RBI to issue new 100 Rupee notes with motif of 'Rani Ki Vav'

RBI amends Gold Monetisation Scheme to make it more attractive

Reserve Bank of India (RBI) has made changes in the Gold Monetisation Scheme to make it more attractive. The revamping of the scheme is aimed at enabling people to open a hassle-free gold deposit account.  RBI said in a notification that the short-term deposits should be treated as bank's on-balance sheet liability.  The notification said that these deposits will be made with the designated banks for a short period of 1-3 years. RBI said that now deposits will be allowed for broken peri...

Reserve Bank to announce its second bi-monthly Monetary Policy of 2018-19 today

The Reserve Bank of India (RBI) will announce its second bi-monthly Monetary Policy of 2018-19 this afternoon. The Monetary Policy Committee, headed by RBI Governor Urjit Patel, began its meeting in Mumbai on Monday, and it will meet today as well before the policy will be announced. This is the first time the six-member committee is meeting for three days instead of the usual two, due to certain administrative exigencies. In the first bi-monthly policy of the current fiscal, the central bank ha...

RBI's Monetary Policy Committee begins its 3-day meeting in Mumbai

RBI to set up Data Sciences Lab to improve its forecasting and early warning detection abilities

Reserve Bank of India, RBI has decided to set up Data Sciences Lab to improve its forecasting, surveillance and early warning detection abilities which will aid policy formulation. In a press release issued in Mumbai today, the RBI said, policy making not only benefits from data collected through regulatory returns and surveys but also from large volumes of structured and unstructured real-time information. RBI said the lab will comprise experts and budding analysts, who are trained in Computer ...

RBI keeps repo rate unchanged for fourth time in a row

The RBI has kept all its key rates unchanged in the first bi-monthly policy review for the financial year 2018-19 for the fourth time in a row. The Monetary Policy Committee, MPC, headed by RBI Governor Urjit Patel kept the repo rate at which the central bank lends short-term money to other banks at 6 per cent. The reverse repo, rate at which it borrows from banks and absorbs excess liquidity, will remain at 5.75 per cent. The status quo policy of RBI will be neutral to the EMIs for housing and ...

RBI to announce its first bi-monthly monetary policy for the new fiscal 2018-19

The Reserve Bank of India (RBI) will today announce its first bi-monthly monetary policy for the new fiscal 2018-19. The Monetary Policy Committee, headed by RBI Governor Urjit Patel, started its 2-day meeting in Mumbai yesterday, amid little hopes of a cut in the key policy rate due to hardening global crude oil prices. This would also be the first monetary policy announcement after the Budget.   RBI has maintained status-quo on the key short-term borrowing rate or repo rate in its last three p...

RBI discontinues Letters of Undertaking, Letters of Comfort for trade credit

The Reserve Bank of India today discontinued Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits.  The RBI, in a circular, said it has been decided to discontinue the practice of issuance of LoUs/ LoCs for Trade Credits for imports into India by AD Category -I banks with immediate effect.  The circular added that the Letters of Credit will be continued to be issued subject to compliance with the provisions contained in Department of Banking Regulation Master Circular on...

RBI slaps Rs 40 lakh penalty on SBI for flouting fake note norms

No extension beyond Feb 28 for KYC-compliance by prepaid wallet customers: RBI

The Reserve Bank of India has said there will not be any extension to tomorrow's deadline for mandatory KYC-compliance by prepaid wallet customers.  Deputy governor BP Kanungo told reporters in Mumbai last evening that sufficient time has already been given to meet the prescribed guidelines. He however said, customers who have balances in such wallets or prepaid payment instruments (PPIs) need not worry about their money even if they do not do the KYC (know-your- customer) norms.  He sa...