The Sovereign Gold Bond Scheme 2023-24 – Series II will be open for subscription from September 11–15, 2023. The Subscription of the Gold Bonds under this Scheme shall be open (Monday to Friday) on the dates specified above, provided that the Central Government may, with prior notice, close the Scheme at any time before the…
The Worldwide travel agency cum Forex Services Company Thomas Cook (India) Ltd (TCIL) and the National Payments Corporation of India (NPCI) have launched India’s first RuPay prepaid forex card for Indians travelling to the United Arab Emirates (UAE). The omnichannel travel company TCIL is offering a broad spectrum of services including foreign exchange, corporate travel,…
The Reserve Bank of India on Friday announced that it will discontinue incremental cash reserve ratio (I-CRR) in a phased manner. The central bank had announced the measure in its August 10 monetary policy meeting wherein scheduled banks were required to maintain an I-CRR of 10 per cent on the increase in their net demand…
RBI on Monday issued operating guidelines for credit lines through UPI. Currently, savings accounts, overdraft accounts, prepaid wallets, and credit cards can be linked to UPI. As per the latest announcement of the central bank, the scope of UPI is now being expanded by the inclusion of credit lines as a funding account. In other…
Another round of meetings took place on Thursday between UFBU and IBA on wage negotiation under the 12th bipartite settlement. The following issues are discussed and agreed upon. 1. The proposed wage revision will be effective from 1st November, 2022. 2. The proposed Settlement would be for a period of 5 years up to Oct.…
The Reserve Bank of India (RBI) took a significant step on Friday to ensure fairness and transparency in the disclosure of penal interest by saying that the penalty should be a ‘charge’ instead of an ‘interest’ that will be compounded. Through various guidelines, the banking regulator has issued various guidelines to the Banks and other…
The promissory clause printed on the banknotes i.e., “I promise to pay the bearer the sum of Rupees …” followed by the RBI governor’s signature, denotes the obligation on the part of the issuer of the note towards the holder of the bank note. As per Section 26 of the Reserve Bank of India Act,…
RBI on Thursday advised all the regulated entities (Res) like banks and NBFCs (REs) that at the time of sanction, they shall clearly communicate to the borrowers about the possible impact of change in the benchmark interest rate on the loan leading to changes in EMI and/or tenor or both. Successively, any increase in the…
Reserve Bank of India (RBI) has announced the development of a Public Tech Platform for Frictionless Credit. The Platform is being developed by the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of RBI. The Platform would be rolled out as a pilot project on August 17, 2023, in a calibrated fashion, both in terms…
(The article offers a detailed explanation of fixed and floating exchange rates/ Real Effective Exchange Rates (REER) and their effects on our Foreign Trade and Internal Economy on the devaluation or depreciation of the Rupee. The article also elucidates the advantages and disadvantages of devaluation or depreciation of a currency.) There are two kinds of…