6 December 2021


Notifications & Circulars

Reserve Bank of India

01.12.2021

Banking

Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Rupee Co-operative Bank Ltd., Pune, Maharashtra for extension of period

MANU/RPRL/0217/2021

Reserve Bank of India vide directive UBD.CO.BSD-I/D-28/12.22.2018/2012-13 dated February 21, 2013 had placed the Rupee Co-operative Bank Ltd., Pune, Maharashtra under Directions from the close of business on February 22, 2013. The validity of the directions was extended from time-to-time, the last being up to November 30, 2021.

It is hereby notified for the information of the public that, Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the aforesaid Directions shall continue to apply to the bank till February 28, 2022 as per the directive DOR.MON/D-50/12.22.218/2021-22 dated November 29, 2021, subject to review.

All other terms and conditions of the Directive under reference shall remain unchanged. A copy of the directive dated November 29, 2021 notifying the above extension is displayed at the bank's premises for the perusal of public.

The aforesaid extension and /or modification by Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied with the financial position of the bank.

Tags : Directions Extension Period

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Ministry of Finance 

01.12.2021

Commercial

National Bank for Financing Infrastructure and Development (Removal of Difficulties) Order, 2021

MANU/FNSV/0079/2021

In exercise of the powers conferred by sub-section (1) of section 46 of the National Bank for Financing Infrastructure and Development Act, 2021 (17 of 2021), the Central Government hereby makes the following order, namely:-

1. Short title and commencement.--

(1) This order may be called the National Bank for Financing Infrastructure and Development (Removal of Difficulties) Order, 2021.

(2) It shall come into force from the date of its publication in the Official Gazette.

2. In the National Bank for Financing Infrastructure and Development Act, 2021, in section 15, in sub-section (1), the following proviso shall be inserted, namely :-

"Provided that, the first Nomination and Remuneration Committee shall consist of the Chairperson and the directors nominated by the Central Government under clause (d) of sub-section (1) of section 6."

Tags : National Bank Financing Infrastructure Order 2021

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Press Information Bureau

01.12.2021

Motor Vehicles

Notifications on Vehicle Scrapping Policy

MANU/PIBU/4672/2021

The Vehicle Scrapping Policy includes a system of incentives/dis-incentives for creation of an ecosystem to phase out older, unfit polluting vehicles. The policy is based on the criterion of fitness of the vehicle. In order to enforce provisions of the policy, rules have been issued/amended under the framework of the Motor Vehicles Act, 1988 and Central Motor Vehicle Rules, 1989. The following final notifications have been issued and uploaded on the Ministry's website:-

i. GSR Notification 653 (E) dated 23.09.2021 provides the Motor Vehicles (Registration and Functions of Vehicle Scrapping Facility) Rules, 2021 for establishment of Registered Vehicles Scrapping Facility (RVSF). The notification has come into force with effect from 25th September, 2021.

ii. GSR Notification 652 (E) dated 23.09.2021 provides for recognition, regulation and control of Automated Testing Stations. The notification has come into force with effect from 25th September, 2021.

iii. GSR Notification 714 (E) dated 04.10.2021 provides for upward revision of registration fee, fitness testing fee and fitness certification fee of vehicles. The notification shall come into force with effect from 1st April, 2022.

iv. GSR Notification 720 (E) dated 05.10.2021 provides for concession in the motor vehicle tax for the vehicle registered against submission of "Certificate of deposit". The notification shall come into force with effect from 1st April, 2022.

Tags : Notifications Vehicle Scrapping Policy

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Securities and Exchange Board of India

30.11.2021

Capital Market

Publishing of investor charter and disclosure of complaints by Debenture Trustees on their websites

MANU/SMIS/0003/2021

1. In order to facilitate investor awareness about various activities where an investor has to deal with DTs for availing various services, SEBI has developed an Investor Charter for DTs, inter-alia detailing the services provided to Investors, timelines for various DT services provided, Rights and Obligations of Investors and Grievance Redressal Mechanism.

2. In this regard, all the registered DTs shall take necessary steps to bring the Investor Charter, as provided at 'Annexure-A' to the notice of investor in non-convertible debt securities by way of:

a. disseminating the Investor Charter on their websites/through e-mail;

b. displaying the Investor charter at prominent places in offices etc.

3. Trustee Association of India (TAI) shall also disseminate the Investor Charter on its website.

4. Additionally, in order to bring about transparency in the Investor Grievance Redressal Mechanism, it has been decided that all the registered DTs shall disclose on their respective websites, the data on complaints received against them or in respect of non-convertible debt securities issuances dealt by them and redressal thereof, latest by 7th of succeeding month, as per the format enclosed at Annexure-'B' to this circular

5. These disclosure requirements are in addition to those already mandated by SEBI.

6. The provisions of this circular shall come into effect from January 01, 2022.

7. This circular is issued in exercise of powers conferred by Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with the provisions of Regulation 2A of the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

Tags : Publishing Investor Charter Disclosure Complaints

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Reserve Bank of India

29.11.2021

Banking

RBI imposes monetary penalty on Union Bank of India

MANU/RPRL/0214/2021

The Reserve Bank of India (RBI) has, by an order dated November 25, 2021, imposed a monetary penalty of Rs. 1 Crore (Rupees One Crore only) on Union Bank of India (the bank), for non-compliance with the certain provisions of directions issued by RBI contained in "Reserve Bank of India (Fraud - Classification and Reporting by commercial banks and select FIs) Directions 2016" and "Guidelines on Sale of Stressed Assets by Banks". This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949 (the Act).

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.

Background

The Statutory Inspection for Supervisory Evaluation (ISE) of the bank was conducted by RBI with reference to its financial position as on March 31, 2019 (ISE 2019) and the examination of the Risk Assessment Report, Inspection Report and all the related correspondences pertaining to ISE 2019, revealed, inter alia, non-compliance with the above-mentioned directions to the extent of (i) failure to classify an account as Red Flag Account despite presence of Early Warning Signals and (ii) failure to disclose ageing of and provisioning for Security Receipts (SRs) in its Annual Report. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for non-compliance with the RBI directions, as stated therein.

After considering the bank's reply to the notice, oral submissions made during the personal hearing and additional submissions made by the bank, RBI came to the conclusion that the charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty on the bank, to the extent of non-compliance with the aforesaid directions.

Tags : Non-compliance Monetary penalty Imposition

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Press Information Bureau

29.11.2021

Commercial

Zero Defect Zero Effect Scheme

MANU/PIBU/4609/2021

As many as 23,948 MSMEs had registered with intent to adopt the principle of the Zero Defect Zero Effect Scheme (ZED). Under this, the Quality Council of India (QCI) followed the scheme guidelines on a consistent basis. QCI has completed and submitted all relevant documents and evidences related to the erstwhile ZED Scheme, with the Ministry as the National Monitoring and Implementation Unit (NMIU). QCI was monitoring & implementing the following components of the guidelines: Industry Awareness Programmes, Training Programmes including Master Trainer, Assessor, Consultant, MSME Capacity Building, MSME officials training etc., Content Development for Online Learning Development of Mobile Monitoring Applications for Awareness Programmes and Site-assessments, Accreditation & empanelment of rating agencies & consulting organizations, Conducting Desktop and site-assessments through accredited agencies, other components as mentioned in the scheme guidelines.

Tags : Scheme MSME ZED

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