RBI slashes SLR by 50 bps to 21.50% with effect from Feb 7,2015
RBI slashes SLR by 50 bps to 21.50 per cent with effect from February 7, 2015. All other rates remain unchanged. Export Credit refinance (ECR) is replaced with provision of system level liquidity with effect from February 7, 2015. CRR……………………………4% SLR…………………………….21.50% Repo Rate…………………7.75% Reverse Repo Rate……6.75% Marginal Standing Facility Rate….8.75% Bank Rate…………………………………..8.75% Call Rates……………………………………6.40 to8.40%…
Read articleHow to process ‘Pissiculture Loan’ application
Pissiculture is one of the allied activities classified under priority sector lending. Both term loan and cash credit facilities can be considered under the scheme. The facility is extended by the banks for cost of digging of pond or renovation of existing pond, stocking of spawn/fingerlings of fish, seeds, nets, application of lime cakes, fertilizers,…
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Banks are permitted to open off-site Cash Deposit Machines (CDMs)/Bunch Note Acceptor Machine (BNAMs) without prior permission of RBI
There were days where bank customers used to wait for a long spell at the banking hall, for their turn to deposit their money at cash counters. Now technology has changed. If plans of commercial banks of installing large number of off-site CDMs/BNAMs at various places, the customers don’t need to walk to reach their…
Read articleRBI reference rate for USD ($), Euro (€ ), GBP (£ )and Yen (¥) on 2.2.2015
The Reserve Bank of India’s Reference Rate for the US Dollar is Rs.69.9413 on February, 2015 The corresponding rate for the previous day (January 30.2015) was Rs.70.0268 Based on the reference rate for the US Dollar and the middle rates of the cross-currency quotes, the exchange rate of EUR, GBP and JPY on January 29,2015…
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RBI directs banks to dispense with ‘No Due Certificate’
Banks (including RRBs) are advised to dispense with obtaining ‘No Due Certificate’ from individual borrowers (including SHGs & JLGs) in order to ensure hassle free credit to all borrowers. Earlier similar rule was applicable only for loans up to Rs.50000.00 to small and marginal farmers, share croppers and the like in agriculture advances. The new…
RBI spells out new norms to enhance transparency in pricing of credit
RBI spells out new norms to enhance transparency in pricing of credit The RBI has sought to protect bank borrowers by directing banks to observe the following additional instructions. In terms of RBI notification the new guidelines comes into force from APRIL 1, 2015. This is in order to give banks sufficient times to comply…
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