The Reserve Bank of India (RBI) on Wednesday constituted a nine-member external working group to get independent views on Expected Credit Loss (ECL) based framework for provisioning by banks. The ECL approach to provisioning is a paradigm shift from the current incurred loss-based provisioning regime. The Discussion Paper released by RBI on January 16, 2023,…
RBI on Monday asked all the Regulated Entities (REs) of the Reserve Bank to display information on secured assets possessed under the SARFAESI Act, 2002. “As a part of the move towards greater transparency, it has been decided that the Regulated Entities (REs) of the Reserve Bank which are secured creditors as per the Securitisation…
The Reserve Bank of India on Friday announced that it will discontinue incremental cash reserve ratio (I-CRR) in a phased manner. The central bank had announced the measure in its August 10 monetary policy meeting wherein scheduled banks were required to maintain an I-CRR of 10 per cent on the increase in their net demand…
The promissory clause printed on the banknotes i.e., “I promise to pay the bearer the sum of Rupees …” followed by the RBI governor’s signature, denotes the obligation on the part of the issuer of the note towards the holder of the bank note. As per Section 26 of the Reserve Bank of India Act,…
RBI on Thursday advised all the regulated entities (Res) like banks and NBFCs (REs) that at the time of sanction, they shall clearly communicate to the borrowers about the possible impact of change in the benchmark interest rate on the loan leading to changes in EMI and/or tenor or both. Successively, any increase in the…
The Monetary Policy Committee (MPC) met on the 8th, 9th, and 10th of August 2023decided unanimously to keep the policy repo rate at 6.50 percent, and other key policy rates also remain unchanged. Under Section 42(1) of the Reserve Bank of India Act, 1934, all Scheduled Banks are required to maintain with the Reserve Bank…
The coins issued by the Government of India under Section 6 of The Coinage Act, 2011, shall be legal tender in payment or on account provided that a coin has not been defaced and has not lost weight so as to be less than such weight as may be prescribed in its case. However, a…
The Reserve Bank of India adopted the “STAR series” numbering system for the replacement of defectively printed banknotes in a packet of 100 pieces of serially numbered banknotes. The Star series banknotes are exactly similar to the other banknotes, but have an additional character viz., a *(star) in the number panel in the space between…
Currency chests are storehouses where banknotes and rupee coins are stocked on behalf of the Reserve Bank for distribution to bank branches in their area of operation. As on March 31, 2021, there were 3054 currency chests. Besides these, there are around 3,746 bank branches that act as small coin depots to stock small coins.…
The Governor of the Reserve Bank of India Mr. Shaktikanta Das held meetings with the MD & CEOs of Public Sector Banks and select Private Sector Banks on July 11, 2023, in Mumbai. The meetings were also attended by Deputy Governors, Shri M. Rajeshwar Rao and Shri Swaminathan J., along with a few senior officials…