Tag Archives: RBI

10 Director Level Posts Vacant In RBI

New Delhi: The Reserve Bank of India’s all powerful central board is short of ten non-official directors and one deputy governor at a time when the central bank is engaged in massive demonetisation and remonetisation exercises. The last board-level appointment done by the government was when it elevated N S Vishwanathan to the post of deputy governor in June. Prior ... Read More »

Two RBI Officials Arrested For Illegal Currency Conversion

Bengaluru: The CBI has arrested two Reserve Bank of India (RBI) officials in Bengaluru allegedly involved in an illegal exchange of nearly Rs. 2 crore in spiked currency notes, officials said on Saturday. A CBI official said a senior special assistant and a special assistant of the RBI’s cash department were held after they were found exchanging scrapped banknotes with ... Read More »

RBI Denies Taking Action Against Cancelling Axis Bank’s Licence

Amid rumours that India’s third biggest private sector lender- Axis Bank could lose its licence over alleged money laundering activities involving the suspended employees, the Reserve Bank of India clarified that it has not initiated any action to cancel the banking licence of Axis Bank. “The Reserve Bank of India today clarified that it has not initiated any action to ... Read More »

Demonetisation: RBI Seeks Details Of Fake Currency From Banks

Mumbai: To ascertain the amount of counterfeit currency, the Reserve Bank has asked all banks to send details of all fake notes detected during exchange and deposits of defunct old high-value notes post demonetisation. Banks are required to send details of fake currencies in three different dates, the first of which is December 16. The RBI in an advisory issued ... Read More »

Banks Receive Rs 12.44 Lakh Crore Of Old, Invalid Notes So Far, Says RBI

Mumbai: Banks have taken back Rs 12.44 lakh crore ($184.24 billion) of high-value currency that the government abruptly abolished last month, Reserve Bank of India Deputy Governor R Gandhi said on Tuesday. That represents about 80 percent of the Rs 15.44 lakh crore in 500- and 1,000-rupee notes that were circulating before Prime Minister Narendra Modi abolished them on Nov. ... Read More »

RBI Imposes Restrictions On Withdrawal From Certain Bank Accounts

Mumbai: Tightening the noose around people who misused banking channels to park unaccounted money, the Reserve Bank on Thursday imposed certain restrictions on withdrawal if more than Rs. 2 lakh has been deposited after November 9 in an account which has a balance of over Rs. 5 lakh. As per a RBI notification, withdrawal or transfer of funds will not ... Read More »

RBI Lowers Merchant Discount Rate For Small Debit Card Transactions

Mumbai: To encourage digital transactions, the Reserve Bank today decided to slash MDR charges on payments made through debit cards and do away with levies on small transactions through mobile phones and Internet from January 1 to March 31. The Merchant Discount Rate (MDR) for debit card payments, including for payments made to government, will be capped at 0.25 per ... Read More »

RBI To Announce Monetary Policy Decision On Wednesday

Mumbai: The Reserve Bank will come out with monetary policy review, the first after demonetisation of old Rs 500/1000 notes, on Wednesday amid expectations of interest rate cut. “The Monetary Policy Committee (MPC) will meet on December 6 and 7, 2016 for the Fifth Bi-monthly Monetary Policy Statement for 2016-17. “The resolution of the MPC will be placed on the ... Read More »

Fuel Prices, RBI Policy To Fuel Passenger Vehicle Demand In 2017: Fitch

Chennai: Low fuel prices coupled with an accommodative monetary policy from the Reserve Bank of India (RBI) is what credit rating agency Fitch Ratings expects to support demand for passenger vehicles in 2017. According to Fitch, the demonetisation of 500/1,000-rupee notes would impact sales of luxury cars and not sales of other automobiles — two wheelers, small cars and commercial ... Read More »

RBI Says Enough Cash Available As Crowds Throng Banks

  Mumbai: The Reserve Bank of India (RBI) on Sunday urged savers to not hoard money as public anger mounted over the government’s shock decision to withdraw large denomination notes in an attempt to expose undeclared wealth. Thousands of people were again standing outside banks across the country trying to change Rs. 500 and Rs. 1,000 bills the government abolished ... Read More »