How to identify pre-2005 currency notes
This note has the year of printing clearly printed in the middle of the bottom row on the backside. The Reserve Bank of India (RBI) has announced its plans to withdraw all currency noted issued before 2005. Financial experts believe that the move is largely aimed at removing fake or counterfeit currency embedded into the… Read More
Tags: Banknote, Counterfeit money, Currency, India, Printing, rbi, Reserve Bank of India, Run batted in
Strategy adopted by RBI for Financial Inclusion
- Speech delivered by Dr. Deepali Pant Joshi, Executive Director, Reserve Bank of India at a workshop organised by Government of Madhya Pradesh at New Delhi on January 24, 2014 One of the major challenges for next decade or more to banks in the country is to capture the banking business of over 50% population… Read More
Tags: Financial inclusion, Financial services, India, Raghuram Rajan, rbi, Reserve Bank of India, Run batted in, Unique Identification Authority of India
Banknotes issued prior to 2005 to be withdrawn RBI Clarification
Further to our Press Release dated January 22, 2014 on the subject and in response to the queries raised, the Reserve Bank of India (RBI) clarifies that the rationale behind its move to withdraw banknotes printed prior to 2005 is to remove these banknotes from the market because they have fewer security features compared to… Read More
Tags: Banknote, Branch (banking), Legal tender, Press Release, Printing, rbi, Reserve Bank of India, Run batted in
RBI Advises Banks regarding NEFT Customer Service and Charges, Adherence to Procedural Guidelines and Circulars
RBI/2013-14/457 DPSS.CO.EPPD No.1583/04.03.01/2013-14 January 21, 2014 The Chairman and Managing Director / Chief Executive Officer of member banks participating in NEFT Madam / Dear Sir, NEFT Customer Service and Charges Adherence to Procedural Guidelines and Circulars The National Electronic Fund Transfer (NEFT) System, operational since November 2005 has seen an exponential growth in terms of volumes… Read More
Tags: Bank account, Branch (banking), Indian Settlement Systems, Mumbai, NEFT, rbi, Reserve Bank of India, Run batted in
Raghuram Rajan on Financial Sector Reforms
(Talk by Dr. Raghuram G. Rajan, Governor, Reserve Bank of India at the Delhi Economics Conclave 2013 at Delhi on December 11, 2013) The economy is stabilizing, but there is no room for complacency. Some part of improvement in the CAD has happened due to suppressing gold imports. Not all the measures to reduce fiscal… Read More
Tags: Central bank, Delhi Metro, Economy of India, India, Inflation, Raghuram Rajan, rbi, Reserve Bank
No Fundamental Reason for Rupee Volatility, Says Dr. Raghuram Rajan
Good afternoon. There has been some turmoil in financial markets across the world as fears of a sooner-than-anticipated Fed tapering have grown. In India, we have had added volatility as the market has become concerned about policy rates and about oil marketing company demand for dollars. There are issues we have to worry about and… Read More
Tags: $32 billion, Computer-aided design, Current account, Federated Investors, India, Inflation, rbi, Run batted in
Sharing of Information Technology Resources by banks Guidelines
RBI/2013-14/327 UBD CO BPD No.31/09.18.300/2013-14 October 17, 2013 The Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir / Madam, Sharing of Information Technology Resources by banks guidelines As announced in the Monetary Policy Statement 2013-14 (paragraph 101), with the increased use of information technology (IT) infrastructure by banks, there is a need to… Read More
Tags: Commercial bank, Information technology, Monetary policy, rbi, Reserve Bank of India, Run batted in, Shared resource, Telephone exchange
Performance Audit of Agricultural Debt Waiver & Debt Relief Scheme, 2008 by CAG & Re-verification Exercise by Banks
RBI/2013-14/299 UBD.BPD.(PCB)CIR No. 22 /13.05.006/2013-14 September 30, 2013 The Chief Executive Officers of All Primary (Urban) Co-operative Banks Madam/Dear Sir, Performance Audit of Agricultural Debt Waiver & Debt Relief Scheme (ADWDRS), 2008 by CAG & Re-verification Exercise by the banks Please refer to our Circular UBD.BPD. (PCB) Cir. No.40/13.05.006/2012-13 dated March 7, 2013, in terms of… Read More
Tags: Audit, CAG, Comptroller and Auditor General, Government, Government of India, New Delhi, rbi, Run batted in
RBI Governor’s proposal to relax Branch Authorisation Policy
RBI/2013-14/274 DBOD.No.BAPD.BC.54 /22.01.001/2013-14 September 19, 2013 All Domestic Scheduled Commercial Banks (excluding RRBs) Madam / Dear Sir Section 23 of the Banking Regulation Act, 1949 Relaxations in Branch Authorisation Policy Please refer to Governor™s Statement on taking office on September 04, 2013 (extract enclosed - Annex 1) regarding the proposal to completely free bank branching for… Read More
Tags: Bank, Commercial bank, North Eastern States, Raghuram Rajan, rbi, Reserve Bank of India, Run batted in, Sikkim
Statement by Dr. Raghuram Rajan on taking office on September 4, 2013
Good Evening. I took charge this afternoon as the 23rd Governor of the Reserve Bank of India. These are not easy times, and the economy faces challenges. At the same time, India is a fundamentally sound economy with a bright future. Our task today is to build a bridge to the future, over the stormy… Read More
Tags: Bimal Jalan, Central bank, India, Monetary policy, Raghuram Rajan, rbi, Reserve Bank of India, Run batted in
MoF :: Expert committee on short term cooperative credit structure (STCCS) gives its recommendations
The Expert Committee, in its report submitted to the Reserve Bank of India (RBI), inter alia, noted that the share of Short Term Cooperative Credit Structure (STCCS) in providing agricultural credit has fallen to a mere 17% although there are small pockets where its share is more than 50%. The Expert Committee has, inter alia, given… Read More
Tags: Business, CBS, Government, NABARD, National Bank for Agriculture and Rural Development, rbi, Reserve Bank of India, Run batted in
Safefuards in New Banking Licence Norms
Reserve Bank of India (RBI) issued guidelines for setting up new banks in the private sector vide Press Release dated 22.02.2013. The last date for receipt of applications was 01.07.2013. In all, RBI has received 26 (twenty six) applications. At the first stage, the applications will be screened by RBI to ensure prima facie eligibility… Read More
Tags: Bank, Financial services, India, Press Release, Rajya Sabha, rbi, Reserve Bank of India, Run batted in
Investment of Banks in Money Laundering
The contravention of any of the directions and instructions issued by Reserve Bank of India (RBI) under the Banking Regulation Act, 1949 is an offence punishable under sub-section (4) of Section 46 of the Banking Regulation Act. In terms of sub-section (1) of Section 47A of the Banking Regulation Act, 1949, if a contravention or… Read More
Tags: Banking Regulation Act, Business, Financial services, India, rbi, Reserve Bank, Reserve Bank of India, Run batted in