Cash withdrawal limit at POS (Point of Sale) doubles for Tier III to VI centres
On a review of withdrawal through POS, it has been decided by RBI to enhance the cash withdrawal at POS from Rs.1000/- to Rs.2000/- per day in Tier III to VI centres with immediate effect. The cash withdrawal limit of Rs.1000/- per day through POS in Tier I & II centres remain unchanged. As per…
Read articleRelief measures and rescheduling of loans in area affected by Natural Calamities
The Government of India has reduced the criteria of Crop loss from 50% to 33% for providing input subsidy (compensation) to the farmers. Accordingly, Reserve Bank decided to allow SLBC/DLCC/Banks to take view on rescheduling of loans if the crop loss is 33% or more. Banks may allow maximum period of repayment of up to…
Read article2nd and 4th Saturdays of every month are Public Holidays for Banks
The Finance Ministry, in exercise of powers conferred under the Negotiable Instruments Act, 1881, on Thursday issued a notification declaring the second and fourth Saturday of every month as public holiday for banks in India, with effect from September 1, 2015. Accordingly, the first public Saturday holiday for banks will be on September 12, which…
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What is Contact less Card?
Contact less cards are chip based credit cards/debit cards/smart cards built on near-field communication technology (NFC). The special feature of a contact less card is that you can complete a payment transaction just by waving the card near merchant terminals instead of swiping the same. These cards are complied with EMV payment standard and they…
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Concerns over finance to MSEs: What’s stopping banks to act as development facilitator
The Reserve Bank of India has recently launched National Mission for Capacity Building of Bankers for financing MSME sector (NAMCABS) for sensitizing and on imparting skills to bank officials. The main focus will be to up-skill 3 lakh banking personnel who have joined the system over the past six years and perhaps who have very…
Withdrawal of additional interest on Bank deposits: AGID,NGIF and AFGIS lost benefits
Army Group Insurance Directorate (AGID), Naval Group Insurance Fund (NGIF) and Air Force Group Insurance Society (AFGIS) for their deposits of 2 years and above were eligible for 1.28 per cent over and above the normal rate of interest from public sector banks since 1987. RBI today said that interest rate on such deposits should…
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