BANKING

List of Scheduled Banks in India

Advocatetanmoy

SCHEDULED BANKS UNDER RBI ACT

Ajodhia Bank, Fyzabad,
Allahabad Bank.
American Express Banking Corp.
American Express International Banking Corporation.
Andhra Bank, Masulipatam.
Bank of America, National Association.
Bank of Baroda
Bank of China, Calcutta.
Bank of India, Bombay.
Bank of Kerala Ltd.
Bank of Madura Ltd., Madurai.
Bank of Karnataka, Hubli.
Bank of Maharashtra, Poona.
Bank of Rajasthan Ltd., Udaipur
Bank of Tokyo Mitsubishi Ltd.
Bareilly Corporation Bank Ltd., Bareilly.
Belgaum Bank.
Benares State Bank Ltd.
British Bank of the Middle East.
Canara Bank.
Corporation Bank.
Canara Industrial and Banking Syndicate, Udipi.
Catholic Syrian Bank Ltd., Trichur.
Central Bank of India.
Standard Chartered Bank.
Comptoir National D’ Escompte de Paris.
Commercial Bank of Korea Ltd.
Dena Bank, Bombay.
[Dresdner Bank AG.]
Eastern Bank.
Citi Bank, N.A. of New York.
Federal Bank Ltd., Alwaye.
General Bank of Netherlands.
Gadodia Bank, Bombay.
Habib Bank.
Hanil Bank.
Hindustan Commercial Bank, Cawnpore.
Hindustan Mercantile Bank, Calcutta.
Hongkong and Shanghai Banking Corporation.
Indian Bank, Madras.
Indian Overseas Bank, Madras.
Industrial Development Bank of India.
ICICI Bank Limited.
J.& K. Bank Ltd., Srinagar.
Kamani Industrial Bank.
Karnataka Bank Ltd., Mangalore.
Karur Vysya Bank.
Krishnaram Baldeo Bank (Private) Ltd., Gwalior.
Kumbakonam City Union Bank Ltd.
Lakshmi Vilas Bank Ltd., Karur.
Mercantile Bank.
[Indian Mercantile Cooperative Bank Ltd., Cantonment Road, Lucknow-226001, Uttar Pradesh.]
Mitsui Bank Ltd.
Nadar Bank, Tuticorin.
Grindlays Bank P.L.C.
National Bank of Pakistan.
Nedungadi Bank Ltd., Calicut.
New Bank of India, Ltd.
Oriental Bank of Commerce.
Pandyan Bank.
[Pravara Sahakari Bank Ltd., Loni Distt., Ahmednagar-413736, Maharashtra.]
Punjab and Sind Bank, Amritsar.
Punjab Co-operative Bank Ltd., Amritsar.
Punjab National Bank.
Purbanchal Bank Ltd., Gauhati.
Ratnakar Bank Ltd., Kolhapur.
Sangli Bank Ltd.
[Sonali Bank Ltd.]
Bank of Tamil Nadu Ltd.
South Indian Bank Ltd., Trichur.
State Bank of Hyderabad.
State Bank of India.
State Bank of Jaipur.
State Bank of Indore.
State Bank of Mysore.
State Bank of Patiala.
State Bank of Travancore.
Syndicate Bank.
Tanjore Permanent Bank Ltd., Tanjore.
Tamil Nadu State Co-operative Bank Ltd., Madras.
Tamilnad Mercantile Bank Ltd.
Traders’ Bank Ltd.
Travancore Bank Ltd., Trivandrum Taluk.
Union Bank of India, Bombay.
United Bank of India.
UCO Bank Ltd.
United Commercial Bank Ltd., Calcutta.
United Industrial Bank Ltd., Calcutta.
United Western Bank Ltd., Bangalore City.
Yes Bank Ltd.
Vijaya Bank Ltd., Mangalore.
ING Vysya Bank Limited], Bangalore City.
West Bengal State Co-operative Bank Ltd., Calcutta.
1975
Prathama Bank, Moradabad (Uttar Pradesh).
Gorakhpur Kshetriya Gramin Bank, Gorakhpur.
Jaipur-Nagaur Anchalik Gramin Bank, Jaipur.
Gaur Gramin Bank, Malda.
Haryana Kshetriya Gramin Bank, Bhiwani.
Bhojpur-Rohtas Gramin Bank, Arrah.
1976
Samyut Kshetriya Gramin Bank, Azamgarh.
Kshetriya Gramin Bank, Hoshangabad.
Tungabhadra Gramin Bank, Bellary.
Puri Gramya Bank, Pipli.
Jammu Rural Bank, Jammu.
Champaran Kshetriya Gramin Bank, Motihari.
Barabanki Gramin Bank, Barabanki.
Gurgaon Gramin Bank, Gurgaon.
Rai Bareli Kshetriya Gramin Bank, Rai Bareli.
Farrukabad Gramin Bank, Farrukabad.
Mel’abhum Gramin Bank, Bankura.
Bolangir Anchalik Gramya Bank, Bolangir.
Nagarjuna Grameena Bank, Khammam.
Pragjyotish Gaonilia Bank, Nalbari.
Rayalseema Grameena Bank, Cuddapah.
Mayurakshi Gramin Bank, Suri.
Malaprabha Grameena Bank, Dharwar.
Marathwada Gramin Bank, Nanded.
Marwar Gramin Bank, Pali.
Bhagirath Gramina Bank, Sitapur.
Visakha Grameena Bank, Srikakulam.
Cauvery Grameena Bank, Mysore.
Shekhawati Gramin Bank, Sikar.
Cuttack Gramya Bank, Cuttack.
Bilaspur-Raipur Kshetriya Gramin Bank, Bilaspur.
Magadh Gramina Bank, Gaya.
Koraput-Panchabati Gramya Bank, Jeypore.
South Malabar Gramin Bank, Malappuram.
South Malabar Gramin Bank, Cannanore.
Rewa-Sidhi Gramin Bank, Rewa.
Tripura Gramin Bank, Agartala.
Kosi Kshetriya Gramin Bank, Purnea.
Himachal Gramina Bank, Mandi.
Ballia Kshetriya Gramin Bank, Ballia.
1977
Hardoi-Unnao Gramin Bank, Hardoi.
1978
Krishna Grameena Bank, Gulbarga,
Kutch Gramin Bank, Bhuj.
Jamnagar Gramin Bank, Jamnagar.
1979
Marudhar Kshetriya Gramin Bank, Churu.
Nalanda Gramin Bank, Bihar Shariff.
Singhbhum Kshetriya Gramin Bank, Chaibasa.
Madhubani Kshetriya Gramin Bank, Madhubani.
Sharada Gramin Bank, Santa.
Ellaquai Dehati Bank, Shrinagar.
Surguja Kshetriya Gramin Bank, Ambikapur (M.P.)
Shri Anantha Grameena Bank, Anantpur.
Bastar Kshetriya Gramin Bank, Jagadalpur.
1980
Kanpur Kshetriya Gramin Bank, Kanpur.
Sravasthi Gramin Bank, Bahraich.
Drug-Rajnandgaon Gramin Bank, Rajnandgaon.
Mithila Kshetriya Gramin Bank, Darbhanga.
Etawah Kshetriya Gramin Bank, Etawah (U.P.)
Samastipur Kshetriya Gramin Bank, Samastipur.
Palamau Kshetriya Gramin Bank, Daltonganj.
Kisan Gramin Bank, Budaun (U.P.).
Kshetriya Kisan Gramin Bank, Mainpuri (U.P.).
Kalbandi Anchalik Gramya Bank, Bhawanipatur (Ori.).
Jhabua-Dhar Kshetriya Gramin Bank, Jhabhua (M.P.).
Ranchi Kshetriya Gramin Bank, Ranchi (Bihar).
Baitarani Gramya Bank, Baripada (Ori.).
Kashi Gramin Bank, Varanasi (U.P.)
Lakhimi Gaonila Bank, Golaghat (Assam).
Basti Grarnin Bank, Basti (U.P.).
Balasore Gramya Bank, Balasore (Ori.).
Allahabad Kshetriya Gramin Bank, Allahabad (U.P.).
Pratapgarh Kshetriya Gramin Bank, Pratapgarh (U.P.).
Nadia Gramin Bank, Krishnagar (U.P.).
Faizabad Kshetriya Grainin Bank, Faizabad (U.P.).
Fatehpur Kshetriya Gramin Bank, Fatehpur (U.P.).
Sagar Gramin Bank, Amtala (W.B.).
Bareilly Kshetriya Gramin Bank, Bareilly (U.P.).
BardhamanGramin Bank, Burdwan (W.B.).
1981
Devipatan Kshetriya Gramin Bank, Gonda (U.P.).
Raigarh Kshetriya Gramin Bank, Raigarh (M.P.).
Rushikulya Gramya Bank, Berhampur (Ori.).
Alwar-Bharatpur Anchalik Gramin Bank, Bharatpur (Raj.).
Shri Venkateshwara Grameena Bank, Chitoor (A.P.).
Aligarh Gramin Bank, Aligarh (U.P.).
Tulsi Gramin Bank, Banda (U.P.).
Gopalganj Kshetriya Gramin Bank, Gopalgunj (Bihar).
Shivapuri-Guna Kshetriya Gramin Bank, Shivpuri (M.P.).
Saran Kshetriya Gramin Bank, Chapara (Bihar).
Etah Gramin Bank, Eta (U.P.).
Gomti Gramin Bank, Jaunpur (U.P.).
Damoh-Panna-Sagar Kshetriya Gramin Bank, Damoh (M.P.).
Cachar Gramin Bank, Silchar (Assam).
Siwan Kshetriya Gramin Bank, Siwan (Bihar).
Manipur Rural Bank, lmphal (Manipur).
Kamraz Rural Bank, Sopore (J.&K.).
Chitradurga Gramin Bank, Chitradurga (Karnataka).
Dhenkanal Grantya Bank, Dhenkanal (Ori.).
Avaroli Kshetriya Gramin Bank, Sawaimadopur (Raj.).
Banaskantha-Mehsana Gramin Bank, Patan (Guj.).
Ka Bank Nongkyndong Ri Khasi Jaintia (Meghalaya).
1982
Karbi N.C. Rural Bank, Diphu (Assam).
Sri Saraswati Grameena Bank, Adilabad (A.P.).
