RBI revises Bank Rates

RBI/2013-14/468 DBOD.No.Ret.BC.88/12.01.001/2013-14 January 28, 2014 All Scheduled Commercial Banks & Local Area Banks Dear Sir, Bank Rate Please refer to our circular DBOD.No.Ret.BC.64/12.01.001/2013-14 dated October 29, 2013 on the subject. 2. Consequent to the increase in the policy repo rate under the Liquidity Adjustment Facility (LAF) as announced in the Third Quarter Review of Monetary Policy 2013-14 dated… Read More

Tags: Bank RateCentral bankInterestLiquidity Adjustment FacilityMonetary policyPercentageRepurchase agreementReserve requirement

Union Budget – 2013-14 Interest Subvention Scheme

RBI/2013-14/398 RPCD.No.FSD.BC.71/05.04.02/2013-14 December 4, 2013 To, The Chairman / Managing Director All Public & Private Sector Scheduled Commercial Banks Dear Sir Union Budget - 2013-14 Interest Subvention Scheme As directed by the Government of India and in pursuance of the budget announcement made by the Finance Minister relating to the Interest Subvention Scheme 2013-14, Interest subvention… Read More

Tags: BankGovernment of IndiaInterestKisan Credit CardLoanPublic sectorReserve Bank of IndiaStatutory auditor

Pernicious practices of select banks deterring customer protection and accounting integrity

RBI/2013-14/292 DBS.CO.PPD No. 3578 /11.01.005/2013-14 September 17, 2013 The Chairman/Chief Executive All Scheduled Commercial Banks (Excluding RRBs) / Local Area Banks Madam/Dear Sir, Pernicious practices of select banks deterring customer protection and accounting integrity Please refer to our circular DBS.CO.PPD No. 17882/11.01.005/2012-13 dated June 19, 2013, wherein we had observed certain disquieting features in certain practices/products… Read More

Tags: Commercial bankConsumer protectionCustomerDebit CardEMIInterestLoanRate of return

IT Dept Notification on Premature encashment of 8% Savings (Taxable) Bonds, 2003

The captioned bonds, issued with effect from April 21, 2003, vide Government of India Notification No. F 4(10)-W&M/2003 dated March 21, 2003 and subsequent Notification F. No. 4(10)-W&M/2003 dated April 2, 2003, are repayable on the expiry of six years from the date of issue. Premature encashment was not permissible under this scheme. 2. The… Read More

Tags: BondsDue dateGovernment of IndiaInterestInvestmentInvestorNagpurRugby league positions

RBI Circular w.r.t. Interest Rates on Rupee Export Credit – UCBs

RBI/2013-14/207 UBD.BPD.(AD) Cir. No.3/13.05.000/2013-14 August 30, 2013 Chief Executive Officer Scheduled Primary (Urban) Co-operative Banks (holding AD Category I licence) Dear Sir/ Madam Interest Rates on Rupee Export Credit - UCBs Please refer to our circular UBD.BPD.(AD).Cir. No. 2/13.05.000/2012-13 dated January 22, 2013 on the captioned subject, extending the interest subvention of 2% up to March 31,… Read More

Tags: August 26 2013BankGovernment of IndiaIndiaInterestReserve Bank of IndiaUrbanUrban area

8% Savings (Taxable) Bonds, 2003 – Premature Encashment

RBI/2013-14/206 DGBA.CDD. No. 1448/13.01.299/2013-14 August 30, 2013 The Chairman / Managing Director Head Office (Government Accounts Department) State Bank of India and Associates All Nationalized Banks (Excluding Punjab and Sind Bank & Andhra Bank) Axis Bank Ltd./ICICI Bank Ltd./HDFC Bank Ltd./ Stock Holding Corporation of India Ltd. (SHCIL) Dear Sir/Madam, 8% Savings (Taxable) Bonds, 2003… Read More

Tags: Axis BankBondsGovernment of IndiaHDFC bankICICI BankIndiaInterestState Bank of India

