Instructions for action against mule accounts

On Wednesday, July 3, 2024, the RBI Governor held a meeting with the Managing Directors and CEOs of public sector banks and private banks in Mumbai. And in this meeting, the RBI Governor has asked to take action against Mule Accounts. Mule Accounts are such bank accounts through which unethically earned money is received or transferred to the account. This makes it easier to transfer money illegally.

Also Read: Tax Free Income: You will not have to pay income tax on the income earned from here

improving the performance of banks

In the meeting, the RBI Governor said that banks’ asset quality, loan provisioning, capital adequacy ratio and profitability are seeing consistent improvement. Referring to the strength and greater flexibility of the banking sector, he emphasized on further strengthening governance standards, risk management practices and compliance culture in banks. The RBI Governor emphasized on improving cyber security control in banks and dealing with third party risks in a better way.

There was also discussion on the increasing digital fraud

The gap between credit and deposit in banks, issues related to liquidity risk management and ALM and the trend of unsecured retail lending were discussed in the meeting. Cyber ​​security, third party risk and dealing with digital fraud were also discussed in detail in the meeting. Emphasis was laid in the meeting on providing more loans to MSMEs, emphasis on the use of Indian rupee for cross-border transactions and participation of banks in RBI’s initiatives related to innovation.

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2000 Rupees Notes Update By RBI: After the decision to withdraw 2000 rupee notes from circulation, till now 97.62 percent of the total 2000 rupee notes have been returned to the Reserve Bank of India. RBI has given this information in a press release today. In an unexpected announcement on May 19, 2023, RBI had decided to withdraw Rs 2000 notes from the country.

Of the total notes of Rs 2000, 97.62 percent were returned.

In an official press release today, RBI has said that on May 19, 2023, Rs 2000 notes worth Rs 3.56 lakh crore were in circulation in the country. Now by February 29, 2024, this figure has come down to Rs 8470 crore, that is, out of the total notes of Rs 2000, 97.62 percent have returned to RBI.

Will Rs 2000 notes cease to be legal tender? – Know the answer

The Central Bank has said that Rs 2000 notes will remain legal tender in the country, that is, it is clear that now RBI has only taken these notes out of circulation. They have not been completely brought under the ambit of demonetization as was done on November 8, 2016. On this day, the then current Rs 1000 and Rs 500 notes were abolished from legal tender in one fell swoop.

RBI is still taking back Rs 2000 notes

The Reserve Bank had given the facility to exchange Rs 2000 notes in banks from May 19, 2023, although even after this many people were left unable to return Rs 2000 notes. In view of this, RBI had extended the deadline for returning them till October 7 and after this,

from October 09, 2023, RBI issue offices are also accepting Rs 2000 bank notes from the people. Apart from this, people are sending Rs 2000 notes through India Post from any post office in the country to any issuing office of RBI for credit in their bank accounts.

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