Two thousand rupee banknotes are still legal tender. RBI had announced the withdrawal of Rs 2,000 banknotes from circulation on 19 May 2023.

RBI said in a statement that the total value of Rs 2,000 bank notes in circulation as of May 19, 2023 was Rs 3.56 lakh crore, which has come down to Rs 6,017 crore by July 31, 2025. In this way, 98.31 percent of the Rs 2,000 bank notes in circulation as of May 19, 2023 have been returned. The facility of exchanging two thousand rupees bank note is available in 19 issue offices of the Reserve Bank from May 19, 2023.

This is how you can deposit 2,000 rupee notes\

From 9 October 2023, the issue offices of the Reserve Bank are also accepting Rs 2,000 bank notes from individuals / institutions for depositing them in their bank accounts. Apart from this, people are sending Rs 2,000 notes through Indian Post from any post office in the country to any issue office of RBI to deposit them in their bank accounts. These issue offices are in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram.

2,000 note was introduced in 2016

The ₹2000 note was introduced in November 2016 under Section 24(1) of the Reserve Bank of India Act, 1934. Its main purpose was to quickly meet the country’s currency needs when old ₹500 and ₹1000 notes were demonetised. When this purpose was achieved and sufficient number of notes of other denominations became available, printing of ₹2000 notes was discontinued in 2018-19. Most of the ₹2000 notes were issued before March 2017 and have now reached the end of their expected life (4-5 years). It has also been observed that ₹2000 notes are not commonly used in transactions.

The post RBI’s Big Update on ₹2,000 Notes: What You Need to Know first appeared on Rightsofemployees.com.

When was the repo rate reduced before this

Today was the last day of the meeting of the Reserve Bank’s Monetary Policy Committee (MPC) which began on Wednesday, June 4. In this important meeting held under the leadership of Reserve Bank of India Governor Sanjay Malhotra, it was decided to reduce the repo rate. Let us tell you that many experts had predicted a 0.25 percent cut in the repo rate. RBI has cut the repo rate 3 times in a row this year. Earlier on February 7, RBI had cut the repo rate by 0.25 percent, reducing it from 6.50 percent to 6.25 percent. After this, the Reserve Bank also cut the repo rate by 0.25 percent on April 9, due to which the repo rate was reduced from 6.25 percent to 6.00 percent.

After 5 years, the repo rate was cut in February 2025

Let us tell you that in February 2025, the repo rate was reduced for the first time in a long period of about 5 years. Before February 2025, RBI had cut the repo rate in May 2020. At that time, the Reserve Bank of India had cut the repo rate by 0.40 percent (40 basis points) to boost the country’s economy during Covid. RBI had increased the repo rate to 6.5 percent in June 2023. After June 2023, there was any change in the repo rate for the first time in February 2025.

Know what will be the benefit to common people

This decision of RBI will provide great relief to crores of common people of the country. Due to reduction in repo rate, they will now get home loans, car loans, personal loans at comparatively cheaper interest rates. Due to cheaper loans, people’s EMIs will also decrease and they will now be able to save more. Not only this, common people will be able to fulfill their other needs or spend more on other things with the savings in EMI. Let us tell you that the country’s economy becomes stronger due to increased demand and consumption.

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The Reserve Bank of India (RBI) has cancelled the licence of Ahmedabad-based ‘Color Merchants Co-operative Bank’ as it does not have sufficient capital and earning prospects. The Reserve Bank of India said in the statement that the Registrar of Gujarat Cooperative Societies has also been requested to issue an order to close the bank and appoint a liquidator for the bank. On liquidation, every depositor will be entitled to receive insurance claim amount on his deposits up to a monetary limit of Rs 5 lakh only from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

The Reserve Bank further said that as per the data submitted by the cooperative bank, about 98.51 per cent of the depositors are entitled to receive the full amount of their deposits from the DICGC. As of March 31, 2024, the DICGC has already paid Rs 13.94 crore to the depositors of the bank.

The bank failed on every front

Giving reasons behind cancelling the license, the Reserve Bank said that the bank does not have sufficient capital and earning prospects. The cooperative bank has also failed to comply with certain requirements under the Banking Regulation Act.

The Reserve Bank said, “The continuation of the bank is detrimental to the interests of the depositors. With its current financial position, the bank will be unable to make full payments to its depositors.” The Reserve Bank also said that if the bank is allowed to continue its banking business further, it will adversely affect the public interest.

Following the cancellation of the licence, the cooperative bank will cease to carry on the banking business from the close of business on Wednesday (April 16, 2025). Banking business includes, among other things, accepting deposits and repayment of deposits.

