Interest rate on small savings schemes slashed

In terms  of Government announcement on February 2016, the interest rate on small savings schemes will be notified on quarterly basis  hereafter, instead of earlier system of announcing for every year. Accordingly the Government h,as announced the interest rates for the following small savings schemes (for the quarter April 2016 to June 2016) wich are…

Exchange of pre-2005 bank notes extended

RBI on its communique dated February 11,2016 informed that the date for exchanging the pre-2005 banknotes is extended up to June 30,2016. Since these banknotes will be withdrawn from the circulation the members of public were requested by the Apex bank to exchange such notes at identified bank branches or issue branches of RBI. Banks…

RTGS service charges revised

RBI in its communiqué dated Febraury 4, 2016 has advised that with effect from April 1, 2016, the structure of RTGS service charges levied on member banks as well customers of banks. In the new structure, the monthly membership fee to Scheduled Commercial bank will be Rs.5000 + service tax. The processing charges per outward transaction will…

Revision of FEMA regulations

RBI has revised nine regulations issued under the FEMA Act 1999 which will be effective on the date of their publication in the Gazette of India. As per RBI communiqué, with the revision of the regulations, the respective original notifications and subsequent amendments stand repealed. It is further informed in the communique that the revised…

RBI’s Sixth Bi-Monthly Statement : Repo, CRR etc.

RBI in its Sixth Bi-Monthly Statement with regard to ‘Monetary and Liquidity Measures’ made on 02.02.2016 decided to keep, policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.75 per cent. The following rates as a consequence remain unchanged. CRR………………………………………. 4.00% SLR………………………………………..21.50% Repo Rate……………………………. 6.75% Reverse Repo Rate………………. 5.75% Marginal Standing Facility Rate……………