Tag Archives: RBI

Banks Fleece Money for Your Every Transaction as RBI Blinks

The recent HDFC and Axis Bank unilateral move to charge Rs.150 extra for every fifth transaction in a month whether by ATM or branch has evoked severe criticism while ICICI has long been doing it stealthily. How the private banks can do it? They know how to evade the RBI rules and ask RBI many times as who should be ...

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RBI May Reduce Rates, Hope Builders

While the nation reels under the impact of non-availability of exchange posed by demonetisation, especially in terms of exchanging the old Rs. 500 and Rs. 1000 notes for new ones, home seekers might just end up with positive gains from the scenario, hope builders, despite being wary of removal of black money. “It looks like being ‘advantage home buyer’ on ...

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There’s Enough Cash with RBI, Says Govt; Exempts Court Fee, Co-op Store Purchases, Toll Plazas

Following hue and cry over the shortage of new currency in banks and ATMs, the government said on Friday that the payment of old and demonetised notes will be allowed now even in court fee, consumer cooperative stores with ID proof, utility bill payment, and toll plazas. While cancelling the legal tender character of the existing series of high denomination ...

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Currency Crisis Hits Common Man Hard as Banks Still Unprepared

While the middle class and the common man has appreciated PM Narendra Modi’s move to ban Rs.500 and Rs.1,000 notes to wipe out black money in the country ahead of polls in key states, the half-hearted or completely unprepared banks have been showing hell to common man. While RBI, the regulator said ATMs will start re-opening a day after the ...

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Modi Govt Bans Rs.500, Rs.1000 Notes, ATMs Crash, Banks Closed Tomorrow

Soon after Prime Minister Narendra Modi announced onslaught on black money banning Rs. 500 and Rs.1,000 currency notes, the rush to nearby ATMs by hapless citizens turned into a nightmare with ATMs not dispatching money due to overload on servers. Some ATMs dispensed merely Rs.100 notes that too if a customer opts for Rs.400 or less. All those in possession ...

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Ujjivan May Get Rs.260 Cr ($40 Mln) from IFC in 2 Days

Bangalore-based Ujjivan Financial Services may get a debt investment from the World Bank arm International Finance Corporation (IFC) to the tune of US$40 million (Rs.260 Crore) that may be announced after its Board meeting on Thursday. IFC’ debt support was an on-going infusion of funds into the microfinance company with which Ujjivan is expected to stabilize growth and manage liability ...

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Why Microfinance Sector is Galloping in Numbers and Reach?

The news story in Mint  suggested alarm bells over the rapid growth of microfinance industry in the last three years, not taking into consideration the vital impact of technology on widening the client base and serving them instantly. The rapid IT modernisation has yielded in higher operational efficiency and doubling the number of customers served by each field officer, compared ...

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BREXIT: India to Benefit But 2 Years Later

Now that the UK has done what was expected in the last one decade, exiting from the European Union, despite a brave face put up by the Indian government and analysts, the gloomy picture is looming large on the share market that plunged by more than 1,000 points in a single day. The government’s reaction is stereotypic that the economy ...

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RBI Ropes in Foreign Firms to Make Rs.1000, Rs.500 Notes More Secure

With numerous instances of fake currency in India, the RBI has decided to introduce a new numbering system with 7 new secure features inserted in Rs.1,000 and Rs.500 currency notes from now onwards, while the fake currency notes in other denominations will be tackled in the next phase. The Reserve Bank of India’s Bhartiya Note Mudran Pvt Ltd (BRBNMPL) and ...

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How Experts Reacted as Sensex Crashed Most in Seven Years, 4th in History

As the investors from worldwide are worried about Chinese economy, markets witnessed bloodbath today, the Sensex recorded an intra-day fall of 1,153.16 points till noon, fourth highest ever recorded in history. It is the biggest crash in about seven years and the fourth biggest for the BSE benchmark index Sensex. Today’s fall is biggest since October 24, 2008. Out of top ...

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RBI Appoints Mohanty Panel for Financial Inclusion

The Reserve Bank of India has announced the constitution of a committee, chaired by Deepak Mohanty, Executive Director, Reserve Bank of India, to review the existing policy with respect to financial inclusion. The term of the panel will be five years and it would study cross country experiences in financial inclusion to identify key learnings, said a satement. The panel ...

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Don’t Forget Financial Inclusion, Modi Tells RBI

Prime Minister Narendra Modi asked the Reserve Bank of India (RBI) to prepare a road map for “financial inclusion” and help transform the lives of the poor, ahead of its forthcoming centenary year in 2035, here on Thursday. “The RBI will be completing 100 years in 2035 and it will be appropriate for it to work on financial inclusion and ...

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Sensex picks momentum by 255 points, riding on bank stocks

Mumbai, March 30 (IANS): India’s Sensex, the 30-scrip Sensitive Index (Sensex), made healthy gains in the early morning session on Monday. It was trading 255 points or 0.93 percent up, as bank stocks rose. The wider 50-scrip Nifty of the National Stock Exchange (NSE) also made healthy gains during the early morning session. It was trading up 67.70 points or ...

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India’s forex reserves up $1.43 billion

India’s foreign exchange reserves grew by $1.43 billion to $316.31 billion for the week ended Nov 28, Reserve Bank of India (RBI) data showed. The reserves had fallen by $672.4 million to $314.87 billion in the week ended Nov 21. According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, rose $1.42 billion ...

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RBI Relents, Makes Opening Bank a/c Simple with One Proof

RBI Wakes Up, Makes Opening Bank a/c Simple with One Proof After almost a decade of tightening the banking sector’s account opening norms under the Congress government, The Reserve Bank of India has finally decided to make it simpler for all to open a bank account with just one address proof, permanent or local. Obviously, the move will help temporary ...

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RBI has chosen to maintain a Balance between Growth and Inflation while keeping the Policy Rates Unchanged

RBI has chosen to maintain a Balance between Growth and Inflation while keeping the Policy Rates Unchanged and Followed a Caliberated Approach to that effect: FM  Following is the text of the Statement of the Union Finance Minister Shri Arun Jaitley with regard to RBI Policy announced today: “The Reserve Bank of India (RBI) has reduced the SLR by 50 basic ...

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Auction for Sale (Re-Issue) of Government Stocks

The Government of India have announced the sale (issue/re-issue) of (i) “8.35 per cent Government Stock 2022” for a notified amount of Rs. 4,000 crore (nominal) through price based auction, (ii) “New 14 year Government Stock” for a notified amount of Rs. 7,000 crore (nominal) through yield based auction, (iii) “9.20 per cent Government Stock 2030” for a notified amount ...

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Rupee Touches Down Lowest Point of 65 per $; Is RBI There?

With the Indian rupee touching the abysmal and bizarre 65 mark against the dollar on Thursday, it is high time the Finance Minister wakes up and do something to stem the steep fall or let those in office go or quit himself. Unlike the asian currency crisis of the 1990s, the fall of Indian rupee is mainly a handiwork of ...

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