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News Category : RBI

RBI enhances cash withdrawal limit from ATMs to Rs 10000 per day
Posted Date : 16-Jan-2017 , 11:28:26 pm | Posted By CASANSAAR

The Reserve Bank of India has raised the daily Cash withdrawal limit of 4500 rupees from ATMs to ten thousand rupees per card with immediate effect. However, the overall withdrawal limit from saving accounts will remain unchanged at 24 thousand rupees per week. The limit on withdrawal from curren...

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Category : RBI | Comments : 0 | Hits : 174

RBI extends period of enhanced Prepaid Payment Instruments limit
Posted Date : 31-Dec-2016 , 06:43:19 pm | Posted By CASANSAAR

Reserve Bank today extended the period of enhanced Prepaid Payment Instruments (PPI) limit of Rs 20,000 as part of efforts to promote digital payments. RBI said in a notification today that keeping in view that Bank is undertaking a comprehensive review of the guidelines and framework for PPI iss...

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Category : RBI | Comments : 0 | Hits : 121

RBI refuses to give reasons behind demonetisation
Posted Date : 29-Dec-2016 , 05:26:50 pm | Posted By CASANSAAR

 Why were Rs 1000 and Rs 500 notes demonetised by the government?  Fifty days after the government announced that these notes would cease to be legal tender, Reserve Bank of India feels that the reasons behind the sudden announcement cannot be made public. The monetary policy regulat...

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Category : RBI | Comments : 0 | Hits : 163

RBI extends loan repayment window to 90 days
Posted Date : 29-Dec-2016 , 08:33:04 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has asked lenders to provide borrowers 90 days for repayment of housing, car, farm and other loans worth up to 1 crore rupees, saying that the dispensation will apply to dues payable between 1st November and 31st December. In a notification, RBI said, on a review, it ...

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Category : RBI | Comments : 0 | Hits : 446

Govt names Viral V Acharya as RBI Deputy Governor
Posted Date : 28-Dec-2016 , 03:06:49 pm | Posted By CASANSAAR

Government today appointed Viral V Acharya, a professor of Economics in the Department of Finance at the New York University (NYU), new Deputy Governor at the Reserve Bank of India. The Appointments Committee of the Cabinet cleared the appointment for three years. He is taking over at a time w...

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Category : RBI | Comments : 0 | Hits : 202

RBI modifies circular on depositing over Rs 5000 in banks in old notes
Posted Date : 21-Dec-2016 , 08:27:46 pm | Posted By CASANSAAR

Scrapping the December 19 circular, the Reserve Bank of India today modified the old currency deposit rules and withdrew the 5000 rupee limit for depositing money in old currency notes for fully KYC (Know Your Customer) compliant accounts only. The RBI in a circular issued said the KYC complaint acc...

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Category : RBI | Comments : 0 | Hits : 273

RBI imposes restrictions on withdrawal from certain bank accounts
Posted Date : 16-Dec-2016 , 08:16:24 am | Posted By CASANSAAR

Tightening the noose around people who misused banking channels to park unaccounted money, the Reserve Bank of India (RBI) has imposed certain restrictions on withdrawal, if more than two lakh rupees has been deposited after November 9 in an account which has a balance of over five lakh rupees. ...

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Category : RBI | Comments : 0 | Hits : 1925

RBI wants CCTV footage from banks to spot currency hoarders post demonetisation
Posted Date : 14-Dec-2016 , 08:52:31 am | Posted By CASANSAAR

RBI has asked banks to preserve CCTV recordings of operations at bank branches and currency chests to help law enforcement agencies in identifying people engaged in hoarding of new notes post demonetisation.   The Reserve Bank, in a notification issued today, said banks should "preserve ...

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Category : RBI | Comments : 0 | Hits : 242

Banks get Rs 12.44 lakh crore in old notes till Dec 10 - RBI
Posted Date : 14-Dec-2016 , 08:46:23 am | Posted By CASANSAAR

RBI today said banks have garnered Rs 12.44 trillion (Rs 12.44 lakh crore) in banned notes till December 10, while they have issued Rs 4.61 trillion to them since the demonetisation drive began 35 days ago. "The old notes of Rs 500 and Rs 1,000, which have been returned to the Reserve Bank a...

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Category : RBI | Comments : 0 | Hits : 232

RBI denies reports of Axis Bank's licence cancellation
Posted Date : 13-Dec-2016 , 08:04:07 am | Posted By CASANSAAR

Following allegations of involvement in money laundering in the wake of demonetisation, the Reserve Bank on Monday quelled rumours stating that it has “not initiated any action” to cancel the licence of Axis Bank. Axis Bank had suspended 24 of its employees for allegedly breaking rule...

