What will the new Rs 20 note look like? The RBI has said that this new note will be of a new series and its design and features will be similar to the existing Rs 20 note. This means that there will be no major changes in the design, only the name of the Governor and some new features will be added.

Color and Size: The new Rs 20 note will be light greenish-yellow in color. Its size will be 63mm by 129mm. The reverse of the note will have a picture of the Ellora Caves, showcasing India’s cultural heritage.

What will be in the note?: 20 is printed in a floral design on the front and back. 20 will be written in Devanagari script. RBI, Bharat, India and 20 will be written in small letters on the note. It will also include the image of Mahatma Gandhi, Ashoka Pillar, Swachh Bharat logo and language panel. The front side will also have the signature of the RBI Governor, guarantee clause and RBI logo, which makes it official and secure.

Will old Rs 20 notes be discontinued? : No. RBI has clarified that all old Rs 20 notes will remain valid. This means that you can use them as before. The introduction of new notes will not stop the circulation of old notes.

What is the objective of RBI? The objective of RBI behind this step is that people get better quality and secure notes. The new notes will have better security features, which will reduce the risk of counterfeit notes. Along with this, efforts are also being made to promote the culture of India.

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The growing threat of fake Rs 500 notes…

According to recent reports, fake Rs 500 notes have reached banks and ATM machines. The surprising thing is that even banks and ATM machines equipped with modern technology are not able to identify these fake notes. In such a situation, it has become very important to identify the notes while making cash transactions.

RBI has recently taken this problem seriously and has shared measures to make the public aware and protect them from fake notes. Let us understand in detail how you can identify real and fake Rs 500 notes.

How to identify a fake Rs 500 note?

According to the new RBI guidelines, here are some of the key features to identify a genuine Rs 500 note:

The number “500” printed on the original note is transparent. To see it, look at the note in dim light.

The number “500” is also printed in Devanagari script on the original note.
The historical monument of India, the Red Fort, is printed on the back of the note. The logo and slogan of the Swachh Bharat Abhiyan are also written below this image. The
signature of the RBI Governor is present on the original note.
The note has “Bharat” written in Hindi and “India” in English in small letters.

Concerns related to the problem of counterfeit notes

According to the data provided by RBI, the number of counterfeit notes is increasing rapidly. The presence of counterfeit notes in the market not only causes financial loss but has also become a big problem for the common people. Due to the inability to identify counterfeit notes, people are falling prey to fraud.

What does the new RBI guideline say?

The RBI has advised the public to be cautious in cash transactions and look for the above features to identify fake notes. Apart from this, the RBI has also directed banks to make their systems more accurate and effective so that fake notes can be detected.

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RBI has taken a big decision that it will take only a few hours for the cheque to be cleared, which currently takes 2 working days. This is great news for everyone from common people to business class, banks, institutions, education and financial world.

Cheque clearing cycle time reduced

Now it will not take 2 days for the cheque to be cleared but will be cleared in a few hours. Your cheque will be cleared on the day of presenting the cheque and as it will take only a few hours, many of your tasks will become easy. RBI Governor Shaktikanta Das said that this will benefit both the cheque givers and the money receivers i.e. the cheque payer and the cheque borrower and due to the whole process being faster, banking will also be positively affected.

Also Read: DA arrears Latest Update: Government said this on 18 months DA arrears, check full details

RBI Governor Shaktikanta Das gave the gift

RBI Governor Shaktikanta Das said that under the Cheque Truncation System (CTS), it is being proposed to reduce the Cheque clearing cycle which takes 2 working days to a few hours.

RBI did not reduce the repo rate – EMI will remain the same

RBI’s monetary policy committee once again did not make any change in the policy interest rates and decided to keep the repo rate stable at 6.5 percent. This means that the wait for the reduction in interest rate for your loan EMI will continue.

RBI also controls the digital lending ecosystem

RBI has decided to create a public repository of digital lending apps to curb illegal apps and it will be operated through a regulated entity. It will keep an eye on illegal digital lending apps and through their tracking will ensure that no illegal money is extorted from anyone. The announcement of the RBI Governor can also prove to be very helpful for the people facing problems in digital lending.

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The central bank said that the 3 revised basic guidelines on fraud risk management are principle-based. These strengthen the role of the board of directors in monitoring the entire operational system and fraud risk management.