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The Reserve Bank is once again going to issue new notes of Rs 500. Along with this, the RBI will also issue Rs 10 notes. There are chances of major changes in both these notes. According to the statement issued by the Central Bank, the new notes will be issued with some changes and this will not have any impact on the currently circulating Rs 10 and Rs 500 currency.

The Reserve Bank of India (RBI) on Friday said it will soon issue Rs 10 and Rs 500 notes under the Mahatma Gandhi (New) series, which will bear the signature of new Governor Sanjay Malhotra. The design of these notes is similar to the existing Rs 10 and Rs 500 banknotes in the Mahatma Gandhi (New) series, the central bank said in a statement. This means that there will be no significant changes in the new notes.

What will happen to old notes?

The RBI has clearly stated that despite the issuance of new notes, all the Rs 10 and Rs 500 banknotes previously issued by the Reserve Bank will remain legal tender. This means that both types of existing currencies will continue to circulate in the market as they are doing now. Malhotra took over as RBI Governor in December 2024. He replaces Shaktikanta Das, who was the Governor for 6 years.

New notes of Rs 100 and Rs 200 will also come.

Last month, RBI had announced the issuance of new notes of Rs 100 and Rs 200. This means that soon you may see many new notes in the market. As per the announcement made so far, the Reserve Bank will issue new notes of Rs 10, Rs 100, Rs 200 and Rs 500. The signature of the new Governor Malhotra will be seen on all these notes.

Then there will be a change in color and size.

Earlier, after demonetization, RBI had issued new notes of Rs 500, whose color and size had changed significantly. Now once again the Reserve Bank is going to issue new notes of Rs 500. There will be major changes in the color, size, theme, security features and design of these notes. The current Rs 500 notes are stone gray in color, but its new color can be issued. The size of the new Rs 500 notes will be 66 x 150 mm.

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New Delhi- Soon your note is going to change once again. This time RBI has said about issuing new notes of 100 and 200 rupees. RBI told on Tuesday what changes are going to be made in these new notes of 100 and 200 rupees. Earlier, the Reserve Bank had issued new notes of 500 rupees, while the old 1,000 rupee note was discontinued.

The RBI said it will soon issue Rs 100 and Rs 200 notes bearing the signature of new Governor Sanjay Malhotra. The design of these notes is similar to the existing Rs 100 and Rs 200 notes of the Mahatma Gandhi (New) series. All Rs 100 and Rs 200 notes issued by the Reserve Bank earlier will remain legal tender and will not be withdrawn from circulation.

Malhotra took over the post

Sanjay Malhotra took over as RBI Governor in December 2024 after former Reserve Bank Governor Shaktikanta Das stepped down. Earlier, Das’s tenure was extended. He took over as the 26th Governor of RBI. Malhotra is a 1990 batch IAS officer of Rajasthan cadre. Currently, he has been appointed for a period of 3 years.

New notes of Rs 50 will also be issued.

RBI has earlier announced the issuance of a new note of Rs 50. The central bank says that these new notes will also have the signature of Governor Sanjay Malhotra. The picture of Mahatma Gandhi of the new series will also be printed on these notes. New security features will be installed on this note, so that it becomes difficult to copy it and the increasing spread of fake notes in the country can be stopped.

Why is RBI changing all the notes?

Earlier, by increasing the security features of Rs 500 notes, it was kept safe from counterfeit notes and now RBI is also changing the small denomination notes. The Reserve Bank has recently said that new notes of Rs 50, 100 and 200 will be issued. These notes will not only bear the signature of the new Governor Sanjay Malhotra, but their security features will also be enhanced. Especially the new series of photos of Mahatma Gandhi which is considered very difficult to copy.

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It has been almost two years since the two thousand rupee notes were banned. Even after that, RBI or rather the government has still not received all the notes. Less than two percent of 2000 rupee notes are still floating in the market. The surprising thing is that these two thousand rupee notes have no value left. In May 2023, the government had completely removed these notes from the system. Let us also tell you what kind of things have come out in the RBI report.

Update on two thousand rupees

The Reserve Bank of India (RBI) said on Saturday that 98.18 percent of the Rs 2000 notes have returned to the banking system. Now only Rs 6,471 crore worth of such notes are with the public. The Reserve Bank had announced the withdrawal of Rs 2000 bank notes from circulation on May 19, 2023. The RBI said that the total value of Rs 2000 bank notes in circulation at the close of business on May 19, 2023 was Rs 3.56 lakh crore, which came down to Rs 6,471 crore at the close of business on February 28, 2025. The central bank said in a statement that thus 98.18 percent of the Rs 2000 bank notes in circulation as of May 19, 2023 have returned.

