Will I get a deposit of Rs 3 crore?

The central bank will review the bulk deposit limit in banks. The central bank will revise the definition of single rupee term deposit of Rs 3 crore or more in a new way. This will be applicable to all small finance banks, scheduled commercial banks. In simple words, in the case of term deposits, RBI will review deposits of Rs 3 crore or more. Under FEMA, the guidelines for export and import of goods and services will be rationalized.

The limit was increased in January

The Reserve Bank of India (RBI) said on January 1, 2024 that it has decided to increase the bulk deposit limit for scheduled primary (urban) co-operative banks in tier 3 and 4 cities to Rs 1 crore and above. After review, it was decided to increase the bulk deposit limit for scheduled primary (urban) co-operative banks in tier 3 and 4 to Rs 1 crore or more. RBI said that for urban co-operative banks (except tier 3 and 4 cities), the bulk deposit limit will be Rs 15 lakh and above.

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In fact, RBI has also announced to include pre-sanctioned credit lines issued by banks for transactions in the UPI system. This will also benefit the customers.

UPI payment

Till now, only deposits could be transacted through the UPI system. The central bank had proposed to expand the scope of Unified Payments Interface (UPI) in April. Under this, it was said to approve transfer from already approved loan facility in banks. At present, savings accounts, overdraft accounts, prepaid wallets and credit cards can be linked to UPI.

Reserve Bank said important thing

The Reserve Bank has also issued a circular on ‘Operationalization of pre-sanctioned loan facility in banks through UPI’. Many things have been said in this through RBI. Through RBI, it has been said that loan facility has also been included in the scope of UPI. The Reserve Bank said, ‘Under this facility, payment can be made through pre-approved loan facility issued to individuals through scheduled commercial banks with the prior consent of the individual customer.’

UPI transaction

According to the central bank, this can reduce costs and help in the development of unique products for the Indian market. Transactions on UPI, used for instant money transfer round the clock through mobile devices, crossed the 10 billion mark in August. The UPI transaction figure in July was 9.96 billion. At the same time, UPI payments are expected to increase further in the coming days.

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Along with this, the Central Reserve Bank has asked the banks to stop giving Rs 2,000 notes with immediate effect. According to the Reserve Bank, from May 23, notes of Rs 2,000 to Rs 20,000 can be exchanged in banks in one go.

What you should do: If you have 2000 rupee notes then there is no need to take tension. This note is still valid. However, after the implementation of the decision of the Reserve Bank, you will not be able to withdraw new notes of Rs 2000 from the bank or ATM. Along with this, you will also have to exchange the old Rs 2000 notes lying with the bank. For this, the Reserve Bank has given a deadline of 30 September. What will happen after this, RBI has not said anything yet.

Will be able to change 20 thousand rupees: According to the order of the Reserve Bank, by September 30, you will be able to go to the bank and change the currency of 2000 rupees up to 20,000 rupees. You can make this change by visiting any branch of your bank.

It was started at the time of demonetisation: Tell that on November 8, 2016, the central government had announced demonetisation. After this, old notes of Rs 500 and Rs 1000 were banned. In return, the Central Reserve Bank introduced new notes of Rs 500 and Rs 2000 notes. However, within a few years, the circulation of Rs 2000 notes decreased and most of the ATMs disappeared from these notes. Now the Reserve Bank has announced to withdraw.

According to the Reserve Bank, the printing of ₹ 2000 bank notes was stopped in the financial year 2018-19. About 89% of the ₹2000 denomination banknotes were issued before March 2017.

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