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Category : RBI | Comments : 0 | Hits : 209

RBI allows eKYC to use OTP for account opening
Posted Date : 09-Dec-2016 , 08:15:24 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has decided to allow one-time-pin (OTP) based e-KYC (electronic know your customer) for opening bank accounts. “A regulated entity (bank) may provide an option for one-time-pin (OTP) based e-KYC process for on-boarding of customers,” the RBI said in a n...

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Category : RBI | Comments : 0 | Hits : 536

RBI cautions against fake notifications on social media
Posted Date : 02-Dec-2016 , 08:32:01 am | Posted By CASANSAAR

In view of the numerous notifications being issued by the RBI post the November 8 demonetisation measure, India's central bank on Thursday cautioned people on fake instructions being published in its name by "unscrupulous elementson" over social media. "It has been reported t...

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Category : RBI | Comments : 0 | Hits : 817

RBI relaxes withdrawal limits for deposits made in legal tender
Posted Date : 29-Nov-2016 , 08:31:52 am | Posted By CASANSAAR

RBI has relaxed weekly withdrawal limits in cases where deposits are made in current legal tender notes and said, the decision has been taken as certain depositors are hesitating to deposit money in view of current limits on cash withdrawals. The withdrawal limit will increase by the amount of de...

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Category : RBI | Comments : 0 | Hits : 1051

RBI eases norms for wedding cash withdrawals
Posted Date : 22-Nov-2016 , 10:46:26 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Tuesday decided to give some relief to those getting married before December 30. The central bank has eased the norms for getting money from the banks for the purpose of wedding by modifying its circular that was issued on November 21. The government has put a c...

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Category : RBI | Comments : 0 | Hits : 612

Small merchants can transfer up to Rs 50K via e- transactions till Dec 30 - RBI
Posted Date : 22-Nov-2016 , 10:34:36 pm | Posted By CASANSAAR

Small merchants can now transfer funds up to Rs 50,000 through semi-closed prepaid instruments (PPIs) linked to bank accounts. The balance in these instruments is limited to Rs 20,000. The above measures will be effective from November 21 to December 30, 2016, subject to review, the central bank ...

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Category : RBI | Comments : 0 | Hits : 265

RBI gives borrowers extra 60 days to repay home, car loans up to Rs 1 Cr
Posted Date : 22-Nov-2016 , 08:25:03 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has allowed both individuals and companies with loans up to Rs 1 crore an additional grace period of 60 days to repay their loans in the wake of the demonetization. This is applicable for ongoing loans where the dues are payable between November 1 and December 31, ...

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Category : RBI | Comments : 0 | Hits : 449

RBI sets stiff riders for Rs 2.5 lakh withdrawal for weddings
Posted Date : 22-Nov-2016 , 08:13:59 am | Posted By CASANSAAR

Wedding card, copies of advance payments made for booking marriage hall and caterers will be required for withdrawing Rs 2.5 lakh from own accounts, as per stringent conditions imposed by RBI on either of the parents to meet wedding expenses. Four days after the government announced special dispe...

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Category : RBI | Comments : 0 | Hits : 602

RBI proposes Islamic Window in Banks
Posted Date : 20-Nov-2016 , 07:05:48 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) has proposed opening of "Islamic window" in conventional banks for "gradual" introduction of Sharia-compliant or interest-free banking in the country. Both the Centre and RBI are exploring the possibility of introduction of Islamic banking for l...

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Category : RBI | Comments : 0 | Hits : 286

Centre moves SC to stay proceedings against demonetisation
Posted Date : 17-Nov-2016 , 05:26:56 pm | Posted By CASANSAAR

The Supreme Court today agreed to hear a fresh plea of Centre seeking a stay on the proceedings before various high courts and other courts except the apex court against its decision to demonetise high denomination currency notes of 500 and 1,000. The bench agreed to the contention of Attorney Ge...

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Category : RBI | Comments : 0 | Hits : 245

RBI raises withdrawal limit for current account to Rs 50,000
Posted Date : 15-Nov-2016 , 08:32:40 am | Posted By CASANSAAR

The Reserve Bank of India on Monday said that current account holders are allowed to withdraw up to Rs 50,000 in a week. Such tenders will be disbursed predominantly in Rs 2,000 denomination , said a circular from the RBI. The RBI has also said banks could deploy micro-ATMs, Bala Mitras, etc near...

