Nearly 97.62% of Rs 2,000 currency returned to the banking system: RBI

March 1, 2024 4:43 PM

Nearly 97.62% of Rs 2,000 currency returned to the banking system: RBI

The Reserve Bank of India (RBI) said that nearly 97.62 per cent of the 2,000 rupees bank notes have returned to the banking system, and only about 8,470 crore rupees worth of the withdrawn notes are still with the public. On May 19th, 2023, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation. The RBI, in its statement, said that the total value of Rs 2,000 banknotes in circulation, was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdra...

Total value of ₹2000 banknotes received back from circulation is ₹3.32 lakh cr up to August 31, 2023: RBI

September 1, 2023 8:15 PM

Total value of ₹2000 banknotes received back from circulation is ₹3.32 lakh cr up to August 31, 2023: RBI

Reserve Bank of India (RBI) has said that the total value of ₹2000 banknotes received back from circulation is ₹3.32 lakh crore up to August 31, 2023. According to a Press note, 93 percent of the ₹2000 banknotes in circulation as of May 19, 2023, have since been returned. RBI stated that data collected from major banks indicates that out of the total banknotes in ₹2000 denomination received back from circulation, about 87 percent is in the form of deposits. The remaining 13 percent has been exch...

India and UAE Strengthen Economic Cooperation with Dual MoU Signing for Local Currency Settlement and Payment System Interlinking

July 15, 2023 5:10 PM

India and UAE Strengthen Economic Cooperation with Dual MoU Signing for Local Currency Settlement and Payment System Interlinking

Abu Dhabi, July 15, 2023 - The Reserve Bank of India (RBI) and the Central Bank of the UAE (CBUAE) have solidified their commitment to fostering economic cooperation and seamless cross-border transactions by signing two Memorandums of Understanding (MoUs). The MoUs, exchanged in the presence of Prime Minister Narendra Modi and UAE President Sheikh Mohamed Bin Zayed Al Nahyan, aim to promote the use of local currencies and facilitate the interlinking of payment and messaging systems. The first Mo...

RBI constitutes 3-member panel for DHFL

November 23, 2019 7:16 AM

RBI constitutes 3-member panel for DHFL

The Reserve Bank of India (RBI) yesterday constituted a three-member panel to advise the Administrator of Dewan Housing Finance Corporation Limited, DHFL, ahead of formally moving for resolution of the troubled mortgage lender under the insolvency law. According to RBI's official statement, IDFC First Bank's Non-Executive Chairman Rajiv Lall, ICICI Prudential Life Insurance's Managing Director and Chief Executive N S Kannan and Mutual Funds' Association AMFI&a...

RBI increases household income limits for borrowers of NBFCs and MFIs

November 9, 2019 8:21 AM

RBI increases household income limits for borrowers of NBFCs and MFIs

Reserve Bank has increased the household income limits for borrowers of Non-Banking Financial Companies (NBFCs) and microfinance institutions (MFIs) from 1 lakh to 1.25 lakh rupees. The move is aimed at strengthening credit to those at the bottom of the economic pyramid in rural areas. Similarly, the limit has been increased from 1.6 lakh for urban or semi-urban areas to 2 lakh rupees. RBI said in a circular that the limit has been increased after taking into consideration the important role pla...