25 January 2021


Notifications & Circulars

Reserve Bank of India

21.01.2021

Banking

Reserve Bank of India imposes monetary penalty on Standard Chartered Bank - India

MANU/RPRL/0011/2021

The Reserve Bank of India (RBI) has, by an order dated January 21, 2021, imposed a monetary penalty of Rs. 2 Crore (Rupees Two Crore only) on Standard Chartered Bank-India (the bank) for non-compliance with certain directions issued by RBI contained in the "Reserve Bank of India (Frauds - Classification and Reporting by commercial banks and select FIs) Directions 2016".

The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) of the Banking Regulation Act, 1949, for delays in reporting of frauds to RBI, revealed during the statutory inspection of the bank with reference to its financial position as on March 31, 2018 and March 31, 2019.

A notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for such non-compliance with the directions. After considering the bank's reply to the notice and oral submissions made in the personal hearing, RBI concluded that the charge of non-compliance with aforesaid RBI directions was substantiated and warranted imposition of monetary penalty.

This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Tags : Penalty Imposition Bank

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Reserve Bank of India

21.01.2021

Banking

Withdrawal of circulars - on recovery of excess pension made to pensioners

MANU/RMIC/0004/2021

1.It has been brought to the notice of RBI that the recovery of excess /wrong pension payments from the pensioners are being made in a manner that is not in keeping with the extant guidelines / Court orders.

2. This issue has been examined by RBI and it has been decided that the following circulars issued by Department of Government and Bank Accounts, Reserve Bank of India related to recovery of excess pension paid by agency banks stands withdrawn with effect from the date of this circular -

a. Circular no DGBA.GAD.No.2960/45.01.001/2015-16 dated March 17, 2016

b. Circular no CO.DGBA (NBS) No.44/GA.64 (11-CVL) 90/91 dated April 18, 1991

c. Circular no CO DGBA (NBS) No.50/GA.64 (11-CVL) 90/91 dated May 6, 1991.

3. It may please be noted that though the above-mentioned circulars issued under the signature of RBI stand withdrawn, agency banks are requested to seek guidance from respective Pension Sanctioning Authorities regarding the process to be followed for recovery of excess pension paid to the pensioners, if any.

4. As regards the issue of refund to be made to the government of excess/wrong pension payments, banks may be guided by the guidelines laid down in our Circulars Nos.DGBA.GAD.H10450/45.03.001/2008-09 dated June 1, 2009 and DGBA.GAD.H.4054/45.03.001/2014-15 dated March 13, 2015. Agency banks are again advised that, where excess pension payment has arisen on account of mistakes committed by the bank, the amount paid in excess should be refunded to the Government in lumpsum immediately after detection of the same and without waiting for recovery of any amount from the pensioners.

Tags : Withdrawal Circulars Recovery Excess pension

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Press Information Bureau

21.01.2021

MRTP/ Competition Laws

CCI approves acquisition of a minority stake in Aditya Birla Fashion and Retail Limited by Flipkart Investments Private Limited

MANU/PIBU/0223/2021

The Competition Commission of India (CCI) approves acquisition of a minority stake in Aditya Birla Fashion and Retail Limited (ABFRL) by Flipkart Investments Private Limited (FIPL). FIPL is a newly incorporated company and is a wholly owned subsidiary of Flipkart Private Limited (FPL). FPL belongs to the Walmart Group, which comprises Walmart Inc. (Walmart) and its affiliates. The Walmart Group undertakes various business activities in India, such as wholesale trading of products, providing e-commerce marketplace services and digital payments services.

ABFRL is a public limited company incorporated in India and is part of the Aditya Birla conglomerate. ABFRL (including through its subsidiaries) is engaged in the business of manufacturing and retailing branded apparels, footwear and accessories, through its retail stores, multi-brand outlets, departmental stores, online retail platforms and e-commerce marketplaces, across India. The proposed combination relates to acquisition by FIPL of a minority shareholding of 7.8%, on a fully diluted basis in ABFRL, by way of subscription equity shares.

Tags : Acquisition Approval Flipkart

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Press Information Bureau

21.01.2021

MRTP/ Competition Laws

CCI approves the acquisition of stake by Axis Bank Limited, Axis Capital Limited and Axis Securities Limited in Max Life Insurance Company Limited

MANU/PIBU/0220/2021

The Competition Commission of India (CCI) approves the acquisition of stake by Axis Bank Limited, Axis Capital Limited and Axis Securities Limited in Max Life Insurance Company Limited.

Axis Bank Limited provides services in retail banking, which includes retail lending and retail deposits, wholesale banking, payment solutions, wealth management, forex and remittance products, distribution of mutual fund schemes and distribution of insurance policies.

Axis Capital Limited is engaged in the business of providing focused and customized solutions in the areas of investment banking and institutional equities.

Axis Securities Limited is engaged in the business of broking, distribution of financial products and advisory services. Max Life Insurance Company Limited is Life Insurance company registered with Insurance Regulatory and Development Authority of India (IRDAI). It is engaged in the business of providing life insurance and annuity products and investment plans in India. The proposed combination approved by CCI relates to increase of shareholding in Max Life Insurance Company Limited (Target) to approximately 9.9% by Axis Bank Limited and acquisition of 2% and 1% shareholding in the Target by Axis Capital Limited and Axis Securities Limited respectively.

