RBI allows Bank of China to offer regular banking services in India
The Reserve Bank of India (RBI) allowed “Bank of China” to offer regular banking services in the country. Banks falling under this schedule have to adhere to the norms of the RBI.
‘Bank of China Limited’ has been included in the 2nd Schedule to the Reserve Bank of India Act, 1934. RBI allows Bank of China to offer regular banking services in India. In another notification, the RBI said ‘Jana Small Finance Bank Limited’ too has been included in the Second Schedule.
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The State Bank of India’s (SBI) Shanghai branch is now connected to China’s National Advance Payment System (CNAPS). SBI got the license to do business in local currency and also inducted to the CNAPS by the People’s Bank of China (PBOC). SBI Shanghai can also offer the real-time transfer of local funds within China by routing them through the People’s Bank of China (PBOC). The CNAPS, launched in 2008 by People’s Bank of China (PBOC) provides real-time settlement services for all payments. continue reading…
RBI has imposed a penalty of Rs 50 lakh on Punjab National Bank (PNB). Because of from the fraud monitoring report-1 submitted by Punjab National Bank on July 10, 2018, in the account of Kingfisher Airlines Limited. The Managing Director & Chief Executive Officer of PNB is Sunil Mehta.
“RBI observed from the fraud monitoring report-1 submitted by Punjab National Bank on July, 10 2018 that the bank had delayed the reporting of fraud in the account of Kingfisher Airlines Limited,” PNB said in a regulatory filing.
In exercise of the powers conferred under various sections of the Banking Regulation Act, 1949, RBI fines PNB Rs 50 lakh, it added. In a separate filing, Bank of Baroda said the RBI has imposed a fine of Rs 50 lakh. continue reading…