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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RBI Governor announces launching of Centralised Information Management System’ (CIMS)
Reserve Bank Governor Shaktikanta Das on Friday while addressing the 17th statistics day conference at the RBI headquarters, also launched ‘Centralised Information Management System’ or CIMS, which is the next-generation data warehouse. The Governor said that commercial banks will first begin reporting on the central bank’s latest next-generation data warehouse, the Centralised Information Management System’…
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Change in Public Holiday under Negotiable Instrument Act – June 28 is working day
RBI issued a press release today stating that the Government of Maharashtra has declared June 29, 2023, as a public holiday under Section 25 of the Negotiable Instruments Act, of 1881. The Maharashtra Government declared a public holiday on June 28, 2023, earlier, that has been now canceled. Settlement of the auction of state government…
Read article RBI imposes monetary penalty on TransUnion CIBIL Limited, Mumbai
The Reserve Bank of India (RBI) on Monday (June 26, 2023), imposed a monetary penalty of ₹26 lakh (Rupees Twenty-six lakh only) on TransUnion CIBIL Limited, Mumbai (the company) for non-compliance with certain provisions of the Credit Information Companies (Regulation) Act, 2005. “This action is based on the deficiencies in regulatory compliance and is not…
Read article The updated list of ‘significant benchmarks’ shall come into effect from July 01, 2023
In a notification on Friday (23, June) the RBI said that the Financial Benchmark Administrators (FBAs), which control ‘significant benchmarks’ in the markets for financial instruments regulated by the banking regulator, have been accorded approval to cease the publication of the Mumbai Interbank Forward Outright Rate (MIFOR) after June 30, 2023.“In light of the cessation…
Latest news: Outcomes of the meeting between UFBU and IBA
The meeting of the UFBU (United Forum of Bank Unions) and Indian Banks’ Association (IBA) was held on June 21, 2023, in Mumbai. The important discussions and outcomes taken place in the meeting are explained below. Medical Insurance Scheme: The representatives of Unions have submitted their suggestions in detail like clubbing the policies of in-service…
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