Date : Dec 23, 2016 Considering the significant increase in banking network during the recent past and the large jurisdiction being covered by the current Office of the Banking Ombudsman, Patna, the Reserve Bank of India has set up an Office of the Banking Ombudsman for the State of Jharkhand at Reserve Bank of India,… Read More »
RBI/2016-17/193 IDMD No.1569/14.04.050/2016-17 December 23, 2016 All Scheduled Commercial Banks (Excluding RRBs) Designated Post Offices Stock Holding Corporation of India Ltd. (SHCIL) BSE & NSE Madam/Sir, Procedural Guidelines for Servicing the Sovereign Gold Bonds The Sovereign Gold Bond Scheme was launched by Government of India (GOI) on October 30, 2015. The Sovereign Gold Bonds (henceforth… Read More »
Demonetisation in India On 8th November 2016,the Prime Minister Shri Narendra Modi announced demonetisation of Rs. 500 and Rs. 1000 notes that represent 86.4% of the currency in circulation 1. Corruption in India India is the 76 least corrupt nation out of 175 countries, according to the 2015 Corruption Perceptions Index reported by Transparency International.… Read More »
Special Deposit Scheme 1975 – Payment of interest for the calendar year 2016 RBI/2016-17/192 DGBA.GAD.No.1478/15.01.001/2016-17 December 22, 2016 The Chairman/Chief Executive Officer Agency Banks handling Special Deposit Scheme,1975 Dear Sir, Special Deposit Scheme 1975 – Payment of interest for the calendar year 2016 Please find enclosed copies of Government of India Gazette Notifications dated April… Read More »
Withdrawal of Legal Tender Character of the old Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on December 22, 2016) (Updated as on December 22, 2016) 1. Why is this scheme introduced? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes… Read More »
Date : Dec 21, 2016 Minutes of the Monetary Policy Committee Meeting December 6-7, 2016 [Under Section 45ZL of the Reserve Bank of India Act, 1934] The second meeting of the Monetary Policy Committee (MPC), constituted under section 45ZB of the amended Reserve Bank of India Act, 1934, was held on December 6 and 7,… Read More »
Distribution of Banknotes during November 10 to December 19, 2016 Date : Dec 21, 2016 Consequent to the announcement of withdrawal of Legal Tender status of banknotes of ₹ 500 and ₹ 1000 denominations from the midnight of November 8, 2016, the Reserve Bank of India made arrangements for supply of adequate quantity of banknotes… Read More »
Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes (Specified Bank Notes) – Deposit of Specified Bank Notes (SBNs) into bank accounts- Modification RBI/2016-17/191 DCM (Plg) No. 1911/10.27.00/2016-17 December 21, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural… Read More »
Date : Dec 19, 2016 Banks should accept Pre-2005 Banknotes in Deposit: RBI clarifies The Reserve Bank of India has clarified that bank should accept deposits of pre-2005 banknotes in the denominations of ₹ 500 and ₹ 1000 but not reissue these. These notes can be exchanged at the Reserve Bank Offices only. In terms… Read More »
Issue of Rs 500 banknotes with the inset letter ‘R’ In continuation of issuing of ₹ 500 denomination banknotes in Mahatma Gandhi (new) series which are currently legal tender, a new batch of banknotes with inset letter “R” in both the number panels, bearing the signature of Dr. Urjit R. Patel Governor, Reserve Bank of… Read More »