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RBI nicks rate by 50 BPS, REPO rate under LAF reduced to 6.75%

RBI nicks rate by 50 BPS, The policy repo rate under LAF reduced to 6.75 per cent In the fourth bi-monthly monitory policy statement for 2015-16 (29.09.2015), RBI said that on the basis of an assessment of the current and evolving macroeconomic situation, it has been decided to reduce the policy repo rate under the…

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10 entities got licences to set up Small Banks

RBI on September 16, 2015 granted in-principle approval to 10 entities to set up small finance banks. The in princile approval is valid for 18 months.The entities who got the permission are Ujjivan Financial Service (Bengaluru),Janalakshmi Financial Service ( Bengaluru) Au Financiers (Jaipur), Equitas Holdings (Chennai),Capital Local Area Bank (Punjab), Disha Microfin (Ahmedabad), ESAF Microfinance (Chennai), RGVN (North East)…

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Modalities for commission payable to KVP agents at Banks

The authorized agent who canvasses for sale of  Kisan Vikas Patra (KVP) is eligible to receive the commission from the bank to which he/she is attached for the purpose.The agent can register at multiple branches of banks in his/her area of operation for the purpose of canvass and purchase of KVP certificates on behalf of…

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RTGS time window w.e.f September 1, 2015

In view of 2nd and 4th Saturdays of the month declared as public holidays for banks with effect from September 1, 2015, there is a change in RTGS time window. Hereafter, transactions will not take place on 2nd and 4th Saturdays of the month. Further, the process of future value dated transactions under RTGS which…

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Second and fourth Saturdays are Public Holidays for Banks from September 2015

All scheduled and non-scheduled banks – public, private, foreign, cooperative, regional rural and local area banks whether or not included in the II Schedule to RBI act 1934 will observe public holiday on second and fourth Saturdays from September 01, 2015. The remaining Saturdays will be called as working Saturdays and will observe full working…

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