RBI said the company had reported instances of breach of the ceiling of 30 remittances per beneficiary during 2019 and 2020 and filed an application for compounding of the violation.
The Reserve Bank of India (RBI) on Monday said it has imposed a penalty of Rs one crore on the State Bank of India (SBI)
The penalty has been imposed for non-compliance with specific directions issued by RBI under the Supervisory Action Framework (SAF) and RBI directions on 'Frauds in UCBs: Changes in Monitoring and Reporting mechanism'.
The RBI has projected substantial softening in retail inflation in the near term on the back of easing food prices and favourable base effect.
The Reserve Bank of India has kept the policy rate unchanged 8th time in a row at 4 per cent.
The Reserve Bank had last cut repo rate by 40 basis points in May 2020 to 4 per cent to spur demand in the COVID-hit economy. Since then, the RBI has refrained from taking any action on interest rates.
Loan transfers are resorted to by lending institutions for various reasons, ranging from liquidity management, rebalancing their exposures or strategic sales.
The Reserve Bank has imposed a penalty of Rs 79 lakh on Apna Sahakari Bank, Mumbai for non-compliance with certain directions, including on NPA classification
Addressing AIMA National Management Convention, Das underlined the need for increased investment in healthcare education, digital and physical infrastructure to ensure sustainable growth and generate employment opportunities.
The RBI on Tuesday extended the device-based tokenisation to card-on-file tokenisation (CoFT) services, a move that will bar the merchants from storing actual card data.
Notably, there are 13 bank holidays listed but as Ganesh Chaturthi overlaps with second Saturday, it is counted as one holiday. Also, 11 September’s leave overlaps with the second Saturday.
In both cases, the RBI said, the penalty 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 banks with their customers.
RBI's revised guidelines mean that every time customers buy online or renew subscriptions, the details will have to be typed afresh.
If the Reserve Bank of India (RBI) revises the guidelines from January 2022, then the customers with debit cards and credit cards will need to punch in their 16-digit card number every time they proceed to make a transaction.
As per the RBI calendar, banks will remain shut from today, i.e. Thursday (August 19) to next Monday (August 23) as August marks the beginning of the festive season.
Bank Locker New Guidelines: The revised instructions will be applicable to both new and existing safe deposit lockers and the safe custody of articles facility with the banks.
The Reserve Bank of India had issued orders in December and February to HDFC Bank on certain incidents of outages in the internet banking /mobile banking/payment utilities of the bank over the past two years.
The reason cited the absence of adequate capital and being unable to pay its present depositors in full. The bank ceased to carry on banking business with effect from the close of business on Friday.
RBI said it conducted a statutory Inspection for Supervisory Evaluation (ISE) of the bank with reference to the bank's financial position as on March 31, 2020.
Banks will have to submit a system generated statement on downtime of ATMs due to non-replenishment of cash to the RBI.
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