Bank ATMs: Outsourcing of Cash Management and Reconciliation of Transactions
As per committee on currency Chest (Chaired :Shri.D.K.Mohanty) recommendation, RBI advised the banks that they shall follow the below procedure. Cash indents by the Service Provider shall be made at least a day in advance (T-1 where T is the day of cash loading), in consultation with the chest / nodal branch. Cash withdrawal points…
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Reports on 5 days week in banks not factually correct: RBI
Mr.Yogesh Dayal, Chief General Manger of RBI in his press release dated Apr 20, 2019 clarified that RBI has not issued any direction on 5 days week in banks and the above information appeared in media reports is not factually correct. The reason for the above clarification on press release is necessitated because of certain…
Read article Opening of Foreign Currency Accounts by Re-insurance and Composite Insurance brokers
In terms of notification No. FEMA 10(R)(2)/2019-RB dated February 27, 2019, the Reserve Bankof India on April 2019 advised all ategory – I Authorised Dealers and Authorised Banks that they may open interest free foreign currency accounts for reinsurance brokers. A According to the notification, re-insurance and composite insurance brokers registered with IRDA may open…
Read article RBI’s disclaimer note on merger of Lakshmi Vilas Bank (LVB) and Indiabulls Housing Finance Limited (IBHFL)
Reserve Bank of India (RBI) in its press release announced that it has learnt merger of Lakshmi Vilas Bank (LVB) and Indiabulls Housing Finance Limited (IBHFL)through media. As per media news above entities have made a merger announcement on April 5, 2019 with approval of their respective Boards. RBI’s disclaimer said that a section of…
Read article RBI reduces Repo rate by 25 basis points
Reserve Bank of India (RBI) has today (April 4, 2019)announced its first Bi-Monthly Monetary Policy Rates for 2019-20 in Mumbai. The Monitory Policy Committee (MPC) of Reserve Bank of India On the basis of an assessment of the current and evolving macroeconomic situation at its meeting decided to reduce the policy repo rate under the…
Corporation and Allahabad Bank are taken out of Prompt Corrective Action (PCA) Framework
Corporation, Allahabad Bank and Dhana Lkshmi Banks are taken out of Prompt Corrective Action (PCA) Framework. Pursuant to Government of India has infused fresh capital on February 21, 2019 into various banks including Allahabad Bank and Corporation Bank. Allahabad resevied Rs.6896 crre and Corporation Bank had received Rs.9086 crore. The infusion of fresh capital has…
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