You can deposit notes here

The facility of depositing and/or exchanging two thousand rupee notes was available in all bank branches till October 7, 2023. However, this facility is still available in 19 issue offices of the Reserve Bank. RBI’s issue offices are accepting Rs 2000 bank notes from individuals and institutions for depositing them in their bank accounts from October 9, 2023. Apart from this, common people can send Rs 2000 notes from any post office in the country through Indian Post to any RBI office for depositing them in their bank account. Two thousand rupee notes will remain legal tender.

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The post Rs 2,000 notes Update: RBI issues new update on Rs 2,000 notes on the first day of the month first appeared on Rightsofemployees.com.

The nomination facility is intended to reduce the hardship of family members on the death of the depositor / depositors and to settle claims quickly. However, according to the central bank’s circular, based on the assessment of the Reserve Bank, it has been found that nominees are not available in a large number of deposit accounts.

It said, “In order to avoid inconvenience and unnecessary hardship to the family members of the deceased depositors, we emphasize the need to obtain the name of nominee for all existing and new customers holding deposit accounts, safe custody articles and safety lockers.”

RBI said that the Customer Service Committee (CSC) of the Board of Directors should review the achievement of enrollment coverage on a fixed period. The progress report in this regard should be given on the Reserve Bank’s Daksh portal on a quarterly basis starting from March 31, 2025.

Further, the frontline staff at the branches may be suitably trained to receive the nominees as well as settle the claims of the deceased constituents in a proper manner and to deal with the nominees/legal heirs, the circular said.

RBI said that the account opening form may be suitably modified (if not done already) to provide for the customer to avail or opt for the designated facility.

Apart from informing the customers directly, the concerned banks and NBFCs have also been asked to publicise the benefits of using the nomination facility through various media, including launching campaigns from time to time to achieve full coverage of all eligible customer accounts.

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This mistake is payment default. Till now, a total of 6 rules have been made by the Reserve Bank on CIBIL, which will directly benefit you. Let us know about these 6 rules and understand how you will benefit from them.

1- CIBIL will be updated every 15 days

According to this new rule, now the credit score of the customers will be updated every 15 days. This rule will be effective from January 1, 2025. The CIBIL score of the customers can be updated on the 15th of every month and at the end of the month. This will have the advantage that the CIBIL score of the people will be updated every 15 days and banks will be helped in taking the right decision in giving loan to anyone. At the same time, people will also get a chance to improve their bad CIBIL soon and people will also benefit.

2- Information regarding CIBIL check will have to be sent to the customer

The central bank has told all credit information companies that whenever a bank or NBFC checks a customer’s credit report, it is necessary to send the information to that customer. This information can be sent via SMS or email. Actually, many complaints were coming up regarding credit score, due to which the Reserve Bank of India has taken this decision.

3- It is necessary to give the reason for rejecting the request

According to the Reserve Bank of India, if a customer’s request is rejected, it is necessary to tell him the reason for it. This will make it easier for the customer to understand why his request has been rejected. It is necessary to make a list of the reasons for rejecting the request and send it to all credit institutions.

4- Give free full credit report to customers once a year

According to the Reserve Bank of India, credit companies should provide free full credit score to their customers once a year. For this, the credit company will have to display a link on its website, so that customers can easily check their free full credit report. This will let customers know their CIBIL score and complete credit history once a year.

5- It is necessary to inform the customer before reporting the default

According to the Reserve Bank of India, if a customer is about to default, it is necessary to inform the customer before reporting the default. Loan giving institutions should share all the information by sending SMS/e-mail. Apart from this, banks and loan giving institutions should appoint a nodal officer. The nodal officer will work to solve the problems related to credit score.

6- Complaint should be resolved within 30 days

If the credit information company does not resolve the customer’s complaint within 30 days, then it will have to pay a fine of Rs 100 per day. That is, the later the complaint is resolved, the higher the fine will have to be paid. The loan disbursing institution will get 21 days and the credit bureau will get 9 days. If the bank does not inform the credit bureau within 21 days, then the bank will have to pay a penalty. If the complaint is not resolved even after 9 days of the bank’s information, then the credit bureau will have to pay a penalty.

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As per the amendment in the master direction, regulated entities (REs) under the KYC Direction, 2016 will have to implement customer due diligence (CDD) process at the Unique Customer Identification Code (UCIC) level.

Under this, if an existing KYC compliant customer of a RE wants to open another account or take another product or service from the same RE, then there will be no need to go through the CDD verification process again regarding the identity of the customer. In this regard, the Reserve Bank of India (RBI) circular said that the revised provisions in the master direction are effective immediately.