Subansiri Gaonila Bank, North Lakhmipur (Assam).
Panchamahal Gramin Bank, Godhara (Gujarat).
Chattrasal Gramin Bank, Orai (U.P.).
Dewas-Shajapur Kshetriya Gramin Bank, Dewas (M.P.).
Sangameshwara Grameena Bank, Mahboobnagar (A.P.).
Kalpatharn Grameena Bank, Tumkur (Karnataka).
Rani Laxmi Bai Kshetriya Gramin Bank, Jhansi (U.P.).
Manjira Grameena Bank, Sangareddy (A.P.).
Pinnakini Grameena Bank, Nellore (A.P.).
Howrah Gramin Bank, Howrah (W.B.).
Nimar Kshetriya Gramin Bank, Khargone (M.P.).
Kakathiya Grameena Bank, Warangal (A.P.).
Hadoli Kshetriya Gramin Bank, Kotah (Raj.).
Mandla-Balaghat Kshetriya Gramin Bank, Mandla (M.P.).
Aurangabad-Jalna Gramin Bank, Aurangabad (Maharashtra).
1983
Bidur Gramin Bank, Bijnor (U.P.).
Chhindwara-Seoni Kshetriya Gramin Bank, Chhindwara (M.P.).
Mewar Anchalik Gramin Bank, Udaipur (Raj.).
Thar Anchalik Gramin Bank, Jodhpur (Raj.).
Chandrapur-Gadchiroli Gramin Bank, Chandrapur (Mah.).
Kolar Gramin Bank, Kolar (Karnataka).
Rajgarh Kshetriya Gramin Bank, Biaora (Rajgarh) (M.P.).
Shahajanpur Kshetriya Gramin Bank, Shahajanpur (U.P.).
Chaitanya Grameena Bank, Tenali, (Guntur) Distt. (A.P.).
Nainital-Almora Kshetriya Gramin Bank, Nainital (U.P.).
Shri Sathavahana Grameena Bank, Karimnagar (A.P.).
Kapurthala-Firozpur Kshetriya Gramin Bank, Kapurthala (Punj.).
Vindhyavasini Gramin Bank, Mirzapur (U.P.).
Nagaland Rural Bank, Kohima (Nagaland).
Gurdaspur-Amritsar Kshetriya Gramin Vikas Bank, Gurdaspur (Punj.).
Bijapur Gramin Bank, Bijapur (Karnataka).
Shahdol Kshetriya Gramin Bank, Shahdol (M.P.).
Sarayu Gramin Bank, Lakhmipur (U.P.).
Mizoram Rural Bank, Aigwal (Mizoram).
Akola Gramin Bank, Akola (Mah.).
Ratlam-Mandsaur Kshetriya Gramin Bank, Mandsaur (M.P.).
Ratnagiri-Sindudurg Gramin Bank, Ratnagiri (Mah.).
Arunachal Pradesh Rural Bank, Pasighat (Arunachal Pradesh).
Jamuna Gramin Bank, Agra (U.P.).
Surendranagar-Bhavnagar Gramin Bank, Bhavnagar (Guj.).
1984
Solapur Gramin Bank, Solapur (Mah.).
Bhandara Gramin Bank, Bhandara (Mah.).
Chambal Kshetriya Gramin Bank, Morena (M.P.).
Valsad-Dangs Gramin Bank, Bulsar (Guj.).
Surat-Bharuch Gramin Bank, Broach (Guj.).
Bundi-Chittogarh Kshetriya Gramin Bank, Bundi (Raj.).
Bhilwara-Ajmer Kshetriya Gramin Bank, Bhilwara (Raj.).
Dungarpur-Banswara Kshetriya Gramin Bank, Dungarpur (Raj.).
Sriganganagar Kshetriya Gramin Bank, Sriganganagar (Raj.).
Giridih Kshetriya Gramin Bank, Giridih (Bihar).
Muzaffarnagar Kshetriya Gramin Bank, Muzaffarnagar (U.P.).
Saba rkantha-GandhinagarGramin Bank, Himatnagar (Guj.).
Sahyadri Gramin Bank, Shimoga (Karnataka).
Mahakaushal Kshetriya Gramin Bank, Narsinghpur (M.P.).
Chikmagolur-Kodagu Grameena Bank, Chikmagalur (Karnataka).
Murshidabad Gramin Bank, Berhampore (W.B.).
Indore-Ujjain Kshetriya Gramin Bank, Ujjain (M.P.).
Hazaribagh Kshetriya Gramin Bank, Hazaribagh (Bihar).
Patiliputra Gramin Bank, Patna (Bihar),
1985
Ambala Kshetriya Gramin Bank, Ambala city (Haryana).
Yavatmal Gramin Bank, Yavatmal (Mah.).
Golkonda Gramin Bank, Hyderabad (A.P.).
Srirama Gramin Bank, Nizamabad (A.P.).
Bhagalpur-Banka Kshetriya Gramin Bank, Bhagalpur (Bihar).
Bikaner Kshetriya Gramin Bank, Bikaner (Raj.).
Pithoragarh Kshetriya Gramin Bank, Pithoragarh (U.P.).
Vishveshwaraya Grameena Bank, Mandya (Karnataka).
Ganga-Yamuna Gramin Bank, Dehradun (U.P.).
Alkanand Gramin Bank, Rauri (U.P.).
Gwalior Datia Kshetriya Gramin Bank, Datia (M.P.).
Buldhana Gramin Bank, Buldhana (Mah.).
Parvatiya Gramin Bank, Chambal (H.P.).
Adhiyaman Gramin Bank, Dharampuri (T.N.).
Oman International Bank.
Socicto Generale, Paris (France).
1986
Malwa Gramin Bank, Sangrur (Punj.).
Thane Gramin Bank, Thane (Mah.).
Vidisha-Bhopal Kshetriya Gramin Bank, Vidisha (M.P.).
Faridkot Bhatinda Kshetriya Gramin Bank, Bhatinda (Punj.).
Vallalor Gramin Bank, Cuddalore (T.N.).
Bank of Bahrain and Kuwait B.S.C.
1987
Godawari Grameena Bank, Rajahmundry (A.P.).
Habib Bank Ltd., Bombay and National Bank of Pakistan, Calcutta.
1988
For “Deutsche Bank (Asia) A.G.
read “Deutsch Bank A.G.
1992
For “The Mitsui Taiyo Kebe Bank Ltd.” read “The Sakma Bank Limited.”
1993
The Ganesh Bank of Kurundwad Ltd.
1994
[AXIS Bank Limited.]
Indus Bank Limited.
International Nederlanden Bank N.V.
Goa State Co-operative Bank Ltd.
Global Trust Bank Limited.
1995
Pondicherry State Co-operative Bank Ltd.
Dresdner Bank A.G.
HDFC Bank Ltd.
[Centurion Bank of Punjab Limited.]
Bank of Punjab Limited.
The Development Bank of Singapore Limited.
Development Credit Bank Limited.
Times Bank Limited.
Development Co-operative Bank Ltd., Bombay.
1996
The Siam Commercial Bank Public Company Limited.
Commerce Bank, A.G.
For “Bank of Tokyo Limited” read’ “The Bank of Tokyo Mitsubishi UFJ Ltd.]”
Chinatrust Commercial Bank.
The Fuji Bank Limited.
For “The Chase Manhattan Bank NA” read “The Chase Manhattan Bank.”
1997
Oversea-Chinese Banking Corporation Limited.
For “ANZ Grind lays Bank Ltd.” read “ANZ Grindlays Bank Limited.
1998
Mapusa Urban Co-operative Bank Ltd., Mapusa, Goa.
Ahmednagar Sahaka ri Bank Ltd., Mumbai.
Parsik Janata Sahakari Bank Ltd., Thane.
Janakalyan Sahakari Bank Ltd., Chembur, Mumbai.
The Kapol Co-operative Bank Ltd., Mumbai.
1999
Nagpur Nagrik Sahakari Bank Ltd., Nagpur, Maharashtra.
Shikshak Sahakari Bank Ltd., Nagpur, Maharashtra.
The Akola Janta Commercial Co-operative Bank Ltd., Akola, Maharashtra.
The Akoja Urban Co-operative Bank Ltd., Akola, Maharashtra.
The Khamgaon Urban Co-operative Bank Ltd., Khamgaon, Maharashtra.
The Vasavi Co-operative Urban Bank Ltd., Hyderabad, Andhra Pradesh.
2000
The Kalyan Janata Sahakari Bank Ltd., Kalyan, Maharashtra.
Janalaxmi Co-operative Bank Ltd., Nashik, Maharashtra.
Punjab & Maharashtra Co-operative Bank Ltd., Mumbai, Maharashtra.
Nagar Urban Co-operative Bank Ltd., Ahmednagar, Maharashtra.
[Kallappanna Awade Ichalkaranji Janata Sahakari Bank Ltd., Ichalkaranji.]
Jalgaon Janata Sahakari Bank Ltd., Jalgaon, Maharashtra.
The Karad Urban Co-operative Bank Ltd., Karad, Maharashtra.
Mandvi Co-operative Bank Ltd., Mumbai, Maharashtra.
The Mehsana Urban Co-operative Bank Ltd., Mehsana, Gujarat.
Nutan Nagarik Sahakari Bank Ltd., Ahmedabad, Gujarat.
Sardar Bhiladwalla Pardi People’s Co-operative Bank Ltd., Killa Pardi, Distt. Valsad, Gujarat.
Co-operative Bank of Ahmedabad Ltd., Ahmedabad, Gujarat.
The Visnagar Nagarik Sahakari Bank Ltd., Visnagar, Distt. Mehsana, Gujarat.
Amanath Co-operative Bank Limited, Bangalore, Karnataka.
2002
SolapurJanata, Sahakari Bank Ltd., Solapur-413007, Maharashtra.
Bharati Sahakari Bank Ltd., Pune-411030, Maharashtra.
2003
Thane Bharat Sahakari Bank Ltd., Thane 400602, Maharashtra.
Zoroastrian Co-operative Bank Ltd., Mumbai, 400023, Maharashtra.
[NKGSB Co-operative Bank Ltd., Mumbai.]
2004
[IDBI Bank Limited.]
2005
ING Bank N.V.
2006
UFJ Bank Limited.
The Co-operative Bank of Ahmedabad Ltd., Ahmedabad.
2007
Lord Krishna Bank Limited.
2008
JSC VTC Bank

