On Friday RBI released its annual report 2021-22, a statutory report of its central board of directors for the period April 2021-March 2022. As per the RBI report, counterfeit notes of all denominations increased in the financial year 2021-22. The RBI detected 101.9 per cent more fake notes of Rs. 500 denomination and 54.16 per…
[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…
Reserve Bank of India (RBI) on Tuesday said primary cooperative banks can now extend loans of up to Rs 10 lakh to individuals for repair or alterations of their dwelling units in metropolitan centres. “The ceiling on such loans is now revised to Rs 10 lakh in metropolitan centres (those centres with a population of…
The government of India vide Gazette Notification S.O. 2119 (E) dated June 26, 2020, has notified new criteria for classifying the enterprises as Micro, Small, and Medium enterprises effective from July 1, 2020. Under the new criteria for the classification of MSMEs, enterprises are reclassified under composite criteria (investment and turnover) and there is no…
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…
“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…
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…
RBI Governor Shaktikanta Das on Wednesday announced that the Central Bank has decided to increase the cash reserve ratio (CRR) by 50 basis points to 4.5 per cent of net demand and time liabilities (NDTL), effective from the fortnight beginning May 21, 2022. “ in keeping with the stance of withdrawal of accommodation and in…
The Monetary Policy Committee (MPC) of RBI in its meeting today decided to increase the policy Repo rate under the Liquidity Adjustment Facility (LAF) by 40 basis points from 4.00 percent to 4.40 percent with immediate effect. Consequently, the standing deposit facility (SDF) rate and marginal standing facility (MSF) rate stand adjusted from 3.75 percent…
Application Supported by Blocked Amount (ASBA) is an application made by an investor for the subscription of an Initial Public Offer (IPO) and Follow-on Public Offer (FPO). The form contains an authorization to Self-Certified Syndicate Bank (SCSB) to block funds available in the applicant’s Savings Bank Account or Current Account (other than Overdraft or loan…