Sixth bimonthly statement: RBI keeps Repo Rate unchanged
In the sixth bi-monthly monetary policy statement announced on Thursday (dated 06.02.2020), MPC decided to keep the policy REPO rate under the liquidity adjustment facility (LAF) unchanged at 5.15 percent. The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth while ensuring that inflation remains within…
Read article DICGC increase the insurance coverage for depositors in all insured banks to ₹ 5 lakh
Pursuant to an announcement made by the Finance Minister Mrs.Nirmala Sitharaman in the Lokasabha while placing budget for the year 2020-21, the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the Reserve Bank of India, has raised the limit of insurance cover for depositors in insured banks from the present level of…
Read article Permissible activities of IFSC Banking Units (IBUs)
The Reserve Bank of India on Tuesday (21/01/2020) issued directions relating to IFSC Banking Units (IBUs) governed under ‘Currency Futures in International Financial Services Centre (Reserve Bank) Directions, 2020’ which shall come into force with effect from the date of its publication. IFSC is an abbreviation for International Financial Services Centres and IFSC Banking Units…
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When a bank guarantee favouring Government and others actually discharges the issuer from liabilities?
Inasmuch as, the legal provisions governing Contract of Guarantee, the guarantees furnished by the banks in favour of Government Departments in the name of the President of India, has validity period of 30 years as per limitation act 1963.In the light of above section of limitation act, many readers are asking the questions whether the…
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Document for National Financial Inclusion Strategies (NFIS)
Reserve Bank of India under the aegis of the Financial Inclusion Advisory Committee (FIAC) initiated the process of formulation of the National Strategy for Financial Inclusion (NSFI) for the period 2019-2024 and formally released the document on January 10, 2020. The National Strategy for Financial Inclusion (NSFI) report on Friday sets forth the vision and…
RBI extends e-mandate facility on cards to UPI as well
On Friday (10.01.2020), RBI notified that the instructions on the processing of e-mandate on cards for recurring transactions to cover Unified Payments Interface (UPI) transactions as well. During August 2019, RBI permitted processing of e-mandate on Credit/debit cards / Prepaid Payment Instruments (PPIs)/wallets for recurring transactions (merchant payments), with Additional Factor of Authentication (AFA) during…
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