Press Releases

Sixth Bi-monthly Monetary Policy Statement, 2018-19

Press Release: 2018-2019/1877 (07/02/2019)

On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to: Reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 6.5 per cent to 6.25 per cent with immediate effect....

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Kisan Credit Card Scheme: Working Capital for Animal Husbandry & Fisheries

RBI/2018-19/112 FIDD.CO.FSD.BC.12/05.05.010/2018-19 / Press Release : 2018-2019/1839 (04/02/2019)

The Kisan Credit Card Scheme aims at providing adequate and timely credit support from the banking system under a single window with flexible and simplified procedure to the farmers for short term crop loans. In order to extend the operational flexibility to farmers engaged in Animal Husbandry and Fisheries the Government of India had ann...

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RBI Ombudsman Scheme for Digital Transactions, 2019

Ref. CEPD. PRS. No. 3370/13.01.010/2018-19, Press Release: 2018-2019/1802 (31/01/2019)

 RESERVE BANK OF INDIA The Reserve Bank introduces Ombudsman Scheme for Digital Transactions As announced in the Monetary Policy Statement of December 5, 2018, the Reserve Bank of India (RBI) today launched the Ombudsman Scheme for Digital Transactions (OSDT) vide Notification dated January 31, 2019 for redressal of complaints against Sy...

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Bank of India, Bank of Maharashtra & OBC taken out of PCA framework

Press Release: 2018-2019/1807 (31/01/2019)

RESERVE BANK OF INDIA Date : Jan 31, 2019 Prompt Corrective Action Framework On a review of the performance of Public Sector Banks (PSBs) currently under the Prompt Corrective Action Framework (PCAF), it was noted that a few banks are not in breach of the PCA parameters as per their published results for the quarter […]...

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Bogus Invoices with wrong availment of Rs. 25.5 Crore ITC detected

IV/06-Prev/72/Capital Impex/2018-19/Gr.C (30/01/2019)

CGST, Vadodara, upon intelligence developed through data analysis, have booked a case of issuance of fake invoices valued at Rs. 107 Crores without any physical movement of goods, leading to wrongful availment of ITC worth Rs 25.5 crores and passing on of ITC worth Rs 19 crores....

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DGCI arrests Company MD in fake GST bill case

F. No. DGGI/VZU/INV/GST/53/2018/ (30/01/2019)

DGGI arrested a managing Director (MD) of a company Following intelligence developed by the officers that fake invoices were received by the company without receipt of goods from various companies and fake invoices were issued without supply of goods. Directorate General of GST Intelligence Visakhapatnam Zonal Unit Door No. 25-14-17, Sury...

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GST liability difference of Rs. 67 Crore detected by CGST Vadodara

F.No. IV/16-46/CCO/T/ST/213/Pt-II (30/01/2019)

The officers of Daman Cornmssionerate have detected a case of default in GST payment against Mrs Radha Madhav Corporation Limited which had stepped filing return since August 2018 and there was a noticeable difference in declared ilatlity in two returns prescribed in CGST Act,2017 namely GSTR-1 and in GSTR-3B worth Rs. 67 Ccores ...

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IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2019

Notification No. IBBI/2019-20/GN/REG040, Press Release No. IBBI/PR/2019/02 (24/01/2019)

The amendment mandates that the request for resolution plans shall require the resolution applicant, in case its resolution plan is approved by the committee of creditors, to provide a performance security. Performance security means security of such nature, value, duration and source, as may be approved by the committee of creditors, hav...

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RBI Policy Paper on Authorisation of New Retail Payment Systems

Press Release: 2018-2019/1708 (21/01/2019)

The Reserve Bank has today placed on its website a policy paper on Authorisation of New Retail Payment Systems for public comments....

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IBBI constitutes a ‘Working Group on Group Insolvency’

File No: IBBI/CIRP/GI/2018-19/001 (17/01/2019)

Insolvency and Bankruptcy Board of India hereby constitutes a ‘Working Group on Group Insolvency’. The Working Group shall submit a report recommending a complete regulatory framework to facilitate insolvency resolution and liquidation of corporate debtors in a Group, within two months from the date. Insolvency and Bankruptcy Boa...

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