RBI cautions against frauds in the name of KYC updation

The Reserve Bank of India (RBI) on Monday cautioned individuals against sharing bank account login details, personal information, copies of know-your-customer (KYC) documents, card information, PIN, password, and OTP, etc. with unidentified persons or agencies. The banking regulator further bank advised the general public that such details should not be shared through unverified or unauthorised…

Why savings bank deposits are divided into demand liability and time liability?

The cash reserve ratio is a statutory provision regulated by RBI under Section 42(1) of the Reserve Bank of India Act 1934. Every scheduled bank (that includes public and private sector banks, foreign banks, regional rural banks, and co-operative banks) in India requires to maintaining an average balance with the Reserve Bank of India or…

RBI announces Statement on Developmental and Regulatory Policies

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,…

RBI extends the deadline for shifting the current account till October

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…