Tag Archives: reserve bank of india

ICICI, HDFC, Axis Banks Unleash Rs.150 Extra per Transaction, Citing Cashless Economy Drive

With the government and regulator RBI remaining mute witnesses to the horrors, private banks have unelashed Rs.150 per cash transaction and the three major private banks — HDFC Bank, ICICI Bank and Axis Bank — were in the forefront to unleash the new banking terror on customers. Other private and scheduled banks are waiting for the reaction of customers before ...

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Finance Minister Warns Strict Action on Cash Diversions from Banks

Finance Minister admitted that some unscrupulous people including some in the banking system have been trying to subvert the system once again and accumulating large amount of cash unlawfully. "Obviously, there is a breach of law in this and this is a step which hurts the economy. And therefore, all agencies are keeping an eye on this. They will investigate ...

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RBI Cracks Whip on Jan Dhan Yojana Bank Accounts, Now it Takes 2 Years to Get Back Rs.2 Lakh Deposited

As Jan Dhan Yojana accounts meant for the unbanked rural people came under the black money purview with mysterious increase of 60% after demonetisation amounting to Rs.72,834 crore worth deposits since Nov. 8. Now the Reserve Bank of India has cracked the whip limiting withdrawals in these accounts to Rs 10,000 per month. That too only fully KYC compliant holders ...

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Shaktikanta Das Lists Govt Measures on ATMs, Rural Cash, RUPAY, and More

Economic Affairs Secretary Shaktikanta Das said the government has sanctioned Rs. 21,000 crore NABARD keeping in mind the farmers and promoting digital transactions in rural areas. It entails district cooperative banks to pass on the money to primary agricultural farmers for the current Rabi season, he said. He said farmers will get credit as the rural banks, NABARD and RBI ...

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RBI Opens On-Tap Bank Licence With Many Riders

The Reserve of Bank of India has announced new guidelines for the so-called on-tap bank licensing, which means those eligible can apply any time without waiting for the open window system followed earlier. This is the third round of RBI’s initiative to rope in NBFCs, most of them microfinance institutions, to enter the mainstream banking arena in view of the ...

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RBI Nod to 10 Microfinance Players to Widen Banking in Rural Areas

The Reserve Bank of India (RBI) has granted its in-principle permission for 10 out of 72 applicants to foray into the rural and untrapped segments of households with set conditions, which they were asked to fulfil before finally allowing them to open banks. Based on Bandhan Microfinance that romped into full-fledged Bandhan bank this year, the country’s central bank is ...

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India’s growth of 5.3 percent intensifies rate cut demands

The Indian economy logged 5.3 percent growth in the second quarter of this fiscal, against 5.7 percent in the first quarter, making ground for the central bank to ease interest rates and the government to push for reforms. Even though the 5.3-percent growth came as a pleasant surprise to some stakeholders who were anticipating a slightly lower rate of expansion, ...

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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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Raghuram Rajan signed banknotes soon!

The Reserve Bank of India (RBI) will shortly issue banknotes of Rs.1,000 and Rs.20 denomination incorporating rupee symbol and bearing the signature of governor Raghuram Rajan. According to a statement released by the RBI Tuesday, these banknotes will be in the Mahatma Gandhi Series-2005. “The design of these notes to be issued now is similar in all respects to the ...

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