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Press Releases
Sep 16, 2015
RBI grants “In-principle” Approval to 10 Applicants for Small Finance Banks
The Reserve Bank of India (RBI) has today decided to grant “in-principle” approval to the following 10 applicants to set up small finance banks under the “Guidelines for Licensing of Small Finance Banks in the private sector” (Guidelines) issued on November 27, 2014. Names of selected applicants Au Financiers (India) Ltd., Jaipur Capital Local Area Bank Ltd., Jalandhar Disha Microfin Private Ltd., Ahmedabad Equitas Holdings P Limited, Chennai ESAF Microfinance and Inv
The Reserve Bank of India (RBI) has today decided to grant “in-principle” approval to the following 10 applicants to set up small finance banks under the “Guidelines for Licensing of Small Finance Banks in the private sector” (Guidelines) issued on November 27, 2014. Names of selected applicants Au Financiers (India) Ltd., Jaipur Capital Local Area Bank Ltd., Jalandhar Disha Microfin Private Ltd., Ahmedabad Equitas Holdings P Limited, Chennai ESAF Microfinance and Inv
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Sep 15, 2015
National Financial Literacy Assessment Test 2015-2016 on November 28-29
National Centre for Financial Education (NCFE) will conduct the National Financial Literacy Assessment Test for 2015-2016 (NCFE-NFLAT 2015-16) on November 28 and 29, 2015. School students from classes VIII to X can participate in the test. National Institute of Securities Markets (NISM) has been identified as the nodal agency for the implementation of the National Strategy for Financial Education (NSFE). National Centre for Financial Education (NCFE) has been set up w
National Centre for Financial Education (NCFE) will conduct the National Financial Literacy Assessment Test for 2015-2016 (NCFE-NFLAT 2015-16) on November 28 and 29, 2015. School students from classes VIII to X can participate in the test. National Institute of Securities Markets (NISM) has been identified as the nodal agency for the implementation of the National Strategy for Financial Education (NSFE). National Centre for Financial Education (NCFE) has been set up w
Aug 19, 2015
RBI grants “in-principle” approval to 11 Applicants for Payments Banks
The Reserve Bank of India has today decided to grant “in-principle” approval to the following 11 applicants to set up payments banks under the Guidelines for Licensing of Payments Banks issued on November 27, 2014 (Guidelines). Aditya Birla Nuvo Limited Airtel M Commerce Services Limited Cholamandalam Distribution Services Limited Department of Posts Fino PayTech Limited National Securities Depository Limited Reliance Industries Limited Shri Dilip Shantilal Shanghvi S
The Reserve Bank of India has today decided to grant “in-principle” approval to the following 11 applicants to set up payments banks under the Guidelines for Licensing of Payments Banks issued on November 27, 2014 (Guidelines). Aditya Birla Nuvo Limited Airtel M Commerce Services Limited Cholamandalam Distribution Services Limited Department of Posts Fino PayTech Limited National Securities Depository Limited Reliance Industries Limited Shri Dilip Shantilal Shanghvi S
Aug 07, 2015
Strong Business Case for MSME Lending: RBI DG tells Bankers
Lending to MSMEs makes a strong business case for the banks in view of the changing dynamics in the economy like demographic patterns, urbanisation trends, increasing thrust on industrialisation, addition of new customers under financial inclusion programme and growing levels of literacy. This was stated by Shri S S Mundra, Deputy Governor, Reserve Bank of India while launching the National Mission for Capacity Building of Bankers for financing MSME Sector in College
Lending to MSMEs makes a strong business case for the banks in view of the changing dynamics in the economy like demographic patterns, urbanisation trends, increasing thrust on industrialisation, addition of new customers under financial inclusion programme and growing levels of literacy. This was stated by Shri S S Mundra, Deputy Governor, Reserve Bank of India while launching the National Mission for Capacity Building of Bankers for financing MSME Sector in College
Jul 15, 2015
RBI constitutes a Committee on Medium-term Path on Financial Inclusion
The Reserve Bank of India today announced the constitution of a Committee with the objective of working out a medium-term (five year) measurable action plan for financial inclusion. It may be recalled that on the occasion of the Reserve Bank’s 80th anniversary, Hon’ble Prime Minister in his address urged the Bank to take the lead in encouraging financial institutions and to set a medium-to-long term target for sustainable financial inclusion. The terms of reference of
The Reserve Bank of India today announced the constitution of a Committee with the objective of working out a medium-term (five year) measurable action plan for financial inclusion. It may be recalled that on the occasion of the Reserve Bank’s 80th anniversary, Hon’ble Prime Minister in his address urged the Bank to take the lead in encouraging financial institutions and to set a medium-to-long term target for sustainable financial inclusion. The terms of reference of
