Gandhinagar: The Reserve Bank of India has issued a circular today regarding the Remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS) Welcoming this, Tapan Ray, Managing Director and Group Chief Executive Officer of GIFT City said -“We at GIFT IFSC welcome the Reserve Bank of India's recent circular expanding the scope of the Liberalised Remittance Scheme (LRS). This decisive move aligns GIFT IFSC with other global financial centers, al...Read More

New Delhi: The Reserve Bank of India (RBI) has, by an order dated January 19, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Navnirman Co-operative Bank Ltd., Ahmedabad, Gujarat (the bank) for non-compliance with the directions issued by RBI. As per the RBI note, "the statutory inspection (select scope) of the bank conducted by RBI with reference to its financial position as on March 31, 2022, and examination of the Inspection Report and all correspondence rela...Read More

Mumbai: The Reserve Bank of India (RBI) has taken action against three cooperative banks in Gujarat, imposing monetary penalties for non-compliance with its directives. The central bank has fined three banks, namely Shree Lodra Nagarik Sahakari Bank Limited in Gandhinagar, Malpur Nagarik Sahakari Bank Limited in Aravalli, and Limbasi Urban Co-operative Bank Ltd. in Kheda. The RBI issued orders on November 6th specifying the penalties imposed on these banks, as follows: 1. Shree Lodra Nagar...Read More

Mumbai: The Reserve Bank of India (RBI) has taken action against several cooperative banks in Gujarat, imposing monetary penalties for non-compliance with its directives. The central bank has fined five banks, namely Vadnagar Nagarik Sahakari Bank Ltd. in Vadnagar, People’s Co-operative Bank Ltd. in Dholka, The Chhapi Nagarik Sahakari Bank Ltd. in Banaskantha, Mahila Co-operative Nagrik Bank Ltd. in Bharuch, and Surat National Co-operative Bank Ltd. in Surat. The RBI issued orders specifyin...Read More

Mumbai: The Reserve Bank of India (RBI) has taken an action against several cooperative banks in Gujarat, imposing monetary penalties for non-compliance with its directives. The central bank has fined four banks namely The Sarvodaya Sahakari Bank Limited in Modasa, Dhanera Mercantile Co-operative Bank Ltd. in Dhanera, The Janata Co-operative Bank Ltd. in Godhra, and Maninagar Co-operative Bank Ltd. in Ahmedabad. The RBI issued orders, specifying the penalties imposed on these banks. The penal...Read More

Mumbai: The last date to exchange Rs. 2,000 denomination banknotes at banks has been extended till October 7, the Reserve Bank of India (RBI) said in a statement today. The RBI said the Rs. 2,000 notes will remain valid even after the deadline to exchange ends. The previous deadline was today. Banks will stop accepting Rs.2,000 notes for exchange from October 8. However, people can till exchange Rs. 2,000 notes at 19 offices of the RBI. The notes can also be sent by post to the RBI's "issue offi...Read More

Vadodara: As the last date for exchanging the currency notes of Rs. 2,000 denomination is 30th September, the petrol pumps across Gujarat have put up sign boards conveying the customers that Rs. 2,000 notes will not be accepted any more here. It's worth noting that lot of people had preferred to utilize their Rs. 2000 denomination currency notes at petrol pumps. The Reserve Bank of India (RBI) has clarified that the Rs. 2,000 denomination banknote will cease to have its value after 30 Septem...Read More

Rajkot: The Reserve Bank of India (RBI) as per an order dated September 22, 2023, imposed a monetary penalty of ₹13 lakh (Rupees Thirteen lakh only) on Rajkot Nagarik Sahakari Bank Ltd. here for non-compliance with the directions issued by RBI on ‘Interest Rate on Deposits’. This penalty has been imposed in exercise of powers vested in RBI under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949. This action is based on deficiency in regulatory comp...Read More

New Delhi: The Reserve Bank of India has imposed restrictions on the Ahmedabad-based Colour Merchants Co-operative Bank Ltd, and account holders in the bank will not be able to withdraw more than ₹50,000 at one time. Here are Directions under Section 35 A read with section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) – Colour Merchants Co-operative Bank Ltd., Ahmedabad It is hereby notified for information of the public that in exercise of powers ves...Read More

Gandhinagar: In its recently released August bulletin, the Reserve Bank of India (RBI) highlighted that in the fiscal year 2022-23, banks and financial institutions approved funding for 82 development projects in Gujarat, the highest in the country. Gujarat leads this category with a significant gap over second-positioned Maharashtra with 48 projects and Uttar Pradesh comes in third with 45 projects. However, in terms of share of investment for projects from banks and financial instituti...Read More