RBI said, “Whenever a RE receives additional or updated information from a customer, the RE shall, within seven days or within such period as may be notified by the central government, provide the updated information to CKYCR, which shall update the existing KYC record of the customer with CKYCR.” CKYCR is an entity that receives, stores, secures and retrieves KYC records of a customer in digital form.

What is KYC

The full form of KYC is Know Your Customer. It is a process through which banks, insurance companies and other financial institutions verify the identity and address of their customers. KYC lets institutions know whether their customers are actually who they claim to be.

Why KYC is necessary

The KYC process prevents illegal activities such as money laundering or fraud. It reveals the customer’s identity and address, as well as their name, contact and employment details. The KYC process is usually done in person. However, it can also be done online through digital banking.

Documents required for KYC

Documents like Aadhaar Card, PAN Card, Passport, Driving License, Voter ID Card, Job Card, or Government issued letter are required for KYC.

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Some holidays will be all over the country at the same time. At the same time, some holidays will be in the same state on the occasion of festivals and special days of different states. The Reserve Bank has given complete information about these holidays on its official website.

Banks are closed across the country on all Sundays and second and fourth Saturdays of every month. There is no work in banks during this time. At times, the Reserve Bank also announces a holiday due to elections or some other reason. In such a situation, this holiday is in the same place where elections etc. are held.

List of festivals in November

Many festivals are coming in November. These include Diwali Amavasya (Lakshmi Pujan), Kut Festival, Kannada Rajyotsava, Balipadyami, Vikram Samvat New Year Day, Chhath (Evening Arghya), Chhath (Morning Arghya)/Vangala Festival, Igas-Baghwal, Guru Nanak Jayanti/Kartik Purnima/Rahas Purnima, Kanakadas Jayanti, Seng Kutsnem etc. According to the Reserve Bank, banks will remain closed during this period.

How many days will the banks remain closed in November

1 November (Friday): Banks will remain closed in Tripura, Karnataka, Uttarakhand, Jammu and Kashmir, Maharashtra, Meghalaya, Sikkim and Manipur on the occasion of Deepawali, Kut Festival and Kannada Rajyotsava.

2 November (Saturday): Banks will remain closed in Gujarat, Maharashtra, Karnataka, Uttarakhand, Sikkim, Rajasthan, Uttar Pradesh on Diwali (Bali Pratipada)/Balipadyami/Lakshmi Puja (Deepawali)/Govardhan Puja/Vikram Samvat New Year Day.

3 November (Sunday): All banks will remain closed across the country.

7 November (Thursday): Banks will remain closed on the occasion of Chhath (Evening Arghya) in states like Bengal, Bihar, Jharkhand.

8 November (Friday): Banks will remain closed on the occasion of Chhath (Morning Arghya)/Vangala Festival in states like Bihar, Jharkhand and Meghalaya.

9 November (Saturday): Second Saturday of the month. All banks will remain closed across the country.

10 November (Sunday): All banks will remain closed across the country.

12 November (Thursday): Banks will remain closed on the occasion of Igas-Bagwal in Uttarakhand, Maharashtra, Madhya Pradesh, Odisha, Chandigarh, Uttarakhand, Hyderabad-Telangana, Arunachal Pradesh, Rajasthan, Jammu, Uttar Pradesh, Nagaland, Bengal, Uttar Pradesh, New Delhi, Chhattisgarh, Jharkhand, Himachal Pradesh, Srinagar.

15 November (Friday): Banks will remain closed on the occasion of Guru Nanak Jayanti/Kartik Purnima/Rahas Purnima in Mizoram, Maharashtra, Madhya Pradesh, Odisha, Chandigarh, Uttarakhand, Hyderabad-Telangana, Arunachal Pradesh, Rajasthan, Jammu, Uttar Pradesh, Nagaland, Bengal, Uttar Pradesh, New Delhi, Chhattisgarh, Jharkhand, Himachal Pradesh, Srinagar.

17 November (Sunday): All banks will remain closed across the country.

18 November (Monday): Banks will remain closed on the occasion of Kanakadas Jayanti in Karnataka.

23 November (Saturday): Banks will remain closed on the occasion of Seng Kutsnem in Meghalaya. All banks will remain closed across the country due to it being the second Saturday of the month.

November 24 (Sunday): All banks will remain closed across the country.

use digital banking

You can use digital banking on the day when the bank is closed. Through digital banking, you can send and receive money to anyone at any time. You can also withdraw cash at the nearest ATM at any time. You can also use UPI to send or receive money. UPI facility is available 24 hours a day.

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The banking regulator has imposed a total fine of Rs 2.91 crore on Axis Bank and HDFC Bank.