Apr 02, 2015
RBI celebrates its 80th Anniversary
Prime Minister urges Banking Fraternity to set Goals for Next 20 Years to remove India's PovertyOpening remarks by Dr. Raghuram G. Rajan, Governor, Reserve Bank of IndiaPrime Minister's remarksPrime Minister's remarks full text in HindiVideo recording of inaugural function of RBI celebrating completion of its 80th year
Prime Minister urges Banking Fraternity to set Goals for Next 20 Years to remove India's PovertyOpening remarks by Dr. Raghuram G. Rajan, Governor, Reserve Bank of IndiaPrime Minister's remarksPrime Minister's remarks full text in HindiVideo recording of inaugural function of RBI celebrating completion of its 80th year
Nov 17, 2014
RBI’s College of Agricultural Banking to conduct an Essay Competition to promote Financial Literacy
The Reserve Bank of India’s College of Agricultural Banking (CAB), Pune is conducting an essay competition to promote financial literacy. The theme for the Essay Competition 2014 is “How to make India a financially literate country – Strategies”. The competition is open for participation for two channels of participants; viz.: (i) the staff of various banks, namely, scheduled commercial banks, regional rural banks, state cooperative banks, National Bank for Agricultur
The Reserve Bank of India’s College of Agricultural Banking (CAB), Pune is conducting an essay competition to promote financial literacy. The theme for the Essay Competition 2014 is “How to make India a financially literate country – Strategies”. The competition is open for participation for two channels of participants; viz.: (i) the staff of various banks, namely, scheduled commercial banks, regional rural banks, state cooperative banks, National Bank for Agricultur
Nov 14, 2014
Raipur School wins in National Finals of RBIQ: DD to telecast Semi Finals and Finals on November 29, December 6, 13, 20 and 25, 2014
Photographs Master Mukund Choudhary and Master Jay Puri Goswami of Krishna Public School, Dunda, Raipur emerged as winners in the tough, brain-teasing national finals of RBIQ 2014 held in Mumbai today. Master K V Siddharth and Master Preetham Upadhya of Lourdes Central School, Mangalore were the runners up. RBIQ is the annual all-India Inter-School Quiz launched by the Reserve Bank of India in 2012. It is one more important effort of the Reserve Bank towards spreading
Photographs Master Mukund Choudhary and Master Jay Puri Goswami of Krishna Public School, Dunda, Raipur emerged as winners in the tough, brain-teasing national finals of RBIQ 2014 held in Mumbai today. Master K V Siddharth and Master Preetham Upadhya of Lourdes Central School, Mangalore were the runners up. RBIQ is the annual all-India Inter-School Quiz launched by the Reserve Bank of India in 2012. It is one more important effort of the Reserve Bank towards spreading
Oct 28, 2014
RBI seeks Public Comments on Criteria for Institutions seeking Financial Assistance from Depositor Education Fund
The Reserve Bank of India has today placed on its website draft criteria for registering institutions, organisations and associations for grant of financial assistance from the Depositor Education and Awareness Fund (Fund) under the Depositor Education and Awareness Fund Scheme, 2014 (Scheme). Members of public, banks, academia, industry and other stakeholders may send their comments on the criteria to Chief General Manager, Reserve Bank of India, Department of Bankin
The Reserve Bank of India has today placed on its website draft criteria for registering institutions, organisations and associations for grant of financial assistance from the Depositor Education and Awareness Fund (Fund) under the Depositor Education and Awareness Fund Scheme, 2014 (Scheme). Members of public, banks, academia, industry and other stakeholders may send their comments on the criteria to Chief General Manager, Reserve Bank of India, Department of Bankin
Jan 31, 2014
Annual Conference of Banking Ombudsmen 2014
The Annual Banking Ombudsmen Conference was held at the Reserve Bank of India, Mumbai on January 30, 2014 and was inaugurated by Dr. Raghuram G. Rajan, Governor, Reserve Bank of India. The Governor delivered the keynote address and expressed that customer protection is at the core of the central Banks’ concerns. He released the Annual Report of the Banking Ombudsman Scheme for year 2012-2013. The Annual Report contains the highlights of the performance of 15 Offices o
The Annual Banking Ombudsmen Conference was held at the Reserve Bank of India, Mumbai on January 30, 2014 and was inaugurated by Dr. Raghuram G. Rajan, Governor, Reserve Bank of India. The Governor delivered the keynote address and expressed that customer protection is at the core of the central Banks’ concerns. He released the Annual Report of the Banking Ombudsman Scheme for year 2012-2013. The Annual Report contains the highlights of the performance of 15 Offices o
Jan 04, 2013
RBI sets up a Working Group to Review Banking Ombudsman Scheme
