The Committee for Review of Customer Service Standards in RBI Regulated Entities set up by RBI last year found that nearly one crore customers complain to their banks and other REs every year, and the number has not changed much in the last three years. The six members committee headed by RBI Deputy Governor B.P.Kanungo…
Pursuant to Friday’s announcement of withdrawing Rs 2,000 notes, RBI reiterated that Rs.2000 notes continue to be legal tender unlike demonetization exercise. In view of the allegations of customers were dying while waiting in queues to exchange bank notes during the 2016 note ban, the Reserve Bank on Monday advised banks to provide shade from…
The Reserve Bank of India has decided to withdraw Rs 2,000 denomination banknotes from circulation and asked all to exchange them by September 30, 2023. The Rs 2,000 notes, however, will continue to be legal tender. “In pursuance of the “Clean Note Policy” of the Reserve Bank of India, it has been decided to withdraw…
The six-member Monetary Policy Committee (MPC) headed by RBI Governor on Wednesday (April 6, 2023) decided to keep the policy repo rate unchanged at 6.50%. Reserve Bank projected India’s GDP growth forecast raised to 6.5% from the previous 6.4 percent for 2023-24. The present policy rates can still be regarded as accommodative, the statement said.…
RBI on Tuesday notified that all government transactions done by agency banks for 2022-23 must be accounted for within the same financial year. All agency banks should keep their designated branches open for over the counter transactions related to government transactions upto the normal working hours on March 31, 2023, said RBI. It further said…
In the statement on Developmental and Regulatory Policies dated February 8, 2023, the Reserve Bank of India (RBI) announced today that the central bank will start a pilot project to launch QR code based coin vending machines. Unlike cash-based traditional Coin Vending Machines, the QCVM is a coin dispensation machine that would eliminate the need…
The six-member Monetary Policy Committee (MPC) headed by RBI Governor on Wednesday (February 8, 2023) announced the hike in the repo rate by 25 basis points to 6.50%. The RBI also projected India’s GDP growth at 6.4 per cent for 2023-24 and projected retail inflation at 6.5 per cent for 2022-23 and 5.3 per cent…
The Reserve Bank of India on Monday released the draft guidelines for banks to make provisions on an expected credit loss (ECL) basis as against the current framework of incurred loss method. It means banks have to shift away from the current method – where loan loss provisions are made after a default – to…
The Securities and Exchange Board of India canceled the Certificate of Registration (CoR) granted to Brickwork Ratings India Private Limited as a Credit Rating Agency (CRA), on October 6, 2022. In view of that RBI on October 9, 2022, advised Regulated Entities/ Market Participants that in respect of ratings/credit evaluations required in terms of any…
The Reserve Bank of India today (04.01.2023), released the Annual Report of the Ombudsman Schemes for the period April 01, 2021 – March 31, 2022. Some highlights from the Annual Report are as follows: *Reserve Bank – Integrated Ombudsman Scheme (RB-IOS) was launched on November 12, 2021. Under the RB-IOS, 2021, a CRPC was…