All 1800 odd branches will come under CTS by September
RBI on Friday announced that all the 18,000-odd branches which are outside the centralised clearing system called cheque truncation system will come under it by September. This is decision is taken by Central Bank as part of further improving, speeding up, and fool-proofing the payments and settlement systems, it said. The Cheque Truncation System (CTS)…
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RBI restores SLR, CRR & MSF in a phased manner, Repo and Reverse repo rate unchanged.
Highlights of Monetary policy announcement 2021: CRR remains at 3 percent till March 26. The cash reserve ratio (CRR) will be restored in two phases to 3.5 per cent from March 27,2021and 4 per cent from May 22, 2021. TLTRO scheme will now available to NBFCs Repo rate at 4%, Reverse rate at 3.35% remain…
Read article Risk-based internal audit system by NBFCs and UCBs introduced
The Reserve Bank of India (RBI) on Wednesday unveiled the risk-based internal audit (RBIA) system for select non-bank lenders and urban co-operative banks, with a view to enhancing the quality and effectiveness of their internal audit system. All NBFCs with asset size of Rs 5,000 crore and above, and all primary urban cooperative banks with…
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Budget 2021 Updates
Finance Minister Nirmala Sitharaman listed Health & well-being, Physical & financial capital & infrastructure, Inclusive development for aspirational India, Reinvigorating human capital, Innovation & R&D, and Minimum Govt & Maximum Governance as the main pillars of Budget 2021. The highlights of budget 2021 announcements are as under: TAX RULES FOR INDIVIDUALS: No…
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Sovereign Gold Bond rate fixed at Rs.4862
RBI on Friday announced that Sovereign Gold Bond Scheme 2020-21 – Series XI will be open for subscription from February 01, 2021, to February 05, 2021. The nominal value of the bond is fixed at Rs.4912 (Rupees Four thousand nine hundred and twelve only) per gram of gold.The investors who will be applying online and…
Dearness relief for Bank Pensioners from Feb 2021 to July 2021
Based on the CPI announced, the average index number works out to7849 (base 1960=100). It means Dearness relief for the Bank pensioners will be77 slabs. The details of the percentage of dearness relief payable for the period from February 2021 to July 2021 to bank pensioners retired at various periods are as under. October 2020…
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