Interest Equalization Scheme with reduced interest rates extended till March 2024 or till further review

[Today, RBI clarifies about Government order on Production Linked Incentive (PLI)] Updated on 31.05.2022 In the RBI circular dated March 8, 2022, it was stated that the extended IES would not be available to those beneficiaries who were availing of the benefit under any Production Linked Incentive (PLI) scheme of the Government. In this regard,…

RBI direction on import of gold by Qualified Jewellers as per IFSCA guidelines

[Guidelines on import of gold by Qualified Jewellers as notified by – The International Financial Services Centers Authority (IFSCA)] RBI notified agencies in case of banks and nominated agencies as notified by DGFT, and the Qualified Jewellers (QJ) as notified by International Financial Services Centers Authority (IFSCA) are currently permitted to import gold under specific…

Eligibility criteria for Kisan Credit Card Scheme for farmers engaged in fisheries/ aquaculture, amended

RBI on Wednesday (18.05.2022) notified all the banks that the RBI circular dated February 04, 2019, related to Kisan Credit Card (KCC) for  ‘Working Capital for Animal Husbandry and Fisheries’  stand modified. Modification of the scheme was necessitated by the Central Bank in India (RBI), as they received information that the licensing/authorisation related requirements pertaining…

RBI permits banks to extend on-lending facility on an ongoing basis for delivering credit to the specified priority sectors

 “On-lending” means loans sanctioned by banks to eligible intermediaries for onward lending for the creation of priority sector assets. As per the latest RBI, circular banks are permitted to extend the above facility on an ongoing basis. RBI on Friday (May 13, 2022) announced that “To ensure the continuation of the synergies that have been…

ASBA-designated bank branches will remain open for public on Sunday to facilitate processing of applications for LIC’s initial public offering

The Reserve Bank of India on Wednesday requested all ASBA designated branches of banks to remain open for the public on May 8, 2022 (Sunday) to facilitate the processing of applications for LIC IPO “The Government of India, in order to facilitate bidding for LIC IPO, has requested that all bank branches designated to process…