Reserve Bank of India has introduced a ‘scheme of penalty for non-replenishment of ATMs’, effective October 1, 2021, wherein banks and white label ATM operators will be penalised, in the event of cash-outs beyond the permissible time limit. According to the scheme, a penalty of Rs 10,000 per ATM will be levied in the event…
Updated on 08.08.2022 originally posted on 12.11.2021 RBI vide notification dated August 5, 2022, made a partial modification to the notification to CEPD.PRD.No.S873/13.01.001/2021-22 dated November 12, 2021. According to the above modification modification ‘Credit Information Company’ as defined in the Credit Information Companies (Regulation) Act, 2005, shall also be treated as a ‘Regulated Entity’ for…
The Developmental and Regulatory Policies announced today by RBI sets out various developmental measures including liquidity and regulatory measures. The highlights of the statements are as under. Liquidity Measures: Extension of Deadline for On Tap TLTRO Scheme: RBI has announced the extension of the On Tap TLTRO scheme further by a period of three months,…
The MPC of RBI today (August 6, 2021) voted unanimously to keep the policy repo rate unchanged at 4 percent. The MPC also decided on a 5 to 1 majority to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact…
New rules regarding Changes in opening and operating current Account and CC/OD facilities do not apply to borrowers who have availed agricultural/ personal Overdraft (OD) or OD against deposits” RBI said. The Reserve Bank on Wednesday allowed time to banks till October 31 to implement changes on the current account front, following reports of small…
On Wednesday (August 4, 2021) Reserve Bank cautioned the members of the public to remain alert and not to fall prey to elements using the name of Reserve Bank of India to extract money through such fictitious/ fraudulent offers. “It has come to the notice of Reserve Bank of India that certain elements are fraudulently…
Marginal Standing Facility (MSF) by RBI is a liquidity adjustment facility extended to Scheduled banks, as a measure to reduce volatility in call money rates in the inter-bank market. The scheme is introduced by RBI, with effect from 09.05.2011. Under the scheme RBI lends to Scheduled Commercial Banks, for an overnight, having Current Account and…
Reserve Bank of India on Monday (July 12) extended the timeline for implementation of using lockable cassettes in their ATMs which shall be swapped at the time of cash replenishment, till March 31, 2022. The Reserve Bank of India (RBI) had constituted a Committee on Currency Movement (CCM) under the chairmanship of Shri D.K. Mohanty,…
Edited and reposted on 02.07.2021: The rate of interest payable by banks on overdue deposits differs depending upon the instances like renewal or non-renewal of the deposit for a minimum stipulated period, death of the depositor before the maturity of the deposit, death of the depositor after the maturity of the deposit, interest payable on…
Generally speaking, “relative”, with reference to any person, means any one who is related to another. Your family members are also called your relatives.Your immediate family includes your father, mother and siblings. Your extended family includes all of the people in your father and mother’s families. Your sibling is your brother or sister. In the…