Government of India issued RBI directions u/s 7 of the RBI Act for the first time

Advocatetanmoy

The Reserve bank of India is neither autonomous nor independent and directors are simple government servant by their appointment.

The government has invoked never-before-used powers under the RBI Act allowing it to issue directions to the central bank governor on matters of public interest. Section 7 of the RBI Act empowers the government to consult and give instructions to the governor to act on certain issues that the government considers serious and in public interest. This Section had never been used in independent India till now. The government and RBI have been at loggerheads over a few issues for some time now. While the government believed that easing of lending rules for the 11banks under the prompt corrective action (PCA) framework could help reduce pressure on micro, small and medium enterprises (MSMEs), the regulator stood its ground arguing that such a move would put the clock back and undo clean-up efforts. Continue reading →

RBI guidelines for Prepaid Payment Instruments for Interoperability u/s 18 & 10(2) of the Payment and Settlement Systems Act, 2007

Advocatetanmoy
Prepaid Payment Instruments (PPIs) – Guidelines for Interoperability
RBI/2018-19/61
DPSS.CO.PD.No.808/02.14.006/2018-19

October 16, 2018

All Prepaid Payment Instrument Issuers, System Providers and System Participants

Madam / Dear Sir,

Prepaid Payment Instruments (PPIs) – Guidelines for Interoperability

A reference is invited to the Master Direction DPSS.CO.PD.No.1164/02.14.006/2017-18 dated October 11, 2017 (updated as on December 29, 2017) on Issuance and Operation of PPIs (M.D.). As per the road-map laid down therein, interoperability of all KYC-compliant PPIs was to be enabled in three phases – (i) interoperability of PPIs issued in the form of wallets through Unified Payments Interface (UPI), (ii) interoperability between wallets and bank accounts through UPI, and (iii) interoperability for PPIs issued in the form of cards through card networks.

2. In order to prepare better for implementation of interoperability, consolidated guidelines for enabling all phases are enclosed. Participating PPI issuers, who choose to adopt interoperability shall ensure adherence to the enclosed guidelines, in addition to the instructions on KYC, security for transactions and application life cycle, cyber security, fraud prevention and risk management as in the M.D.

3. Banks shall also be guided by the RBI circulars DBS.CO/CSITE/BC.11/33.01.001/2015-16 dated June 2, 2016 on ‘Cyber Security Framework in Banks’ and DBS.CO.ITC.BC.No.6/31.02.008/2010-11 dated April 29, 2011 on ‘Working Group on Information Security, Electronic Banking, Technology Risk Management and Cyber Frauds – Implementation of Recommendations’, as applicable.

4. Furthermore, all participating PPI issuers shall be guided by the technical specifications / standards / requirements for achieving interoperability through UPI and card networks as per the requirements of National Payments Corporation of India (NPCI) and the respective card networks. NPCI and card networks shall facilitate participation by PPI issuers in UPI and card networks.

5. These guidelines are issued under Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007.

Yours faithfully,

(P. Vasudevan)
Chief General Manager

Encl.: As above

Prepaid Payment Instruments (PPIs) – Operational Guidelines for Interoperability
(DPSS.CO.PD.No.808/02.14.006/2018-19 dated October 16, 2018)

1. Introduction

1.1 Interoperability is the technical compatibility that enables a payment system to be used in conjunction with other payment systems. Interoperability allows PPI Issuers, System Providers and System Participants in different systems to undertake, clear and settle payment transactions across systems without participating in multiple systems.

2. Requirements

2.1 The requirements mentioned herein, with respect to interoperability, are in addition to the provisions of Master Direction on PPIs.

2.2 PPI issuers shall have a Board approved policy for achieving PPI interoperability.

3. Requirements for achieving interoperability: Common to Wallets and Cards

3.1 Where PPIs are issued in the form of wallets, interoperability across PPIs shall be enabled through UPI.

3.2 Where PPIs are issued in the form of cards, the cards shall be affiliated to the authorised card networks.

3.3 All PPI issuers intending to implement interoperability through UPI and / or card networks shall adhere to the instructions contained in these guidelines. PPI issuers operating exclusively in specific segments like Meal, Gift and MTS may also implement interoperability.

3.4 The interoperability shall be facilitated to all KYC compliant PPI accounts and entire acceptance infrastructure.

3.5 Technical requirements: PPI issuers shall adhere to all the requirements of card networks / UPI including membership type and criteria, merchant on-boarding, adherence to various standards, rules and regulations applicable to the specific payment system such as technical requirements, certifications and audit requirements, governance, etc.

3.6 Reconciliation, customer protection and grievance redressal:

  1. PPI issuers shall ensure adherence to all guidelines / requirements of card networks / UPI in terms of reconciliation of positions at daily / weekly / monthly or more frequent basis, as the case may be.
  2. PPI issuers shall adhere to all dispute resolution and customer grievance redressal mechanisms as prescribed by the card networks / UPI.

4. Requirements for achieving interoperability through card networks

4.1 Card networks are allowed to onboard PPI issuers to join their network. Non-bank PPI issuers are permitted to participate as members / associate members of authorised card networks.

4.2 Settlement: For the purpose of settlement, a non-bank PPI issuer can participate directly or through a sponsor bank arrangement as the case may be. Non-bank PPI issuers shall adhere to the requirements of respective card network’s settlement system.

4.3 Safety and security:

  1. As non-bank PPI issuers will issue interoperable cards in association with card networks for the first time, the cards issued by these entities shall ab initio be EMV Chip and PIN compliant.
  2. Banks shall ensure that all new PPIs issued in the form of cards are EMV Chip and PIN compliant.
  3. Banks shall ensure that all reissuance / renewal of PPIs in the form of cards are EMV Chip and PIN compliant.
  4. PPI issuers operating exclusively in Meal segment shall issue EMV Chip and PIN compliant cards, if they opt for interoperability. Gift cards and MTS, may however, be issued with or without EMV Chip and PIN enablement.

5. Requirements for achieving interoperability through UPI

5.1 PPI issuers shall facilitate all basic / standard features of interoperability of UPI.

5.2 PPI issuers shall act as Payment System Providers (PSP) in the UPI. NPCI will issue handle to the PPI issuers as per its policy / guidelines taking risk management aspects into consideration. Since *99# USSD is part of UPI, non-bank PPI issuers are also allowed to participate in the same.

5.3 PPI holders shall be on-boarded for UPI by their own PPI issuer only. PPI issuers shall only link their customer wallets to the handle issued to them. PPI issuers as PSP shall not on-board customers of any bank or any other PPI issuer.

5.4 Authentication will be completed by the PPI holder as per his / her existing wallet credentials. In other words, a transaction will be pre-approved before it reaches the UPI.

5.5 Settlement: For the purposes of settlement, a non-bank PPI issuer shall participate through a sponsor bank. Non-bank PPI issuers shall adhere to the requirements of sponsor bank arrangement in UPI as also meet all requirements of NPCI in this regard.

RBI cancels Certificate of Registration of several NBFCs U/S 45-IA (6) of Reserve Bank of India Act, 1934

Advocatetanmoy
Date : Oct 23, 2018
RBI cancels Certificate of Registration of 31 NBFCs
The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following companies.

Sl. No. Name of the Company Registered Office address of the Company CoR No Date of issue of CoR Date of Cancellation of CoR
1 Vishwajeet Financiers Ltd.
(Presently known as Vishwajeet Financiers Pvt. Ltd.)		 103/24/1, Foreshore Road, Inside Binani Metal Complex, Howrah-711 102, West Bengal 05.00463 February 27, 1998 July 13, 2018
2 Pankaj Investments Ltd. North Block, 2nd Floor, Room No.264, 32, Ezra Street, Kolkata-700 001, West Bengal 05.01670 April 22, 1998 July 09, 2018
3 Maxwell Wood Products (P) Limited 16, India Exchange Place, Ist Floor, Room No. 7/8, Kolkata-700 001, West Bengal 05.01236 March 24, 1998 July 02, 2018
4 Patrex Vyapaar Private Limited 23B, N S Road, 1st Floor, Room No. 112, Kolkata-700 001, West Bengal 1C/1, Mayfair Tower 2, Palm Avenue, Kolkata-700 019, West Bengal B.05.05352 February 05, 2003 July 17, 2018
5 Rajesh Viniyog Pvt. Ltd. 10 Pollock Street, Kolkata-700 001, West Bengal 05.00117 February 18, 1998 August 02, 2018
6 Batabari Investments Limited
(Previously known as Batabari Tea Company Limited)		 1A, Grant Lane, 2nd Floor, Room no. 207, Kolkata-700 012, West Bengal B.05.02748 February 21, 2001 June 30, 2018
7 Anscor Credit Capital Private Limited 4, India Exchange Place, 3rd Floor, Kolkata-700 001, West Bengal B-05.04793 March 07, 2003 July 10, 2018
8 Navanirman Investments & Estates Limited 8-2-467/4/A/2/1, Road No.5, Banjara Hills, Hyderabad-500 034 09.00118 March 25, 1998 July 26, 2018
9 Sphinx Investments & Finance Limited
(Sphinx Investments And Finance Limited)		 8-2-467/4/A/2/1, Road No.5, Banjara Hills, Hyderabad-500 034 09.00099 March 18, 1998 July 26, 2018
10 Sinclaire Holdings & Investments Limited 8-2-467/4/A/2/1, Road No.5, Banjara Hills, Hyderabad-500 034 09.00130 March 25, 1998 July 26, 2018
11 H.K.G. Finance and Investment Company Limited Flat No-20, Second Floor, Naveen Market, Kanpur, Uttar Pradesh-208 001 B-12.00341 September 29, 2001 August 10, 2018
12 Hariyali Travellers Private Limited F-1052, Gaur Green City, Indirapuram, Ghaziabad, Uttar Pradesh-201 010 B-12.00332 August 13, 2001 August 09, 2018
13 Rajadhiraj Auto Finance Co. Private Limited Brij Complex, Opposite New Bus Stand, Near Nepal Hotel, Bhuteshwar Road, Mathura, Uttar Pradesh-281 001 B-1200308 May 28, 2008 August 10, 2018
14 Barsana Motor Finance Private Limited A-318/B Surya Nagar, Ghaziabad, Uttar Pradesh 201 011 B-12.00314 August 07, 2008 August 09, 2018
15 City Motor Fin-Invest Limited 177/1 Purwa Deen Dayal, Opp D N Inter College, Delhi Road, Meerut, Uttar Pradesh-250 002 B-12.00440 October 21, 2005 August 09, 2018
16 VGP Finances Limited VGP Square, No.6, Dharmaraja Koil Street, Saidapet, Chennai-600 015 B-07.00735 September 15, 2017 August 13, 2018
17 Umeed Investments Limited SCO 3 & 4, Sector-1, Rohtak, Haryana-124 001 A-14.02144 July 23, 2010 August 02, 2018
18 Trans Asia Auto and General Finance Limited 239, II Floor, Kailash Hills, New Delhi-110 065 A-14.01623 February 16, 2000 August 02, 2018
19 Shane Haryana Finlease Limited Plot No.111, 3rd Floor, Sudershan Road, Near Hyundai Workshop, Gautam Nagar, New Delhi-110 049 A-14.02872 July 04, 2007 August 02, 2018
20 Parv Financiers Limited C-4/143, Safdurjung Development Area, Opposite I.I.T, New Delhi-110 016 A-14.02151 July 02, 2010 August 02, 2018
21 Sree Narayana Traders and Financiers Limited 59/13, Kolluthara Building, Pathanamthitta-689 645, Kerala B-16.00114 August 23, 2000 August 06, 2018
22 Galilee Investments and Credit Limited TC 26/706, House No.5, Chembaka Nagar, Trivandrum, Kerala 695 001 B-16.00138 January 08, 2001 August 06, 2018
23 Nedungad Investments Private Limited 150/4, Nedungad, Nayarambalam, Ernakulam, Kerala-682 509 B-16.00149 March 08, 2001 August 06, 2018
24 Nithya Hire Purchase and Leasing Private Limited Room No. VIII/320 B1, Sai Building, Velloorkunnam, Market P.O., Muvattupuzha, Ernakulam, Kerala-686 673 B-16.00173 March 11, 2002 August 06, 2018
25 Carbo Industrial Holdings Ltd. Flat No. 702, 7th Floor, Kanchanjunga Building, 18, Barakhamba Road, New Delhi-110 001 B-14.03367 July 04, 2017 August 02, 2018
26 KPR Investments Private Limited IInd Floor, ‘SPL Sriram Nivas’, 38, Venkatakrishna Road, Mandaveli, Chennai-600 028 B-07.00493 October 23, 2000 August 17, 2018
27 Kukoo Motor Finance Private Limited
(Presently known as Montu Motor Finance Private Limited)		 Yamaha Showroom, Opposite Roadways Workshop, Choki Bagh Bahadur, SBI Crossing, Mathura, Uttar Pradesh-281 001 B-12.00330 August 09, 2001 August 16, 2018
28 SNT Securities Limited H Block, 2/5 Kidwai Nagar, Kanpur, Uttar Pradesh-208 011 12.00064 February 27, 1998 August 16, 2018
29 Hindon Motor Finance Private Limited 1st Floor, Upper Bazar, Modinagar, Uttar Pradesh-201 204 B-12.00300 March 29, 2001 August 16, 2018
30 Ever Trust Finance (India) Limited No. 39, Mint Street, Shop No. R-2, Opp: Hotel Palace Café, Sowcarpet,Chennai-600 079 07.00345 June 03, 2008 August 10, 2018
31 Vasu Senniappa Finance Limited 220/11C Narayan Nagar Gobichettypalayam-638 452, Erode District A-07.00732 May 20, 2014 August 09, 2018

