Reserve Bank of India (RBI) has included street vendors part of the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres as beneficiaries under the Payments Infrastructure Development Fund (PIDF) Scheme.The decision is taken to promote the digital transactions at the grass root level.
About PM SVANidhi Scheme:
PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) which facilitates collateral-free working capital loans of up to Rs 10,000 for 1 year to approximately 50 lakh street vendors. It was launched in June 2020.
About Payments Infrastructure Development Fund (PIDF) Scheme:
Announced by RBI on January 5, 2021 with an outlay of Rs 345 crore, its objective is to boost deployment of Points of Sale (PoS) infrastructure (both physical and digital modes) in tier-3 to tier-6 centres and north eastern states. It envisages creating 30 lakh new touch points every year i.e. 10 lakh physical and 20 lakh digital.
- Out of PIDF’s outlay, RBI’s contribution is Rs 250 crore and Rs 95 crore is from authorized card networks in the country.
RBI imposes penalty on 2 co-op banks, 1 NBFC
Monetary penalty on Seyad Shariat Finance Limited, Tirunelveli, Tamil Nadu
On August 26, 2021, RBI in exercise of powers under the provisions of clause (b) of sub-section (1) of section 58 G read with clause (aa) of sub-section (5) of section 58 B of the Reserve Bank of India Act, 1934, imposed a monetary penalty of Rs 5 lakh on Seyad Shariat Finance Limited, Tirunelveli, Tamil Nadu.
- It is a Non-Banking Financial Company (NBFC).
- The reason behind this is the non-compliance of the bank with certain provisions of the “Reserve Bank of India (Know Your Customer (KYC) Directions, 2016.
Monetary penalty on The Muslim Co-operative Bank Limited, Pune, Maharashtra
RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, a monetary penalty of Rs 2 lakh on The Muslim Co-operative Bank Limited, Pune, Maharashtra for non-compliance with the directions issued by RBI on KYC.
Monetary penalty on Jijamata Mahila Sahakari Bank, Pune, Maharashtra
RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949 imposed a monetary penalty of Rs 3 lakh on Jijamata Mahila Sahakari Bank, Pune, Maharashtra.
- The reason behind this is the non-compliance with the directions issued by RBI on Exposure Norms and Statutory / Other Restrictions – urban co-operative banks (UCBs).
The above penalties will not affect any transaction or agreement by the bank with its customers.
Recent Related News:
RBI imposed a monetary penalty of Rs 25 lakh on the state-owned Punjab and Sind Bank for non-compliance with certain provisions related to the directions on ‘Cyber Security Framework in Banks.
About Reserve Bank of India (RBI):
Established– April 1, 1935
Headquarters– Mumbai, Maharashtra
Governor– Shaktikanta Das
Deputy Governors– Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
