Articles about Banking Regulation Act

To commemorate the 75 years of India's Independence Prime Minister Narendra Modi on Sunday dedicated 75 Digital Banking Units (DBUs) to the nation across 75 districts.

The Reserve Bank of India (RBI) canceled the license of The Laxmi Co-operative Bank Limited in Maharashtra on Thursday.

The Centre on Tuesday placed Tamil Nadu-based private sector lender Lakshmi Vilas Bank (LVB) under a moratorium for a period of one month, the Ministry of Finance said.

The withdrawal limit for account holders of the crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank has been raised to Rs. 50,000, the Reserve Bank of India (RBI) said in a press release on Tuesday.

On Friday, the Supreme Court refused to hear a petition filed on behalf of account holders in the Punjab and Maharashtra Co-operative (PMC) Bank seeking the lifting of restrictions on cash withdrawals.

Data from the Reserve Bank of India (RBI) has revealed that a whopping Rs. 11,302 crore belonging to over three crore account holders is lying unclaimed with 64 banks - both public and private.

The RBI has levied Rs. 3cr fine on Axis Bank and Rs. 2cr penalty on Indian Overseas Bank (IOB) for various violations.

According to sources, the Indian Banks' Association (IBA) has written to the RBI, IT Ministry and finance ministry questioning whether the UIDAI has the power to issue directives to banks under the Aadhaar Act.

As NDA government is now on the mature end of its tenure, it's not only India which is watching its every move but the entire world is.

President Pranab Mukherjee has given his approval for the ordinance that seeks to amend the Banking Regulation Act. The amendments seek to resolve the non-performing assets crisis.

A much-needed ordinance is on the verge of being passed, which would enable the RBI to tighten its grip on loan defaulters by making an amendment to the Banking Regulation Act.

Sources said that over 90% of the demonetized notes have been returned to banks; PM Modi defended the demonetization scheme, saying the move destroyed "terrorism, drug mafia, human trafficking and underworld."

500-rupee notes printed daily at the Currency Note Press (CNP) in Nashik saw a threefold increase as steps are being taken to meet shortage of newly introduced currency.

According to Finance Minister Arun Jaitley, the Reserve Bank of India was fully prepared to face currency shortages post demonetization; it has enough currency to last "far beyond 30th December."

Rajnath Singh slammed the RBI for freezing 52,000 accounts in the State Bank of Sikkim calling it a roadblock to the implementation of demonetization; RBI contends that SBS is not covered under the Banking Regulation Act.

The RBI in a sudden move has reduced the validity of old Rs.500 notes to be used in petrol pumps and to buy airline tickets.

RBI data revealed that so far Rs.8.44 trillion in old notes has been exchanged at banks, against an estimate of Rs.16 trillion in old notes in circulation.

Sources said the government may be in the process of amending the IT Act to be able to penalize individuals depositing unaccounted money in their accounts.