates of yield or prices in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system. However, the aggregate amount of bids submitted by a bidder should not exceed the notified amount for each State.

The Reserve Bank of India will determine the maximum yield /minimum price at which bids will be accepted. Securities will be issued for a minimum nominal amount of ₹10,000.00 and multiples of ₹10,000.00 thereafter.

The results of the auction will be announced on November 16, 2021 (Tuesday) and payment by successful bidders will be made during banking hours on November 17, 2021 (Wednesday) at Mumbai and at respective Regional Offices of RBI.

The State Government Stocks will bear interest at the rates determined by RBI at the auctions. For the new securities, interest will be paid half yearly on May 17 and November 17 of each year till maturity. The Stocks will be governed by the provisions of the Government Securities Act, 2006 and Government Securities Regulations, 2007.

The investment in State Government Stocks will be reckoned as an eligible investment in Government Securities by banks for the purpose of Statutory Liquidity Ratio (SLR) under Section 24 of the Banking Regulation Act, 1949. The stocks will qualify for the ready forward facility.

Ajit Prasad           
Director (Communications)

Press Release: 2021-2022/1186

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Reserve Bank of India – Press Releases

Press Releases

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The Hon’ble Prime Minister, Shri Narendra Modi launched the following schemes of the Reserve Bank of India (RBI) in the presence of Hon’ble Finance Minister Smt. Nirmala Sitharaman and Governor, Reserve Bank of India in a virtual event today:

  1. RBI Retail Direct (RBI-RD) scheme

  2. Reserve Bank – Integrated Ombudsman Scheme (RB-IOS)

The event was attended by Hon’ble Ministers from the Government; Senior Government Officials including Secretaries to the Government of India; Members of the Central Board of RBI; Deputy Governors; Members of the Monetary Policy Committee; other financial sector regulators; Managing Directors and Chief Executive Officers of Banks and various regulated entities of RBI, financial market participants and other dignitaries.

The details of the two schemes are available at the respective Press Releases of RBI-RD scheme and RB-IOS scheme.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1185

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Reserve Bank of India – Speeches

Speeches

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A very warm good morning and Namaskar.

1. On behalf of the Central Board of the Reserve Bank of India, I have the privilege of welcoming the Hon’ble Prime Minister to this event to launch two major initiatives of the Reserve Bank. Sir, your participation in this event is a source of great motivation for all of us in the RBI. I would also like to welcome the Hon’ble Finance Minister to this event and thank her for her continuing support. We are also honoured by the esteemed presence of Hon’ble Ministers from the Central and State Governments, other financial sector regulators, Senior Govt. Officials, MD & CEOs of Banks and various regulated entities of RBI and several other dignitaries. A warm welcome to all the viewers from across the country.

2. The Reserve Bank, with its multifarious role touches the lives of the people in varied ways, be it through the currency system, the banking system, the financial markets or the 24×7 seamless digital payments. The Reserve Bank has been leveraging technology and innovation for enhancing the efficiency of its services. The recent announcement of a global hackathon contest, “HARBINGER 2021 –Innovation for Transformation” with the theme ‘Smarter Digital Payments’ on November 9, 2021, is another such initiative by the Reserve Bank to promote innovation.

3. The RBI’s developmental role is focussed on further deepening of financial inclusion and undertaking people-centric initiatives. The two schemes being launched today by the Hon’ble Prime Minister are steps in this direction.

4. The first scheme, namely the Retail Direct Scheme seeks to widen the investor base for government securities by creating an ecosystem whereby retail investors can easily participate in the government securities market which is so far dominated by institutional investors. By doing so, India is setting an example in democratisation of the government securities market.

5. The other scheme being launched today by the Hon’ble Prime Minister i.e. the Integrated Ombudsman Scheme focuses on strengthening the grievance redress mechanism for consumers of various services provided by the RBI regulated entities like Banks, NBFCs and payment system operators. The existing ombudsman schemes are being integrated into a single scheme which will offer the benefit of a single platform to customers for getting speedy resolution of their grievances. This integrated scheme will reinforce confidence and trust in the financial system.