As such, the above companies shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934.

Ajit Prasad
Assistant Adviser

Press Release : 2018-2019/945
Date : Oct 22, 2018
RBI cancels Certificate of Registration of 30 NBFCs

The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following companies.

Sl. No. Name of the Company Registered Office address of the Company CoR No Date of issue of CoR Date of Cancellation of CoR
1 Padmavati Leasing and Credits Private Limited Flat No.-7A-6, Maharani Bagh, New Delhi- 110 065 14.00299 March 06,1998 August 02, 2018
2 Udhav Investments Private Limited Plot No. A 24/7M.C.I.A Mathura Road, New Delhi-110 044 B-14.02824 January 08, 2003 August 02, 2018
3 R.P. Narang Finance Investment & Leasing Pvt. Ltd. 235, First Floor, Gujrawalan Town, Part III, Delhi-110 009 B.14.02332 March 23, 2001 August 02, 2018
4 R.R. Corporate Securities Limited Administrative Block, Metro Walk, Sector-10, Rohini, Near Rlthala Metro Station, Rohini-Delhi-110 085 14.00045 February 24, 1998 August 02, 2018
5 Prem Finsec Private Limited SF-20, 1st Floor, Aditya Mega Mall, Near Karkarduma Court, Plot No 9-D, CBD East, Shahdra Delhi- 110 032 14.00998 August 10, 1998 August 02, 2018
6 P.N.F Leasing & Finance Limited K-1/A, Arjun Nagar, Safdarjung Enclave, New Delhi-110 029 N-B-14.02949 September 12, 2003 August 02, 2018
7 Tee Kay Finvest Limited C-654 New Friends Colony, New Delhi- 110 065 B-14.02119 January 12, 2001 August 02, 2018
8 Praja Securities Limited Plot No 14, Omaxe Square, GF-11A, Ground Floor, Non-Hierarchal Commercial Centre, Jasola, New Delhi-110 025 B-14.02559 February 07, 2002 August 02, 2018
9 RVS Financial Services Limited 58-59, First Floor, Local Shopping Complex, DDA Market, LU Block, Pitampura, Delhi- 110 034 B-14.02808 January 04, 2003 August 02, 2018
10 Vineet Leasing Pvt. Ltd. B-1/95, Paschim Vihar, New Delhi-110 063 B-14.01915 September 18, 2000 August 02, 2018
11 Bank Street Finance & Leasing Private Limited
(Presently known as Trozen Finance & Securities Pvt. Ltd.)		 10th Milestone, Delhi Mathura Road, Ishwar Nagar, New Delhi- 110 065 B-14.02666 January 08, 2003 August 02, 2018
12 Ujala Commercials Limited A-6/343B, 1ST Floor, Janta Flats, Paschim Vihar, New Delhi-110 063 B-14.00788 December 30, 2002 August 02, 2018
13 Rozina Finance Investment and Leasing Company Private Limited 102 Akashdeep Building 26A, Barakhamba Road, Connaught Place, New Delhi-110 001 B-14.02939 July 07, 2003 August 02, 2018
14 Parnika Investments Private Limited A 24/7, M.C.I.A Mathura Road, New Delhi-110 044 B-14.02309 July 11, 2002 August 02, 2018
15 Param Investments Private Ltd. 4th Floor, Punjabi Bhawan 10, Rouse Avenue, New Delhi- 110 002 B-14.02942 June 28, 2003 August 02, 2018
16 Rosedale Marketing Limited B-1/23 Ashok Vihar, Phase I, New Delhi-110 052 1400987 August 10, 1998 August 02, 2018
17 RKDK Corp. Ltd. Central Plaza-305, 2/6 Sarat Bose Road, Kolkata-700 020, West Bengal 05.02012 May 02, 1998 July 13, 2018
18 Asha Metals Pvt. Ltd. 4, Lower Rowdon Street, Trimurti Block-C-28, Second Floor, Kolkata-700 020, West Bengal 05.00384 February 26, 1998 July 09, 2018
19 Novarima Distributors (P) Ltd.
(Presently known as Parshwa Impex Private Limited)		 2, Garstin Place, 2nd Floor, Room No. 207, Kolkata-700 001, West Bengal B-05.02938 February 12, 2008 July 09, 2018
20 Raj Pushp Finance & Investment Private Limited A-136, Meera Bagh, New Delhi- 110 087 B-14.01969 September 13, 2000 August 02, 2018
21 Amluckie Investment Co. Ltd. 10 Princep Street, 2nd Floor, Kolkata-700 072, West Bengal 05.02692 June 11, 1998 July 11, 2018
22 Mantri Holdings Ltd. 15 India Exchange Place, Kolkata-700 001, West Bengal 05.00811 March 11, 1998 July 06, 2018
23 Spotme Tracon Pvt. Ltd. 2, Red Cross Place, Kolkata-700 001, West Bengal 05.02688 June 11, 1998 July 13, 2018
24 Avinash Exim Private Limited 510, Kamalalaya Centre, 156A, Lenin Sarani, Kolkata- 700 013, West Bengal 05.01740 April 25, 1998 July 05, 2018
25 Senilis Trading Syndicate Ltd. 27, Sir R.N. Mukherjee Road, Kolkata-700 001, West Bengal 05.00348 February 26, 1998 July 13, 2018
26 Prasha Finance & Leasing Private Limited 1/36, Old Rajinder Nagar, New Delhi-110 060 B-14.02115 May 01, 2001 August 02, 2018
27 Panchwati Finlease Private Limited 53, Vigyan Vihar, New Delhi-110 092 14.00511 March 21, 1998 August 02, 2018
28 Pranav Securities Private Limited 1666-B-3, Shop no. 3-H, F/F Govindpuri Extension, Kalkaji, South Delhi- 110 019 B-14.02494 October 18, 2001 August 02, 2018
29 Raju Shree Capitals Private Limited 4345/2/4C, Ansari Road, Daryaganj, Delhi- 110 002 B-14.02556 January 30, 2002 August 02, 2018
30 RVL Finance & Investments Private Limited Rama House, 23, Najafgarh Road, Industrial Area, New Delhi- 110 015 14.00260 March 04, 1998 August 02, 2018

As such, the above companies shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934.

Ajit Prasad
Assistant Adviser

Press Release : 2018-2019/940
Date : Oct 16, 2018
RBI cancels Certificate of Registration of 30 NBFCs
The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following companies.