RBI said in the statement, “The original instructions now clearly require that the entities (regulated entities) under the purview of the central bank ensure compliance with the principles of natural justice in a timely manner before classifying the accounts of individuals/entities as fraudulent, keeping in mind the decision of the Supreme Court dated March 27, 2023.” RBI said, “The individuals/entities who were served show cause notices will be given a reasonable time of at least 21 days to respond in the matter.”

Also Read: IRDA: Insurance Amendment Bill may be introduced in Budget 2024, you will get these benefits

SC heard the voice of the common man

It is noteworthy that in the SBI vs Rajesh Agarwal case, a bench headed by Chief Justice DY Chandrachud advocated the right of the borrower to be heard before classifying an account as fraudulent. According to the statement, “Under the principle of natural justice, borrowers should be given notice, given an opportunity to explain the findings of the forensic audit report and the concerned banks should be allowed to present their side before classifying their account as fraudulent under the master instructions.

RBI said that things have been further improved to detect and prevent fraud in the units under its purview and to inform about early warning signals (EWS) and irregularities in accounts for timely information to law enforcement agencies and supervisors. It said that the directive also highlights the need to establish a strong internal audit and control framework in financial institutions.

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The meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) started from June 5, 2024. Today RBI Governor Shaktikanta Das has announced the decisions taken in the meeting.

The meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) started from June 5, 2024. Today RBI Governor Shaktikanta Das has announced the decisions taken in the meeting.

what are the new rates

With no change in the repo rate, other rates will also remain stable. RBI has kept the reverse repo rate at 3.35 percent, standing deposit facility rate at 6.25 percent, marginal standing facility rate at 6.75 percent and bank rate at 6.75 percent.

inflation rate

Governor Das said that RBI is committed to bringing inflation to 4 percent on a sustainable basis. RBI expressed concern over high food inflation. After the monetary policy committee meeting, RBI Governor Das said that the inflation growth balance is moving favorably.

Normal southwest monsoon is expected to increase kharif production and increase water storage in reservoirs. In such a situation, inflation may moderate.

The RBI estimates retail inflation to be 4.9 per cent in the first quarter of FY25, 3.8 per cent in the second quarter, 4.6 per cent in the third quarter, and 4.5 per cent in the fourth quarter.

Also Read: RBI Monetary Policy LIVE: RBI’s monetary policy will be announced today, know who all are included in MPC

If there is a normal monsoon this time, then inflation is expected to be 4.5 percent in the current financial year. The RBI governor said that some improvement in retail inflation can be seen in the second quarter of the current financial year.

RBI Governor Das said that there is a need to keep a close watch on food price inflation.

GDP growth

In the last meeting of the RBI MPC, the GDP growth forecast for FY 2025 was 7 percent. This time the meeting raised the GDP growth forecast from 7 percent to 7.2 percent.

RBI Governor says that if the GDP growth remains at 7.2 percent in the current financial year, then this will be the fourth consecutive year when the growth rate will be more than 7 percent.

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These bonds can be kept till maturity and can earn interest from time to time. If investors wish, they can also sell the bond before maturity. These bonds are issued by the central and state governments, so the risk of risk is very less. Know what has been announced now?

RBI Governor Shaktikanta Das while giving information about the decisions of MPC

Said in his speech that RBI is going to launch mobile app in Retail Direct. Besides, a mobile app for GILT Invest will also be launched.

>>At present, an account for this scheme can be opened through a portal of RBI. For this, an OTP is sent to the investor’s mobile number or email.

>The investor must have an account in a bank for this. To open an account, it is necessary to have a PAN number.

>>Also, there must be a valid document such as driving license, voter ID card or Aadhaar. NRIs can also invest in this bond. People who want to invest in bonds can make payment through net banking or UPI.

>> Tax benefits will not be available on government bonds. Just as the facility of tax exemption is available on small savings schemes such as Public Provident Fund or NPS.

>>Same facility will not be available on government bonds. The interest earned on government bonds will have to be taxed as per the slab.

>> If you buy such bonds through mutual funds, you may have to pay additional tax. Interest income from bonds and mutual funds will be added and tax will be charged accordingly. However, no tax will be levied until it is redeemed.