Axis Bank fined Rs 1.91 crore

The Reserve Bank (RBI) said in a statement on Tuesday that Axis Bank violated some provisions of the Banking Regulation Act. Also, it did not follow some instructions on ‘interest rate on deposits’ and ‘know your customer (KYC)’ and ‘loan for agriculture’. Due to this, a fine of Rs 1.91 crore has been imposed on the bank.

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HDFC Bank will pay a fine of Rs 1 crore

In another statement, the central bank said that the largest private sector lender HDFC Bank did not follow certain instructions on ‘interest rates on deposits’, ‘recovery agents appointed by banks’ and ‘customer service in banks’. For this, it has been fined Rs 1 crore.

RBI also said that the fine has been imposed due to non-compliance of certain rules. It will not have any impact on the customers of the bank.

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The Central Reserve Bank has imposed a fine on a bank and 2 finance companies. The Reserve Bank said on Friday that it has imposed a fine of Rs 1.27 crore on Bank of Maharashtra (BOM) for violating its instructions including Know Your Customer. Apart from this, action has also been taken against Poonawala Fincorp and Hinduja Leyland Finance.

Bank of Maharashtra fined

The Reserve Bank said that it has imposed a fine of Rs 1.27 crore on Bank of Maharashtra (BOM) for violating various guidelines including its KYC. RBI said that it has imposed a fine of Rs 1.27 crore on BOM in an order dated August 8, 2024. This fine was imposed for non-compliance of some RBI guidelines on ‘Credit System for Bank Loan Delivery’, ‘Cyber ​​Security Framework in Banks’ and ‘Know Your Customer’.

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Apart from this, the Reserve Bank has imposed a fine of Rs 4.90 lakh on Hinduja Leyland Finance Limited for non-compliance of some provisions of KYC Guidelines, 2016. The central bank has imposed a fine of Rs 10 lakh on Poonawala Fincorp Limited. According to the statement, this action has been taken due to lack of regulatory compliance, and it is not related to the validity of any transaction with the customers.

Reserve Bank tightened the rules

The Reserve Bank tightened the norms for ‘Non-Banking Financial Company – Peer to Peer Lending Platform’ (NBFC – P2P Lending Platform) to improve transparency and compliance. P2P lending platforms connect borrowers directly to lenders without intermediary of banks or financial institutions. According to the revised master direction of RBI, P2P platforms should not promote lending as an investment product. They should not have features like assured minimum returns, cash option.

It also said that NBFC-P2P lending platforms should not entice customers to sell any insurance product that includes features such as credit enhancement or credit guarantee. The central bank also said that no loan should be issued unless the lender and borrower are matched as per the board-approved policy.

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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.

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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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This means that at present the EMI of home loan customers will not decrease. RBI’s monetary policy is as expected. Analysts had said that there is no hope of reduction in interest rates in the August monetary policy.

Home loan EMI will not decrease for now

The repo rate not decreasing in RBI ‘s monetary policy means that loans are not going to get cheaper at the moment. Apart from this, the EMI of customers who have already taken home loans is also not going to decrease. They will have to wait for the reduction in EMI. The central bank has not made any change in the repo rate for more than a year. Experts say that home loan customers will have to wait at least till the end of this year for a reduction in interest rates.

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Customers can talk to the bank for concession in interest rates

Home loan customers whose interest rates are high can negotiate with their bank for a concession in the interest rate. If your bank agrees to give relief, then you do not need to transfer your loan to another bank. If your bank is not ready to give concession, then you can think about transferring your loan to another bank. But, it must be kept in mind that the cost of loan transfer should not be high.

Should I postpone my plan to take a home loan right now?

Experts say that people who are planning to take a home loan to buy a house have two options. First, they can wait for a few months. Interest rates are expected to decrease in India by the end of this year. The reason for this is that in America too, the pressure on the central bank to reduce interest rates has increased. If the interest rate decreases in America, it will also affect the RBI. If you are getting property at a very good price, then you should not wait for the interest rate to decrease. The reason for this is that later if the price of the property increases, you may suffer a loss despite the low interest rate.

The post RBI monetary policy: RBI Keeps Key Lending Rates Unchanged, Know what are the options for you first appeared on Rightsofemployees.com.

RBI has cancelled the license of Tezpur-based The Mahabhaira Cooperative Urban Bank due to its deteriorating financial condition. After cancellation of its license, the cooperative bank will stop doing banking business from the close of business on 24 July 2024.

