"As per the data submitted by the bank, 99.98 per cent of the depositors are entitled to receive full amount of their deposits from DICGC," RBI said
The Reserve Bank of India (RBI) said the bank failed to implement systems to detect unusual and unauthorised, internal or external activities in its database
This action is based on deficiency 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, RBI said
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, RBI said
The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007
Before putting in place this mechanism, banks will require prior approval from the Foreign Exchange Department of the Reserve Bank of India (RBI), the central bank said in a circular
The Reserve Bank had conducted statutory inspection for supervisory evaluation of the bank with reference to its financial position as on March 31, 2021
Besides, the RBI has also imposed penalties on four co-operative banks.
The central bank had barred the US-based payment gateway from onboarding new customers until it complies with Storage of Payment System Data norms
Banks/ financial institutions have also been found to have violated RBI's instructions which require that in case of projects undertaken by government-owned...
The official also said financial markets across asset classes and geographies witnessed unprecedented volatility during the past two years due to the COVID-19...
Risk-taking is the essence of doing business, Das said, emphasising that companies need to carefully weigh the upsides and downsides of every risk before...
The central bank will likely revise its inflation estimate to 6.2-6.5 per cent, which is way above the upper end of its tolerance band of 2-6 per cent
A penalty of Rs 2 lakh has been imposed on Baramulla Central Co-operative Bank Limited, Jammu and Kashmir for violation of RBI directions prohibiting the...