Banks are permitted to open off-site Cash Deposit Machines (CDMs)/Bunch Note Acceptor Machine (BNAMs) without prior permission of RBI

There were days where bank customers used to wait for a long spell at the banking hall, for their turn to deposit their money at cash counters. Now technology has changed.  If plans of commercial banks of installing large number of off-site CDMs/BNAMs at various places, the customers  don’t  need to walk to reach their…

RBI relaxes rules on External Commercial Borrowings (ECB)

The Reserve Bank of India relaxed rules for rescheduling/restructuring of ECBs by permitting an increase in the total cost of borrowing offshore. In suppression of earlier provisions, the banking regulator has delegated powers to the designated AD category-I banks to allow changes/modification in the draw-down and repayment schedules notwithstanding the average maturity period or changes…

Individuals can now carry Indian Currency in Rs.500 and Rs.1000 Denomination to Nepal and Bhutan

The Reserve Bank of India has lifted on Thursday (22.01.2015) the ban on individuals carrying Indian currency notes of higher denominations to Nepal and Bhutan. Now Indian travellers to Nepal and Bhutan can carry Indian currency notes in denominations of Rs.500 and/or Rs.1000, provided the maximum value of these currency notes should not exceed a…

Banks cannot indiscriminately charge interest on advances of same category

Hereafter banks cannot differentiate old and new borrowal accounts for the purpose of selectively charging different rate of interest within the same category borrowers. The new guidelines of RBI on ‘Interest Rates on Advances’ will  comes into effect immediately one month after its Circular dated 19.01.2015. Hitherto banks used to selectively lower rate of interest…