RBI Circular Notification Press Release and Instructions issued by Reserve bank of India. News and Article on provisions, Rate changes, Policy changes and FAQ
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RPCD.CO.Plan.BC.69/04.09.01/2010-11 Pursuant to the announcement made by Union Finance Minister in paragraph 44 of the budget for the year 2011-12, it has been decided to increase the above limit from Rs.20 lakh to Rs.25 lakh. The above change will be applicable to housing loans sanctioned on or after April 1, 2011. RBI/2010-11/517 RPCD.CO.Plan.BC.69/04.09.01/2010-11
Bank account holders’ cheers after the RBI hiked the rates on saving accounts could be short-lived, as the banks are likely to make them pay for a slew of services to offset the costs, bankers and analysts have said. Earlier, the regulated interest rate of 3.5 per cent per annum — unchanged since 1993 — helped banks garner low- cost deposits and maintain good margins, due to which many services came free.
The Reserve Bank is likely to make it mandatory for foreign banks in the country to operate as wholly-owned subsidiaries, in line with the international practice, so that the central bank can have better control over their working. Initially, according to sources, the new banks and the existing ones with a few branches will be asked to convert into wholly-owned subsidiaries (WoS).
he Reserve Bank has given its assessment of inflation in the May 3 Monetary Policy Statement. There are three important issues. First, inflation was the primary macroeconomic concern throughout 2010-11, especially the resurgence in the last quarter of 2010-11. Although the trigger for the jump during January-March 2011 was the sharp uptrend in international commodity prices, the fact that these were quickly passing through into the entire range of domestic manufactured goods indicated that pricing power is significant. In other words, demand has been strong enough to allow significant pass-through of input price increases.
In the context of recent developments, it has been decided that Suppliers’ and Buyers’ credit (trade credit) including the usance period of Letters of Credit opened for import of rough, cut and polished diamonds should not exceed 90 days from the date of shipment. The revised directions will come into force with immediate effect. RBI/2010-11/514 A.P. (DIR Series) Circular No. 59 May 06, 2011
Relaxing the norms for making payments using mobile phones, known as m-wallet, the Reserve Bank today decided to increase the limit of money-loading to Rs 50,000 from the existing limit of Rs 5,000. The maximum value of such prepaid semi-closed m-wallet shall not exceed Rs 50,000, a RBI notification said.
The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on Ahmedabad District Central Co-operative Bank Ltd., Ahmedabad, Gujarat in exercise of powers vested in it under the provisions of Section 46 read with Section 47A of the Banking Regulation Act, 1949 (AACS) for violating guidelines issued by Reserve Bank of India on Know Your Customers (KYC) norms and Anti Money Laundering (AML) standards.
Joining the rate hike bandwagon, state-run lender Indian Bank today raised its lending rates by 50 basis points, within days of the Reserve Bank announcing an increase in its short-term lending and bank savings rates.
There is no justification on the part of the revenue in retaining the amount of interest earned on the seized amount especially, on the touchstone of the doctrine of accretion.
it was decided to permit Other Persons to issue mobile phone based semi-closed system pre-paid payment instruments (semi-closed m-wallets) complying with the above guidelines with the following conditions: The maximum value of such instruments shall not exceed ` 5000/-. The purchase/reloading of these instruments against the value of airtime/talktime shall not be permitted.This facility shall be enabled only to facilitate purchase of goods and services. Person-to-person transfer of value shall not be permitted