>> Through this system of RBI, bonds up to Rs 5 crore can be purchased. Bonds worth less than this can also be purchased. In this segment, the Reserve Bank has set a limit of Rs 10,000 for retail investors at which the minimum bond can be purchased. This bond of RBI can be sold before maturity.

>>The bonds issued by the government are called government bonds. If seen from the investor’s point of view, bonds are considered very safe. Especially government bonds are very safe. The reason is that these have a government guarantee.

>>The bond of the company is secured according to its financial position. This means that if the financial position of the company is solid then its bond will also be safe. If the financial condition of the company is not good then its bonds are not considered good in terms of security.

>>The bond of the company is called corporate bond. Interest is paid on the bond at a pre-determined rate. This is called coupon. Since the interest rate of the bond is already fixed, it is also called a fixed rate instrument. This interest rate is fixed during the tenure of the bond. There is no change in this.

Latest FD Rates : HDFC, ICICI and SBI changed the interest rate of FD, know how much benefit will be there now?

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Till now, whenever you do any online transaction, you receive an OTP through SMS. With this OTP you verify the transaction and the transaction is completed. This OTP method ensures that there is no error in online payment and you are not cheated. Now RBI is planning to bring an even further safety method.

RBI is working on principle based authentication framework. Through this, online transactions of customers will get additional security. RBI Governor Shaktikanta Das, while explaining about the decisions taken in the MPC meeting, also said something in this regard.

What did the governor say?

Shaktikanta Das said that in the last few years, different systems like Additional Factor of Authentication have been introduced to secure digital payments. Among these, SMS based OTP verification method has become quite popular. To increase its security, a Principal Based Authentication Framework has been proposed. RBI may issue separate instructions to explain in detail about this new method. Let us tell you that the Governor has not yet told anything in detail about this method.

Big deal regarding e-money

Shaktikanta Das said that to promote e-rupee transactions, it has been said to start a pilot project of offline transactions. If this trial is successful, then digital currency transactions will be possible even in areas where internet connectivity is either limited or nonexistent.

Let us tell you that digital rupee was started as a pilot project in December 2022. After one year, in December 2023, transactions using digital rupee had reached Rs 10 lakh.

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Making UPI payments through UPI Lite is an easier version than before. Through UPI Lite, you can now do a transaction of Rs 500 without PIN. Earlier this limit was Rs 200, which has been increased to Rs 500. The facility to transact without PIN is currently limited to small transactions. Now UPI Lite service is also available on Paytm. You will have to activate this on your Paytm app.

You can add this much amount in UPI Lite

Last month, in the meeting of the Monetary Policy Committee of RBI, RBI Governor Shaktikanta Das had announced that in order to take digital payments to remote areas of the country and make the payment experience better than before, the limit of UPI Lite will be increased from Rs 200. 500 is being done.

Now users can do transactions up to Rs 500 without internet and without PIN. Whereas, if we talk about UPI wallet, then a total of Rs 4000 can be added to it in a day. UPI Lite feature can be used on any app like PhonePe, Google Pay and Paytm. If you want to activate UPI Lite on Paytm then you have to follow these steps.

How to activate UPI Lite on Paytm

1. For this first open your Paytm app.

2. Select UPI Lite option on the home page.

3. Then select the bank account for UPI Lite.

4. After this, enter the amount you want to add in UPI Lite here.

5. Then enter your MPIN.

6. Now your UPI Lite is ready. You can make payment up to Rs 500 in just one tab even without entering the PIN.

Increased use of UPI in rural areas

Last month, RBI and NPCI decided to increase the limit of payments through UPI Lite to increase the reach of UPI in rural areas of the country.

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Inaugurating the ‘Centralized Information Management System’ (CIMS) at the 17th Statistics Day Seminar held at the RBI headquarters, Das said that commercial banks will start sending information on this next generation data system of RBI.

The RBI governor said that gradually Urban Co-operative Banks (USB) and Non-Banking Financial Companies (NBFCs) will also start registering their data on this system. The RBI governor said that the first weekly report to be released after the activation of CIMS focused on the central bank’s own operations and developments in the banking and financial markets. Its figures were recorded in this system till the week ended on 23 June.

