RBI taking steps to develop Off-shore Rupee market
Reserve Bank of India, in the Statement on Developmental and Regulatory Policies announced on Friday October 4, 2019, announced that it would take steps to develop offshore Rupee Market based on the recommendation of Task Force on Offshore Rupee Markets. The Task Force chaired by Smt. Usha Thorat had recommended several important measures to develop…
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RBI raises lending capacities of Micro Finance Institutions
RBI in its Statement on Developmental and Regulatory Policies announced, on Friday, October 4, 2019, raising the household income limit for borrowers of NBFC-MFIs from the current level of ₹ 1.00 lakh for rural areas and ₹ 1.60 lakh for urban/semi-urban areas to ₹ 1.25 lakh and ₹ 2.00 lakh, respectively. The Y.H.Malegam sub-committee of…
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RBI slashes Repo rate by 25 Basis points
Today October 4, 2019, RBI decided to cut interest rate by 25 basis points. With this cut RBI reduced Repo rate for the fifth time in a row. While releasing the fifth Bi-Monthly Monetary Policy Rates for 2019-20 the MPC said that the rate is reduced on the basis of an assessment of the current…
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Sovereign Gold Bond Scheme (SGB) 2019-20 Series V/VI/VII/VIII/IX/X
The Government of India has announced issuance of the Sovereign Gold Bond Scheme 2019-20 Series in tranches starting from tranche series V to tranche series X every tranche which will be indicated on the Bond issued to the investor. Calendar of Issuance is as under: S. No. Tranche Date ofSubscription Date of Issuance 1…
Read article Advantage of Sovereign Gold Bond over Physical form of gold
The Reserve Bank of India, in consultation with the Government of India, issues Sovereign Gold Bonds from time to time in tranches. These bonds are a substitute for holding physical gold. Each of those tranches will be kept open for a specified period for investors to buy through banks, Stock Holding Corporation of India Limited…
Uniform working hours of banks in 4 states
Working hours of all branches in Karnataka State, Odisha State, Telangana State and Delhi is fixed as 10.00am to 4.00pm from 01.10.2019 as per Department of financial services DFS and SLBC instructions. Private Banks were also requested to formulate their working hours accordingly. The above move is aimed at removing all the discrepancies in the…
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