RBI liberalises norms for the Gold Monetisation Scheme

The Reserve Bank of India (RBI) has liberalised the norms for Gold Monetisation Scheme and has directed all lenders to promote and publicise the Gold Monetisation Scheme (GMS) from their branches. This underscores the intent of the RBI to make ..

Banks not to charge for failed transactions, balance enquiry: RBI

Every month banks provide certain number of free transactions at ATMs to their customers and exceeding which charges are imposed. Reserve Bank of India (RBI) has asked banks not to count failed transactions at ATMs due to technical reasons as ..

Month: Current Affairs - August, 2019

NEFT to be available 24X7

The Reserve Bank of India has announced that the National Electronic Funds Transfer (NEFT) facility will be available round-the-clock basis from December 2019. At present NEFT payment system operated by the Reserve Bank as a retail payment system is available ..

RBI reduces repo rate by 35 basis points to 5.40%

Reserve Bank of India (RBI) in its third Bi-monthly Monetary Policy review for financial year 2019-20 has reduced its key policy rate (repo rate) by an unorthodox 35 basis points to 5.40%. This takes the benchmark lending rate to a ..

Month: Current Affairs - August, 2019

RBI cuts policy repo rate in its 3rd bi-monthly Monetary Policy Statement for FY 20

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has recently announcement its 3rd bi-monthly Monetary Policy Statement for FY 20 (2019-20). In it, RBI reduced the policy repo rate under the Liquidity Adjustment Facility (LAF) by ..

RBI Cuts Repo Rate

The Reserve Bank of India (RBI) in its monetary policy review undertaken by the Monetary Policy Committee (MPC) has made the following decisions: RBI cuts repo rate to 5.4% from the current 5.75%. Reverse repo rate under liquidity adjustment facility stands ..

RBI tightens fit-and-proper criteria for directors on PSB boards

Reserve Bank of India (RBI) has tightened fit-and-proper criteria for directors on boards of state-run Public Sector Banks (PSBs). In this regard, it has issued RBI (‘Fit and Proper’ Criteria for Elected Directors on the Boards of PSBs) Directions, 2019. ..

Month: Current Affairs - August, 2019

The Future of Cryptocurrencies in India

A cryptocurrency is an asset held digitally. It is designed as an exchange medium that relies on a strong code which helps keep the financial transactions secure and also controls the generation of additional units. Adding the blockchain allows for ..

RBI liberalises ECB norms by relaxing end-use restrictions

Reserve Bank of India (RBI) has relaxed External Commercial Borrowing (ECB) norms for corporates, non-banking lenders by relaxing end-use restrictions with regard to working capital, general corporate purpose and repayment of rupee loans. This decision was taken after receiving feedback ..

Month: Current Affairs - August, 2019

India Post Payments Bank to be converted into Small Finance Bank

Indian Posts has made a decision to convert India Post Payments Bank into Small Finance Bank. This will enable the Bank to offer small loans to customers. Payment Banks Payments banks were introduced by the Reserve Bank of India (RBI) ..