Banks were asked to be extra careful and vigilant in view of the adverse global developments
The Governor of the Reserve Bank of India Mr. Shaktikanta Das held meetings with the MD & CEOs of Public Sector Banks and select Private Sector Banks on July 11, 2023, in Mumbai. The meetings were also attended by Deputy Governors, Shri M. Rajeshwar Rao and Shri Swaminathan J., along with a few senior officials…
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Central notifies GSTN to exchange information with ED, FIU under PML Act
The Centre on Saturday (July 7) issued a notification to include the Goods and Services Tax Network (GSTN) under the ambit of the Prevention of Money Laundering Act (PMLA). The above notification was issued under Section 66 of the PMLA. The disclosure of information provided will facilitate sharing of information between the GSTN, Enforcement Directorate,…
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Anatomy of Price Volatility Transmission in Indian Vegetables Market
Today the Reserve Bank of India released on its website the DRG Study1 titled, “Anatomy of Price Volatility Transmission in Indian Vegetable Market”. The study is co-authored by Puja Padhi, Himani Shekhar, and Akanksha Handa. The study was funded by the Reserve Bank of India under the DRG Study Series. The study investigates the horizontal…
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RBI directs new guidelines to card issuers and card networks
The Reserve Bank of India has today placed on its website the draft circular on Arrangements with Card Networks for the issue of Debit, Credit, and Prepaid Cards for feedback if any from stakeholders on or before August 4, 2023. The central bank on a review observed that arrangements existing between card networks and card…
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eSARAS mobile app to add ecommerce initiatives for products made by SHG
eSARAS an e-commerce mobile app will be used as a more effective platform for marketing of the products made by women of self-help groups. It is an initiative conceptualized by the DAY-NRLM, Ministry of Rural Development (MoRD), towards the marketing of the best, authentic handicrafts and hand-looms. Launching the App, Secretary Shri Shailesh Kumar Singh…
Small savings schemes: Revision of Interest rate for July-September 2023 Quarter
The latest chart of interest for small savings instruments for the Q2 (July 1 to September 30) of 2023 are as under. Scheme Rate of interest for July-September 2023 Rate of interest from April -June 2023 Interest compounded Savings account 4.00% 4.00% Annual rest 1-year time deposit 6.90% 6.80% Quarterly rest 2-years’ time deposit 7.00%…
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