6. The launching of these two citizen centric initiatives today will provide further impetus to our journey towards a more inclusive and responsive financial system. I once again extend a warm welcome to all the dignitaries, participants and viewers.

Thank you.

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank announces the activation of the RBI Retail Direct Scheme with effect from today. The Scheme was launched today in virtual mode by the Hon’ble Prime Minister, Shri Narendra Modi.

A significant milestone in the development of the Government securities (G-sec) market, the Reserve Bank of India-Retail Direct (RBI-RD) Scheme will bring G-secs within easy reach of the common man by simplifying the process of investment. Under the Scheme, retail individual investors will be able to open a Retail Direct Gilt (RDG) Account with the Reserve Bank of India, using an online portal (https://rbiretaildirect.org.in). Investments can be made using the following routes:

  1. Primary issuance of government securities: Investors can place bid as per the non-competitive scheme for participation in primary auction of government securities and procedural guidelines for SGB issuance.

  2. Secondary market: Investors can buy and sell government securities on NDS-OM (‘Odd Lot’ and ‘Request for Quotes’ segments).

Payments for transactions can be done conveniently using saving bank account through internet-banking or Unified Payments Interface (UPI). Investors can obtain help and other support facilities on the portal itself and also through a toll-free telephone number 1800–267-7955 (10am to 7pm) and email. Investor services include provisions for transaction and balance statements, nomination facility, pledge or lien of securities and gift transactions. No fees will be charged for facilities provided under the scheme.

The Scheme aims to provide a safe, simple, direct and secured platform to investors.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1183

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank – Integrated Ombudsman Scheme, 2021 (the Scheme) was launched today in virtual mode by Hon’ble Prime Minister Shri Narendra Modi.

2. The Scheme integrates the existing three Ombudsman schemes of RBI namely, (i) the Banking Ombudsman Scheme, 2006; (ii) the Ombudsman Scheme for Non-Banking Financial Companies, 2018; and (iii) the Ombudsman Scheme for Digital Transactions, 2019. The Scheme, framed by the Reserve Bank in exercise of the powers conferred on it under Section 35A of the Banking Regulation Act, 1949 (10 of 1949), Section 45L of the Reserve Bank of India Act, 1934 (2 of 1934), and Section 18 of the Payment and Settlement Systems Act, 2007 (51 of 2007), will provide cost-free redress of customer complaints involving deficiency in services rendered by entities regulated by RBI, if not resolved to the satisfaction of the customers or not replied within a period of 30 days by the regulated entity.

3. In addition to integrating the three existing schemes, the Scheme also includes under its ambit Non-Scheduled Primary Co-operative Banks with a deposit size of ₹50 crore and above. The Scheme adopts ‘One Nation One Ombudsman’ approach by making the RBI Ombudsman mechanism jurisdiction neutral.

4. Some of the salient features of the Scheme are:

  1. It will no longer be necessary for a complainant to identify under which scheme he/she should file complaint with the Ombudsman.

  2. The Scheme defines ‘deficiency in service’ as the ground for filing a complaint, with a specified list of exclusions. Therefore, the complaints would no longer be rejected simply on account of “not covered under the grounds listed in the scheme”.

  3. The Scheme has done away with the jurisdiction of each ombudsman office.

  4. A Centralised Receipt and Processing Centre has been set up at RBI, Chandigarh for receipt and initial processing of physical and email complaints in any language.

  5. The responsibility of representing the Regulated Entity and furnishing information in respect of complaints filed by customers against the Regulated Entity would be that of the Principal Nodal Officer in the rank of a General Manager in a Public Sector Bank or equivalent.

  6. The Regulated Entity will not have the right to appeal in cases where an Award is issued by the ombudsman against it for not furnishing satisfactory and timely information/documents.