Sl. No. Name of the Company Registered Office address of the Company CoR No Date of issue of CoR Date of Cancellation of CoR
1 J. D Motor Finance Limited First Floor, Vikas Complex, 37, Vir Savarkar Block, Vikas Marg, Shakarpur, Delhi-110 092 14.00744 May 25, 2007 August 02, 2018
2 Supra Industrial Resources Limited 805, E-Block, International Trade Tower, Nehru Place, New Delhi-110019 14.00608 March 31, 1998 August 02, 2018
3 Shilpi Leasing Pvt. Ltd. WZ-22, Bhagwan Das Nagar, New Rohtak Road, New Delhi-110 026 B-14.01625 February 24, 2000 August 02, 2018
4 Shree Dhan Finance And Investment Company Limited Top Floor, Plaza Cinema Building, H-Block, Connaught Circus, New Delhi- 110 001 14.00502 March 20, 1998 August 02, 2018
5 Sewastuti Finance Private Limited
(Formerly known as Abhishek Plantations Private Limited)		 R-5, Green Part Market, New Delhi-110 016 B-14-01163 December 09, 2004 August 02, 2018
6 S.K. Mittal Finance & Investment Private Limited 218, Ambika Vihar, Paschim Vihar, New Delhi-110 087 B-14.02840 January 07, 2003 August 02, 2018
7 Skylark Leasing Limited 914, Railway Road, Rani Bagh, Delhi, New Delhi-110 034 B-14.01412 August 30, 2000 August 02, 2018
8 Subhlabh Capital Services Limited 3618/XI, Netaji Subhash Marg, Darya Ganj, New Delhi-110 002 B-14.01913 September 13, 2000 August 02, 2018
9 Y.P. Finance & Securities Private Limited 50, 1st Floor, SSI Industrial Area, G.T. Karnal Road, Jahangir Puri Delhi-110 033 B-14-02027 June 21, 2004 August 02, 2018
10 Welltime Investments Private Limited 4th Floor, Punjabi Bhawan, 10 Rouse Avenue, New Delhi-110 002 B-14.02974 September 15, 2003 August 02, 2018
11 Sekhawati Capital Finlease Private Limited A-62, Group Industrial Area, Wazirpur, New Delhi- 110 052 B-14.02159 November 21, 2001 August 02, 2018
12 Saya Finlease Private Limited 123, Pocket 1, Jasola, New Delhi-110 025 B-14.02059 January 02, 2001 August 02, 2018
13 Sonakshi Finlease Limited B-1/245, Paschim Vihar, New Delhi-110 063 B-14.01045 November 28, 2002 August 02, 2018
14 Sanyog Fin-lease Private Limited Khasra No. 24//21, 22/1 Min., 23/1/1 Min. 25//1 Village Ashamabad, Bahalgarh, Sonepat, Haryana 131 021 B-14.02050 October 28, 2000 August 02, 2018
15 Surge Trading & Finance Private Limited 1246, Guru Teg Bahadur Motor Market, Chhota Bazar, Kashmere Gate, Delhi-110 006 B-14.01654 March 11, 2000 August 02, 2018
16 Sriyash Securities Private Limited Satya Sadan 135, Pocket-10, Sector-24, Rohini, Delhi-110 085 B-14.02121 January 04, 2001 August 02, 2018
17 Zeel Fincap Services Private Limited E-1, South Extension Part-II, New Delhi-110 049 B-14.02440 August 22, 2001 August 02, 2018
18 Caps Finstock Services Private Limited 801, International Trade Tower, Nehru Place, New Delhi-110 019 B-14.01884 August 24, 2000 August 02, 2018
19 Nikunj Agro Trading Company Limited 8/96/A, Nehru Gali, Vishwash Nagar, New Delhi-110 032 14.00541 March 24, 1998 August 02, 2018
20 Magnus Finance Private Limited 105, South-ex-Plaza II, NDSE-II, New Delhi-110 049 B-14.01891 August 16, 2000 August 02, 2018
21 MSD Finance Company Limited 115, Kanjhawala, New Delhi-110 081 B-14.01615 January 31, 2000 August 02, 2018
22 Manu Credits & Finance Private Limited A-3/12, Jeewan Jyoti Apartments, Near Lok Vihar, Pitam Pura, Delhi-110 034 B-14.01615 January 31, 2002 August 02, 2018
23 Chandra Vidya Investment & Finance Private Limited N-86, 3rd Floor, Left Side Panchsheel Park, Delhi- 110 017 14.01040 August 10, 1998 August 02, 2018
24 Orchard Consultancy Services Private Limited 10A, South Drive, Chhatarpur, New Delhi-110 074 14.01098 September 08, 1998 August 02, 2018
25 Rainbow Traders Pvt. Ltd. Centre Point, 21, Hemanta Basu Sarani, 3rd Floor, Room No. 305, Kolkata- 700 001, West Bengal 05.00418 February 27, 1998 July 13, 2018
26 Premier Capital & Securities (P) Ltd. 13, Mahendra Road, Ist Floor, Kolkata-700 025, West Bengal 05.02680 June 11, 1998 July 16, 2018
27 Kothari Capital & Securities Private Ltd. 8, Netaji Subhash Road, C-4, Gillander House, Kolkata-700 001, West Bengal 05.00928 March 12, 1998 July 13, 2018
28 Sundaram Consultant Private Limited 8/1, Lal Bazar Street, Bikaner Building, 2nd Floor, Suite No. 2B, Kolkata-700 001, West Bengal B-05.03647 December 06, 2000 July 10, 2018
29 Monica Credit & Financial Services Limited
(Presently known as Varnika Finance Ltd.)		 Todi Chamber; 2, Lalbazar Street; Room No. 415; Kolkata-700 001, West Bengal 05.00729 March 07, 1998 July 16, 2018
30 Sempitern Securities Pvt. Ltd. 126B, Diamond Harbour Road, Kolkata-700 060, West Bengal B.05.03463 April 24, 2001 July 06, 2018

As such, the above companies shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934.

Ajit Prasad
Assistant Adviser

Press Release : 2018-2019/893
Date : Oct 12, 2018
RBI cancels Certificate of Registration of 31 NBFCs
The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following companies.

Sr. No Company’s Name Address of
Registered Office		 Certificate of Registration
No.		 Issued On Date of
cancellation
1 Evergreen Commercial Co. Ltd. 35, Chittaranjan Avenue, 2nd Floor, Kolkata-700 012, West Bengal 05.02435 May 16, 1998 July 11, 2018
2 Meti Finance Private Ltd. Suit No. 733, Marshall House, 33/1, N S Road, Kolkata-700 001, West Bengal B.05.04977 May 22, 2003 July 10, 2018
3 Eita Builders & Services Private Limited
(Presently known as Eita Finvest Private Limited)		 20B, Abdul Hamid Street, 4th Floor, Kolkata-700 069, West Bengal B.05.03271 January 01, 2001 July 13, 2018
4 U-Nik Tracom Private Limited 22 B, Rabindra Sarani, 2nd Floor, Kolkata-700 073, West Bengal B.05.05052 May 27, 2003 July 16, 2018
5 Amit Mercantile & Holdings Private Limited P-31/A, Kalakar Street, 4th Floor, Kolkata-700 007, West Bengal B.05.03963 January 04, 2001 July 09, 2018
6 H.B. Mercantile Private Ltd. 4, Jagbandhu, Boral Lane, Kolkata-700 007, West Bengal 05.00819 March 11, 1998 July 09, 2018
7 Olympic Commercial Enterprises Limited 96, Garden Reach Road, Kolkata-700 023, West Bengal 05.01754 April 27, 1998 June 30, 2018
8 Janki Trade & Finance Private Limited 229 A J C Bose Road, Cresent Tower 2H, PS- Bhabanipur, Kolkata-700 020, West Bengal B-05.05304 August 29, 2003 July 10, 2018
9 Payal Nivesh & Viniyog Private Ltd. 7A, Hospital Street, Kolkata-700 072, West Bengal 05.02950 September 26, 1998 July 04, 2018
10 Subhraj Traders Private Limited ‘Avani Heights’ 59A, Chowringhee Road, Kolkata-700 020, West Bengal B.05.05209 August 28, 2003 July 10, 2018
11 Raghav Mercantiles Private Limited FMC Fortuna, 234/3A, AJC Bose Road, 2nd Floor, Room No. A14, Kolkata-700 020, West Bengal B.05.05489 April 25, 2003 July 16, 2018
12 Gokul Auto Credit Pvt. Ltd. 83/85, Netaji Subhash Road, Kolkata-700 001, West Bengal 05.02973 October 17, 1998 July 02, 2018
13 Amar Fauji Motor and General Finance Private Limited First Floor, Amar Shree Complex-II, Delhi Road, Meerut-250 002, Uttar Pradesh B-12.00418 July 24, 2008 July 31, 2018
14 Mahendra Instalments Supply Limited Friends Market, Shyamganj, Bareilly, Uttar Pradesh-243 005 B-12.00306 November 27, 2013 August 01, 2018
15 Anandeshwar Leasing & Finance Limited 16/17, G Ground Floor, Civil Lines, Kanpur, Uttar Pradesh-208 001 B-12.00201 July 26, 2000 July 31, 2018
16 Sri Mahaveer Auto Finance (Madras) Limited No.2, Chandrappa Mudali Street, Sowcarpet, Chennai- 600 079 B-07.00541 December 15, 2000 August 01, 2018
17 Echo Computers Private Limited 34, Ezra Street, 2nd Floor, Kolkata-700 001, West Bengal B.05.06646 October 30, 2006 July 13, 2018
18 Accord Commercial Private Limited 46, B.B. Ganguly Street, 4th Floor, R. No.12, PS Bow Bazar, Kolkata-700 012, West Bengal B-05.04803 March 19, 2003 August 09, 2018
19 Trans Asia Stock Services Private Limited Sagar Estate, 6th Floor, 2 Clive Ghat Street, Kolkata 700 001, Wesst Bengal B.05.02187 September 24, 2001 July 13, 2018
20 Extreme Holdings Private Limited 1666-B-3, Shop-3-H, F/F, Govindpuri Extension, Kalkaji, South Delhi-110 019 B-14.02236 November 26, 2001 August 02, 2018
21 Dhariwal Fuels Private Limited Himalaya Co-operative Group Housing Society Limited, Plot No. 10, Sector 22, Dwarka, Delhi-110 075 B-14.02006 October 10, 2000 August 02, 2018
22 International Commenter Ltd. 602, Mercantile House, 15 Kasturba Gandhi Marg, New Delhi-110 001 14.01036 August 10, 1998 August 02, 2018
23 D.R. Dhingra Finance Limited B-11, Raj Kamal Sadan, Community Centre, Preet Vihar, Vikas Marg, Delhi-110 092 B-14.02409 July 02, 2001 August 02, 2018
24 Jwalaji Marketing Private Limited 1898/18, Govindpuri Extension, New Delhi-110 019 B-14.02054 April 18, 2001 August 02, 2018
25 J.R.B. Finsec Pvt. Ltd. D-34, First Floor, East of Kailash, New Delhi-110 019 B.14.02722 October 11, 2002 August 02, 2018
26 Daffodil Investment and Trading Company Limited Plaza Cinema Building, Top Floor, H Block, Connaught Circle, New Delhi-110 001 14.00478 March 19, 1998 August 02, 2018
27 Indus Valley Investment & Finance Private Limited 414/1, 4th Floor, District Centre, Janakpuri, New Delhi-110 058 14.00739 May 04, 1998 August 02, 2018
28 Juhie (India) Private Limited 2150/3A, Main Patel Road, West Patel Nagar, Opp. Metro Pillar No. 245 (Near Shadipur Depot) New Delhi- 110 018 14.01473 April 01, 1999 August 02, 2018
29 Dharower Financial Services Limited A-30, Block-B-1, 3rd Floor, Mohan Coop. Industrial Estate, New Delhi-110 044 14.00062 February 24, 1998 August 02, 2018
30 IRC Worldwide Couriers Limited 846, Joshi Road, Karol Bagh, New Delhi-110 005 B-14.03246 February 21, 2012 August 02, 2018
31 D.S Capital and Finance Limited F-2/1, Khanpur Extension, New Delhi-110 062 14.00426 March 11, 1998 August 02, 2018

As such, the above companies shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934.

