Private banks must have 2 whole-time directors: RBI
In addition to the MD and CEO, private sector banks are required by the RBI to have at least two
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RBI NEWS
RBI mandates that banks permit early closure of FDs up to Rs. 1crore.
According to the RBI, banks are required to permit early withdrawals on all term deposits up to a maximum of
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Banks requested that KYC take a risk-based approach.
The Reserve Bank strengthened the requirements surrounding customer due diligence (or CDD). The central bank has revised the Know Your
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RBI to accept Rs. 2,000 notes by post.
The RBI has requested that anyone who is still in possession of Rs 2,000 in banknotes send them to its
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RBI reports that over 97% of the Rs. 2,000 notes were returned.
Up until October 31, over 97% of the Rs 2,000 notes that were announced to be withdrawn by the Reserve
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RBI imposes fine on two state-owned banks
The Reserve Bank said it has imposed penalties on three state-owned banks, including SBI and Indian Bank, for violation of
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RBI DeputyGovernor Rao gets 1-year extension
M Rajeshwar Rao has been re-appointed as RBI’s deputy governor for one year with effect from October 9. Rao (62)
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Lenders to tag wilful default in six months under new rules
RBI has issued draft guidelines on classification of wilful defaulters, expanding the definition of the term and mandating lenders to
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RBI may allow borrower-bank deal to shed tag of wilful defaulter
An RBI circular that requires lenders to take a quick call on classifying wilful defaulters will also allow borrowers to
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RBI to extend PCA norms to govt-owned NBFCs
The Reserve Bank said the strict supervisory norms under the Prompt Corrective Action (PCA) Framework will apply to government-owned non-banking
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