Page 8 - Banking Finance September 2019

RBI CORNER

RESERVE BANK

NEWS
NEWS
NEWS
NEWS
NEWS

RBI to make NEFT avail- Govt invites application for RBI Deputy Governor post
The central government has invited applications for the post of RBI deputy gov-
able for 24x7
ernor that fell vacant after the resignation of Viral
The RBI has decided to make Na- Acharya before the scheduled end of his term. "The
tional Elec- appointment will be for a period of three years and
tronic the person will be eligible for re-appointment," said
Funds the finance ministry while inviting applications for
Transfer the post of RBI deputy governor.
(NEFT)
available The applicant should have at least 25 years of work experience in public admin-
every day of the week and at any istration, including at the level of secretary or equivalent in the central govern-
time, with effect from December ment and should not be more than 60 years of age as on July 24. Persons with
2019. The Reserve Bank of India at least 25 years of work experience in an Indian or international public finan-
(RBI) in its Statement on Develop- cial institution can also apply for the post.
mental and Regulatory Policies issued The notice further said the Financial Sector Regulatory Appointments Search
on August 7, 2019, has stated that Committee (FSRASC) is "free to identify and recommend any other person also",
there will be round-the-clock avail- based on merit, who has not applied for the post. The committee can also recom-
ability of the National Electronic mend relaxation in the eligibility and qualifications/experience criteria, in respect
Funds Transfer System from Decem- of outstanding candidates.
ber 2019.
RBI levies Rs. 11 cr fine on 7 banks
Currently, the National Electronic
Funds Transfer (NEFT) payment sys- The RBI has levied a collective penalty of Rs. 11 crore on seven public sector
tem, operated by the Reserve Bank banks in the pretext of violating norms on current ac-
as a retail payment system, is avail- count opening.
able for customers from 8.00 am to While Allahabad Bank and Bank of Maharashtra have
7.00 pm on all working days of the been imposed a fine of Rs. 2 crore each, Bank of
week (except 2nd and 4th Saturdays Baroda, Bank of India, Indian Overseas Bank and
of the month). United Bank of India have been levied with fines of Rs. 1.5 crore each. Oriental
As mentioned in the Payment Sys- Bank of Commerce has been imposed with a penalty of Rs. 1 crore.
tem Vision 2021 document, the Re- "The Reserve Bank of India (RBI) has, by an order dated July 31, 2019, imposed
serve Bank will make available the monetary penalty on seven banks for non-compliance with certain provisions of
NEFT system on a 24×7 basis from directions issued by RBI on 'Code of Conduct for Opening and Operating Current
December 2019. Accounts'," RBI said in a release.

8 | 2019 | SEPTEMBER | BANKING FINANCE