RBI announces changes in Repo rate, SDF and MSF from May 4, 2022

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…

RBI revives instructions on SLR maintenance for balance held under SDF and SLR holding in HTM category

In partial modification to notification DBR.Ret.BC No.11/12.02.001/2018-19 dated December 05, 2018, the Reserve Bank of India notified on Friday (08/04/2022) that the balances held by banks with the RBI under the SDF shall be an eligible Statutory Liquidity Ratio (SLR) asset and such balances shall form part of “Cash” for SLR maintenance. Banks shall report…

Banks will conduct special clearing ops on Mar 31 for closure of govt accounts

Banks will conduct special clearing operations for the annual closure of government accounts on March 31, to facilitate accounting of all government transactions for the current financial year (2021-22). The Reserve Bank said that the above direction of the Central bank is mandatory for all banks to participate in the proposed special clearing operations for…

How do you lodge complaint to RBI-Integrated Ombudsman ?

RBI today clarified that the Central Bank does not have arrangements with third parties to redress grievances against RBI-regulated entities. The above clarification was given in view of instances of misinformation being spread through certain sections of the social media about the Reserve Bank – Integrated Ombudsman Scheme 2021 (RB-IOS) has come to the notice…

Interest Equalization Scheme with reduced interest rates extended till March 2024 or till further review

The government of India has approved the extension of the Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit (‘Scheme’) up to March 31, 2024, or till further review, whichever is earlier. The modified scheme takes effect from October 1, 2021, and ends on March 31, 2024. The following are the modification made…

Purchaser’s presence not required to be present before sub-registrar:  Supreme Court

Supreme Court of India: Civil AppeaI NO. 3975 OF 2010: H.P.Puttaswamy  Vs  Thimmamma & Ors This suit was originally instituted on 31st March 1989 and was registered as Suit No.132 of 1989 in the Court of Civil Judge (Junior Division) Malavalli, Karnataka. The property in question comprises approximately 4500 square ft. of land in a…