Ajit Prasad
Assistant Adviser

Press Release : 2018-2019/861

An inter-ministerial panel recommended Bank of Baroda, Vijaya Bank and Dena Bank for amalgamation.

Advocatetanmoy

Sep 18, 2018: Three state-run banks – Dena Bank, Vijaya Bank and Bank of Baroda – will be merged to create the third-largest bank in the country, the government said on Monday, as part of efforts to clean up the country’s banking system. The finance minister said he expected the process to be completed in the current financial year, which ends on March 31, 2019.

The decision to merge the three banks came at a meeting held under the “alternative mechanism” framework that was drawn up last year to consider consolidation in banking. Besides Jaitley, the alternative mechanism includes defence minister Nirmala Sitharaman and railway minister Piyush Goyal.

The government will continue to provide capital support to the merged entity. The announcement, made by Financial Services Secretary Rajiv Kumar during a press conference with Finance Minister Arun Jaitley, comes as the country’s banking sector grapples with Rs. 8.99 lakh crore worth non-performing assets or NPAs.

The merged entity has a combined business of Rs 14.8 lakh crore, deposits of Rs 8.4 lakh crore, gross advances of Rs 6.4 lakh crore, and 85,675 employees, based on the position as on June 30. The boards of these three banks are expected to meet in the next two weeks to consider the proposal and work out modalities.

Jaitley said the successful experience of merging State Bank of India (SBI) with five of its subsidiary banks and Bharatiya Mahila Bank prompted the government to explore the latest proposal in consultations with the Reserve Bank of India (RBI). Explaining the context of the proposed amalgamation, Jaitley said many state-run banks were in a fragile condition due to excessive, “adventurous” lending in the past (2008-14) and consequent ballooning of stressed assets with them.

The NDA government, through an unprecedented Rs 2.11-lakh-crore infusion over two years through FY19 that was announced last year, sought to capitalise PSBs to meet regulatory capital requirements and also support lending. “This amalgamated entity will increase banking operations,” Jaitley added.

The merger will not cause any job loss in any of these banks and, as was in case of SBI, no employee of the three banks would have service conditions that are adverse to their present one, he added.

The government currently owns majority stakes in 21 lenders, which account for over two-thirds of the country’s banking assets. But they also account for an overwhelmingly large share in total non-performing assets (NPAs) in banking.

The merger announcement came even as PSBs recovered Rs 36,551 crore in the June quarter from bad loans, almost half of the entire 2017-18. Their operating profits rose 11.5% quarter-on-quarter and losses dropped 73.5%, in a sign that the worst is behind, said Kumar. The 11 of 21 PSBs that are under the prompt corrective action could be out of it this fiscal, he had said recently.

The RBI in its latest financial stability report said the increase in bad loans is estimated to be the highest for PSBs. In the base case, the banking regulator expects the gross NPA ratio for state-owned banks to rise to 16.3% by March 2019 from 15.6% in March 2018. In the worst-case scenario, the bad loan ratio could go up to 17.3%.

Co-Operative Banking In India and Guidelines

Advocatetanmoy

The Reserve Bank acts in close co-ordination with other regulators, such as, Registrar of Co-operative Societies and Central Registrar of Co-operative Societies. The Reserve Bank enters into Memorandum of Understanding (MoU) with Central Government and all State Governments which have presence of UCBs to ensure greater convergence of policies on regulation and supervision. Starting with signing first MoU with the State of Andhra Pradesh on June 27, 2005 and the last with the State of Telangana on December 30, 2014, today, all the UCBs in the country are covered under MoU

Though the Banking Regulation Act came in to force in 1949, the banking laws were made applicable to cooperative societies only in 1966 through an amendment to the Banking Regulation Act, 1949. Since then there is duality of control over these banks with banking related functions being regulated by the Reserve Bank and management related functions regulated by respective State Governments/Central Government.
The Reserve Bank regulates the banking functions of StCBs/DCCBs/UCBs under the provisions of Sections 22 and 23 of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies (AACS).

As part of the arrangements under MoU, the Reserve Bank constitutes a State-level Task Force for Co-operative Urban Banks (TAFCUB) for UCBs which operate only in one State. A Central TAFCUB is constituted for the Multi-State UCBs. TAFCUBs bring all the decision-makers with regard to UCBs on one table, thus facilitating quick decision-making. TAFCUBs identify potentially viable and non-viable UCBs in the states and suggest revival path for the viable and non-disruptive exit route for the non-viable ones. The exit of non-viable banks could be through merger/amalgamation with stronger banks, conversion into societies or liquidation as the last option.

The State Governments/Central Governments may, for instance, through the MoU, agree to take immediate action on requisitions of the Reserve Bank for supersession of the Board of Directors, appointment of liquidators, initiating action for removal of CEO/Chairman of a bank, enhancing quality of HR and IT resources in the banks on the lines required by the Reserve Bank, work to raise the standards of corporate governance by putting in place certain minimum fit and proper criteria for members to be eligible for seeking election for the post of director, institute special audit by Chartered Accountants and furnish reports of the findings within a given time frame, introduce long form audit reports for conducting statutory audit, modify its audit rating models to bring it on par with the rating system of the Reserve Bank and conduct statutory audit only through external Chartered Accountants in respect of banks with deposits over a specified minimum level.

The Department of Co-operative Bank Regulation (DCBR) regulates State Co- operative Banks (StCBs), District Central Co-operative Banks (DCCBs) and Urban Cooperative Banks (UCBs).

Legal Framework
Reserve Bank of India Act, 1934
Banking Regulation Act, 1949
Deposit Insurance and Credit Guarantee Corporation Act

Revised guidelines on lending to Priority Sector for Primary (Urban) Co-operative Banks (UCBs)
RBI/2017-18/175
DCBR.BPD (PCB).Cir.No.07/09.09.002/2017-18

May 10, 2018

The Chief Executive Officer
All Primary (Urban) Co-operative Banks

Dear Sir / Madam

Revised guidelines on lending to Priority Sector for Primary (Urban) Co-operative Banks (UCBs)

Please refer to our circular UBD.CO.BPD.(PCB).MC.No.18/09.09.001/2013-14 dated October 8, 2013 on the captioned subject and amendments thereto from time to time, consolidated in Master Circular DCBR.BPD.(PCB).MC.No:11/09.09.001/2015-16 dated July 1, 2015. The existing guidelines have been reviewed and it has been decided to issue revised guidelines (as per Annex-I) in supersession of the guidelines in the above-mentioned Master Circular.

2. Salient features of the revised guidelines are as under:

  1. Target for lending to total priority sector and weaker section will continue as 40 per cent and 10 per cent, respectively, of Adjusted Net Bank Credit (ANBC) or credit equivalent of off-balance sheet exposure, whichever is higher, as hitherto.
  2. Agriculture: Distinction between direct and indirect agriculture is dispensed with.
  3. Bank loans to food and agro processing units will form part of Agriculture.
  4. Medium Enterprises, Social Infrastructure and Renewable Energy will form part of priority sector.
  5. A target of 7.5 per cent of ANBC or credit equivalent of off-balance sheet exposure, whichever is higher, has been prescribed for Micro Enterprises.
  6. Education: Distinction between loans for education in India and abroad is dispensed with.
  7. Micro Credit ceases to be a separate category under priority sector.
  8. Loan limits for housing loans qualifying under priority sector have been revised.
  9. Priority Sector assessment will be monitored through quarterly and annual statements.

3. The revised guidelines will be operational with effect from the date of this circular. Priority sector loans sanctioned under the guidelines issued prior to the date of this circular will continue to be classified under priority sector till maturity / renewal.

4. Achievement of Priority Sector targets

Achievement of priority sector targets will be taken into account while granting regulatory clearances / approvals for various purposes. With effect from April 1, 2018, achievement of priority sector targets will be included as a criterion for classifying a UCB as Financially Sound and Well Managed (FSWM), in addition to the criteria specified in our circulars UBD.CO.LS.(PCB).Cir.No.20/07.01.000/2014-15 and DCBR.CO.LS.(PCB).Cir.No.4/07.01.000/2014-15 dated October 13, 2014 and January 28, 2015 respectively. For the financial year 2018-19, shortfall in achieving the priority sector target / sub-target will be assessed based on the position as on March 31, 2018. From the financial year 2019-20 onwards, the achievement at the end of the financial year will be arrived at based on the average of priority sector target / sub-target achievement as at the end of each quarter. Illustrative example is given in Annex-II.

Yours faithfully,

(Neeraj Nigam)
Chief General Manager

Encl.: Annex I & II.

ANNEX-I

Priority Sector Lending – Targets and Classification

I. Categories under Priority Sector

  1. Agriculture
  2. Micro, Small and Medium Enterprises
  3. Export Credit
  4. Education
  5. Housing
  6. Social Infrastructure
  7. Renewable Energy
  8. Others

Details of eligible activities under the above categories are specified in paragraph III.

II. Targets / Sub-targets for Priority sector

(i) The targets and sub-targets set under priority sector lending for UCBs are given below. The stipulation regarding priority sector lending is not applicable to the Salary Earners’ Banks.

Total Priority Sector 40 percent of Adjusted Net Bank Credit [ANBC defined in sub paragraph (ii) below] or credit equivalent amount of Off-Balance Sheet Exposure, whichever is higher.
Total agriculture No target.
Micro Enterprises 7.5 percent of ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher
Advances to Weaker Sections 10 percent of ANBC or credit equivalent amount of Off-Balance Sheet Exposure, whichever is higher.

(ii) The computation of priority sector targets / sub-targets achievement will be based on the ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposures, whichever is higher, as on March 31 of the preceding year. For the purpose of priority sector lending, ANBC denotes total loans and advances minus bills rediscounted with RBI and other approved Financial Institutions plus investments made after August 30, 2007 in permitted non SLR bonds under Held to Maturity (HTM) category. For the purpose of calculation of credit equivalent of off-balance sheet exposures, banks may use current exposure method. Inter-bank exposures including inter-bank off-balance sheet exposures will not be taken into account for the purpose of priority sector lending targets / sub-targets.

