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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: BanknoteCounterfeit moneyCurrencyIndiaPrintingrbiReserve Bank of IndiaRun batted in

Introduction of Rs 10 Plastic Notes in select cities

It has been decided to introduce plastic notes in the denomination of Rs. 10. One billion plastic notes of the denomination of Rs. 10 will be introduced in a field trial in five cities selected for their geographical and climatic diversity. These cities are Kochi, Mysore, Jaipur, Shimla and Bhubaneswar. The field trial is expected… Read More

Tags: BhubaneswarBusinessKochiPlasticPolymer banknoteRecyclingRun batted inShimla

RBI releases Report of the Committee on Financial Benchmarks

The Reserve Bank of India has, today, placed on its website, the Report of the Committee on Financial Benchmarks. It may be recalled that the Reserve Bank had announced the constitution of the Committee on Financial Benchmarks (Chairman: Shri P. Vijaya Bhaskar, Executive Director) on June 28, 2013 with a mandate to study various issues… Read More

Tags: CommitteeExecutive directorGeneral managerIndiaPress ReleaseReserve Bank of IndiaRun batted inVijaya Bhaskar

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 inclusionFinancial servicesIndiaRaghuram RajanrbiReserve Bank of IndiaRun batted inUnique Identification Authority of India

Withdrawal of all old series of Banknotes issued prior to 2005

RBI/2013-2014/467 DCM(Plg) No.G-17/3231/10.27.00/2013-14 January 23, 2014 The Chairman / Managing Director/ Chief Executive Officer All Scheduled Commercial Banks Primary(Urban) Co-operative Banks/RRBs Dear Sir /Madam Withdrawal of all old series of Banknotes issued prior to 2005 As you are aware, RBI has been following a policy of phasing out of certain series of banknotes from time… Read More

Tags: BanknoteBranch (banking)General managerLegal tenderMarch 31 2014Reserve Bank of IndiaRun batted inSanjeev Sharma

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: BanknoteBranch (banking)Legal tenderPress ReleasePrintingrbiReserve Bank of IndiaRun batted in

Non-Banking Finance Companies: Game Changers

Speech delivered by Shri P Vijaya Bhaskar, Executive Director, Reserve Bank of India at ASSOCHAM in Delhi on January 23, 2014 Introduction The Indian financial sector consists of a wide variety of institutions which cater to different market segments. At the apex level are scheduled commercial banks which follow universal banking model. Next, there is… Read More

Tags: Commercial bankEconomy of IndiafinanceGross domestic productIndiaNBFCNon-banking financial companyRun batted in

Prepaid Payment Instruments issued by Non-Banking Institutions

RBI/2013-14/461 DNBS(PD).CC. No 368 /03.10.01 /2013-14 January 24 , 2014 All Non Banking Financial Companies Dear Sirs, Prepaid Payment Instruments issued by Non-Banking Institutions Nonbanking institutions (NBIs) are allowed to issue prepaid payment instruments (PPIs) and collect money in this behalf from the customers, subject to authorisation under the Payment and Settlement Systems Act (PSS… Read More

Tags: Cuffe ParadeFinancial institutionGeneral managerMumbaiNSV machine gunReserve Bank of IndiaRun batted inSettlement Systems Act

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: Branch (banking)Indian Settlement SystemsMumbaiNEFTrbiReserve Bank of IndiaRun batted in

Liquidity Adjustment Facility- Reverse Repo

RBI/2013-14/451 FMD.MOAG. No.95/01.01.001/2013-14 January 17, 2014 All Scheduled Commercial Banks (excluding RRBs) and Standalone Primary Dealers Madam / Sir, Liquidity Adjustment Facility- Reverse Repo Based on the feedback received from the market participants, it has been decided to revise the timings of Reverse Repo window under Liquidity Adjustment Facility (LAF). The Reverse Repo window will now… Read More

Tags: General managerJanuary 20 2014 MondayLAFLiquidity Adjustment FacilityMonetary policyRepurchase agreementReverse RepoRun batted in

RBI sets up Committee on Data and Information Management in the Reserve Bank of India

The information requirement for monetary and macro financial policies as well as supervision has become more demanding with the increasing integration of the Indian economy and markets with the global economy. Periodic assessment of the institutional process of data capture and management, therefore, becomes important to strengthen the information base of policy making. However, for… Read More

Tags: Chief Information OfficerCommitteeDeepak MohantyGeneral managerIndiaReserve BankReserve Bank of IndiaRun batted in

RBI cautions users of Virtual Currencies against Risks

The Reserve Bank of India has today cautioned the users, holders and traders of Virtual currencies (VCs), including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to. The Reserve Bank has mentioned that it has been looking at the developments relating to certain electronic records… Read More

Tags: BitcoinCentral bankfinancemoney launderingReserve BankReserve Bank of IndiaRun batted inVirtual currency

Administering FEMA – Evolving Challenges

(Inaugural address by Shri G Padmanabhan, Executive Director at the Authorised Dealers' Conference at Agra on November 30, 2013) DG Shri H R Khan, Chairman, Foreign Exchange Dealers Association of India, Officials from the Authorised Dealer Banks, and my colleagues from RBI from all over the country, 1. A very good morning and welcome to… Read More

Tags: Foreign Exchange Management ActForeign Exchange Regulation ActIndiaIndonesian RupiahRun batted inRupeeThai Baht

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