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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Banks cannot indiscriminately charge interest on advances of same category
Hereafter banks cannot differentiate old and new borrowal accounts for the purpose of selectively charging different rate of interest within the same category borrowers. The new guidelines of RBI on ‘Interest Rates on Advances’ will comes into effect immediately one month after its Circular dated 19.01.2015. Hitherto banks used to selectively lower rate of interest…
Read articleDefinition of net-worth under PSS act.2007
The Payment System operators including issuers of prepaid instruments, overseas principals for money transfer scheme, card network operators etc. within the country has to obtain authorization from RBI under PSS act.2007. Such payment system operators who apply to RBI for authorization needs to comply with the requirements of minimum paid-up capital and net-worth, as applicable…
Read articleRBI slashes key rates with immediate effct
RBI communiqué on RATE CUT RBI slashes repo rate by 25 bps to 7.75 per cent with immediate effect Reverse Repo @6.75% No change in CRR or SLR Key Rates (effective from 15/1/2015) CRR……………………………4% SLR…………………………….22% Repo Rate…………………7.75% Reverse Repo Rate……6.75% Marginal Standing Facility Rate….8.75% Bank Rate…………………………………..8.75% Call Rates……………………………………6.40 to8.40% Reasons quoted by RBI for rate…
Read article10th Bipartite settlement- Outcome of Talks held today
10th Bipartite settlement /Joint note dated 07.01.2015. Outcome of Talks held today at Mumbai. Discussions continued today with IBA. UFBU insisted on further increase over 12.5%. IBA wanted some more time. Sub committees formed to deal with other issues like medical scheme, 5day banking, regulated working hours, pension issue etc. Next meeting to be fixed…
New MDs and CEOs for 4 state run banks
Centre has separated the posts of Chairman and Managing Director (CMD) in nationalised banks. It has also appointed Managing Directors (MD) for four banks, and they will also be designated as Chief Executive Officer (CEO).The four new MDs and CEOs are P Srinivas (United Bank of India), Animesh Chauhan (Oriental Bank of Commerce), R Koteeswaran…
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