RESERVE BANK OF INDIA

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Big Update On RBI Repo Rate

Like other central banks around the world, RBI is raising interest rates to control inflation. The central bank may increase the repo rate by 0.50 per cent in the Monetary Policy Committee (MPC) meeting to be held in June. This will make different types of loans like home-auto loans more expensive. < p style=”text-align: left”>British …

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RBI Governor Gives These Big Signs On Repo Rate

In order to control the ever-increasing inflation in the country, in the first week of May, the Reserve Bank of India (RBI) had hurriedly called a meeting of the MPC and increased the repo rates by 0.40 percent. At the same time, RBI Governor Shaktikanta Das has again indicated an increase in policy rates.  After …

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RBI Imposes Fine On Three Co-Operative Banks

RBI Imposes Fine On Three Co-Operative Banks

The Reserve Bank of India has taken action against three co-operative banks for non-compliance with the rules. The banks which have been penalized include Phaltan-based Yashwant Co-Operative Bank Ltd., Kokan Mercantile Co-operative Bank Ltd., Samta Co-operative Development Bank Ltd. According to the statement, RBI has taken action against these banks for non-compliance. It was informed …

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Banking Frauds Of 100 Crores Daily in India: RBI Claims

Banking Frauds Of 100 Crores Daily in India: RBI Claims

The country has lost Rs 100 crore everyday in the last seven years due to bank frauds. However, this loss amount is declining year after year. According to RBI, 83 per cent of banking fraud cases in the country are in just five states. Maharashtra tops it with 50 per cent, while Delhi is in …

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RBI Released Format Of Geo Tagging Of PoS Machines

RBI Released Format Of Geo Tagging Of PoS Machines

The Reserve Bank of India (RBI) on Friday released the format for geo-tagging of payment system touch points to co-monitor the availability of payment accepting infrastructure. According to the news of PTI, Geo-tagging refers to marking the geographical location (latitude and longitude) of the payment touch point on the part of the shopkeeper to receive …

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Economy is in Better Shape, We Are Ready To Deal With Any Challenge: RBI Governor

Economy is in Better Shape, We Are Ready To Deal With Any Challenge: RBI Governor

Reserve Bank of India Governor Shaktikanta Das on Monday said the country’s economy is in a better shape despite the challenges posed by the Russia-Ukraine war and the RBI will ensure sufficient liquidity to support the economy. He said that the challenges that remain for the world at this point of time are the rise …

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RBI Gives Big Gift To Exporters

RBI Gives Big Gift To Exporters

The Reserve Bank of India (RBI) on Tuesday gave a big gift to the exporters. The central bank extended the Interest Equalization Scheme for pre and post shipment rupee credit for MSME exporters till March 2024 with an aim to boost outbound shipments. Explain that exporters get subsidy under this. Earlier last year in April 2021, this scheme …

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RBI Alerts Bank Customers On This Serious Matter

RBI Alerts Bank Customers On This Serious Matter

In a booklet published titled ‘Beware – A Booklet on Modus Operandi of Financial Fraud’, RBI said fraudsters are using innovative methods to defraud people unaware of the techno financial ecosystem and embezzle their hard-earned money. The booklet provides information on modus operandi of fraudsters, precaution against fraudulent transactions and digital hygiene. Based on a …

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Attention PNB Customers: A New Way To Protect Against Fraud

Attention PNB Customers: A New Way To Protect Against Fraud

Public sector Punjab National Bank (PNB) will settle cheques of valued Rs 10 lakh or more from April 4 onwards only after re-verification from the issuer. According to the news of PTI, PNB on Tuesday said that this step has been taken to protect bank customers from the possibility of fraud in case of large …

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Sovereign Gold Bond: Opportunity To Buy Cheap Gold. Know Who Will Get Discount

Sovereign Gold Bond: Opportunity To Buy Cheap Gold. Know Who Will Get Discount

The opportunity to buy gold at cheap rates has opened from today. If you also want to buy gold at cheap rates, then you can invest money in Sovereign Gold Bonds. From today i.e. February 28, investment in sovereign gold bonds is open and money can be invested here till March 4. Sovereign Gold Bond …

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Car Loan Calculator: How Much EMI Will Have To Be Paid For Car Loan Of Rs 10 Lakh

Car Loan Calculator: How Much EMI Will Have To Be Paid For Car Loan Of Rs 10 Lakh

Reserve Bank of India (RBI) has not made any changes in its recently released monetary policy repo rate and reverse repo rate. Repo rate has been retained at 4 per cent and reverse repo rate at 3.35 percent. With no increase in policy rates, it is clear that there is little hope of increasing interest …

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Cryptocurrency is Like Gambling, Tax Has To Be Paid Like Gambling Earnings: Finance Secretary

Cryptocurrency is Like Gambling, Tax Has To Be Paid Like Gambling Earnings: Finance Secretary