(iii) Banks should not deduct / net off any amount like provisions, accrued interest, etc., from ANBC.

(iv) Advances extended in India against the incremental FCNR(B)/NRE deposits qualifying for exemption from CRR/SLR requirements, as per the Reserve Bank’s circulars UBD.BPD.(PCB).CIR.No.5/13.01.000/2013-14 dated August 27, 2013 read with UBD.BPD.(PCB).Cir.No.72/13.01.000/2013-14 dated June 11, 2014 will be excluded from the ANBC for computation of priority sector lending targets, till their repayment.

III. Description of the eligible categories under priority sector

1. Agriculture

The present distinction between direct and indirect agriculture is dispensed with. Instead, the lending to agriculture sector has been re-defined to include (i) Farm Credit (which will include short-term crop loans and medium / long-term credit to farmers) (ii) Agriculture Infrastructure and (iii) Ancillary Activities. A list of eligible activities under the three subcategories is indicated below:

1.1 Farm credit A. Loans to individual farmers [including Self Help Groups (SHGs) or Joint Liability Groups (JLGs), i.e. groups of individual farmers, provided banks maintain disaggregated data of such loans], directly engaged in Agriculture and Allied Activities, viz., dairy, fishery, animal husbandry, poultry, bee-keeping and sericulture. This will include:
(i) Crop loans to farmers, which will include traditional / non-traditional plantations and horticulture, and, loans for allied activities.
(ii) Medium and long-term loans to farmers for agriculture and allied activities (e.g. purchase of agricultural implements and machinery, loans for irrigation and other developmental activities undertaken in the farm, and developmental loans for allied activities).
(iii) Loans to farmers for pre and post-harvest activities, viz., spraying, weeding, harvesting, sorting, grading and transporting of their own farm produce.
(iv) Loans to farmers up to ₹ 50 lakh against pledge/ hypothecation of agricultural produce (including warehouse receipts) for a period not exceeding 12 months.
(v) Loans to distressed farmers indebted to non-institutional lenders.
(vi) Loans to small and marginal farmers for purchase of land for agricultural purposes.
B. Loans to corporate farmers, farmers’ producer organizations / companies of individual farmers, partnership firms directly engaged in Agriculture and Allied Activities, viz., dairy, fishery, animal husbandry, poultry, bee-keeping and sericulture up to an aggregate limit of ₹ 2 crore per borrower. This will include:
(i) Crop loans to farmers which will include traditional / non-traditional plantations and horticulture, and, loans for allied activities.
(ii) Medium and long-term loans to farmers for agriculture and allied activities (e.g. purchase of agricultural implements and machinery, loans for irrigation and other developmental activities undertaken in the farm, and developmental loans for allied activities).
(iii) Loans to farmers for pre and post-harvest activities, viz., spraying, weeding, harvesting, sorting, grading and transporting of their own farm produce.
(iv) Loans up to ₹ 50 lakh against pledge / hypothecation of agricultural produce (including warehouse receipts) for a period not exceeding 12 months.
1.2 Agriculture
infrastructure		 (i) Loans for construction of storage facilities (warehouses, market yards, godowns and silos) including cold storage units / cold storage chains designed to store agriculture produce / products, irrespective of their location.
(ii) Soil conservation and watershed development.
(iii) Plant tissue culture and agri-biotechnology, seed production, production of bio-pesticides, bio-fertilizer, and vermi composting.
For the above loans, an aggregate sanctioned limit of ₹ 100 crore per borrower from the banking system, will apply.
1.3 Ancillary activities (i) Loans for setting up of Agriclinics and Agribusiness Centres.
(ii) Loans for Food and Agro-processing up to an aggregate sanctioned limit of ₹ 100 crore per borrower from the banking system.
(iii) Loans to Custom Service Units managed by individuals, institutions or organisations who maintain a fleet of tractors, bulldozers, well-boring equipment, threshers, combines, etc., and undertake farm work for farmers on contract basis.

Note:

Small and Marginal farmers will include the following:

  • Farmers with landholding of up to 1 hectare are considered as Marginal Farmers. Farmers with a landholding of more than 1 hectare and up to 2 hectares are considered as Small Farmers.
  • Landless agricultural labourers, tenant farmers, oral lessees and share-croppers.

2. Micro, Small and Medium Enterprises (MSMEs)

2.1 The limits for investment in plant and machinery / equipment for manufacturing/ service enterprise, as notified by Ministry of Micro, Small and Medium Enterprises, vide S.O.1642(E) dated September 9, 2006 are as under:

Manufacturing Sector
Enterprises Investment in plant and machinery
Micro Enterprises Does not exceed twenty five lakh rupees
Small Enterprises More than twenty five lakh rupees but does not exceed five crore rupees
Medium Enterprises More than five crore rupees but does not exceed ten crore rupees
Service Sector
Enterprises Investment in equipment
Micro Enterprises Does not exceed ten lakh rupees
Small Enterprises More than ten lakh rupees but does not exceed two crore rupees
Medium Enterprises More than two crore rupees but does not exceed five crore rupees

Bank loans to Micro, Small and Medium Enterprises, for both manufacturing and service sectors are eligible to be classified under the priority sector as per the following norms.

2.2 Manufacturing Enterprises

The Micro, Small and Medium Enterprises engaged in the manufacture or production of goods to any industry specified in the first schedule to the Industries (Development and Regulation) Act, 1951 and as notified by the Government from time to time. The Manufacturing Enterprises are defined in terms of investment in plant and machinery.

2.3 Service Enterprises

All bank loans to micro, small and medium enterprises engaged in providing or rendering of services as defined in terms of investment in equipment under MSMED Act, 2006.

2.4 Khadi and Village Industries (KVI)

All loans to units in the KVI sector will be eligible for classification under the sub-target of 7.5 percent prescribed for Micro Enterprises under priority sector.

2.5 Other finance to MSMEs

  1. Loans to entities involved in assisting the decentralized sector in the supply of inputs to and marketing of outputs of artisans, village and cottage industries. The term “entities” do not include institutions to which UCBs are not permitted to lend under RBI guidelines / the legal framework governing the functioning of these banks.
  2. Overdrafts extended by UCBs after April 8, 2015 upto ₹ 5,000/- under Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts provided the borrower’s household annual income does not exceed ₹ 100,000/- for rural areas and ₹ 1,60,000/- for non-rural areas. These overdrafts will qualify as achievement of the target for lending to Micro Enterprises.

2.6 To ensure that MSMEs do not remain small and medium units merely to remain eligible for priority sector status, the MSME units will continue to enjoy the priority sector lending status up to three years after they grow out of the MSME category concerned.

3. Export Credit

The Export Credit extended as per the details below would be classified as priority sector.

3.1 Incremental export credit over corresponding date of the preceding year, up to 2 percent of ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposure, whichever is higher, effective from April 1, 2017 subject to a sanctioned limit of up to ₹ 25 crore per borrower to units having turnover of up to ₹ 100 crore.

3.2 Export credit includes pre-shipment and post shipment export credit (excluding off-balance sheet items) as defined in Master Circular on Rupee / Foreign Currency Export Credit and Customer Service to Exporters issued by our Department of Banking Regulation.

4. Education

Loans to individuals for educational purposes including vocational courses upto ₹ 10 lakh, irrespective of the sanctioned amount, will be considered as eligible for priority sector.

5. Housing

  1. Loans to individuals up to ₹ 28 lakh irrespective of location for purchase/ construction of a dwelling unit per family provided the overall cost of the dwelling unit should not exceed ₹ 35 lakh. The housing loans to banks’ own employees will be excluded.
  2. Loans for repairs to damaged dwelling units of families up to ₹ 5 lakh in metropolitan centres and up to ₹ 2 lakh in other centres.
  3. Bank loans to any governmental agency for construction of dwelling units or for slum clearance and rehabilitation of slum dwellers subject to a ceiling of ₹ 10 lakh per dwelling unit.
  4. The loans sanctioned by banks for housing projects exclusively for the purpose of construction of houses for economically weaker sections and low income groups, the total cost of which does not exceed ₹ 10 lakh per dwelling unit. For the purpose of identifying the economically weaker sections and low income groups, the family income limit of ₹ 2 lakh per annum, irrespective of the location, is prescribed.
  5. Assistance given to a non-governmental agency approved by the NHB for the purpose of refinance for construction / reconstruction of dwelling units or for slum clearance and rehabilitation of slum dwellers, subject to a ceiling of loan component of ₹ 10 lakh per dwelling unit.
  6. Investments made by UCBs in bonds issued by NHB / HUDCO on or after April 1, 2007 shall not be eligible for classification under priority sector lending.

6. Social infrastructure

Bank loans up to a limit of ₹ 5 crore per borrower for building social infrastructure for activities namely schools, health care facilities, drinking water facilities and sanitation facilities including construction / refurbishment of household toilets and household level water improvements in Tier II to Tier VI centres.

7. Renewable Energy

Bank loans up to a limit of ₹ 15 crore to borrowers for purposes like solar based power generators, biomass based power generators, wind mills, micro-hydel plants and for nonconventional energy based public utilities viz. street lighting systems, and remote village electrification. For individual households, the loan limit will be ₹ 10 lakh per borrower.

8. Others

8.1 Loans not exceeding ₹ 50,000/- per borrower provided directly by banks to individuals and their SHG / JLG, provided the individual borrower’s household annual income in rural areas does not exceed ₹ 100,000/- and for non-rural areas it does not exceed ₹ 1,60,000/-

8.2 Loans to distressed persons [other than farmers already included under III (1.1) A (v)] not exceeding ₹ 100,000/- per borrower to prepay their debt to non-institutional lenders.

8.3 Loans sanctioned to State Sponsored Organisations for Scheduled Castes / Scheduled Tribes for the specific purpose of purchase and supply of inputs and / or the marketing of the outputs of the beneficiaries of these organisations.

IV. Weaker Sections

Priority sector loans to the following borrowers will be considered under Weaker Sections category:

No. Category
1 Small and Marginal Farmers
2 Artisans, village and cottage industries where individual credit limits do not exceed ₹ 1 lakh
3 Scheduled Castes and Scheduled Tribes
4 Self Help Groups
5 Distressed farmers indebted to non-institutional lenders
6 Distressed persons other than farmers, with loan amount not exceeding ₹ 1 lakh per borrower to prepay their debt to non-institutional lenders
7 Women
8 Persons with disabilities
9 Overdrafts upto ₹ 5,000/- under Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts, provided the borrowers’ household annual income does not exceed ₹ 100,000/- for rural areas and ₹ 1,60,000/- for non-rural areas
10 Minority communities as may be notified by Government of India from time to time
Note: In States, where one of the minority communities notified is, in fact, in majority, item (10) will cover only the other notified minorities. These States / Union Territories are Jammu & Kashmir, Punjab, Meghalaya, Mizoram, Nagaland and Lakshadweep.

