The Reserve Bank of India on Thursday made announcement amendments to Gold Monetization Scheme, 2015 with immediate effect. According to the latest notification, a new subparagraph 2.2.2 (f) has been inserted to read as the ‘Interest on premature closure of the deposit in case of death of the depositor before and after the lock-in period’.…
The monetary policy committee of the Reserve Bank of India today unanimously decided to keep the repo rate unchanged for the eighth consecutive time. The committee also lowered the FY22 inflation forecast to 5.3 per cent from an earlier estimate of 5.7 per cent. MPC also decided to continue with its accommodative stance as long…
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…
The Indo-Nepal Remittance Facility Scheme was introduced in May 2008 by the Reserve Bank of India, jointly with Nepal Rastra Bank, to provide an avenue to migrant workers of Nepalese origin working in India to remit funds at regular intervals in a safe and cost-efficient manner to their families in Nepal. Reserve Bank on Friday…
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…
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…