A recent press report said that the Reserve Bank of India has asked select old generation private sector banks to improve governance standards Reports said that the RBI has asked banks to improve governance structure to make sure that there is minimum intervention of the board in the day-to-day operation. It also said that the… Read More »
The Reserve Bank of India has imposed a monetary penalty of Rs.1.00 lakh (Rupees one lakh only) on Uma Co-operative Bank Limited Vadodara (Gujarat), in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) for non-adherence to Know Your Customer (KYC)… Read More »
According to a recent press report Mr. K.C .Chakrabarty, deputy governor, Reserve Bank of India has said the central bank has not banned the controversial teaser rates, but said banks may have to make additional provisioning for such loans. Recently mortgage major HDFC launched a special home loan product giving borrowers the choice to choose… Read More »
A recent press report said that the Reserve Bank of India went ahead with a large 50 basis point hike in its policy rate despite majority of its technical advisory committee pitching either for a pause or a nominal 25 basis points increase in the repo rate. As per the report, most of the members… Read More »
A recent report from the RBI said that the regulator has imposed a penalty of Rs 5 lakh on city-based Kalupur Commercial Co-operative Bank (KCCB) for its non-adherence to mandatory banking rules. Reports said that a penalty of Rs 5 lakh has been imposed on KCCB for violation related to Know Your Customer (KYC) norms,… Read More »
A recent press report said that the Reserve Bank of India has penalised Citibank for violation of Know Your Customer (KYC) and Anti-Money Laundering (AML) norms while opening accounts, which led to perpetration of fraud at its Gurgaon branch. The Reserve Bank of India has imposed a monetary penalty of ` 25.00 lakh (Rupees twenty… Read More »
A recent press report said that banks are looking at the Reserve Bank of India (RBI) to increase base rates as it takes up a review of the monetary policy. Reports said that if the RBI hikes the interest rates then it would be the 11th rate hike since January 2010 and could result in… Read More »
A recent press report said that the regional office of the Reserve Bank of India in the southern Indian city of Thrivanathpuram has notified that the last date for exchanging coins of denomination of 25 paise or less is June 29. Reports said that coins can be exchanged at currency chest or small coin depot-maintaining… Read More »
A recent press report said that the RBI has penalised 48 small banks in just six months, for lapses in implementing customer identification norms and various other violations. The RBI has imposed fine on 48 banks (mostly co-operative) in the first six months of 2011 where as only 15 such actions were taken during 2010.… Read More »
A recent press report said that the Reserve Bank of India has imposed a monetary penalty of Rs.5.00 lakh (Rupees five lakh only) on The Citizen Co-operative Bank Limited, Bangalore, in exercise of powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) for… Read More »