MM TAX CLUB

There are many case where you withdraw money from ATM and transaction get failed or decline but money get debited from your bank account. In most of the cases, The Bank automatically reverses the amount debited on failed transactions.

If bank does not reverse the amount within stipulated time, there provision for compensation for these failed transaction so contact to the bank for the same with the available proof of failed transaction (if any).

If the bank does not respond on this or you not satisfied with their service you can file a complaint with central Bank RBI on cms portal. Complaint can be filed from the below link.

In exercise of powers conferred under paragraph 1.03 and 2.04 of the Foreign Trade Policy (FTP) 2015-2020, the Director General of Foreign Trade hereby amends Appendix 2B of the FTP for including the list of agencies authorised to issue Preferential Certificate of Origin (CoO) for India’s exports under India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA), as under:

2. Effect of the Public Notice: List of agencies authorised to issue Certificate of Origin (Preferential) under India-Australia Economic Cooperation and Trade Agreement (Ind- Aus ECTA) is notified.

The Reserve Bank of India (RBI) has, by an Order dated December 12, 2022, imposed a monetary penalty of ₹1.00 lakh (Rupees one lakh only) on The Harij Nagrik Sahakari Bank Ltd., Harij, district Patan (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Maintenance of Statutory Reserves – Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) by Primary (Urban) Co-operative Banks’. This penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.

This action is based on 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 of the bank conducted by RBI with reference to the bank’s financial position as on March 31, 2018, and examination of the Inspection Report and all related correspondence pertaining to the same revealed, inter alia, that the bank had not maintained minimum Cash Reserve Ratio (CRR), resulting in contravention of aforesaid directions issued by RBI. 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 for contravention of the aforesaid directions issued by RBI.

After considering the bank’s reply to the notice and oral submissions made during the personal hearing, the RBI came to the conclusion that the aforesaid charge was substantiated and warranted imposition of monetary penalty.

The Reserve Bank of India (RBI) has, by an order dated December 12, 2022, imposed a monetary penalty of ₹2.66 crore (Rupees Two crore sixty-six lakh only) on Bank of Bahrain & Kuwait BSC, India Operations (the bank) for non-compliance with directions issued by RBI on “Cyber Security Framework in Banks”. This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) 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 Information Technology examination of the bank conducted by RBI in October 2021, cyber security incident reported by the bank to RBI and all related correspondences pertaining to the same revealed non-compliance with aforesaid directions to the extent, that the bank failed to (i) implement systems to detect unusual and unauthorized, internal or external activities in its database; (ii) implement Security Operations Centre for obtaining real-time / near-real time information and insight into the security posture of the bank; (iii) enable audit logs for database and operating system of servers; (iv) disallow administrative rights on end-points; (v) implement multi factor authentication for accessing the critical servers; (vi) implement appropriate systems and controls to allow, manage and monitor access to critical servers; (vii) have a Cyber Crisis Management Plan ; (viii) implement a system to generate alerts on real time basis, integrate logs with centralized monitoring solution & review alerts/logs; and (ix) put in place a mechanism to ensure the integrity of critical files of applications, databases and operating systems, all of which resulted in an unauthorized intrusion going undetected and the cyber security incident later. 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 failure to comply with the directions issued by RBI, as stated therein.

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

The Reserve Bank of India (RBI) has, by an order dated December 14, 2022, imposed a monetary penalty of ₹50.00 lakh (Rupees fifty lakh only) on Bassein Catholic Co-operative Bank Ltd., Vasai, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters’ (IRAC norms). This penalty has been imposed in exercise of powers vested in RBI conferred under section 47 A (1) (c) read with sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949 (BR Act).

This action is based on deficiency 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 of the bank conducted by RBI with reference to its financial position as on March 31, 2020, and examination of the Risk Assessment Report, Inspection report and all related correspondence pertaining to the same, revealed, inter alia, that the bank did not classify certain loan accounts as non-performing assets in accordance with the IRAC norms. 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 for contravention of the RBI directions, as stated therein.

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