BFSI - NewNerve

RBI Imposes Monetary Penalty on Panvel Co-operative Urban Bank

23Apr

By Ankit1 Comment

RBI Imposes Monetary Penalty on Panvel Co-operative Urban Bank

In a move to ensure compliance with regulatory directives, the Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.00 lakh on The Panvel Co-operative Urban Bank Ltd., Raigad, Maharashtra. According to the press release, the penalty was levied based on the findings of a statutory inspection conducted by the RBI, which revealed the bank's non-compliance with directions issued under the 'Supervisory Action Framework' (SAF) for Primary (Urban) Co-operative Banks (UCBs). Specifically, the RBI found that the bank had sanctioned fresh loans carrying a risk weight of more than 100%, in violation of the specific directions issued under the SAF. After considering the bank's response to the show-cause notice, the RBI determined that the charge of non-compliance was sustained, warra...

RBI Imposes Monetary Penalty on Jogindra Central Co-operative Bank for Non-Compliance

23Apr

By AnkitNo Comments

BFSI, Banking, Goverment Notice/Circulars

RBI Imposes Monetary Penalty on Jogindra Central Co-operative Bank for Non-Compliance

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹3.5 lakh on Jogindra Central Co-operative Bank Ltd., Solan, Himachal Pradesh, for non-compliance with directions issued by National Bank for Agriculture and Rural Development (NABARD) on ‘Frauds-Guidelines for Classification, Reporting and Monitoring’. Monetary Penalty The penalty was imposed based on the findings of a statutory inspection conducted by NABARD with reference to the bank’s financial position as on March 31, 2021. The inspection revealed that the bank had delayed in reporting frauds. This action is in violation of NABARD’s directions on ‘Frauds-Guidelines for Classification, Reporting and Monitoring’. Also Read: RBI Imposes Penalty on Ambarnath Jai Hind Co-operative Bank for Non-Compliance The RBI h...

RBI Imposes Penalty on Ambarnath Jai Hind Co-operative Bank for Non-Compliance

23Apr

By Ankit2 Comments

BFSI, Goverment Notice/Circulars

RBI Imposes Penalty on Ambarnath Jai Hind Co-operative Bank for Non-Compliance

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹3 lakh on Ambarnath Jai Hind Co-operative Bank Limited, Ambarnath, Maharashtra, for non-compliance with certain provisions of RBI directions on ‘Maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks’. The penalty was imposed based on the findings of a statutory inspection conducted by RBI with reference to the bank’s financial position as on March 31, 2023. The inspection revealed that the bank had: Collected fixed penal charges for shortfall in the maintenance of minimum balance in savings bank accounts without giving one month notice to customers regarding minimum balance requirement. Collected penal charges for non-maintenance of minimum balance in inoperative accounts. Charged for the activa...

Account Aggregator Ecosystem and Sahamati: Revolutionizing Access to Financial Information

22Apr

By Ankit1 Comment

Account Aggregator, BFSI, Lending

Account Aggregator Ecosystem and Sahamati: Revolutionizing Access to Financial Information

In today's digital era, the seamless and secure exchange of financial data is crucial for individuals to access innovative financial services and make informed decisions. Account Aggregators (AAs) have emerged as a groundbreaking solution in India, enabling individuals to have control over their financial information and share it securely with trusted Financial Information Providers (FIPs) and Financial Information Users (FIUs). At the forefront of promoting harmonious adoption and development of the AA ecosystem is Sahamati, the collective of the Account Aggregator ecosystem in India. In this article, we explore the role of Sahamati and the impact it has on shaping the future of the Account Aggregator ecosystem. Empowering Indians with their Data Sahamati's mission is to empower Indians...

INR on the World Stage: Challenges and Opportunities”

22Apr

By AnkitNo Comments

BFSI, Economics, Finance

INR on the World Stage: Challenges and Opportunities”

The Indian Rupee (INR) is strategically positioning itself to become an alternative reserve currency on the global stage, despite its recent decline against the US Dollar (USD). This situation, while challenging, has spurred India into action, leading to significant agreements aimed at bolstering the INR’s international standing. India’s Strategic Moves Toward Reserve Currency Status Oil Trade Agreements: India, heavily dependent on oil imports, has taken proactive steps to mitigate the impact of the INR’s devaluation. Last July, India signed a pact with the United Arab Emirates (UAE) to pay oil bills in INR. This arrangement helps reduce the vulnerability caused by fluctuations in the USD-INR exchange rate. Additionally, India has executed INR trades for Russian oil import...