5. The Executive Director-in charge of Consumer Education and Protection Department of RBI would be the Appellate Authority under the Scheme.

6. Complaints can continue to be filed online on https://cms.rbi.org.in. Complaints can also be filed through the dedicated e-mail or sent in physical mode to the ‘Centralised Receipt and Processing Centre’ set up at Reserve Bank of India, 4th Floor, Sector 17, Chandigarh – 160017 in the format. Additionally, a Contact Centre with a toll-free number – 14448 (9:30 am to 5:15 pm) – is also being operationalised in Hindi, English and in eight regional languages to begin with and will be expanded to cover other Indian languages in due course. The Contact Centre will provide information/clarifications regarding the alternate grievance redress mechanism of RBI and to guide complainants in filing of a complaint.

7. A copy of the Scheme is available on the RBI website and on the CMS portal (https://cms.rbi.org.in). The Scheme will be effective from today.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1184

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Airtel Payments Bank to double business correspondent network to 1 million in a year, BFSI News, ET BFSI

Personal Finance

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Airtel Payments Bank (APB), which turned profitable in the September quarter, plans to double its countrywide business correspondents (BCs) network and also drive monetisation through a combination of transactions and interest-based income besides boosting revenues from cash management services in the B2B space, senior industry executives aware said.

“Over the next 12 months, APB is looking to double its pan-India BC network to 1 million (from the current 0.5 million level) to gain the necessary reach to cater to the remittances market and the Aadhaar-enabled payment services business to serve millions of potential consumers in the Tier 3 and beyond markets,” one of the executives cited told ET.

Analysts expect the upcoming expansion to further widen APB’s total distribution reach, which is already twice that of the total ATMs and bank branches in the country, and in turn, consolidate its leadership in the remittances market.

At press time, Airtel did not respond to ET’s queries.

Airtel Payments Bank turned PAT-positive in the September quarter, on the back of a 16% sequential growth in its monthly transacting user base to 31.2 million and a 25% on-quarter jump in its gross merchandise value (GMV) to Rs 32,100 crore. Its revenue is close to Rs 1,000 crore on an annual basis.

Company insiders estimate the remittances market to grow at 70% over the next few years and the Aadhaar-enabled payment services business to grow by over 45% compounded annually over the next four years.

IIFL Securities sees strong revenue generation potential in the B2B segment by way of cash management services, especially since APB’s take rate at 0.74% is the highest in the payments banking space. The take rate is a metric to measure conversion of ABP’s GMV into revenue.

Bharti Airtel managing director Gopal Vittal had recently said that the “growth of e-commerce is slated to boost demand for cash management” from the telco’s payments banking arm,” and that whopping “$100 billion in cash is digitised monthly (at an industry level) with cash management charges estimated at between 0.5%-1% of the collections amount”.

Airtel, though, declined to comment on the telco upgrading its payments bank licence to that of a small finance bank in future to enter the lending business and attract larger deposits. Whenever that happens, APB will be able to use deposits from its 115 million users more profitably, say industry executives.

Last December, Bharti chairman Sunil Mittal had said Airtel may upgrade its payments bank licence to that of a small finance bank at some point to enter the lending business.



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Reserve Bank of India – Press Releases

Press Releases

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    4.26% GS 2023 NEW GS 2026 6.67% GS 2035 NEW GS 2051
I. Notified Amount ₹2,000 cr ₹6,000 cr ₹9,000 cr ₹7,000 cr
II. Cut off Price / Implicit Yield at cut-off 99.65/4.5029% 5.7400% 98.90/6.7927% 6.9900%
III. Amount accepted in the auction ₹2,000 cr ₹6,000 cr ₹9,000 cr ₹7,000 cr
IV. Devolvement on Primary Dealers Nil Nil Nil Nil

Ajit Prasad           
Director (Communications)

Press Release: 2021-2022/1182

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1 … 93 94 95 96 97 … 16,279