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…
On Wednesday (August 4, 2021) Reserve Bank cautioned the members of the public to remain alert and not to fall prey to elements using the name of Reserve Bank of India to extract money through such fictitious/ fraudulent offers. “It has come to the notice of Reserve Bank of India that certain elements are fraudulently…
Marginal Standing Facility (MSF) by RBI is a liquidity adjustment facility extended to Scheduled banks, as a measure to reduce volatility in call money rates in the inter-bank market. The scheme is introduced by RBI, with effect from 09.05.2011. Under the scheme RBI lends to Scheduled Commercial Banks, for an overnight, having Current Account and…
Reserve Bank of India on Monday (July 12) extended the timeline for implementation of using lockable cassettes in their ATMs which shall be swapped at the time of cash replenishment, till March 31, 2022. The Reserve Bank of India (RBI) had constituted a Committee on Currency Movement (CCM) under the chairmanship of Shri D.K. Mohanty,…
The Reserve Bank of India (RBI) has proposed a slew of measures to protect micro-finance borrowers from over-indebtedness and enable competitive forces to bring down the interest rates. In a consultative document released on Monday, RBI has proposed to remove the ceiling on interest rates for micro-finance lenders, among other key measures. In the Statement…
The Reserve Bank of India (RBI) today (10.06.2021) allowed an increase in the interchange fee structure for ATM transactions considering the increasing cost of Automated Teller Machines (ATM) deployment and expenses towards ATM maintenance incurred by the banks and white label ATM operators. The last change in interchange fee structure for ATM transactions was in…
Reserve Bank today advised all the banks to preserve the CCTV recordings of operations at bank branches and currency chests till further order. On December 13, 2016, RBI had issued a notification, wherein the banks were advised to preserve the CCTV recordings of operations at bank branches and currency chests for the period from November…
“In the interest of customer convenience, and to take advantage of the availability of RTGS on all days of the year, it is proposed to make available NACH on all days of the week throughout the year, effective August 1, 2021” RBI Governor Shaktikanta Das said while announcing the bi-monthly monetary policy review on June…
RBI has decided to extend a special liquidity facility of Rs16,000 crore to SIDBI for on-lending/ refinancing through novel models and structures, including double intermediation, pooled bond / loan issuances, etc. The facility will be available at the prevailing policy repo rate for a period of up to one year. The special liquidity facility is…