From Limits to Liberation: IRDAI’s New Health Insurance Regulations

22Apr

By AnkitNo Comments

BFSI, Insurtech

From Limits to Liberation: IRDAI’s New Health Insurance Regulations

The Insurance Regulatory and Development Authority of India (IRDAI) has recently introduced groundbreaking regulations aimed at making health insurance more inclusive and accessible to individuals across all age groups. These progressive changes, effective from April 1, 2024, signify a significant departure from conventional constraints and foster comprehensive coverage for everyone. Elimination of Age Limit in Health Insurance One of the most impactful changes is the removal of the age limit for purchasing health insurance policies. Previously, individuals aged 65 and above faced challenges in securing comprehensive coverage. However, with the new regulations, this barrier has been dismantled. Now, health insurance is available to all, regardless of age. This move ensures th...

RBI Imposes Monetary Penalty on NABFINS Limited for Non-Compliance

22Apr

By Ankit1 Comment

Goverment Notice/Circulars, NBFC

RBI Imposes Monetary Penalty on NABFINS Limited for Non-Compliance

The Reserve Bank of India (RBI) has taken strict action against NABFINS Limited, a subsidiary of NABARD, by imposing a monetary penalty of ₹10 lakh (Rupees Ten lakh only) for non-compliance with certain provisions of the Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016. Monetary Penalty In an order dated April 15, 2024, the RBI announced the penalty after conducting a statutory inspection of NABFINS Limited. The inspection focused on the company's financial position as of March 31, 2022. Based on supervisory findings of non-compliance with RBI directions and related correspondence, the RBI issued a notice to the company, giving it an opportunity to explain why a penalty should not be imposed for i...

Health Insurance for All Ages: IRDAI’s Progressive Decision to lift Age Limit of 65 years

21Apr

By AnkitNo Comments

BFSI, Goverment Notice/Circulars, Insurtech

Health Insurance for All Ages: IRDAI’s Progressive Decision to lift Age Limit of 65 years

In a significant move, the Insurance Regulatory and Development Authority of India (IRDAI) has abolished the age limit for purchasing health insurance policies, effective from April 1, 2024. This decision marks a departure from the conventional constraints that previously limited individuals in securing comprehensive health coverage. With the recent announcement, the regulatory body has eliminated the cap on buying health insurance policies, marking a significant departure from the conventional constraints that often limited individuals in securing comprehensive coverage Furthermore, this move is poised to stimulate innovation within the insurance sector. Insurers are now incentivised to diversify their product offerings, catering to a broader spectrum of healthcare requirements. ...

India’s Forex Fall to $643 Billion, Steepest Decline in 3 Months: What Does It Mean for the Indian Economy?

20Apr

By AnkitNo Comments

BFSI, Business, Economics, Wealthtech

India’s Forex Fall to $643 Billion, Steepest Decline in 3 Months: What Does It Mean for the Indian Economy?

India's foreign exchange reserves declined by $5.4 billion to $643.16 billion for the first time in eight weeks as of April 12, as per data released by the Reserve Bank of India. This is the steepest decline in Forex in over three months. Earlier, it rose by $32.5 billion over a period of seven weeks. Key Points: This is the first decline in Forex reserves in eight weeks. The decline is the steepest in over three months. The decline is attributed to the central bank's intervention in the forex market to control volatility. The rupee settled at 83.47 against the dollar on Friday. Reasons for the decline in Forex Reserves The central bank has been selling dollars in the spot forex market over the last few sessions to prevent a large-scale depreciation in the rupee amid g...

Central Bank Digital Currency : A Payments Perspective by World Bank, 2021

20Apr

By Ankit1 Comment

Payments, Banking, Blog, CBDC, International Reports, Review

Central Bank Digital Currency : A Payments Perspective by World Bank, 2021

The Guidance Report This document, titled "Central Bank Digital Currency: A Payments Perspective," provides insights and guidance on central bank digital currency (CBDC). It explores CBDC's role in the national payments system and analyzes its various aspects, including reasons for issuance, features, timing, infrastructure, and stakeholders. Lets understand this report in brief: Executive Summary The executive summary provides a concise overview of the document's key findings and policy recommendations. It highlights the importance of Central Bank Digital Currency (CBDC) as a transformative tool in the payments landscape and emphasizes the need for careful consideration of its objectives and potential consequences. Central Bank Digital Currency (CBDC): A Transformative Tool in t...