The Reserve Bank of India (RBI) announced today the premature redemption date and price for SGB 2017–18 Series I. According to the RBI notification, the second due date of premature redemption under the above tranch of the Sovereign Gold Bond (SGB) Scheme shall be November 11, 2022 (November 12, 2022, being a second Saturday). The…
India’s retail inflation surged to a five-month high of 7.4 percent in September, taking down the third straight quarter where the inflation rate remained above the RBI’s tolerance ceiling of 6 percent and it has breached the medium-term target of 4 percent for three years. Today, the central bank is widely expected to take stock…
RBI on Tuesday amended its circular dated November 19, 2015, for extending internet banking services with transactional facilities by the Regional Rural Banks (RRBs) to promote and spread digital banking for customers in rural areas. ‘Keeping in view the need to promote the spread of digital banking for customers in rural areas, the eligibility criteria…
The Reserve Bank of India on Thursday said that an additional meeting of its rate-setting panel, the Monetary Policy Committee (MPC) has been scheduled to take place on November 3, 2022. This will be the second off-schedule meeting of the MPC after a surprise meeting in May. “Under the provisions of Section 45ZN of the…
RBI in its circular dated October 13, 2022, notified that the amounts received by a bank from the National Credit Guarantee Trustee Company Ltd (NCGTC) towards claims in respect of guarantees invoked and held by them pending adjustment of the same towards the relative advances, need not be treated as outside liabilities for the purpose…
Cash reserve ratio (CRR) is a statutory provision in India regulated by RBI under Section 42(1) of the Reserve Bank of India Act 1934. According to the above section, every scheduled bank in India needs to hold on a certain percentage of cash without being allowed to invest or lend it for interest. The Cash…
The average of the minimum balances maintained (in each account) in each of the months during the half-year period is treated by the bank as the amount representing the “time liability” portion of the savings bank deposits. When the ‘time liability’ amount so arrived is deducted from the average of the actual balances maintained during…
The Reserve Bank of India has today released a Concept Note on Central Bank Digital Currency (CBDC) for India. “The Reserve Bank will soon commence limited pilot launches of e₹ for specific use cases. It is expected that this note would facilitate a deeper appreciation and understanding of the digital Rupee and help members of…
Reserve Bank Governor Shaktikanta Das on Thursday launched a new ‘SupTech’ initiative DAKSH (दक्ष) – the bank’s Advanced Supervisory Monitoring System, which is expected to make supervisory processes robust. ‘DAKSH’ means ‘efficient’ & ‘competent’ which is a web-based end-to-end workflow application through which RBI shall monitor compliance requirements in a more focused manner with the…
RBI today directed all Credit Information Companies (CICs) to appoint an internal ombudsman (IO) at the top of their internal grievance redress mechanism by April 1 of 2023. “These Directions are introduced with a view to strengthening the internal grievance redress mechanism within the Credit Information Company (CIC) by enabling a review of customer complaints…