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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RBI report: Fake notes of Rs.500 doubled and Rs.2000 increased to 54.16% in 2021-22
On Friday RBI released its annual report 2021-22, a statutory report of its central board of directors for the period April 2021-March 2022. As per the RBI report, counterfeit notes of all denominations increased in the financial year 2021-22. The RBI detected 101.9 per cent more fake notes of Rs. 500 denomination and 54.16 per…
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RBI direction on import of gold by Qualified Jewellers as per IFSCA guidelines
[Guidelines on import of gold by Qualified Jewellers as notified by – The International Financial Services Centers Authority (IFSCA)] RBI notified agencies in case of banks and nominated agencies as notified by DGFT, and the Qualified Jewellers (QJ) as notified by International Financial Services Centers Authority (IFSCA) are currently permitted to import gold under specific…
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Primary cooperative banks can now lend upto 10 lakhs for house repair or alteration
Reserve Bank of India (RBI) on Tuesday said primary cooperative banks can now extend loans of up to Rs 10 lakh to individuals for repair or alterations of their dwelling units in metropolitan centres. “The ceiling on such loans is now revised to Rs 10 lakh in metropolitan centres (those centres with a population of…
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RBI clarifies on New Definition of Micro, Small and Medium Enterprises (MSME)
The government of India vide Gazette Notification S.O. 2119 (E) dated June 26, 2020, has notified new criteria for classifying the enterprises as Micro, Small, and Medium enterprises effective from July 1, 2020. Under the new criteria for the classification of MSMEs, enterprises are reclassified under composite criteria (investment and turnover) and there is no…
Eligibility criteria for Kisan Credit Card Scheme for farmers engaged in fisheries/ aquaculture, amended
RBI on Wednesday (18.05.2022) notified all the banks that the RBI circular dated February 04, 2019, related to Kisan Credit Card (KCC) for ‘Working Capital for Animal Husbandry and Fisheries’ stand modified. Modification of the scheme was necessitated by the Central Bank in India (RBI), as they received information that the licensing/authorisation related requirements pertaining…
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