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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With a view to facilitating accounting of all the Government transactions of the current financial year (2010-11) by March 31, 2011, the National Clearing Cells functioning under the Regional Offices of Reserve Bank of India have been advised to conduct “Special Clearings” with same day return clearing in the evening / night of March 30 and 31, 2011. They have also been advised to ensure that the Clearing Houses under their jurisdiction conduct these clearings, keeping in view the operational convenience at the local centres, so that instruments relating to Government revenue received from members of the public are realised and the proceeds are credited to Government account by March 31, 2011.
The Reserve Bank of India (RBI) today fixed the reference rate for the US dollar at Rs 44.96 per dollar and the euro at Rs 63.68 per euro, as against Rs 44.97 per dollar and Rs 63.98 per euro yesterday. In a press release issued by the RBI, the exchange rates for the pound and yen against the rupee were quoted at Rs 73.5658 per pound and Rs 55.60 per 100 yen, based on the reference rates for the US dollar and cross-currency quotes at noon.
With a view to facilitating accounting of all the Government transactions of the current financial year (2010-11) by March 31, 2011 and meeting the probable rush of tax-payers towards the end of the year, it has been decided in consultation with the Controller General of Accounts, Government of India that all Regional Offices of Reserve Bank of India (RBI) and branches of Agency banks conducting Government business will suitably extend the banking hours to conduct Government business by keeping their counters open for the purpose on March 30 and 31, 2011 to facilitate receipt of Government revenue from members of public even at late hours.
All authorized ATM Networks provider/operator are advised to submit the quarterly data pertaining to resolution of complaints between ATM network operator and banks in the following excel format. The quarterly data should reach us within a month on completion of each quarter through email. It may also be ensured that the format and timelimit prescribed is strictly adhered to.
Please refer to our circular DPSS/No.101/02.10.02/2009-2010 dated July 17, 2009 on the captioned subject, wherein banks were advised to submit the quarterly review of ATM transactions. 2. In continuation of the above circular banks are advised to submit the quarterly review of ATM transactions duly approved by their Board in the following Excel based formats: ATM failed transactions for complaints received/resolved – Table 1 ; Complaint resolution between issuing bank and acquiring bank for ATM failed transactions – Table 2 ; and
Corporates looking to enter the banking business will have wait for some more time, as the government is considering amendment of the Banking Regulation Act and Banking Laws Act before finalising the guidelines for giving new licences. The final guidelines on the new banking licences would be released only after the necessary amendments to the Banking Regulation Act and Banking Laws Act are cleared by Parliament, official sources said.
On the basis of the current macroeconomic assessment, it has been decided to: * increase the repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 6.5 per cent to 6.75 per cent with immediate effect; and increase the reverse repo rate under the LAF by 25 basis points from 5.5 per cent to 5.75 per cent with immediate effect.
Financial service provider SMC Global Securities today said the Reserve Bank may hike key rates by 25 basis points in its policy review tomorrow. “With series of RBI actions and rise in commodity prices, India Inc witnessed pressures on margins …,” SMC Group Chairman and Managing Director Subhash Chand Aggarwal said in a statement here.
Finance Ministry has received draft guidelines on the new banking licence from the Reserve Bank, which is expected to make it public by the end of this month. The Finance Ministry has got draft guidelines on new banking license, official sources said. The guidelines are at a draft stage and no firm view on the paid-up capital and other issues has been taken, sources said. The Reserve Bank of India (RBI) is likely to issue guidelines for new banking licences by the end of the current fiscal.
As announced today in the Mid-Quarter Monetary Policy Review, it has been decided to increase the repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points from 6.50 per cent to 6.75 per cent and the reverse repo rate by 25 basis points from 5.50 per cent to 5.75 per cent with immediate effect.
