In February this year, the RBI had issued a circular mandating the RBIA framework for select non-banking financial companies (NBFCs) and urban co-operative banks by March 31, 2022.
"The Central Govt has re-appointed Shri Mahesh Kumar Jain as Dy Governor, RBI for a period of 2 years with effect from June 22, 2021, or until further orders, whichever is earlier, upon completion of his existing term on June 21, 2021," the central bank said in a statement.
The RBI said the penalty has been imposed for non-compliance with RBI directions on 'Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)' and 'Depositor Education and Awareness Fund Scheme 2014'.
RBI has imposed penalty aggregating to Rs 6 crore on Bank of India and Punjab National Bank for contravention of norms.
Amidst the rising criticism of its recent circular on appointing auditors by large financial institutions, the Reserve Bank on Friday said it will shortly issue a set of clarifications that various stakeholders have sought.
NACH facilitates one-to-many credit transfers such as payment of dividend, interest, salary and pension. It also facilitates collection of payments pertaining to electricity, gas, telephone, water, periodic instalments towards loans, investments in mutual funds and insurance premium
RBI decided to leave the benchmark interest rate unchanged at 4 per cent, but maintained an accommodative stance as the economy faces the brunt of the second COVID wave
Under the scheme, banks can provide fresh lending support to hotels and restaurants; tourism – travel agents, tour operators and adventure/heritage facilities; aviation ancillary services – ground handling and supply chain
The Reserve Bank on Friday lowered the country's growth projection for the current financial year to 9.5 percent from 10.5 percent.
Under G-SAP 1. 0, the central bank will purchase Rs 1 lakh crore-worth government securities and the last transaction of such acquisition to the tune of Rs 40,000 crore is scheduled for June 17.
As per the RBI's data issued on May 28, the country's foreign exchange reserves rose by USD 2.865 billion to a record high of USD 592.894 billion for the week ended May 21.
The Reserve Bank of India on Friday projected the retail inflation at 5.1 per cent in the current financial year ending March 31, 2022.
RBI has decided to leave benchmark interest rate unchanged at 4 per cent. This is the sixth time in a row that RBI has maintained status quo.
While cancelling the licence, effective close of business hours on Monday, the RBI said public interest would be adversely affected if the bank is allowed to carry on its banking business any further.
The Reserve Bank's new norms for auditors will help enhance the overall audit quality as well as transparency, apart from adding to the value to the businesses rather than wasting resources, according to various auditing experts amid concerns expressed by businesses over the new regulations.
Reserve Bank of India (RBI) is likely to retain the benchmark interest rate at the existing levels at its upcoming monetary policy review, feel experts
The Reserve Bank of India approved paying a higher-than-expected Rs 99,122 crore to the government as a dividend, providing cushion to the state at a time when a crippling second wave of the novel coronavirus may strain public finances.
The decision was taken at the 589th meeting of the Central Board under the chairmanship of RBI Governor Shaktikanta Das, through video conference.
The RBI has imposed monetary penalty on City Union Bank, Tamilnad Mercantile Bank and two other lenders for contravention of certain directions issued by the central bank.
As the severe Covid crisis and the resultant lockdowns have shut down economic activities to a great extent, the monthly RBI Bulletin has said that demand and employment have been among the most impacted economic aspects amid the second Covid wave.
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