RBI issues new guidelines on Note Authentication and Fitness Sorting Parameters
The Reserve Bank of India (RBI) on Friday revised the existing guidelines for authentication and sorting the new series of banknotes and issued guidelines directing banks to test their banknote sorting machines on a quarterly basis. “In the backdrop of introduction of the new series banknotes, these parameters have been reviewed and a revised set…
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RBI extends implementation of some norms for credit and debit cards
The Reserve Bank of India vide circular dated April 21, 2022, had issued master directions for credit and debit card issuance in the year 2022. These guidelines apply to banks excluding payment banks, state co-operative banks, and district central co-operative banks. Also, all NBFCs operating in India should follow the new norms of card issuance…
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RBI takes away restrictions imposed on Master Card
RBI on Thursday lifted the restrictions imposed on Mastercard Asia / Pacific Pte. Ltd, vide order dated July 14, 2021, from immediate effect. Last year on July 14, 2021, the regulator imposed restrictions on Mastercard from onboarding new domestic customers including debit, credit, or prepaid onto its card network for non-compliance with the RBI circular…
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RBI doubles Individual Housing Loan limits by Cooperative Banks
In today’s (June 8, 2022) statement of development and regulatory policies, the Reserve Bank of India (RBI) announced measures to support cooperative banks by doubling the credit limits for the individual borrowers of Primary (Urban) Co-operative Banks (UCBs) and Rural Cooperative Banks (RCBs) – State Cooperative Banks and District Central Cooperative Banks. According to the…
Read article RBI hikes REPO rate by 50 basis points, bank rate and MSF also spiked to 5.15%
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) on Wednesday hiked the repo rate by 50 basis points (bps) to 4.90 per cent. The move comes barely a month after the central bank in a surprise off-cycle meeting had jacked up the repo rate by 40 basis points to 4.40 per cent to…
Interest Equalization Scheme with reduced interest rates extended till March 2024 or till further review
[Today, RBI clarifies about Government order on Production Linked Incentive (PLI)] Updated on 31.05.2022 In the RBI circular dated March 8, 2022, it was stated that the extended IES would not be available to those beneficiaries who were availing of the benefit under any Production Linked Incentive (PLI) scheme of the Government. In this regard,…
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