Various cryptocurrencies are currently in a gray area. Buying and selling crypto currency is not illegal. We have now designed the taxation framework to treat crypto assets for taxation like earnings from horse racing, gambling and other speculative transactions. According to Finance Secretary TV Somanathan, “The government is working towards enacting a law to regulate …

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Introduction of ‘Digital Rupee’ –New Digital Currency

Budget 2022: RBI Will Launch Digital Currency

Finance Minister Smt. Nirmala Sitharaman has announced in the budget speech that the government will issue digital currency. This will be helpful in boosting up the economy. She said that the government will take this step using blockchain and other technologies. Digital Rupee will be issued by the Reserve Bank of India from the financial …

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Breaking: Government Notifies Amalgamation Of PMC Bank And Unity Small Finance Bank

Breaking: Government Notifies Amalgamation Of PMC Bank And Unity Small Finance Bank

RBI Press Release (Vide Press Release ID: 2021-2022/1616) The Government of India has today (25th January 2022) sanctioned and notified the Scheme for the amalgamation of the Punjab and Maharashtra Co-operative Bank Ltd. (PMC Bank) with Unity Small Finance Bank Ltd. (USFBL). The amalgamation will come into force with effect from the date of the …

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Government Notifies PNB Housing Finance Ltd To Perform Aadhaar Authentication Under Money Laundering Act

Government Notifies PNB Housing Finance Ltd To Perform Aadhaar Authentication Under Money Laundering Act

Notification in F. No. P-12011/11/2021-ES Cell-DOR, Dated 4th January 2022 Ministry of Finance, Department of Revenue The notification reads as under: In exercise of the powers conferred by sub section (1) of section 11A of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government on being satisfied that the reporting entity namely, …

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Know These ATM Rules Before Withdrawing Money From ATM

Know These ATM Rules Before Withdrawing Money From ATM

From January 1, 2022, withdrawing money from ATM has become expensive. You will have to pay a higher price for every withdrawal transaction after the free withdrawal limit. According to the instructions issued by the Reserve Bank of India (RBI) in June 2021, customers of banks will have to pay Rs 21 for ATM withdrawals …

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HDFC Bank Alert: These Rules Related To Card Will Change On 1st January 2022

HDFC Bank Alert: These Rules Related To Card Will Change On 1st January 2022

HDFC Bank has issued an alert for its customers. If you are also a HDFC Bank customer, then there is an important update for you. Giving information to the customers, the bank said, ‘The description of your HDFC Bank card entered on the merchant website/ app will be deleted. RBI had given orders regarding this, …

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Alert: More Than 600 Fake Apps Are Giving You Loans. Delete Them Immediately

Alert: More Than 600 Fake Apps Are Giving You Loans. Delete Them Immediately

At present, many cases of cyber fraud have been seen in the country, where many people have become victims of fraud. Actually, there are many such apps, through which fraudsters are cheating people online. According to the report, more than 600 loan giving fake apps (illegal lending apps) are running in the country and these …

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Online Payment System Will Change From 1st January 2022. Know About New System!

Online Payment System Will Change From 1st January 2022. Know About New System!

From January 1, the method of online payment will change in the country. For this, the Reserve Bank of India (RBI) has issued a guideline. Following the guidelines of RBI, Google has also announced changes in online payment methods from January 1. Google will not save card information According to the information, Google will not …

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Important Information From IndusInd Bank: New RBI Guidelines On Recurring Payments

Important Information From IndusInd Bank: New RBI Guidelines On Recurring Payments

What is the impact of new RBI guidelines on my current Standing instruction (SI) set up on my cards? We may have allowed merchants to auto-charge our Credit Card / Debit Card on a recurring basis for services such as Netflix, Postpaid mobile, Insurance payments, etc. These recurring payments will not get through for merchants …

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RBI Issues New Guidelines For Opening Of Current Accounts In Case Borrowing Facility is Availed

RBI Issues New Guidelines For Opening Of Current Accounts In Case Borrowing Facility is Availed

RBI/2021-22/116 DOR.CRE.REC.63/21.04.048/2021-22 October 29, 2021 All Scheduled Commercial Banks All Payments Banks Madam/Sir, Opening of Current Accounts by Banks – Need for Discipline Please refer to our circular DOR.No.BP.BC/7/21.04.048/2020-21 dated August 6, 2020 on the captioned subject and associated circulars thereon. On a review and taking into account feedback received from Indian Banks’ Association (IBA) …

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RBI cancels registrations of six NBFCs.

