The latest chart of interest for small savings instruments for the Q2 (July 1 to September 30) of 2023 are as under. Scheme Rate of interest for July-September 2023 Rate of interest from April -June 2023 Interest compounded Savings account 4.00% 4.00% Annual rest 1-year time deposit 6.90% 6.80% Quarterly rest 2-years’ time deposit 7.00%…
Reserve Bank Governor Shaktikanta Das on Friday while addressing the 17th statistics day conference at the RBI headquarters, also launched ‘Centralised Information Management System’ or CIMS, which is the next-generation data warehouse. The Governor said that commercial banks will first begin reporting on the central bank’s latest next-generation data warehouse, the Centralised Information Management System’…
RBI issued a press release today stating that the Government of Maharashtra has declared June 29, 2023, as a public holiday under Section 25 of the Negotiable Instruments Act, of 1881. The Maharashtra Government declared a public holiday on June 28, 2023, earlier, that has been now canceled. Settlement of the auction of state government…
The Reserve Bank of India (RBI) on Monday (June 26, 2023), imposed a monetary penalty of ₹26 lakh (Rupees Twenty-six lakh only) on TransUnion CIBIL Limited, Mumbai (the company) for non-compliance with certain provisions of the Credit Information Companies (Regulation) Act, 2005. “This action is based on the deficiencies in regulatory compliance and is not…
The Reserve Bank of India has today (June 26, 2023) issued the Master Direction on Minimum Capital Requirements for Operational Risk. The Central Bank said that the circular is issued after appropriately considering the feedback received from stakeholders. According to the Directions require all specified Commercial Banks (excluding Local Area Banks, Payments Banks, Regional Rural…
In a notification on Friday (23, June) the RBI said that the Financial Benchmark Administrators (FBAs), which control ‘significant benchmarks’ in the markets for financial instruments regulated by the banking regulator, have been accorded approval to cease the publication of the Mumbai Interbank Forward Outright Rate (MIFOR) after June 30, 2023.“In light of the cessation…
International Financial Services Centre (IFSC) caters to customers outside the jurisdiction of the domestic economy dealing with flows of finance, financial products and services across borders. It is also known as an offshore financial centre since it deals with the flow of finance, financial products and services across borders. IFSC set up in India can…
The meeting of the UFBU (United Forum of Bank Unions) and Indian Banks’ Association (IBA) was held on June 21, 2023, in Mumbai. The important discussions and outcomes taken place in the meeting are explained below. Medical Insurance Scheme: The representatives of Unions have submitted their suggestions in detail like clubbing the policies of in-service…
The Ministry of Road Transport and Highways (MoRTH), on Tuesday, proposed new base premium rates for third-party motor insurance for different categories of vehicles, including two-wheelers, passenger cars, and commercial vehicles, for 2023-24 fiscal. As per a draft notification issued by the Ministry new base premium rates for third-party motor insurance for different categories of…
In view of Bank unions AIBOC and AIBEA have opposed the Reserve Bank’s move to allow lenders to settle loans of wilful defaulters under compromise settlement, the central bank in a follow-up on Monday issued FAQs (Frequently Asked Questions) related to its June 8 circular. RBI denied that it has introduced a new clause permitting…