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RBI slaps Rs 1 Cr penalty on Bandhan Bank

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The Reserve Bank of India (RBI) on Tuesday imposed Rs1 crore penalty on Bandhan Bank for non-compliance with promoter holding norms, contained in the licencing guidelines.

Under the guidelines, the bank was required to bring down shareholding of its “non-operative financial holding company” to 40% of its paid-up equity capital within three years from the date of start of business.

However, as the bank failed to comply with the licencing guidelines, a show cause notice was issued asking why a penalty should not be imposed for the non-compliance, the RBI said in a statement on Tuesday.

“After considering the reply received from the bank, submissions made during personal hearing and documents submitted, the RBI came to the conclusion that the bank had failed to comply with the licencing guidelines and decided to impose the penalty,” the banking regulator said.

As per reports, the bank was expected to slash the shareholding of Bandhan Financial Holding Ltd., which is Bandhan bank’s non-operative financial holding company to 40 percent of its total paid-up voting capital. The bank was expected to do this within three months from commencement of business.

As they didn’t carry out what was expected of them, the bank was served a show cause notice, to which the bank did not come up with a satisfactory response.

However, the bank said that they have been trying to bring down the shareholding of the promoters to 40 percent. It hasn’t been long since the bank merged with Gruh Finance, which brought their shareholding down from 82.26 per cent to 60.96 per cent.

RBI has imposed this fine under the provisions open to them under the Banking Regulation Act, 1949, and has also clarified that this is not applicable to the validity of any transaction or agreement that the bank has with its customers.

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TRAI recommends that shifting from 10-digit to 11-digit numbering scheme,Then everyone’s mobile number in India will change

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TRAI recommends that shifting from 10-digit to 11-digit numbering scheme in case of mobile numbers. The regulator says that this new change will add a total capacity of 10 billion numbers.

TRAI, ( Telecom Regulatory Authority of India), on Friday released its latest recommendations to develop a ‘Unified Numbering Plan’ to ensure adequate number of resources for fixed lines aka landlines and mobile services in the country. This will cause the current phone number to change – the current mobile numbers will need to be applied “0” to dial from the fixed line connection. The regulator said in a statement that these recommendations are based on input from various stakeholders and discussions during the Open House Discussion (OHD). Of all the points encountered in the recommendations, one of the main points is to switch the digits from 10 to 11 in the case of regular mobile numbers. This means zero will be added next to the existing mobile number. However, new phone numbers may start with different digits.

Here,The recommendations are going to be shared, which can change the existing numbering system for both fixed line and mobile service.

  1. To call mobile numbers with a fixed line connection, it is mandatory to put “0” before the number. Please tell that it is not necessary to dial “0” to call a mobile number from a fixed line phone. According to the new recommendation, just as you dial an inter-service area mobile call from a fixed line phone, you must prefix the “0” to call the mobile phone within the service area as well.
  2. Shifting from 10-digit to 11-digit numbering scheme in case of mobile numbers – Another major recommendation by TRAI is to switch from 10 to 11 digits for mobile numbers, with the first digit being “9”. The regulator says that this new change will add a total capacity of 10 billion numbers.
  3. The number of mobile numbers distributed for the dongle should be converted to 13 digits – Like the numbers associated with our mobile phones, various devices such as dongles and data cards currently have a 10-digit numbering system. Now the new recommendation states that such devices should be increased from the current 10-digit to 13-digit.
  4. Moving fixed line numbers to sub-levels of “2” or “4” – Some operators had some time ago issued landline connections to numbers starting with “3”, “5” and “6”, which are now Not in service. TRAI recommends taking these closed connections to sub-levels of “2” or “4”. This will allow mobile operators to use these closed connection numbers for future mobile phone connections.
  5. All fixed line connections must come with the “0” dialing feature – currently, fixed line users who have opted for Subscriber Trunk Dialing (STD) are only given the “0” dialing feature. However, TRAI recommends allowing all fixed line customers to use the “0” dialing facility. This is necessary because mobile numbers will be required to dial from landline numbers with a “0” prefix.
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