RBI communiqué on RATE CUT RBI slashes repo rate by 25 bps to 7.75 per cent with immediate effect Reverse Repo @6.75% No change in CRR or SLR Key Rates (effective from 15/1/2015) CRR……………………………4% SLR…………………………….22% Repo Rate…………………7.75% Reverse Repo Rate……6.75% Marginal Standing Facility Rate….8.75% Bank Rate…………………………………..8.75% Call Rates……………………………………6.40 to8.40% Reasons quoted by RBI for rate…
Under the PMJDY scheme, a person opening a Bank account for the first time is offered a RuPay Card free of charge. In addition, people who have opened a bank account during the period from 15-08-14 to 26-01-15, or any additional period as may be extended further by the government of India, will be covered…
The objective of setting up of payments banks is to provide fully networked and technology driven modern transaction service to the unbanked. Payment banks offer internet banking, bill payment service, remittance service through various channels, sell mutual funds, insurance, pension etc. They can act as Business Correspondent (BC) of other banks subject to compliance of…
The extant ECB guidelines allow the local borrower to offer security to the overseas lender / supplier for securing ECB. According to the latest directions of RBI, AD Category-I banks may allow creation of charge on immovable assets, movable assets, financial securities and issue of corporate and / or personal guarantees in favour of overseas…
10th Bipartite settlement /Joint note dated 07.01.2015. Outcome of Talks held today at Mumbai. Discussions continued today with IBA. UFBU insisted on further increase over 12.5%. IBA wanted some more time. Sub committees formed to deal with other issues like medical scheme, 5day banking, regulated working hours, pension issue etc. Next meeting to be fixed…
DRI loans scheme (also known as DIR loan scheme) was introduced in the year 1972 to financially assist chosen low income groups. The loan scheme envisages lending by banks to weaker section of the society at a uniform concessional rate of interest of 4% per annum. The borrowers under this category of loan are rural…