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Last day to deposite old Rs 500 and Rs 1,000 notes in RBI ends today

Last day to deposite old Rs 500 and Rs 1,000 notes in RBI ends today

The queues at the designated RBI offices seem to be spilling over as the deadline for exchange of invalid notes by residents who were abroad during the cash ban window draws to a close on Friday. The anxiety is palpable as people are leaving nothing to chance and lining up at the RBI office in the national capital from the night itself so that they get to deposit the currency next day. The Reserve Bank has allowed Indian citizens who were abroad during November-December 2016 to exchange the scrapped notes up to March 31 and NRIs up to June 30. This facility is available at RBI offices in Mumbai, Delhi, Kolkata, Chennai and Nagpur only. For some reasons or the other, there are several people who have not been able to deposit or exchange the junked notes or have discovered them after the end of the demonetisation period on December 30, who are now making a last-ditch effort. On March 28, in a written reply to the Rajya Sabha, Minister of State for Finance Arjun Ram Meghwal had said ineligible persons queuing up at the Reserve Bank were responsible for longer...
RBI limits withdrawal from Jan Dhan accounts up to Rs 10,000

RBI limits withdrawal from Jan Dhan accounts up to Rs 10,000

The Reserve Bank of India (RBI) on Wednesday covered the withdrawal limit on Jan Dhan account. Fully KYC complaint account holders may be enabled to withdraw Rs 10,000 in a month. But, further withdrawals may be enabled within current applicable limits after confirming the genuineness of such withdrawals, the RBI said. Non KYC compliant account holders may b allowed to withdraw Rs 5,000 a month from amount deposited through SBNs within overall ceiling of Rs 10,000, RBI added. Ever since Prime Minister Narendra Modi announced that Rs 500 and Rs 1000 notes will no longer remain legal tender, there have been a plenty of doubtful activity on tens of thousands of Jan Dhan accounts in the...
RBI announces Measures to drain excess liquidity

RBI announces Measures to drain excess liquidity

With a move to managing the excess liquidity in the system banking regulator Reserve Bank of India announced on Saturday that it would absorb a part of this extra cash by applying an incremental cash reserve ratio (CRR) as a purely temporary measure. The CRR remains unchanged at 4 percent of outstanding net demand and time liabilities (NDTL). On the increase in NDTL between September 16, 2016 and November 11, 2016, scheduled banks shall maintain an incremental CRR of 100 percent, effective the fortnight beginning November 26, 2016, read the RBI note. This is intended to absorb a part of the surplus liquidity arising from the return of specified banking notes (SBN) to the banking system. This move shall be reviewed on December 9, 2016 or even earlier, added the note. The Reserve Bank has also separately revived the Guarantee Scheme to enable deposit of SBN balances at the Reserve Bank or at currency chests and get immediate value. This measure should also facilitate banks’ compliance with the incremental CRR. Operational details are set out in a circular issued...
RBI Deputy Governor R Gandhi to look after monetary policy dept

RBI Deputy Governor R Gandhi to look after monetary policy dept

R Gandhi, the senior most Deputy Governor in the Reserve Bank , was given the charge of monetary policy department, counting forecasting and modeling crew, which was earlier under new Governor Urjit Patel. The Reserve Bank “revised the cases” of its Deputy Governor, on a day of handover of governorship from Raghuram Rajan to Patel. Government is still to appoint a Deputy Governor in position of Patel, who has been elevated as the Governor. Simultaneously, in a low-key affair, Patel under way his innings as RBI’s new Governor with a private off-media ‘handover’ ceremony today — a marked removal from his predecessor Raghuram Rajan announcing big-bang reforms on his first day itself three years ago.  Dr Patel, as he is commonly assigned to as, has worked closely with several central and state government high-level committees. These combine the Task Force on Direct Taxes, the High Level Specialist Group for Reviewing the Civil & Defence Services Pension System, the P M’s Task Force at Infrastructure, the Group of Ministers on Telecom Matters, the Committee on Civil Aviation Reforms & the Ministry of Power’s Specialist Group on State Electricity...
How RBI prices cuts have helped drive bankclean-up

How RBI prices cuts have helped drive bankclean-up

The Reserve Bank of India’s interest rate slits — 1.5 % since early last year — has helped drive yields lower, authorize banks to book treasury profits and clean upward their balance sheets, says Arundhati Bhattacharya, chairperson of SBI. Speaking to [CNBC-TV18], Bhattacharya said higher profits would enable banks to make provisions for stressed resources and increase more loans. Treasury gains are those that banks make on money kept in liquid securities such as g-secs. “In reality, we had freshly written a item pointing out during the previous economic recovery cycle, 64 % of bank profits were operate by treasury gains. This time, 16 % of profits have been driven by treasury gains profit.” Silently, she said the RBI’s accommodative pose, also with respect to its liquidity stance, would help boost monetary policy transmission. The SBI chief joined that Raghuram Rajan’s last monetary policy review — in which he left rates unchanged — was in channel with expectations as room for a rate cut was limited. “The recent increase in vegetable rates may be seen in August CPI numbers. We believe a rate cut is possible [towards the end of the...
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