RBI modifies Master Directions for Interest Rate on Deposits
RBI on Friday (September 16, 2022) notified that its master direction dated March 03, 2016, on interest rates on deposits and May 12, 2016, on ‘Co-operative Banks – Interest Rate on Deposits’ have been modified. Further, the instructions regarding eligibility for the opening of savings account contained in Section 28 (h) and Section 27 (h)…
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RBI guidelines on opening and operation of current accounts and CC/OD accounts by banks
RBI today (19.04.2022) issued a consolidated circular for the opening and operation of current accounts and CC/OD accounts by banks with a view to enforce credit discipline amongst the borrowers as well as to facilitate better monitoring by the lenders. Banks may compute the aggregate exposure of the prospective customers based on the information collected…
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DICGC Act effective from September 1, Stressed bank depositors set to get back funds after 90 days
Updated on 30 August 2021 The Government has notified September 1, 2021, as the date on which the provisions of the Act shall come into force, according to a gazette notification dated August 27, 2021. “In exercise of the powers conferred by sub-section (2) of section 1 of the Deposit Insurance and Credit Guarantee Corporation…
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Interest payable on unclaimed deposit transferred to DEA Fund: RBI
All the banks are advised to calculate the interest payable on interest bearing deposits transferred to RBI at the rate of 3 percent per year with effect from May 11, 2021 till the time of payment to the depositor/claimant. The interest rate was 4 per cent p.a. up to June 30, 2018, and 3.5 per…
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RBI rationalizes certain components of extant KYC norms
(No punitive restrictions on Account Operations for non compliance of periodic upation of KYC till Dec 31) Reserve Bank of India on Wednesday advised Banks and other Regulated Entities (REs) that in respect of the customer accounts where periodic updation of KYC is due and pending as on date, no punitive restrictions on operations of…
Gold Monetization Scheme (GMS) updated
Edited and republished on 05.04.2021 On Monday (05.04.2021), the Reserve Bank of India updated several amendments made to the Gold Monetization scheme 2015 to date and advised all designated banks to give adequate publicity to the Scheme through their branches, websites, and other channels. As per present guidelines, nominated banks authorized to import gold by…
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