Apropos the recommendations of the Committee on Customer Service in Banks (Damodaran Committee) pertaining to Banking Ombudsman Scheme 2006 and the Rajya Sabha Committee on Subordinate Legislation, a Working Group (Chairperson: Smt. Suma Varma) has been constituted in the Reserve Bank of India to review, update, and revise the Banking Ombudsman Scheme, 2006. This was revealed in the Annual Report of the Banking Ombudsman Scheme, 2011-12 published here today by the Res
Apropos the recommendations of the Committee on Customer Service in Banks (Damodaran Committee) pertaining to Banking Ombudsman Scheme 2006 and the Rajya Sabha Committee on Subordinate Legislation, a Working Group (Chairperson: Smt. Suma Varma) has been constituted in the Reserve Bank of India to review, update, and revise the Banking Ombudsman Scheme, 2006. This was revealed in the Annual Report of the Banking Ombudsman Scheme, 2011-12 published here today by the Res
Sep 06, 2011
Banking Ombudsman Conference : Ten Action Points to improve Customer Service of Banks
1. Indian Banks’ Association (IBA) will standardise most important terms and conditions (MITC) for at least ten important banking transactions and circulate among banks for adaptation. 2. Banks would initiate the process of providing one view of all bank accounts of a customer including deposits, loans, etc., with the help of available technology, such as, core banking solution. Banks would be complete the process within one year. 3. Banks would convey to the Reserve
1. Indian Banks’ Association (IBA) will standardise most important terms and conditions (MITC) for at least ten important banking transactions and circulate among banks for adaptation. 2. Banks would initiate the process of providing one view of all bank accounts of a customer including deposits, loans, etc., with the help of available technology, such as, core banking solution. Banks would be complete the process within one year. 3. Banks would convey to the Reserve
Aug 19, 2009
RBI Working Group says BC Model Vital for Financial Inclusion; suggests New Entities for BC
A Reserve Bank of India Working Group has recommended the following new entities for appointment of Business Correspondents (BCs) for banks in rural and semi-urban areas: i) Individual kirana/medical/fair price shop owners ii) Individual Public Call Office (PCO) operators iii) Agents of Small Savings Schemes of Government of India/Insurance Companies iv) Individuals who own petrol pumps v) Retired teachers vi) Authorised functionaries of well run Self Help Groups (SHG
A Reserve Bank of India Working Group has recommended the following new entities for appointment of Business Correspondents (BCs) for banks in rural and semi-urban areas: i) Individual kirana/medical/fair price shop owners ii) Individual Public Call Office (PCO) operators iii) Agents of Small Savings Schemes of Government of India/Insurance Companies iv) Individuals who own petrol pumps v) Retired teachers vi) Authorised functionaries of well run Self Help Groups (SHG
Feb 05, 2009
RBI amends Banking Ombudsman Scheme: includes complaints relating to Internet Banking and Non-adherence to BCSBI Code
The Reserve Bank of India has widened the scope of its Banking Ombudsman Scheme 2006, to include deficiencies arising out of internet banking. Under the amended Scheme, a customer would also be able to lodge a complaint against the bank for its non-adherence to the provisions of the fair practices code for lenders or the Code of Bank's Commitment to Customers issued by the Banking Codes and Standards Board of India (BCSBI). The BCSBI is an independent and autonomous w
The Reserve Bank of India has widened the scope of its Banking Ombudsman Scheme 2006, to include deficiencies arising out of internet banking. Under the amended Scheme, a customer would also be able to lodge a complaint against the bank for its non-adherence to the provisions of the fair practices code for lenders or the Code of Bank's Commitment to Customers issued by the Banking Codes and Standards Board of India (BCSBI). The BCSBI is an independent and autonomous w
May 23, 2008
Agricultural Debt Waiver and Debt Relief Scheme, 2008
The Reserve Bank of India today advised scheduled commercial banks (including Local Area Banks) to take necessary action towards implementation of the Agricultural Debt Waiver and Debt Relief Scheme for farmers at the earliest. It has been further advised that implementation of the Scheme should be completed by June 30, 2008.It may be recalled that the Hon’ble Finance Minister, in his Budget Speech (paragraph 73) for 2008-09 had announced a debt waiver and debt relief
The Reserve Bank of India today advised scheduled commercial banks (including Local Area Banks) to take necessary action towards implementation of the Agricultural Debt Waiver and Debt Relief Scheme for farmers at the earliest. It has been further advised that implementation of the Scheme should be completed by June 30, 2008.It may be recalled that the Hon’ble Finance Minister, in his Budget Speech (paragraph 73) for 2008-09 had announced a debt waiver and debt relief
Nov 07, 2007
Internal Working Group to Examine the Recommendations of the Radhakrishna Expert Group on Agricultural Indebtedness