The bank does not have money for business

In a statement, the Reserve Bank of India (RBI) said that the Registrar of Cooperative Societies Assam has also been requested to issue an order to close the bank and appoint a liquidator. Giving the reason for cancelling the license, RBI said that the bank does not have sufficient capital and earning prospects. According to RBI, the bank will be unable to make full payment to its existing depositors with its current financial position. It said that if the bank does business, it is detrimental to the interest of the depositors.

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Customers can withdraw this much money

Every depositor is entitled to get his money up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC). RBI said that as per the data provided by the cooperative bank, about 99.8 percent of the depositors are entitled to get their full deposit money from DICGC. As of June 13, 2024, DICGC has already paid Rs 20.03 crore of the total insured deposits.

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However, experts believe that the Reserve Bank will not make any change in the policy rate this time too. According to SBI’s research paper, the retail inflation rate is expected to be around five percent in May and after that it will come down to 3 percent in July. After this, perhaps, i.e. in the next MPC meeting, the Reserve Bank may reduce the repo rate.

According to information received from experts, no change is expected in the repo rate i.e. interest rate in this meeting as well. This is the second meeting of the financial year 2024-25. Currently the repo rate is at 6.50 percent. RBI had not increased the interest rates even in the earlier meeting held in April. RBI had last increased the rates by 0.25% to 6.5% in February 2023.

Also Read: Petrol-Diesel Price Today: New rates of petrol and diesel have been released for June 7. Check rate here

MPC meeting is held every two months.

RBI’s monetary policy committee meeting is held every two months. RBI governor Shaktikanta Das may keep the repo rate at the old level in the Reserve Bank’s monetary policy committee meeting being held today. This is the second monetary policy of this financial year.

Repo rate may be cut in the third quarter

According to SBI’s research paper, the central bank should stick to its decision to withdraw the neutral stance. The report titled ‘Introduction to MPC meeting’ expects that the RBI will cut the repo rate in the third quarter of the current financial year. ‘This cut is likely to be small.’ It also said that the Consumer Price Index (CPI) based inflation rate is expected to be close to 5 percent in May. After this, it will come down to 3 percent in July.

Who are the members of MPC?

RBI’s MPC has six members. It has both external and RBI officials. Along with Governor Das, RBI officials Rajiv Ranjan serves as executive director and Michael Debabrata Patra is the deputy governor. Shashank Bhide, Ashima Goyal and Jayant R Verma are external members. Let us tell you that the meeting of RBI’s Monetary Policy Committee is held every two months.

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The importance of the Reserve Bank for the common man can be understood from a recent case. Seeing the common man being harmed by the arbitrariness of 2 private sector banks, RBI took action and imposed a fine of about 2 crore rupees. A penalty of 1 crore has been imposed on one bank and 91 lakh rupees on the other. You will also be surprised to know the arbitrariness of both the banks. On one hand, these banks were charging arbitrary fees from the common man citing the rules and on the other hand, they were distributing loans to companies by breaking the rules.

According to the release issued by the Reserve Bank, RBI has imposed a fine of Rs 1 crore on ICICI, a big private sector bank. At the same time, a penalty of Rs 91 lakh has been imposed on Yes Bank. Both the banks had violated the notification and regulation issued by RBI on March 31, 2022.

Also Read: Post Office FD Scheme: Invest only ₹3,00,000 in Post Office’s FD scheme…you will earn ₹1,34,984 only from interest

What mistake did ICICI Bank commit?

In its audit, the Reserve Bank found that ICICI Bank did not follow the rules while giving loans. The bank gave loans to some institutions or companies without proper investigation. The projects of these companies were not eligible to get sufficient loan, yet the bank gave the money. This put the loan at risk and the Reserve Bank imposed a fine of Rs 1 crore for breaking the rules.

Yes Bank has played a game.

Yes Bank, which was on the verge of bankruptcy a few days ago, saved itself from the interference of the government and RBI, then it started charging arbitrary fees from the common man. RBI found in its audit that Yes Bank charged arbitrary fees from customers in the name of not having minimum balance. This fee was charged in the name of parking fund and customer transaction. RBI considered it against the rules and imposed a fine of Rs 91 lakh on the bank.

What does RBI’s rule say?

The Reserve Bank has clearly stated in the matter of loans that unless the applicant is fully eligible and does not provide any collateral for the risky loan, the loan should not be approved. Similarly, RBI has made clear rules regarding minimum balance and apart from this, banks cannot charge arbitrary fees from customers for any service.

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RBI UDGAM portal: Is your or anyone you know’s old money stuck in banks…? If there is anything like this then now you can withdraw this money easily. This information has been given by the Reserve Bank. Many times it happens that our grandparents or anyone else has an old account, but due to lack of transactions for years or due to some other reasons, the customer is not able to withdraw the money lying in it.

