Primary cooperative banks can now lend upto 10 lakhs for house repair or alteration
Reserve Bank of India (RBI) on Tuesday said primary cooperative banks can now extend loans of up to Rs 10 lakh to individuals for repair or alterations of their dwelling units in metropolitan centres. “The ceiling on such loans is now revised to Rs 10 lakh in metropolitan centres (those centres with a population of…
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RBI clarifies on New Definition of Micro, Small and Medium Enterprises (MSME)
The government of India vide Gazette Notification S.O. 2119 (E) dated June 26, 2020, has notified new criteria for classifying the enterprises as Micro, Small, and Medium enterprises effective from July 1, 2020. Under the new criteria for the classification of MSMEs, enterprises are reclassified under composite criteria (investment and turnover) and there is no…
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Eligibility criteria for Kisan Credit Card Scheme for farmers engaged in fisheries/ aquaculture, amended
RBI on Wednesday (18.05.2022) notified all the banks that the RBI circular dated February 04, 2019, related to Kisan Credit Card (KCC) for ‘Working Capital for Animal Husbandry and Fisheries’ stand modified. Modification of the scheme was necessitated by the Central Bank in India (RBI), as they received information that the licensing/authorisation related requirements pertaining…
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RBI permits banks to extend on-lending facility on an ongoing basis for delivering credit to the specified priority sectors
“On-lending” means loans sanctioned by banks to eligible intermediaries for onward lending for the creation of priority sector assets. As per the latest RBI, circular banks are permitted to extend the above facility on an ongoing basis. RBI on Friday (May 13, 2022) announced that “To ensure the continuation of the synergies that have been…
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ASBA-designated bank branches will remain open for public on Sunday to facilitate processing of applications for LIC’s initial public offering
The Reserve Bank of India on Wednesday requested all ASBA designated branches of banks to remain open for the public on May 8, 2022 (Sunday) to facilitate the processing of applications for LIC IPO “The Government of India, in order to facilitate bidding for LIC IPO, has requested that all bank branches designated to process…
RBI increases cash reserve ratio (CRR) by 50 basis points
RBI Governor Shaktikanta Das on Wednesday announced that the Central Bank has decided to increase the cash reserve ratio (CRR) by 50 basis points to 4.5 per cent of net demand and time liabilities (NDTL), effective from the fortnight beginning May 21, 2022. “ in keeping with the stance of withdrawal of accommodation and in…
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