Tags : Acquisition Approval Bank

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Press Information Bureau

21.01.2021

Education

Union Education Minister chairs a meeting on participation of MGIEP in the implementation of National Educational Policy -2020

MANU/PIBU/0218/2021

Union Education Minister Shri Ramesh Pokhriyal 'Nishank' chaired a meeting on participation of Mahatma Gandhi Institute of Education for Peace and Sustainable Development (MGIEP) in the implementation of National Educational Policy -2020. Secretary, Higher Education, Shri Amit Khare; Secretary, School Education & Literacy , Smt. Anita Karwal; Director, UNESCO, New Delhi, Mr. Eric Falt ; Chairman, MGIEP, Prof. J.S. Rajput; Director, MGIEP, Dr. Anantha Duraiappah and senior officials of the Ministry attended the meeting.

Speaking on the National Education Policy 2020, Minister said the policy is in line with the SDGs of UNESCO. It will develop Indian citizens on the lines of a global citizen, and help spread the ideas of empathy, compassion and rational thinking among the citizens. Shri Pokhriyal said that both MGIEP and UNESCO will play a major role in the implementation of this New Education policy. He sought their suggestions and cooperation on implementation of New Education Policy 2020 to make India a global knowledge superpower.

Emphasizing that Government of India is fully committed to achieving the 2030 Sustainable Development Goals, Shri Pokhriyal spoke about several initiatives such as NISHTHA- the world's largest teacher training capacity building program, digital learning through DIKSHA, Samagra Shiksha Abhiyan among others that have been taken to improve access, equity and quality of education.

Tags : Participation MGIEP Educational Policy -2020

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Press Information Bureau

18.01.2021

Civil

Finance Minister Smt Nirmala Sitharaman holds pre-budget consultation with Finance Ministers of States/Union Territories (with Legislature) for Budget 2021-22

MANU/PIBU/0177/2021

The Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman held the pre-budget consultations with the Finance Ministers of States and Union Territories (with Legislature) here today. The meeting was held through Video Conference and was attended by Chief Ministers, the Deputy Chief Ministers, Finance Ministers, Ministers and Senior Officers from the States/Union Territories and the Union Government.

The Union Finance Secretary Dr. A.B. Pandey welcomed all the participants to the deliberation and informed the importance of this particular consultation meeting. The Union Finance Minister highlighted the importance of this meeting as a sign of co-operative federalism and indicated the manner in which the Union Government was strongly supportive of States/Union Territories (with Legislature) fight against the pandemic. Most participants thanked the Union Finance Minister for financially supporting their States/Union Territories during the worst months of pandemic, by enhancing borrowing limits and providing back to back loans to States. The participants also gave numerous suggestions to the Union Finance Minister for inclusion in the Budget Speech.

Tags : Pre-budget Consultation Finance Ministers

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Press Information Bureau

18.01.2021

Civil

TRIFED exchanges MoU with IFFDC to promote livelihood generation of tribal people

MANU/PIBU/0175/2021

TRIFED, as the nodal agency working for the empowerment of tribals, is focusing its efforts on finding new ways to improve the lives and the livelihoods of the tribal people. As a part of its continued efforts, TRIFED has been partnering with like-minded organisations to create synergies together.

TRIFED and Indian Farm Forestry Development Co-operative Ltd (IFFDC) have entered into a Memorandum of Understanding (MoU) on January 18, 2021 to work together for tribal livelihood generation. Shri Pravir Krishna, Managing Director, TRIFED and Shri S. P. Singh, Managing Director, IIFDC signed the MoU in the presence of Shri Anupam Trivedi, ED, TRIFED, Smt. Sangeeta Mahendra, ED (I/C), TRIFED, and Shri Dr. Harish Chandra Gena, Chief Project Manager, IFFDC.

The two organizations have agreed to partner with each other to organise training programmes for tribal artisans in the area of entrepreneurship skill and business development. They will also collaborate further to identify and implement CSR initiatives and tribal development efforts. Other areas of association have been identified through which IFFDC promoted PFFCS/SHGs/CBOs will be linked with TRIFED for collection and marketing of NTFPs/MFPs.

IFFDC will also assist in promoting tribal FPOs and will provide trainings to TRIFED promoted/linked Community Organisations/Members. The scope of the agreement will also include any other activity that can be taken up to strengthen tribal livelihoods and entrepreneurship development.

Speaking on the occasion, Shri Pravir Krishna, Managing Director, TRIFED said, "TRIFED has been actively exploring convergences with various like-minded organizations to continue our mission towards tribal empowerment. It is our pleasure to engage with a pioneering organization such as IIFDC which has undertaken such meaningful work in the areas of farm forestry and wasteland development. I believe that we can collaborate, by pooling our strengths together and undertake work that will help in boosting the income and livelihoods of the tribal people."

With the successful implementation of this collaboration and many more convergences both cemented and upcoming, TRIFED aims to make effect a complete transformation of tribal lives and livelihoods across the country.

Tags : TRIFED MoU IFFDC

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