The Reserve Bank of India (RBI) on Friday, June 7, 2024, in its Statement on Developmental and Regulatory Policies announced, that banks have the discretion to offer differential rates of interest on bulk deposits as per their requirements and Asset-Liability Management (ALM) projections.
The bulk deposit limit was enhanced in the year 2019 for Scheduled Commercial Banks (SCBs) (excluding Regional Rural Banks) and Small Finance Banks (SFBs) as ‘Single Rupee term deposits of ₹2 crore and above’. On a review, it is proposed to revise the definition of bulk deposits as ‘Single Rupee term deposits of ₹3 crore and above’ for SCBs (excluding RRBs) and SFBs. Further, it is also proposed to define the bulk deposit limit for Local Area Banks as ‘Single Rupee term deposits of ₹1 crore and above’ as applicable in the case of RRBs.
Digital Payments Intelligence Platform:
“It is proposed to establish a Digital Payments Intelligence Platform for network level intelligence and real-time data sharing across the digital payments ecosystem, “said RBI. The central bank has also formed a committee to examine various aspects of setting up the platform.
Necessary guidelines will be issued shortly, the central bank noted.
