It has come to the notice of the Reserve Bank of India that an email has been sent in its name from mail id: alert@rbi.org and signed by RBI Online offering a ‘new online security platform’. According to the mail, the ‘new online security platform’ offers to ‘prevent online identity theft in internet banking by asking the customer to go through a two-way authentication factor before he/she properly logs into internet banking every time’. The email then asks the recipient to ‘download the attachment and update’.

On a review of developments in the global financial markets and current macro-economic conditions, the Reserve Bank has taken the following measures to ease foreign currency flows as also to enhance the availability of export credit in foreign currency:

Globally, the triad of Financial Inclusion, Financial Literacy and Consumer Protection has been recognized as intertwining threads in pursuit of Financial Stability. For any kind of stability, whether financial, economic, political or social, inclusive growth is an essential prerequisite. Inclusive growth, in turn, is largely driven by financial inclusion and an inclusive financial system.

SMEs are universally acknowledged as major contributors to Gross Domestic Product (GDP) and even larger contributors to exports and employment. SMEs play a critical role in the economic and social development of emerging markets by creating jobs and generating income for low-income groups. This fosters economic growth and social stability, and also contributes to the development of a dynamic private sector.

Growth is likely to improve moderately in 2012-13. While inflation has moderated, risks to inflation are still on the upside. Accordingly, monetary policy needs to support growth without inflation and external imbalances by excessively fuelling demand.

In view of three holidays this week, public sector banks have been directed to function full day on Saturday, April 7. The Finance Ministry has asked all public sector banks to to function full day this coming Saturday instead of working half-day, official sources said. Usually, banks are open for public dealings between 10 am and 1 pm on Saturdays.

what are systemic risks. There is no commonly accepted definition of systemic risk at present. The precise meaning of systemic risk is ambiguous; it can mean different things to different people and different definitions have been attempted.

Banks from today will stop honouring cheques and drafts if they are not presented within three months of the date of issue as against six months earlier. The decision to reduce the validity of cheques, bank drafts and other instruments to three months announced by the Reserve Bank of India (RBI) earlier will come into effect from today.

Reserve Bank of India (RBI) has decided to permit non-bank entities to setup, own and operate ATMs. The draft guidelines on deployment of White Label ATMs were placed on RBI website for public comments till March 6, 2012.

The main purpose of reducing the CRR is injection of primary liquidity in the system so as to assist the flow of credit growth to the productive sectors of economy, mitigate the downside risks to growth and anchoring the medium term expectations to low and stable inflation.