RBI directs banks to dispense with ‘No Due Certificate’
Banks (including RRBs) are advised to dispense with obtaining ‘No Due Certificate’ from individual borrowers (including SHGs & JLGs) in order to ensure hassle free credit to all borrowers. Earlier similar rule was applicable only for loans up to Rs.50000.00 to small and marginal farmers, share croppers and the like in agriculture advances. The new…
Read articleRBI spells out new norms to enhance transparency in pricing of credit
RBI spells out new norms to enhance transparency in pricing of credit The RBI has sought to protect bank borrowers by directing banks to observe the following additional instructions. In terms of RBI notification the new guidelines comes into force from APRIL 1, 2015. This is in order to give banks sufficient times to comply…
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Remittance of salary outside India
When a foreign citizen or a citizen of India, being employed by a foreign company outside India is deputed to India on an official duty to their branch/subsidiary/joint venture/Group Company, may credit the whole salary received by him/her at a bank account maintained abroad. Such remittance is allowed subject to a condition that he/she has…
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Additional Interest Subvention scheme 2014-15: Reward for prompt repayment of crop loan
Commercial Banks are eligible to claim interest subvention of 2% p.a in respect of short term crop loans granted by them at 7% p.a to farmers in rural and semi-urban areas. The interest subvention will be allowed on the loan amount up to Rs.300000/- disbursed from the bank’s own source of funds. Interest subvention of…
Read articleIndividuals can now carry Indian Currency in Rs.500 and Rs.1000 Denomination to Nepal and Bhutan
The Reserve Bank of India has lifted on Thursday (22.01.2015) the ban on individuals carrying Indian currency notes of higher denominations to Nepal and Bhutan. Now Indian travellers to Nepal and Bhutan can carry Indian currency notes in denominations of Rs.500 and/or Rs.1000, provided the maximum value of these currency notes should not exceed a…
RBI reference rate for US$
The Reserve Bank of India’s Reference Rate for the US Dollar is `61.6140 on January 21, 2015 The corresponding rate for the previous day (January 20.2015) was `61.8475. Based on the reference rate for the US Dollar and the middle rates of the cross-currency quotes, the exchange rate of EUR, GBP and JPY against the…
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