He said the new system would process more data for public use. Apart from this, external users will also be able to analyze its data online. With this, the regulated units will also have access to their past data and will be able to assess the same on quality parameters in CIMS. Das said that some more new facilities will also be added to the new data system in the future. It also includes the facility of email-based reporting.

RBI had adopted CDBMS in the year 2002 as its first data system. Then in November 2004, a large part of the information focused on the economy was also put on the DBIE portal. With the passage of time, this system turned into an intensive management and processing center of financial and banking data. RBI’s data system DBIE received more than 2.5 lakh hits in May 2023.

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RBI: For a few days, a news is going viral, in which it is being claimed that if more than 30 thousand rupees are deposited in your account, then the account will be closed. It has been said in the message that this announcement has been made by the Governor of the Reserve Bank of India. The truth has been told by the RBI regarding this.

Information has been given by PIB Fact Check that if more than 30 thousand rupees are deposited in the account, then your account will not be closed. No announcement has been made by the Governor, in which there is talk of closing the account if more than Rs 30,000 is deposited. This claim is completely fake.

PIB Tweeted

This information has been given by PIB on Twitter, in which an image has also been attached. It is written in this that your account can be closed if you deposit more than 30 thousand rupees. However, PIB has informed on Twitter that no such decision has been taken by the Reserve Bank or the Governor.

एक ख़बर में दावा किया जा रहा है कि भारतीय रिजर्व बैंक के गवर्नर ने बैंक खातों को लेकर एक अहम ऐलान किया है कि अगर किसी भी खाताधारक के खाते में 30,000 रुपये से ज्यादा है तो उसका खाता बंद कर दिया जाएगा#PIBFactCheck

▪️ यह ख़बर #फ़र्ज़ी है।

▪️ @RBI ने ऐसा कोई निर्णय नहीं लिया है। pic.twitter.com/dZxdb5tOU9

— PIB Fact Check (@PIBFactCheck) June 15, 2023

Avoid fake messages

The Reserve Bank often advises people to avoid fake messages. Also advises not to share any kind of personal information with others, because you can get into a bigger problem than this. Along with this, the Reserve Bank also asks not to share fake messages with anyone else.

Fact check can be done for any message

If you also have a message in your mind about a message that this viral message can be fake, then you can also get the message fact checked. If you want to check the truth of the viral message, you can send a message to 918799711259 or mail to socialmedia@pib.gov.in .

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Presenting the Monetary Policy on Thursday, the Reserve Bank of India (RBI) has given important information in this regard. RBI governor has said that neither 500 notes will be closed nor there is any idea of ​​re-introducing 1000 notes. In such a situation, people did not make any guesses.

1000 note locker discussion is hot

Actually ever since RBI has given instructions to change 2000 notes. It is clear from this that after some time the bank can close the 2000 notes. In such a situation, there is a strong discussion that after closing the 2000 note, RBI can return the 1000 note. Apart from this, there is also talk that considering the way digital transactions have increased in the country, 500 notes may also be banned in the coming times. That’s why the RBI governor has tried to put an end to all the speculations.

Half of 2000 notes deposited

According to RBI, when the withdrawal of 2000 notes was announced, the value of these notes in circulation was Rs 3.6 lakh crore. Now RBI Governor Shaktikanta Das has informed that out of Rs 2,000 notes, Rs 1.80 lakh crore i.e. about half the 2000 notes have been returned.

Bankers were quoted as saying in a Reuters report that about three-fourths of Indians (75 percent People) are still opting for depositing notes in bank accounts. While very few people are choosing the option to exchange Rs 2000 notes.

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He told that 500 notes will not be closed. Nor will the printing of the closed Rs 1000 note start again. He said that the general public need not panic. At present, there is no plan of the Reserve Bank to close these 500 currency.

Let us tell you, during the press conference on the third day of RBI’s MPC meeting on Thursday, the Governor of Reserve Bank has spoken. There was speculation among the general public that the 500 note would also be banned. Which has been cleared by the RBI governor today.

What is the plan regarding Rs 500 note?

Thursday is going to be very special for the general public. The governor addressed the media after the monetary policy meeting of RBI. During this, while answering the questions of the media, he said that at present there is no plan of RBI to close the notes of 500 rupees. Let me tell you, recently the government has put 2000 pink notes out of circulation. After which about 50% 2000 notes have been deposited in banks.

