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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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RBI cuts repo rate by 25 basis points to 6.25% from 6.50%
Posted Date : 04-Oct-2016 , 08:40:27 pm | Posted By CASANSAAR
The Reserve bank of India has reduced the key policy rate or the repo rate by 25 bps to 6.25 per cent in the fourth bimonthly policy review announced on Tuesday.
This is the first rate decision made by the Monetary Policy Committee (MPC) of the bank, which is headed by RBI Governor Urjit Patel an...
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Banks can publish photos of declared wilful defaulters only - RBI
Posted Date : 30-Sep-2016 , 03:06:25 pm | Posted By CASANSAAR
RBI on Thursday said lenders can publish photographs of only those borrowers in newspapers who have been declared wilful defaulters as per the central bank’s guidelines.
While asking the banks not to indiscriminately publish photographs of defaulters and guarantors in newspapers, it directe...
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Govt invites applications for RBI Deputy Governor’s post
Posted Date : 30-Sep-2016 , 08:26:16 am | Posted By CASANSAAR
The Government has invited applications for the post of Deputy Governor in the Reserve Bank of India.
Going by the eligibility criteria listed out in the notification, which calls for people with work experience in public administration or with Indian/ international public financial institution t...
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Banks can accept tax dues in cash under IDS: RBI
Posted Date : 09-Sep-2016 , 08:15:56 am | Posted By CASANSAAR
The Reserve bank of India (RBI) on Thursday directed banks to accept tax dues in cash under the domestic black money declaration scheme which closes on September 30. Under the Income Declaration Scheme, 2016, which came into effect on June 1, one can come clean by paying tax, penalty and cess totall...
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Urjit Patel assumes charge as new RBI Governor
Posted Date : 06-Sep-2016 , 07:37:39 am | Posted By CASANSAAR
Urjit Patel who took over as the 24th Governor of Reserve Bank will have a tough task in maintaining the legacy of his predecessor, Raghuram Rajan, and balance the need to contain inflation without hurting growth.
Patel assumed charge effective September 4, 2016, after serving as deputy governor ...
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RBI allows banks to sell stressed assets to NBFCs, other lenders
Posted Date : 02-Sep-2016 , 08:13:11 am | Posted By CASANSAAR
Banks can now sell their stressed assets to other lenders, non-banking financial companies and financial institutions in addition to distressed-asset buyers, a move the banking regulator said will speed up the resolution of bank bad loans.
The Reserve Bank of India (RBI), in guidelines issued on ...
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RBI Forecasts 7.6 percent GDP growth for this fiscal
Posted Date : 30-Aug-2016 , 11:37:18 am | Posted By CASANSAAR
Reserve Bank of India has said that the near-term growth outlook for India seems brighter than last fiscal and the economy is likely to expand at 7.6 per cent in 2016-17. In its Annual Report 2015-16 released yesterday, RBI said a better than anticipated agricultural performance and the possibility ...
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RBI asks banks to provide loans to women self-help groups in rural areas at 7% per annum
Posted Date : 26-Aug-2016 , 05:49:47 pm | Posted By CASANSAAR
RBI has asked banks to provide loans to women self-help groups in rural areas at 7 per cent per annum, as per the government's revised guidelines for the current financial year.
The Reserve Bank said in a notification that all women self-help groups (SHGs) will be eligible for interest ...
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Customers will have zero liability in case of online fraud, says RBI
Posted Date : 12-Aug-2016 , 02:25:13 pm | Posted By CASANSAAR
Amid rise in cases of unauthorised electronic banking transactions, RBI Thursday proposed that customers will have no or zero liability in case of fraud being committed because of bank's negligence or third breach.
However, "where customer's own involvement is estab...
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Certification must for bank staff selling retail products - RBI
Posted Date : 12-Aug-2016 , 07:38:48 am | Posted By CASANSAAR
RBI on Thursday said bank employees involved in marketing third party retail products and wealth management services "must necessarily undergo" an appropriate certification process to check mis-selling and minimise customer complaints.
In cases where other financial sector regulators ha...
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RBI launches 'Sachet' portal to check illegal money collection
Posted Date : 08-Aug-2016 , 07:38:20 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) launched a portal to curb illegal collection of money by companies.
This website will enable public to obtain information regarding entities who accept deposits, lodge complaints and also share information regarding illegal acceptance of deposits, said&...
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RBI reviewing its policy to promote cashless transaction: Govt
Posted Date : 06-Aug-2016 , 06:51:41 am | Posted By CASANSAAR
The government today said, Reserve Bank has been reviewing its policy to promote cashless transaction by electronic mode, which is safe, secure and convenient.
In a written reply in Lok Sabha, the Minister of State for Finance Santosh Kumar Gangwar said, according to RBI there has been a ma...
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