Now a portal has been introduced by the Reserve Bank, through which you can withdraw money from old unclaimed deposits. A list of 30 banks has been released by RBI, from which you can withdraw money.

Origin portal launched

The Reserve Bank has said that 30 banks are providing the facility to people to withdraw money from their unclaimed deposits through the UDGAM portal. At present, 30 banks have been included in it, soon RBI will also include other banks in this portal.

Why has the name UDGAM been kept?

It has been named ‘Unclaimed Deposits Gateway to Access Information’ (UDGAM). By registering on this portal, you can get back the old stuck money. Through its portal, you will get the facility to find unclaimed deposits and accounts in many banks at one place.

Which banks’ names are included in the list?

Reserve Bank has said that so far about 30 banks have been linked to the Udgam portal. These include government banks like SBI, Bank of Baroda, Bank of Maharashtra, Canara Bank, Punjab National Bank. Along with this, if we talk about private banks, names of many banks including HDFC Bank, Axis Bank, ICICI Bank, HSBC Bank and Standard Chartered are included.

Unclaimed deposits of Rs 42,270 crore

The Central Bank has said that till March 4, 30 banks have been added to this portal. The remaining banks will also be added soon. About 90 percent of the total unclaimed deposits are deposited with these 30 banks. You can register on this. For this you will have to enter your personal details. A total amount of Rs 42,270 crore is lying unclaimed in different banks of the country till March 2023.

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International payment merchants like Visa and MasterCard have suffered a major setback in India. Taking action against Visa and MasterCard, the Reserve Bank has asked them to stop business payments through cards. After the action, senior officials of both the payment merchants have met the Central Bank officials. Visa and MasterCard dominate in card payments in terms of value.

Instructions to suspend such payment from the card

The Reserve Bank took this action on 8 February. The Reserve Bank has asked Visa and MasterCard to suspend business payments (commercial payments) made by companies through cards. The Reserve Bank has asked them to suspend all transactions of Business Payment Solution Providers (BPSP) till further notice.

Reserve Bank became suspicious of these things

The Reserve Bank has not yet told the reason behind this action. However, it is being said in the news that using the card, payments were being made to such merchants whose KYC has not been done. This thing was bothering RBI. Apart from this, the Reserve Bank was suspecting fraud and money laundering in some big transactions.

Such cards are available under credit line

Actually, banks issue such cards to big corporates. These are available to corporates under the credit lines they get from banks. Big corporates use these cards to make payments to small companies. RBI found some cases in which, using the system of commercial payments through cards, big corporates paid the money from credit lines received from banks to small companies whose KYC was not done. This made RBI suspicious that the card route was being used for money laundering.

Met with RBI officials

Some media reports are claiming that after the RBI action, top executives of both top payment merchants Visa and MasterCard met RBI officials on Wednesday. According to a report in Business Standard, top executives of Visa and MasterCard wanted to know what kind of business model to follow in the case of corporate card-to-business account money transfers. For this he met top officials of RBI.

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According to the information given by the Reserve Bank on January 4, 2024, the banks on which action has been taken include The Co-operative Urban Bank, Shri Bharat Co-operative Bank, The Limdi Urban Co-operative Bank, The Sankheda Nagarik Co-operative Bank. And the name of The Bhuj Commercial Co-operative Bank is included. The Central Bank has imposed a fine ranging from Rs 50,000 to Rs 5 lakh on all these banks.

How much fine was imposed on which bank?

RBI has imposed a fine of Rs 5 lakh each on Shri Bharat Co Operative Bank and The Sankheda Nagarik Cooperative Bank. RBI has taken this action on The Sankheda Nagrik Sahakari Bank because the directors of the bank had become loan guarantors at many places, which is a violation of RBI rules. Along with this, the bank has also violated the rule of gross exposure limit between two banks. In such a situation, RBI has imposed this penalty on the bank.

The reason for imposing penalty on Shree Bharat Cooperative Bank is that the RBI investigation found that the bank has failed to follow the rules of Inter Bank Gross Exposure Limit. Along with this, the bank has also delayed paying interest on term deposit scheme. Apart from this, RBI has imposed a fine of Rs 1.50 lakh each on The Co-operative Urban Bank and The Bhuj Commercial Co-operative Bank. A fine of Rs 50,000 has been imposed on The Limdi Urban Co-operative Bank.

Will customers be affected?

The Reserve Bank has said that it has taken this action in case of violation of rules. RBI does not want to interfere in the functioning of banks in any way. This fine imposed by the Central Bank is not going to affect the general customers of the bank. Banks will continue to provide their services to customers normally.

