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…
In the sixth bi-monthly monetary policy statement announced on Thursday (dated 06.02.2020), MPC decided to keep the policy REPO rate under the liquidity adjustment facility (LAF) unchanged at 5.15 percent. The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth while ensuring that inflation remains within…
Pursuant to an announcement made by the Finance Minister Mrs.Nirmala Sitharaman in the Lokasabha while placing budget for the year 2020-21, the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the Reserve Bank of India, has raised the limit of insurance cover for depositors in insured banks from the present level of…
The Reserve Bank of India on Tuesday (21/01/2020) issued directions relating to IFSC Banking Units (IBUs) governed under ‘Currency Futures in International Financial Services Centre (Reserve Bank) Directions, 2020’ which shall come into force with effect from the date of its publication. IFSC is an abbreviation for International Financial Services Centres and IFSC Banking Units…
Inasmuch as, the legal provisions governing Contract of Guarantee, the guarantees furnished by the banks in favour of Government Departments in the name of the President of India, has validity period of 30 years as per limitation act 1963.In the light of above section of limitation act, many readers are asking the questions whether the…
Reserve Bank of India under the aegis of the Financial Inclusion Advisory Committee (FIAC) initiated the process of formulation of the National Strategy for Financial Inclusion (NSFI) for the period 2019-2024 and formally released the document on January 10, 2020. The National Strategy for Financial Inclusion (NSFI) report on Friday sets forth the vision and…
On Friday (10.01.2020), RBI notified that the instructions on the processing of e-mandate on cards for recurring transactions to cover Unified Payments Interface (UPI) transactions as well. During August 2019, RBI permitted processing of e-mandate on Credit/debit cards / Prepaid Payment Instruments (PPIs)/wallets for recurring transactions (merchant payments), with Additional Factor of Authentication (AFA) during…
As per RBI’s latest notification IBUs (IFSC Banking Units) cannot open SB account. IBUs are also prohibited from undertaking cash transactions. They can open foreign currency current accounts (including escrow accounts) of units operating in IFSC and of non-resident institutional investors to facilitate their investment transactions subject to the provisions of FEMA 1999 and other…
“MANI” a mobile application is useful for aiding visually impaired persons to identify the denomination of Indian Bank Notes. The Indian banknotes are printed with several features which enable the visually impaired (colour blind, partially sighted and blind people) to identify them, viz., intaglio printing and tactile mark, variable banknote size, large numerals, variable colour,…
To bring cooperative banks closer to the reporting standards of commercial banks, the RBI on December 27, 2019, mandated Urban Co-operative Banks to report credit information, including classification of an account as a special mention account (SMA) to the central repository of information on large credits (CRILC). The CRILC database is used by banks and…