Latest Banking Regulation Act News & Updates

RBI Penalizes Airtel Payments Bank with Rs 31.80 Lakh Fine

By

Mumbai, March 30 (IANS) The Reserve Bank of India (RBI) on Monday imposed a monetary penalty of Rs 31.80 lakh on Airtel Payments Bank Limited (the bank) for non-compliance with certain provisions of the directions issued by RBI on ‘Disclosure in Financial Statements’. The penalty has been imposed in exercise of powers conferred on RBI under the provisions of section 47A(1)(c) read with section 46(4)(i) of the Banking Regulation Act, 1949.The Statutory Inspection for Supervisory Evaluation (I…

India’s Central Bank Approves Japan’s SMBC to Set Up Wholly Owned Subsidiary

By

Mumbai, Jan 14 (IANS) India’s central bank on Wednesday announced that it has given in-principle approval to Japan’s Sumitomo Mitsui Banking Corp (SMBC) to set up a wholly owned subsidiary in the country — marking an important step in the bank’s expansion plans in the Indian market.In a statement, the Reserve Bank of India said the approval allows SMBC to move from its current branch-based operations to a locally incorporated subsidiary.Until now, the Japanese lender has been operating in…