Mumbai, April 24 (IANS) The Reserve Bank of India on Friday cancelled the licence of Paytm Payments Bank Limited, citing failure to comply with the regulatory conditions laid down under its payments bank licence.In a decisive move, the central bank said the entity would no longer be permitted to carry out banking operations and announced that it will approach the High Court to initiate the process of winding up the bank.“RBI has cancelled the banking licence issued to Paytm Payments Bank Limit…
Latest Banking Regulation Act News & Updates
New Delhi, April 22 (IANS) A high‑level government committee on banking for the Viksit Bharat initiative is likely to review the 26 per cent cap on voting rights for private shareholders in Indian banks under the Banking Regulation Act, 1949, a report said on Wednesday.The panel, which has yet to be formally constituted, is expected to review the rule, as the voting restriction has been cited as a hurdle in the privatisation of IDBI Bank, after prospective investors sought greater control alig…
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…
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…