RBI tells banks to give choice to borrowers either to opt for fixed or floating interest rates basis at the time of resetting the loan
RBI on Thursday advised all the regulated entities (Res) like banks and NBFCs (REs) that at the time of sanction, they shall clearly communicate to the borrowers about the possible impact of change in the benchmark interest rate on the loan leading to changes in EMI and/or tenor or both. Successively, any increase in the…
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Banks are required to maintain an additional CRR of 10% on NDTL growth, the Repo rate remains unchanged
The Monetary Policy Committee (MPC) met on the 8th, 9th, and 10th of August 2023decided unanimously to keep the policy repo rate at 6.50 percent, and other key policy rates also remain unchanged. Under Section 42(1) of the Reserve Bank of India Act, 1934, all Scheduled Banks are required to maintain with the Reserve Bank…
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Whether you can refuse to accept coins beyond a limit?
The coins issued by the Government of India under Section 6 of The Coinage Act, 2011, shall be legal tender in payment or on account provided that a coin has not been defaced and has not lost weight so as to be less than such weight as may be prescribed in its case. However, a…
Read article What does it mean when you find Star (*) symbol in the number Panel of a Rupees Note?
The Reserve Bank of India adopted the “STAR series” numbering system for the replacement of defectively printed banknotes in a packet of 100 pieces of serially numbered banknotes. The Star series banknotes are exactly similar to the other banknotes, but have an additional character viz., a *(star) in the number panel in the space between…
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What is Currency Chest and Currency note delivery system?
Currency chests are storehouses where banknotes and rupee coins are stocked on behalf of the Reserve Bank for distribution to bank branches in their area of operation. As on March 31, 2021, there were 3054 currency chests. Besides these, there are around 3,746 bank branches that act as small coin depots to stock small coins.…
Banks were asked to be extra careful and vigilant in view of the adverse global developments
The Governor of the Reserve Bank of India Mr. Shaktikanta Das held meetings with the MD & CEOs of Public Sector Banks and select Private Sector Banks on July 11, 2023, in Mumbai. The meetings were also attended by Deputy Governors, Shri M. Rajeshwar Rao and Shri Swaminathan J., along with a few senior officials…
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