The Reserve Bank of India today constituted an Internal Working Group under the Chairmanship of Shri V.S.Das, Executive Director, Reserve Bank of India, to Examine the Recommendations of the Radhakrishna Expert Group on Agricultural Indebtedness. The Internal Working Group would consist of members from various departments of Reserve Bank, viz., Rural Planning and Credit Department, Department of Banking Operations and Development, Department of Economic Analysis and P
The Reserve Bank of India today constituted an Internal Working Group under the Chairmanship of Shri V.S.Das, Executive Director, Reserve Bank of India, to Examine the Recommendations of the Radhakrishna Expert Group on Agricultural Indebtedness. The Internal Working Group would consist of members from various departments of Reserve Bank, viz., Rural Planning and Credit Department, Department of Banking Operations and Development, Department of Economic Analysis and P
Jul 24, 2007
Working Group to suggest Measures to Assist Distressed Farmers
Notwithstanding the policy initiatives taken by the Central Government, RBI and NABARD to facilitate hassle-free flow of credit from the institutional financial sector to the agricultural/rural sector, the Indian agriculture has been facing difficult times and the Indian farmers have been experiencing extreme distress. The spate of suicides by farmers in different parts of the country is a palpable manifestation of this unfortunate state of affairs. In order to addres
Notwithstanding the policy initiatives taken by the Central Government, RBI and NABARD to facilitate hassle-free flow of credit from the institutional financial sector to the agricultural/rural sector, the Indian agriculture has been facing difficult times and the Indian farmers have been experiencing extreme distress. The spate of suicides by farmers in different parts of the country is a palpable manifestation of this unfortunate state of affairs. In order to addres
May 24, 2007
Customers can now appeal against the Banking Ombudsman's Decision
Bank customers can now appeal against the decision of the Banking Ombudsman where he has rejected the customer's complaint relating to matters falling within the grounds of complaints specified under the scheme. The Reserve Bank of India has amended the Banking Ombudsman Scheme, 2006 to enable the customers to appeal against the Banking Ombudsman's decision. The amendments are available on the RBI website. Before the scheme was amended, the bank customers could appeal
Bank customers can now appeal against the decision of the Banking Ombudsman where he has rejected the customer's complaint relating to matters falling within the grounds of complaints specified under the scheme. The Reserve Bank of India has amended the Banking Ombudsman Scheme, 2006 to enable the customers to appeal against the Banking Ombudsman's decision. The amendments are available on the RBI website. Before the scheme was amended, the bank customers could appeal
May 18, 2006
Working Group to suggest measures to assist distressed farmers
The Reserve Bank of India today constituted a Working Group to suggest measures to assist distressed farmers including provision of financial counselling services and introduction of a specific Credit Guarantee Scheme under the Deposit Insurance and Credit Guarantee Corporation of India (DICGC) Act for such farmers. The members of the Working Group will be: 1. Prof. S.S. Johl, Vice Chairman, Punjab State Planning Board – Chairman 2. Dr. Y.S.P. Thorat, Chairman, Nation
The Reserve Bank of India today constituted a Working Group to suggest measures to assist distressed farmers including provision of financial counselling services and introduction of a specific Credit Guarantee Scheme under the Deposit Insurance and Credit Guarantee Corporation of India (DICGC) Act for such farmers. The members of the Working Group will be: 1. Prof. S.S. Johl, Vice Chairman, Punjab State Planning Board – Chairman 2. Dr. Y.S.P. Thorat, Chairman, Nation
Dec 26, 2005
RBI expands Scope of Banking Ombudsman Scheme; Includes Fair Banking Practices
The Reserve Bank of India today announced the revised Banking Ombudsman Scheme with enlarged scope to include customer complaints on certain new areas, such as, credit card complaints, deficiencies in providing the promised services even by banks' sales agents, levying service charges without prior notice to the customer and non adherence to the fair practices code as adopted by individual banks. Applicable to all commercial banks, regional rural banks and scheduled p
The Reserve Bank of India today announced the revised Banking Ombudsman Scheme with enlarged scope to include customer complaints on certain new areas, such as, credit card complaints, deficiencies in providing the promised services even by banks' sales agents, levying service charges without prior notice to the customer and non adherence to the fair practices code as adopted by individual banks. Applicable to all commercial banks, regional rural banks and scheduled p
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Page Last Updated on: September 22, 2023
