RBI to withdraw Rs 2,000 notes from circulation must be exchanged before September 30, 2023
The Reserve Bank of India has decided to withdraw Rs 2,000 denomination banknotes from circulation and asked all to exchange them by September 30, 2023. The Rs 2,000 notes, however, will continue to be legal tender. “In pursuance of the “Clean Note Policy” of the Reserve Bank of India, it has been decided to withdraw…
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What is Central KYC Records Registry (CKYCR)?
The Government of India has amended the Prevention of Money Laundering (Maintenance of Records) Rules, 2005; vide a notification dated July 7, 2015, for setting up of the Central KYC Records Registry (CKYCR). Central KYC Registry (CKYCR) is the central repository of KYC information of customers. This registry is a one-stop collection of the information…
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RBI keeps policy repo rate unchanged at 6.5%
The six-member Monetary Policy Committee (MPC) headed by RBI Governor on Wednesday (April 6, 2023) decided to keep the policy repo rate unchanged at 6.50%. Reserve Bank projected India’s GDP growth forecast raised to 6.5% from the previous 6.4 percent for 2023-24. The present policy rates can still be regarded as accommodative, the statement said.…
Read article RBI directions to Banks: Govt. accounts reporting window of March 31 shall be kept open till 12 noon on April 1
RBI on Tuesday notified that all government transactions done by agency banks for 2022-23 must be accounted for within the same financial year. All agency banks should keep their designated branches open for over the counter transactions related to government transactions upto the normal working hours on March 31, 2023, said RBI. It further said…
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Meaning of Banker’s lien, negative and other types of liens explained.
Originally posted on July 22, 2014, and updated on 15, March 2023 Generally speaking, a lien (positive lien) is merely a right of a person to retain a property that is in his possession but belongs to another person till such time the debt or other obligation (for which such lien is conferred) is discharged.…
Opening and operating bank accounts of mentally ill, lunatic and insolvent persons
Dealing with accounts of mentally ill or lunatic or insolvent persons remains a delicate job for bankers. Whenever bankers learn that one of their customers is incapable of operating the account due to mental incapacity the operation of such a customer’s account shall be immediately suspended. While dealing with such accounts, bankers need be to…
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