What did RBI chief say about Rs 1000 note?

Ever since Rs 2000 notes have been taken out of circulation. The discussion of bringing back Rs 1000 notes was happening among the public. People felt that 1000 rupee notes can be brought in the market again. However, the RBI chief has put an end to these rumours. RBI Chief Shaktikanta Das said that at present there is no plan to bring back Rs 1,000 notes. People can easily exchange their 2000 notes by going to the bank, there is no need to be in a hurry.

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Although, after this new notes of 500 rupees were introduced in the market, but instead of 1000 rupees note, the central government had decided to bring 2000 rupees note. But now the Reserve Bank of India (RBI) has announced the closure of 2000 rupee note after six and a half years.

RBI Governor’s big statement on Rs 2000 Note: Ever since the RBI has announced the withdrawal of Rs 2000 note, the market of rumors about the return of Rs 1000 was hot. But meanwhile, RBI Governor Shaktikanta Das has denied these rumors and made it clear that the government has no intention of printing Rs 1000 note.

According to Das, by September 30, most of the 2,000 notes present in the market will reach the RBI. The RBI governor claimed that the supply of other denominations ie other notes in the system is good.

Banks should not be in a hurry: RBI Governor Shaktikanta Das said on Monday that there is no need for banks to be in a hurry to exchange Rs 2,000 as there are still four months left for the September 30 deadline. If there is any problem during this period, the Reserve Bank of India will consider it.

According to Das, the decision to remove Rs 2,000 from circulation is part of the currency management operations of the Reserve Bank and is in accordance with the clean note policy. The deadline can be extended: RBI will be sensitive to any concerns that may come up.

Shaktikanta Das indicated that the September 30 deadline may be extended, noting that he is aware that many Indians living abroad may not be able to exchange or deposit their 2,000 notes by that date . RBI asks banks to set up infrastructure like drinking water facility in scorching heat as well as a cool shaded waiting space for those wishing to exchange their notes Where is it?

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Reserve Bank Governor Shaktikant Das has informed that there is no plan to reintroduce 1000 rupees notes. Further, he said that at present people are speculating at this time, but the government does not have any such plan at this time.

1000 rupee note was closed in 2016

Giving information, the RBI said that in November 2016, the government put out the notes of 500 and 1000 rupees. After the demonetisation done at that time, people had to face a lot of trouble. After this demonetisation, the government had issued a note of 2000 rupees, but now once again it has been decided to take this note out of circulation.

The purpose of bringing 2000 rupee note was fulfilled
RBI said that at that time there was a need of 2000 rupee note in the system. At present, notes of other denominations are available in sufficient quantity and the purpose of bringing 2000 rupee notes has also been fulfilled, due to which its printing was also stopped in the year 2018-19.

Time is 4 months

Talking to the media, Shaktikanta Das said that no one needs to worry much to change the 2000 rupee note. Apart from this, there is no need to crowd the banks. You have 4 months time, you can exchange these notes from the bank till 30 September. He said that the effect of the closure of 2000 rupee note will be very less on the economy. He said that Rs 2,000 notes are only 10.8 per cent of the total currency in circulation.

Notes can be changed till September 30

Shaktikanta Das said that we hope that by the deadline of September 30, most of the 2,000 notes will be returned. Das said there is already enough cash in the system. Not only the Reserve Bank, there is enough cash in the currency chests operated by the banks. nothing to worry about. The Reserve Bank is sensitive to the problems of the people. If people face any kind of problem, the central bank will bring regulation if needed.

Opposition targets the government

Senior Congress leader P Chidambaram while targeting the government said that after the Rs 2000 note is out of circulation, the government will once again issue a note of Rs 1000 and on this matter anyone There will be no surprise.

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The viral message says, “Don’t accept ₹500 notes with the green stripe near Gandhiji, as they are fake. Accept only those ₹500 notes in which the green stripe is near the signature of the RBI Governor.” Forward this message to your family and friends.”

If you have also received such a message, do not fall into its trap. This claim is wrong and according to RBI both types of notes are valid. PIB Fact Check has warned people about this by tweeting.