RBI Barred CA Firm M/s Haribhakti & Co. LLP From Undertaking Audit Assignments Reguled by the RBI wef 1st April 2022

The Reserve Bank of India (RBI) in exercise of the powers vested under section 45MAA of the Reserve Bank of India Act, 1934, has, by an order dated September 23, 2021, debarred M/s Haribhakti & Co. LLP, Chartered Accountants (ICAI Firm Registration No. 103523W / W100048), from undertaking any type of audit assignment/s in any …

RBI Barred CA Firm M/s Haribhakti & Co. LLP From Undertaking Audit Assignments Reguled by the RBI wef 1st April 2022 Read More »

RBI issues new guidelines for locker in banks

RBI issues new guidelines for locker in banks, details here

The Reserve Bank of India (RBI) on Wednesday directed banks to maintain a branch-wise list of vacant lockers as well as a wait-list for the purpose of allotment of lockers and ensure transparency in allotment of lockers. Revised instructions will come into effect from January 1, 2022, the RBI said. Safe Deposit Locker / Safe …

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s you are aware, the Reserve Bank of India has a mandate to issue banknotes and the banks are fulfilling this mandate by dispensing banknotes to the public through their wide network of branches and ATMs. In this connection, a review of downtime of ATMs due to cash-outs was undertaken and it was observed that ATM operations affected by cash-outs lead to non-availability of cash and cause avoidable inconvenience to the members of the public.

Big Relief to the Citizens: Now Banks will Face Flat Penalty of Rs 10000 Per ATM If Cash is Unavailable at ATMs for More Than Ten Hours in a Month

Scheme of Penalty for non-replenishment of ATMs Objective of the Scheme The Scheme of Penalty for non-replenishment of ATMs has been formulated to ensure that sufficient cash is available to public through ATMs. Effective Date The Scheme shall be effective from October 01, 2021. Therefore, banks/ WLAOs should put in place a robust system for …

Big Relief to the Citizens: Now Banks will Face Flat Penalty of Rs 10000 Per ATM If Cash is Unavailable at ATMs for More Than Ten Hours in a Month Read More »

Customers active on digital channels doubled from 3.4 crore in FY2019-20 to 7.6 crore in FY2020-21

Reserve Bank of India announces Digital Payments Index (RBI-DPI) for March 2021 Rises to 270.59

The Reserve Bank had earlier announced construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as base to capture the extent of digitisation of payments across the country. The index for March 2021 stands at 270.59 as against 207.84 for March 2020, announced while launching the index on January 1, …

Reserve Bank of India announces Digital Payments Index (RBI-DPI) for March 2021 Rises to 270.59 Read More »

RBI

Must Read: RBI Revises Regulatory Restrictions Related to Loans and Advances

RBI/2021-22/72 DOR.CRE.REC.No.33/13.03.00/2021-22 July 23, 2021 All Scheduled Commercial Banks (excluding RRBs) All Small Finance Banks All Local Area Banks Madam / Dear Sir, Loans and Advances – Regulatory Restrictions Please refer to paragraphs 2.2.1.2, 2.2.1.4 and paragraph 2.2.1.5 of Master Circular on Loans and Advances – Statutory and Other Restrictions dated July 01, 2015. On …

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Ministry of Finance

Auction for Sale (Re-issue) of (i) ‘4.26% GS 2023’,(ii) ‘6.10% GS 2031’ and (iii) ‘6.76% GS 2061’

The Government of India (GoI) has announced the Sale (re-issue) of (i) ‘4.26% Government Security, 2023’ for a notified amount of Rs 3,000 crore (nominal) through price based auction using uniform price method (ii) ‘6.10% Government Security, 2031’ for a notified amount of Rs 14,000 crore (nominal) through price based auction using uniform price method; …

Auction for Sale (Re-issue) of (i) ‘4.26% GS 2023’,(ii) ‘6.10% GS 2031’ and (iii) ‘6.76% GS 2061’ Read More »

RBI

RBI Asks Banks to Send Employees on 10-Day Surprise Mandatory Leave

The Reserve Bank of India (RBI) has asked banks to compulsorily send employees posted in sensitive areas of operation on ‘mandatory leave’ for a few days (not less than 10 working days). This has to be done without giving the employees any prior intimation, as per the RBI circular. This is being done as per …

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HDFC BANK

Analysis | Under Sashidhar Jagdishan, HDFC Bank is Fighting Two Enemies Simultaneously

A closer look at the first quarter (April-June) numbers of India’s largest private lender shows that the resurgence of COVID-19 has taken a toll on its books. Business growth has slowed down. There is abundant caution over the selection of new loans, including retail assets. On the other hand, the Reserve Bank of India (RBI) audit on …

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Ministry of Finance

GOI announces auction for Sale (Re-issue) of (i) ‘4.26% GS 2023’,(ii) ‘New 10 year GS, 2031’ and (iii) ‘6.76% GS 2061’

The Government of India (GoI) has announced the Sale (Issue / re-issue) of (i) ‘4.26% Government Security, 2023’ for a notified amount of Rs 3,000 crore (nominal) through price based auction, (ii) ‘New Government Security, 2031’ for a notified amount of Rs 14,000 crore (nominal) through yield based auction, and (iii) ‘6.76% Government Security 2061’ …

GOI announces auction for Sale (Re-issue) of (i) ‘4.26% GS 2023’,(ii) ‘New 10 year GS, 2031’ and (iii) ‘6.76% GS 2061’ Read More »