Taking its feet on gross violation of FEMA guidelines and KYC norms, RBI has imposed Rs 27-crore penalty on 13 public and private sector banks, which includes PNB and HDFC Bank.  However, eight other banks including SBI and ICICI Bank have been advised to ensure strict compliance with guidelines. A public sector bank reports, that,

The Reserve Bank of India (RBI) has imposed a penalty of Rs 5 crore on Bank of Baroda (BoB).  It observed irregularities in the Rs 6,100-crore scam that was unearthed last year. “The Reserve Bank of India has imposed a penalty of INR 50 million on Bank of Baroda.  This was imposed after the internal

The curb imposed on fresh purchase of shares of State owned Punjab National Bank, by foreign Investors, for over 7 years, has been lifted by RBI. The RBI notified that the total foreign share holdings by foreign institutional investors/NRIs/PIOs/FDI and others under Portfolio Investment Scheme (PIS) in Punjab National Bank has come down below the

There are possibilities of Reserve Bank cutting key interest rates by 25 basis points in its policy review meet on August 9, if good rains bring down pulse price inflation, says a Bank of America Merrill Lynch (BofA-ML) report. Pulses inflation is running at 27 per cent on a poor summer RABI crop. Good rains has

Illegal acceptance of deposits by various bodies and institutions has been a menace in the society.  In order to curb this, RBI has on 4th Aug 2016 launched a new WEBSITE, through which public can get the detailed information related to the bodies and institutions, who can accept deposits.  This has paved way for lodging