Rupee Export Credit – Interest Subvention

RBI/2013-14/200 DBOD.Dir.BC.No.43 /04.02.001/2013-14 August 26, 2013 All Scheduled Commercial Banks and Exim Bank (excluding RRBs) Dear Sir/ Madam, Rupee Export Credit - Interest Subvention Please refer to our circulars DBOD.Dir.BC.No.70/04.02.001/2012-13 dated January 14, 2013 and DBOD.Dir.BC.No.94/04.02.001/2012-13 dated May 24, 2013 wherein interest subvention of 2% was extended w.e.f. 01.04.2013 to 31.03.2014 on pre and post shipment rupee export credit… Read More

Tags: Commercial bankEXIM bankExportGovernment of IndiaInterestInterest rateReserve Bank of IndiaSubsidy

Interest Subvention Scheme Extended to the Private Sector Banks from 2013-14

Additional Interest Subvention Scheme of 3% for Farmers also Extended to 2013-14 In order to provide credit to farmers at affordable rates, the Government of India has, since 2006-07, been implementing the Interest Subvention Scheme under which short-term crop loans upto Rs. 3 lakh are made available to the farmers at an interest rate of… Read More

Tags: Government of IndiaIndiaInterestLoanPublic sectorRupeeSchemeSubsidy

Interest Rates on FCNR(B) Deposits AD Category 1 UCBs

RBI/2013-14/195 UBD.BPD.AD.CIR.No. 2/13.01.000/2013-14 August 21, 2013 The Chief Executive Officers All AD Category -1 UCBs Dear Sir/Madam, Interest Rates on FCNR(B) Deposits Please refer to our circular No. UBD.BPD.AD.CIR.No.7/13.01.000/2011-12 dated May 17, 2012 on Interest Rates on Deposits held in FCNR(B) Accounts. In view of the prevailing market conditions, it has been decided that with effect from… Read More

Tags: Basis pointFCNRFloating exchange rateIndiaInterestReserve Bank of IndiaSwap rate

Cabinet Approves interest subvention scheme to provide short-term crop loans to farmers

Interest Subvention to Public Sector Banks (PSBs), Private Sector Banks, Cooperative Banks and Regional Rural Banks (RRBs) and to NABARD for refinance to RRBs and Cooperative Banks for providing short-term crop loan to farmers at interest rate of 7 per cent per annum The Union Cabinet today approved continuation of the interest subvention scheme to… Read More

Tags: BankGovernmentInterestKisan Credit CardLoanNational Bank for Agriculture and Rural DevelopmentRegional Rural BankSubsidy

Rate of Interest Subvention Increased from 2% to 3%

Presently the rate of Interest Subvention for credit obtained by exporters is 2%. There has been persistent demand to both increase the rate of subvention and also to widen the coverage. At present, all exporters who are micro and small enterprises, irrespective of the export sector, are beneficiaries of this scheme. In addition, the exporters… Read More

Tags: Board of TradeCommerce MinisterExportGovernmentHandicraftInterestMinister of Industry (Canada)Subsidy

RRBs – Bank Rate increased

RBI/2013-14/146 RPCD.CO.RRB.RCB.BC. No.13/03.05.33/2013-14 July 15 , 2013 The Chairmen/Chief Executive Officers, All Regional Rural Banks / State and Central Co-operative Banks Dear Sir/Madam, Bank Rate As announced in the Press Release 2013-14/100 dated July 15, 2013, the Bank Rate stands adjusted by 200 basis points from 8.25 per cent to 10.25 per cent with effect from… Read More

Tags: Bank RateBasis pointCentral bankInterestJuly 15 2013PercentageRegional Rural BankReserve requirement

Master Circulars- Miscellaneous Instructions to All Non-Banking Financial Companies

RBI/2013-14/46 DNBS(PD).CC.No 344./03.02.001/2013-14 July 1, 2013 To, All Non-Banking Financial Companies (NBFCs) Dear Sirs, Master Circulars - Miscellaneous Instructions to All Non-Banking Financial Companies In order to have all current instructions in one place, the Reserve Bank of India has issued master circulars to NBFCs on various subjects. It is advised that Miscellaneous Directions /… Read More

Tags: Asset liability managementInterestJune 30 2013Master CircularNon-banking financial companyRBI ActReserve Bank of IndiaRun batted in

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