The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) on Wednesday hiked the repo rate by 50 basis points (bps) to 4.90 per cent. The move comes barely a month after the central bank in a surprise off-cycle meeting had jacked up the repo rate by 40 basis points to 4.40 per cent to…
[Today, RBI clarifies about Government order on Production Linked Incentive (PLI)] Updated on 31.05.2022 In the RBI circular dated March 8, 2022, it was stated that the extended IES would not be available to those beneficiaries who were availing of the benefit under any Production Linked Incentive (PLI) scheme of the Government. In this regard,…
On Friday RBI released its annual report 2021-22, a statutory report of its central board of directors for the period April 2021-March 2022. As per the RBI report, counterfeit notes of all denominations increased in the financial year 2021-22. The RBI detected 101.9 per cent more fake notes of Rs. 500 denomination and 54.16 per…
RBI Governor Shaktikanta Das on Wednesday announced that the Central Bank has decided to increase the cash reserve ratio (CRR) by 50 basis points to 4.5 per cent of net demand and time liabilities (NDTL), effective from the fortnight beginning May 21, 2022. “ in keeping with the stance of withdrawal of accommodation and in…
The Monetary Policy Committee (MPC) of RBI in its meeting today decided to increase the policy Repo rate under the Liquidity Adjustment Facility (LAF) by 40 basis points from 4.00 percent to 4.40 percent with immediate effect. Consequently, the standing deposit facility (SDF) rate and marginal standing facility (MSF) rate stand adjusted from 3.75 percent…
In partial modification to notification DBR.Ret.BC No.11/12.02.001/2018-19 dated December 05, 2018, the Reserve Bank of India notified on Friday (08/04/2022) that the balances held by banks with the RBI under the SDF shall be an eligible Statutory Liquidity Ratio (SLR) asset and such balances shall form part of “Cash” for SLR maintenance. Banks shall report…
RBI in its circular dated April 8, 2022, announced that a Standing Deposit Facility (SDF) is being operationalised with immediate effect, i.e., from April 8, 2022. The existing Fixed Rate Reverse Repo (FRRR) henceforth be replaced by SDF as the floor of the LAF corridor. So far, RBI used three policy rates under the LAF…
The six-member Monetary Policy Committee (MPC) meeting headed by Reserve Bank of India (RBI) Governor Shaktikanta Das kept the repo rate unchanged at 4 per cent, while the newly introduced SDF rate has been set at 3.75%, higher than the 3.35% fixed reverse repo rate, which is the rate at which banks park their excess…
The Reserve Bank of India (RBI) on Thursday has extended the timeline for banks to use lockable cassettes, which could be swapped at the time of cash replenishment, in their ATMs by a year to March 31, 2023. The RBI had come out with the circular in 2018 advising banks to consider using lockable Cassette…
Banks will conduct special clearing operations for the annual closure of government accounts on March 31, to facilitate accounting of all government transactions for the current financial year (2021-22). The Reserve Bank said that the above direction of the Central bank is mandatory for all banks to participate in the proposed special clearing operations for…