V. Priority Sector Lending Certificates

The outstanding priority sector lending certificates bought by the banks will be eligible for classification under respective categories of priority sector provided the assets are originated by banks, and are eligible to be classified as priority sector advances and fulfil the Reserve Bank of India guidelines on priority sector lending certificates issued vide circular FIDD.CO.Plan.BC.23/04.09.01/2015-16 dated April 7, 2016.

VI. Monitoring of Priority Sector Lending targets

To ensure continuous flow of credit to priority sector, there will be more frequent monitoring of priority sector lending compliance of UCBs on ‘quarterly’ basis instead of annual basis as of now. The data on priority sector advances shall be furnished by UCBs at quarterly and annual intervals as per revised reporting formats Statement I and Statement II (Part A to E) to the concerned Regional Office of the Reserve Bank. The reports should reach the Regional Office within a period of 15 days from the end of the period to which they relate.

VII. Common guidelines for priority sector loans

Banks should comply with the following common guidelines for all categories of advances under the priority sector.

1. Service charges

No loan related and adhoc service charges / inspection charges should be levied on priority sector loans up to ₹ 25,000. In the case of eligible priority sector loans to SHGs / JLGs, this limit will be applicable per member and not to the group as a whole.

2. Receipt, Sanction / Rejection / Disbursement Register

A register / electronic record should be maintained by the bank, wherein the date of receipt, sanction / rejection / disbursement with reasons thereof, etc., should be recorded. The register / electronic record should be made available to all inspecting agencies.

3. Issue of Acknowledgement of Loan Applications

UCBs should provide acknowledgement for loan applications received under priority sector loans. Bank Boards should prescribe a time limit within which the bank communicates its decision in writing to the applicants.

ANNEX-II

Priority Sector Target Achievement – Calculation of shortfall / excess

Illustrative example:

Tables 1 and 2 below illustrate the method followed for computation of shortfall / excess in priority sector target achievement at the end of the financial year under the revised PSL guidelines.

(Table 1)
Amount in ₹ thousands
Quarter ended PSL targets Priority Sector Amount Outstanding Shortfall / Excess
June 3,29,61,56,032 3,16,93,80,800 -12,67,75,232
September 3,08,82,65,369 3,11,94,59,969 3,11,94,600
December 3,17,69,48,703 3,19,29,13,269 1,59,64,566
March 3,24,56,09,908 3,21,34,75,156 -3,21,34,752
Total 12,80,69,80,012 12,69,52,29,194 -11,17,50,818
Average 3,20,17,45,003 3,17,38,07,299 -2,79,37,704
(Table 2)
Amount in ₹ thousands
Quarter ended PSL targets Priority Sector Amount Outstanding Shortfall / Excess
June 3,29,61,56,032 3,27,96,75,252 -164,80,780
September 3,08,82,65,369 3,12,37,80,421 3,55,15,052
December 3,17,69,48,703 3,27,22,57,164 9,53,08,461
March 3,24,56,09,908 3,21,31,53,809 -3,24,56,099
Total 12,80,69,80,012 12,88,88,66,646 8,18,86,634
Average 3,20,17,45,003 3,22,22,16,661 2,04,71,658

In the example given in Table – 1, the bank has average shortfall of ₹ 2,79,37,704 thousand at the end of the financial year. In Table – 2, the bank has average excess of ₹ 2,04,71,658 thousand at the end of the financial year.

The same method will be followed for calculating the achievement of quarterly and yearly priority sector sub-targets.

Note : The computation of priority sector targets / sub-targets achievement will be based on the ANBC or Credit Equivalent Amount of Off-Balance Sheet Exposures, whichever is higher, as at the corresponding date of the preceding year.

Non-Banking Financial Companies (NBFCs) and Chit funds in India

Advocatetanmoy
  • India has financial institutions which are not banks but which accept deposits and extend credit like banks. These are called Non-Banking Financial Companies (NBFCs) in India.
  • At end-March 2017, there were 11,522 NBFCs registered with the Reserve Bank, of which 178 were NBFCs-D and 220 were NBFCs-ND-SI. The share of NBFCs in terms of assets in total financial sector is 8.3 per cent as on 2016-17
  • NBFCs in India include not just the finance companies that the general public is largely familiar with; the term also entails wider group of companies that are engaged in investment business, insurance, chit fund, nidhi, merchant banking, stock broking, alternative investments, etc., as their principal business. All are though not under the regulatory purview of the Reserve Bank.

Continue reading →

RBI to Issue New Design ₹ 100 Denomination Banknote

Advocatetanmoy

The Reserve Bank of India will shortly issue ₹ 100 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India. The new denomination has Motif of “RANI KI VAV” on the reverse, depicting the country’s cultural heritage. The base colour of the note is Lavender. The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse. Dimension of the banknote will be 66 mm × 142 mm. Continue reading →

Largest Banks of the World

Advocatetanmoy

Company Law Encyclopedia

  1.  ABN AMRO Group NV Netherlands 
  2.  Agricultural Bank of China China ,
  3.  Agricultural Development Bank of China China 
  4.  Australia & New Zealand Banking Group Australia 
  5.  Banco Bradesco SA Brazil
  6.  Banco do Brasil SA Brazil
  7.  Banco Sabadell Spain
  8.  Banco Santander Spain ,
  9.  Bank of America USA
  10.  Bank of Beijing China
  11.  Bank of China China 
  12.  Bank of Communications China ,
  13.  Bank of Jiangsu China
  14.  Bank of Montreal Canada 
  15.  Bank of New York Mellon Corp USA
  16.  Bank of Nova Scotia Canada 
  17.  Bank of Shanghai China
  18.  Bankia Spain
  19.  Barclays PLC UK ,
  20.  Bayerische Landesbank Germany
  21.  BB&T Corporation USA
  22.  BBVA Spain 
  23.  Belfius Belgium
  24.  BNP Paribas France ,
  25.  Brazilian Development Bank (BNDES) Brazil
  26.  Caixa Economica Federal Brazil
  27.  CaixaBank Spain 
  28.  Canadian Imperial Bank of Commerce Canada 
  29.  Capital One Financial Corporation
  30.  Cassa Depositi e Prestiti (CDP) Italy 
  31.  Cathay Financial Holding Taiwan
  32.  Charles Schwab Corp USA
  33.  China CITIC Bank Corp China 
  34.  China Construction Bank Corp China
  35.  China Development Bank China ,
  36.  China Everbright Bank China 
  37.  China Guangfa Bank (CGB) China
  38.  China Merchants Bank China 
  39.  China Minsheng Banking Corp China 
  40.  China ZheShang Bank (CZBank) China
  41.  Citigroup Inc USA ,
  42.  Commerzbank Germany 
  43.  Commonwealth Bank of Australia Australia 
  44.  Credit Agricole Group France 
  45.  Credit Mutuel France 
  46.  Credit Suisse Group Switzerland 
  47.  Danske Bank Denmark 
  48.  DBS Group Holdings Singapore
  49.  Deutsche Bank Germany 
  50.  Dexia Belgium
  51.  DnB ASA Norway
  52.  DZ Bank AG Germany 
  53.  Erste Group Bank AG Austria
  54.  European Investment Bank Luxembourg 
  55.  Fubon Financial Holding Taiwan
  56.  Goldman Sachs Group USA 
  57.  Groupe BPCE France ,
  58.  Hana Financial Group South Korea
  59.  HSBC Holdings UK ,
  60.  Hua Xia Bank China
  61. Industrial & Commercial Bank of China China
  62.  Industrial Bank Co Ltd China 
  63.  Industrial Bank of Korea South Korea
  64.  ING Groep NV Netherlands ,
  65.  Intesa Sanpaolo Italy 
  66.  Itau Unibanco Holding SA Brazil 
  67.  Japan Post Bank Japan ,
  68.  JPMorgan Chase & Co USA 
  69.  KB Financial Group South Korea
  70.  KBC Group NV Belgium
  71.  KfW Group Germany 
  72.  Korea Development Bank South Korea
  73.  La Banque Postale France
  74.  Landesbank Baden-Wurttemberg Germany
  75.  Lloyds Banking Group UK 
  76.  Mitsubishi UFJ Financial Group Japan 
  77.  Mizuho Financial Group Japan 
  78.  Morgan Stanley USA 
  79.  National Australia Bank Australia 
  80.  National Bank of Canada Canada
  81.  Nationwide Building Society UK
  82.  Nomura Holdings Japan
  83.  NongHyup Financial Group South Korea
  84.  Nordea Sweden 
  85.  Norinchukin Bank Japan
  86.  Nykredit Group Denmark
  87.  Oversea-Chinese Banking Corp (OCBC) Singapore
  88.  Ping An Bank China 
  89.  PNC Financial Services Group USA
  90.  Postal Savings Bank of China China
  91.  Qatar National Bank Qatar
  92.  Rabobank Group Netherlands 
  93.  Raiffeisen Schweiz Switzerland
  94.  Resona Holdings Japan 
  95.  Royal Bank of Canada Canada
  96.  Royal Bank of Scotland Group UK 
  97.  Sberbank of Russia Russia 
  98.  Shanghai Pudong Development Bank China 
  99.  Shinhan Financial Group South Korea
  100.  Shinkin Central Bank (SCB) Japan
  101.  Skandinaviska Enskilda Banken Sweden
  102.  Societe Generale France ,
  103.  Standard Chartered Plc UK 
  104.  State Bank of India  India 
  105.  State Street Corp USA
  106.  Sumitomo Mitsui Financial Group Japan 
  107.  Sumitomo Mitsui Trust Holdings Japan 
  108.  Suntrust Banks USA
  109.  Svenska Handelsbanken Sweden
  110.  Swedbank  Sweden
  111. The Export-Import Bank of China (Eximbank) China 
  112.  Toronto-Dominion Bank Canada 
  113.  UBS Group AG Switzerland 
  114.  UniCredit SpA Italy 
  115.  United Overseas Bank (UOB) Singapore
  116.  US Bancorp USA 
  117.  VTB Bank Russia
  118.  Wells Fargo USA 
  119.  Westpac Banking Corp Australia 
  120.  Woori Bank South Korea