RBI announces additional MPC meeting on November 3, 2022
The Reserve Bank of India on Thursday said that an additional meeting of its rate-setting panel, the Monetary Policy Committee (MPC) has been scheduled to take place on November 3, 2022. This will be the second off-schedule meeting of the MPC after a surprise meeting in May. “Under the provisions of Section 45ZN of the…
Read article Now claim received from NCGTC need not be treated as outside liabilities for computation of CRR and SLR.
RBI in its circular dated October 13, 2022, notified that the amounts received by a bank from the National Credit Guarantee Trustee Company Ltd (NCGTC) towards claims in respect of guarantees invoked and held by them pending adjustment of the same towards the relative advances, need not be treated as outside liabilities for the purpose…
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Explained: Demand liability and Time liability portions of Saving Banks deposit
The average of the minimum balances maintained (in each account) in each of the months during the half-year period is treated by the bank as the amount representing the “time liability” portion of the savings bank deposits. When the ‘time liability’ amount so arrived is deducted from the average of the actual balances maintained during…
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RBI will commence Concept Note on Central Bank Digital Currency (CBDC) for India
The Reserve Bank of India has today released a Concept Note on Central Bank Digital Currency (CBDC) for India. “The Reserve Bank will soon commence limited pilot launches of e₹ for specific use cases. It is expected that this note would facilitate a deeper appreciation and understanding of the digital Rupee and help members of…
Read article RBI launches advanced supervisory monitoring system DAKSH
Reserve Bank Governor Shaktikanta Das on Thursday launched a new ‘SupTech’ initiative DAKSH (दक्ष) – the bank’s Advanced Supervisory Monitoring System, which is expected to make supervisory processes robust. ‘DAKSH’ means ‘efficient’ & ‘competent’ which is a web-based end-to-end workflow application through which RBI shall monitor compliance requirements in a more focused manner with the…
RBI announces internal ombudsman mechanism for Credit Information Companies
RBI today directed all Credit Information Companies (CICs) to appoint an internal ombudsman (IO) at the top of their internal grievance redress mechanism by April 1 of 2023. “These Directions are introduced with a view to strengthening the internal grievance redress mechanism within the Credit Information Company (CIC) by enabling a review of customer complaints…
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