RBI to set up a centralised portal to access details of unclaimed deposits
In today’s Statement on developmental and regulatory policies, RBI said that it would set up a centralised portal to access details of unclaimed deposits by depositors or their beneficiaries across various banks. The overdue deposits or balances held in inoperative accounts remaining unclaimed for 10 years are transferred to the “Depositor Education and Awareness” (DEA)…
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UPI network will facilitate payments using Bank Credit: RBI
Unified Payments Interface (UPI) is a robust payments platform supporting an array of features. Presently it handles 75% of the retail digital payments volume in India. According to the RBI statement, UPI is the single largest retail payment system in the country in terms of volume of transactions. In terms of volume, the number of…
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RBI keeps policy repo rate unchanged at 6.5%
The six-member Monetary Policy Committee (MPC) headed by RBI Governor on Wednesday (April 6, 2023) decided to keep the policy repo rate unchanged at 6.50%. Reserve Bank projected India’s GDP growth forecast raised to 6.5% from the previous 6.4 percent for 2023-24. The present policy rates can still be regarded as accommodative, the statement said.…
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The Rule for Exchange of Soiled, Mutilated, and Imperfect Notes in Banks
Updated as per RBI Master circular dated April 3, 2023 All bank branches are required to display at their branch premises, at a prominent place, a board indicating the availability of note and coin exchange facility with the legend, “SOILED/ MUTILATED NOTES AND COINS ARE ACCEPTED AND EXCHANGED HERE” for information about the general public.…
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<strong>If redemption date for Coupons/Govt. Securities is a public holiday, then which day will be the due date?</strong>
The Government on Monday announced that the outstanding balance of ‘7.37% Government Securities 2023’ due on 16th April 2023 will be payable on 15th April 2023 as the 16th is a Sunday. It is a common belief of many people that if your payment due date falls on Sunday or a holiday the same can…
<strong>Interest on small savings schemes hiked by up to 70 bps for the April-June 2023 quarter</strong>
Today, the government has hiked the interest rates of small savings schemes by up to 70 bps (One percentage point is equivalent to 100 basis points.) for the April-June 2023 quarter. The latest chart of interest for small savings instruments for the Q1 (April 1 to June 30) of 2023 is as under. Scheme Rate…
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