DA chart of bank employees on special allowance for the quarter May-July 2020
On the basis of CPI data announced by the Labour Bureau for the period of January 2020 to March 2020, the average index number works out to 7486 (base 1960=100) or 761slabs(76.10%) for the above period. It means bank employees and officers are entitled to an increase of 2slabs (0.20%) for the ensuing quarter of…
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RBI asks banks to claim regulatory benefit under SLF-MF scheme irrespective of source of funds
On Thursday (April 30, 2020) RBI announced that the regulatory benefits under the special liquidity facility for mutual funds (SLF-MF) scheme being extended to all banks irrespective of whether they avail funding from the Reserve Bank or deploy their own resources under the scheme. As per RBI circular April 27, 2020, RBI would conduct repo…
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Role of RBI as a Banker to Government explained
Reserve Bank of India is the banker to Central Government as well as State governments. In terms of Section 20 and section 21 of the RBI Act 1934, RBI has the obligation to undertake the receipts and payments of the Central Government departments and to carry out the exchange, remittance and other banking operations, including…
Read article Franklin fallout: RBI Announces ₹ 50,000 crore Special Liquidity Facility for Mutual Funds (SLF-MF)
Today (April 27, 2020) Reserve Bank of India announced ₹50,000 crores of special liquidity facility for mutual funds. This was in view of liquidity constraints faced by the Mutual Funds intensified in the wake of large redemptions and high exposure to low-rated illiquid debt securities. The move follows in a bid to support mutual funds…
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Now you get ‘Electronic Cards’ for your Overdraft Accounts
On Thursday (April 23, 2020) Reserve Bank of India permitted all scheduled commercial banks to issue electronic cards to natural persons having Overdraft Accounts. The cards will be issued to accounts in the nature of personal loan without any specific end-use restrictions. Hitherto, banks have been permitted to issue debit cards to customers having Saving…
Repo operations: What is TRTRO?
TLTRO is acronym to Targeted Long Term Repo Operation (TLTRO). The scheme was introduced by Reserve bank of India as a tool to enhance the liquidity to sectors and entities experiencing liquidity constraints and/or hindrances to market access in the wake of the COVID-19 crisis. For a second time on April 17, 2020, RBI has…
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