RBI said in its order that the State Bank of India held excess shares in borrower companies which exceeded thirty per cent of the paid-up share capital of the companies.
The Unity Small Finance Bank started its operations as a small finance bank (SFB) from November 1. It had been issued a licence under Section 22 (1) of the Banking Regulation Act (1949) for operating as an SFB in India.
RBI Governor Shaktikanta Das said thought though the economy is picking up pace, there is a lot of ground left to cover.
The RBI Integrated Ombudsman scheme is based on ‘One-Nation Ombudsman’ with one portal, one email, and one address for the customers to lodge their complaints. Know what this scheme entails and how it can help redress the grievances of bank customers.
The RBI Governor stated that the cryptocurrency market is highly unregulated and therefore acquiring complete information is difficult.
RBI in April had barred Mastercard, American Express and Diners Club from onboarding new customers for failing to comply with data localisation norms.
The apex banker informed that the promoter of the Unity Small Finance Bank Limited, Centrum Financial Services was granted an 'in-principle approval to set up a small finance bank on June 18.
The former RBI chief added that the booming stock market does not reflect the reality that many Indians are in distress.
Shaktikanta Das came at a time when India was reeling from the double whammy of demonetization and the GST regime.
According to an official order, the government has reappointed Das as the governor of the central bank for a period of three years beyond December 10, 2021.
The appointment of Baldev Prakash as MD & CEO by the Board of the Bank and the actual date of his taking charge shall be communicated separately.
A fresh tranche of RBI’s Sovereign Gold Bonds (SGB) Scheme 2021-22 is open till October 29.
Special drawing rights with International Monetary Fund (IMF) fell by $21 million to reach $19.25 billion in the reporting week. India's reserve position with the IMF rose $6 million to reach $5.23 billion.
Additionally, the RBI imposed a penalty of approx Rs 27.8 lakhs on Western Union Financial Services (WUFSI) for non-compliance with provision laid out in the Master Direction on Money Transfer Service Scheme (MTSS Directions) dated February 22, 2017.
With FD rates at an all-time low, inflation and tax outgo will erode your investment. This may hit senior citizens the most.
Domestic demand is gaining strength while aggregate supply conditions are recouping, powered by the robust performance of kharif agricultural production.
"This action is based on the 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," the apex banker stated.
India's reserve position with the International Monetary Fund fell by $3 million to about $5.23 billion in the reporting week, the data stated.
Indian bowler R Ashwin celebrates with teammates after dismissing New Zealand batsman Will Young during fourth day of the first Test cricket match between India and New Zealand, at the Green Park Stadium, in Kanpur.PTI Photo/Arun Sharma
Union Defence Minister Rajnath Singh, Union Parliamentary Affairs Minister Pralhad Joshi, MoS Parliamentary Affairs Arjun Ram Meghwal and others leave after an all party meeting ahead of the Winter Session of the...PTI Photo/Shahbaz Khan
President Ram Nath Kovind presents certificate at the first convocation of the University of Patanjali in Haridwar.RB/PTI Photo
A worker prepares Trinamool Congress (TMC) party flag ahead of Kolkata Municipal Corporation (KMC) election, in Kolkata.PTI Photo/Swapan Mahapatra
BJP activists celebrate their party's victory in Tripura Municipal Elections, outside state party office in Kolkata.PTI Photo/Swapan Mahapatra
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