Before holding a ₹ 500 note, it is very important to identify whether it is genuine or not. RBI has given 17 identification marks to identify the note. By looking at these symbols, you can also identify the original and fake ₹ 500 notes. The difference between them is quite minor, but if you pay attention, it will be easy to identify.

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How to identify original ₹500 note

• If the note is kept in front of a light, then 500 will be seen written at this place.
• 500 will be seen written at this place when the note is held in front of the eye at an angle of 45 degrees.
• 500 written in Devanagari will appear at this place.
• The picture of Mahatma Gandhi has been shown right in the center.
• The letters of Bharat and India will be visible.
• If the note is slightly bent, the color of the security thread will be seen changing from green to blue.
• The Governor’s signature, guarantee clause, promise clause and the RBI logo have shifted to the right as compared to the old note.
• There is a picture of Mahatma Gandhi and electrotype watermark will also be visible.
• Left side at the top and right side at the bottom. Numbers increase from left to right.
• The color of the number 500 written here changes. Its color varies from green to blue.
• Right side is Ashoka pillar.
• Right side circle box with 500 written on it, 5 bleed lines on right and left side and Ashoka Pillar emblem, Mahatma Gandhi’s picture roughly printed on it.
• The year of printing of the note is written.
• The logo of Swachh Bharat is printed along with the slogan.
• There is a language panel towards the center.
• Picture of Red Fort with Indian Flag is printed.
• There are 500 prints in Devanagari.

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He said, India’s financial system is completely insulated from America and Switzerland. The banking system has no effect on it in any way. He said that the country’s banking system is combative, stable and sound.

The importance of stability of the banking sector came to the fore

Das said that the developments in the banking system of America and Switzerland at the global level have once again brought to the fore the importance of financial stability and stability of the banking sector. RBI Governor along with Finance Minister Nirmala Sitharaman has come to attend the annual meeting of International Monetary Fund (IMF) and World Bank. Let us tell you that SBI (SBI), HDFC (HDFC), ICICI Bank (ICICI Bank) and PNB (PNB) are the largest banks in the country.

The base of Indian economy rests on these four banks only . About 80 percent of the country’s population has bank accounts in these banks. Responding to a question about the Silicon Valley Bank (SVB) failure, he said, “As far as India is concerned, the Indian banking system, India’s financial system, it is completely insulated from any developments in the US or Switzerland.” are untouched. Our banking system is combative, stable and sound.

He said that talk about the parameters related to banking, whether it is capital adequacy, percentage of stressed assets, net interest margin of banks, profitability of banks, whichever parameter is looked at, India’s banking is sound. The system remains healthy. Das said that as far as the RBI is concerned, over the years, the central bank has improved and tightened supervision and regulation of the entire banking system, including non-banking financial companies.

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RBI Governor Shaktikanta Das has given this information. Shaktikanta Das has told that if your address has changed, then you should send your new address to the bank on email or registered mobile number. It has been clearly stated by RBI that if you have KYC in one bank, then there is no need to do KYC again, you just have to share your CKYCR identifier number with the bank. If your bank asks you to do so, then you can complain to your bank.

RBI Governor Shaktikanta Das

Giving information on this subject, Reserve Bank of India Governor Shaktikanta Das has made it clear that now the customer does not need to visit the bank to get re-KYC done. You can easily re-kyc online sitting at home. If there is no change in your KYC details, then you can get reKYC done by sending an email or by sending a message to the bank from your registered mobile.

How to do kyc on change of address

For this, you can send email or message to the registered mobile number to the bank sitting at home.
– The bank will verify it by sending a letter within just 60 days
– Under CKYCR, the customer is given a CKYCR identifier number, which you share with the bank, then the other bank does not have to do KYC.
If your bank asks you to come to the bank to do KYC, then the bank can complain about it under the Banking Ombudsman and non-legal fast resolution.

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Information given by RBI This information was given in the circular issued by the Reserve Bank of India (RBI). “It has been decided to allow transfer of foreign funds received under Rupee Drawing Arrangement (RDA) through Bharat Bill Payment System (BBPS) to a KYC compliant bank account of the beneficiary,” the RBI said.

RBI Governor Shaktikanta Das made an announcement in this regard last month. Das had said that with this step, NRIs will be able to pay utility, education and other such bills on behalf of their families in India.

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