Reserve Bank of India today advised all the banks to be ready to conduct a Special Clearing exclusively for Government cheques at all clearing houses across the country on March 31, 2020. According to the regulator’s communication normal clearing timings as applicable to any working Tuesday shall be followed on March 31, 2020. Additionally, a…
In the Statement of Development and Regulatory Policies released on March 27, 2020, RBI released several regulatory measures to mitigate the burden of debt servicing brought about by disruptions on account of COVID-19 pandemic and to safeguard the continuity of viable businesses. The package includes Rescheduling of Term Loans and Working Capital payments, recalculate the…
Today (March 27, 2020), the Monetary Policy Committee (MPC) announced Seventh Bi-monthly Monetary Policy Statement, 2019-20 and slashed all the key policy rates. According to the announcement the MPC decided to advance its meeting scheduled for 31st March, 1st and 3rd April 2020 and met on 24th, 26th, and 27th March. As per the announcement…
RBI tells the public to use non-cash digital payment options (like NEFT, IMPS, UPI and BBPS) which are available round the clock to facilitate fund transfers, purchase of goods/services, payment of bills, etc. The above announcement of the Central Bank came in the light of the fallout of the Corona virus pandemic in India. The…
RBI on Thursday (12.03.2020) announced that it has been decided to undertake 6-month US Dollar sell/buy swaps to provide liquidity to the foreign exchange market in multiple tranches. The first tranch would be offered on March 16, 2020, for swap amount USD 2 Billion “On emerging Financial markets worldwide are facing intense selling pressures on…
The Yes Bank Ltd. was placed under an order of moratorium on March 5, 2020 which will be effective up to April 3, 2020.In this regard, RBI published a draft scheme of reconstruction of the Yes Bank Ltd.in public domain inviting suggestions and comments from the public as well as all the stake holders of…
‘Riksbank’ a joint-stock bank established in Sweden in the year 1668 is recognized as the world’s first central bank. The bank was commissioned to lend funds to the government and to act as a clearinghouse for commerce. But in the year 1897 the ‘Riksbank’ deserted commercial lending and it was granted a monopoly for issuing…
As announced in the Statement on Developmental and Regulatory Policies of February 6, 2020, the Reserve Bank of India has decided to revise its liquidity management through which it controls cash in the banking system to rationalise interest rates in line with the policy actions. Instruments of liquidity management will include “fixed and variable rate…
In terms of Statement on Developmental and Regulatory Policies of February 6, 2020, the Reserve Bank of India announced that the special lending window with CRR exemption will be open from February 14 and incremental loans disbursed under this facility will have CRR exemption for the next five years. Accordingly, banks are allowed to deduct…
Many surveys on the status of financial literacy in India reveal that about a staggering 76% of Indian adults do not understand basic financial concepts. These surveys confirm the financial literacy rate in India has been consistently poor as compared to the rest of the world. Financial Literacy Week is an initiative by RBI to…