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Category : RBI | Comments : 0 | Hits : 642

RBI Dismisses Rumours of GPS - enabled Rs 2,000 Notes
Posted Date : 09-Nov-2016 , 10:22:06 pm | Posted By CASANSAAR

The Reserve Bank of India has dismissed as “figments of imagination” rumours that a new series of Rs 2,000 will come with a GPS-chip that will help government track illegal money transactions. “Such a technology does not exist at the moment in the world, then how can we introduc...

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Category : RBI | Comments : 0 | Hits : 431

RBI issues FAQs to clear the air on scrapped of Rs500, Rs1000 notes
Posted Date : 09-Nov-2016 , 07:53:06 am | Posted By CASANSAAR

After the government’s surprise announcement on Tuesday of making Rs 1,000 and Rs 500 banknotes illegal from midnight, the Reserve Bank of India posted a 25-point detailed FAQs explaining the rationale behind the move. The central bank said the most important reason for the ban was the abno...

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Category : RBI | Comments : 0 | Hits : 1599

RBI appoints M Rajeshwar Rao as new ED
Posted Date : 08-Nov-2016 , 07:41:45 am | Posted By CASANSAAR

The Reserve Bank has appointed M Rajeshwar Rao as Executive Director following G Mahalingam's taking voluntary retirement from the central bank. RBI said in a statement that as Executive Director, Rao will look after Department of Statistics and Information Management, Financial markets Operatio...

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Category : RBI | Comments : 0 | Hits : 151

RBI issues guidelines for forex hedging by foreign companies
Posted Date : 04-Nov-2016 , 10:30:59 pm | Posted By CASANSAAR

Reserve Bank of India (RBI) issued draft guidelines on how Indian subsidiaries of multinational companies can hedge their currency exposure risk in the country. RBI said on Friday that subsidiaries looking to hedge their exposure outside of exports and imports could do so through all foreign curr...

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Category : RBI | Comments : 0 | Hits : 196

Pay Income Tax dues in advance to avoid last minute rush - RBI
Posted Date : 03-Nov-2016 , 08:00:54 am | Posted By CASANSAAR

Reserve Bank of India has authorized 29 agency banks to accept payments of Income Tax dues. In a press release, the RBI has appealed to tax payers to remit their income tax sufficiently in advance of the due date. In order to minimize the hassle, tax payers can also use alternate channels like selec...

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Category : RBI | Comments : 0 | Hits : 254

SC issues notice to RBI on contempt petition
Posted Date : 31-Oct-2016 , 09:07:06 am | Posted By CASANSAAR

In a significant development, the Supreme Court has ordered issuance of notice to Reserve Bank of India officials after hearing the contempt petition moved by Tirupur Exporters Association president Raja Shanmugam on the derivatives scam issue. The contempt petition was moved with the allegatio...

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Category : RBI | Comments : 0 | Hits : 220

Accept Rs.500/1,000 notes only after careful scrutiny: RBI
Posted Date : 27-Oct-2016 , 08:18:47 am | Posted By CASANSAAR

Reserve Bank of India has urged public to examine 500 rupees and 1000 rupees currency notes before accepting them in the usual course of transactions to avoid circulation of fake currency notes. RBI said, unscrupulous elements are putting into circulation Fake Indian Currency Notes of higher denomin...

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Category : RBI | Comments : 0 | Hits : 1203

RBI will be issuing Rs 2000 currency notes in India
Posted Date : 24-Oct-2016 , 09:23:09 am | Posted By CASANSAAR

The nation India is all ready to add up one more currency note to its currencies very soon, and the reports are very soon coming out with more details. As per the reports, the Reserve Bank of India, RBI is planning up to issue the RS 2000 currency note, and this is the highest to come regarding the ...

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Category : RBI | Comments : 0 | Hits : 1076

Government decides to issue Sovereign Gold Bonds Scheme 2016 -17–Series III
Posted Date : 20-Oct-2016 , 10:09:11 pm | Posted By CASANSAAR

Government decides to issue Sovereign Gold Bonds Scheme 2016 -17–Series III; Applications for the bond to be accepted from October 24, 2016 to November 02, 2016 and the Bonds will be issued on November 17, 2016.    Government of India, in consultation with the Reserve Bank of I...

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Category : RBI | Comments : 0 | Hits : 200

RBI issues guidelines for small and payments banks
Posted Date : 07-Oct-2016 , 07:47:34 am | Posted By CASANSAAR

The Reserve Bank of India on Thursday issued separate operating guidelines for payments banks and small finance banks in view of their differentiated nature of business and focus on financial inclusion. The RBI has granted in-principle approvals to 11 payments banks (August 2015) and 10 small financ...

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Category : RBI | Comments : 0 | Hits : 213

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