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So many notes had been returned by 29 December

While issuing an update on the Rs 2000 notes withdrawn from circulation on the first day of the year 2024, RBI said that since the ban, 97.38 percent of the notes have been returned. Last year, on May 19, 2023, a total of Rs 2,000 notes worth Rs 3.56 lakh crore were present in circulation in the market, whereas on December 29, 2023, this figure has come down to only Rs 9,330 crore. According to this, even till the end of December, 2.62 percent pink notes were in circulation.

Were closed under clean note policy

Under the Clean Note Policy, the Reserve Bank had announced to withdraw this highest value Rs 2000 note in circulation in the country on 19 May 2023. After this, the central bank had given time from 23 May to 30 September 2023 to return and exchange these notes in local banks and 19 RBI regional offices. However, after this this deadline was extended to 7 October 2023.

Deposit can be made through India Post

For the Rs 2000 notes that were left after this date, RBI has continued the facility of exchange at Reserve Bank offices from October 8, 2023. Not only this, the central bank has clarified that these Rs 2000 pink notes taken out of circulation are legal tender and are available in 19 RBI offices, which are Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Apart from going to Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram, the public can also deposit these notes through India Post through any post office nearest to them.

These notes were introduced after the first demonetization

The central bank introduced Rs 2,000 denomination notes in November 2016 after the government decided to demonetise the Rs 5,00 and Rs 1,000 notes in circulation. After this, after the availability of bank notes of other denominations in sufficient quantity, the objective of introducing bank notes of Rs 2,000 was accomplished. Therefore, printing of Rs 2,000 bank notes was stopped in 2018-19, RBI said.

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Bank holidays are issued by the Reserve Bank according to local festivals and anniversaries. Apart from this, banks also remain closed for many days due to national festivals. Bank is an essential financial institution. In such a situation, due to long holidays, many times customers have to face a lot of problems. In such a situation, it is important to plan your work after looking at the list of holidays.

Banks will remain closed for so many days in the year 2024-

How to complete work when banks are closed-

For the convenience of the customers, the Reserve Bank of India releases the list of holidays every year according to the festivals and anniversaries of the states. If you want to plan your work then you can do it by looking at this list.

When banks are closed, many important tasks of customers get stuck, but due to changing technology, people’s work has become a little easier. You can transfer money from one account to another through net banking or mobile banking sitting at home. ATM can be used for cash withdrawal.

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How much fine was imposed on which bank?

A fine of Rs 5 lakh has been imposed on Indapur Co Operative Bank and Pune Bank. The central bank has taken this action due to ignoring the rules of deposit account and minimum balance maintenance. Mumbai-based Jankalyan Co-operative Bank Limited has neglected to follow the rules of credit information.

For this reason, RBI has also imposed a fine of Rs 5 lakh on this bank. Apart from this, a fine of Rs 2 lakh has been imposed on The Patan Urban Co-operative Bank of Satara for ignoring the RBI rules on Banking Regulation Act 1949. Action has been taken against Pune Merchants Co-operative Bank Limited for not maintaining adequate information about deposit accounts.

RBI has imposed a full fine of Rs 1 lakh on the bank. A penalty of Rs 1 lakh has been imposed on Pune Municipal Corporation Servants Cooperative Urban Bank for not sharing correct information about inoperative accounts.

RBI said this

While taking action against cooperative banks, RBI said that RBI has no intention of interfering in the functioning of banks. Action has been taken against all the banks due to ignoring the rules and it will not affect the customers. All these banks will continue to function normally.

License of this bank canceled

Recently, the Reserve Bank has canceled the license of Urban Cooperative Bank Limited located in Sitapur, Uttar Pradesh. RBI has completely banned the functioning of the bank from December 7. This action has been taken in view of the deteriorating financial condition of the bank.

According to the Central Bank, the bank had neither capital left nor any hope of business. In such a situation, keeping in mind the security of customers’ capital, the Reserve Bank has canceled the license of this bank. After the license of this bank is cancelled, up to Rs 5 lakh deposited in the account will be covered under insurance.

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The decision taken in the MPC today will be announced by RBI Governor Shaktikanta Das. A survey said that rising inflation still remains a challenge for the government. In such a situation, RBI can again maintain the policy repo rate at 6.5 percent only. If this happens, it will be the fifth consecutive time when a decision will be taken not to make any change in the repo rate during the MPC.

In a survey conducted by Reuters, 41 economists have expressed the possibility of retail inflation increasing in November. In fact, the rising prices of onion and tomato in the last few days have increased the government’s concern about inflation. Economist has predicted that this time the inflation rate may increase to 5.70 percent. Earlier in October it had fallen to 4.87 percent. The effect of inflation can also be seen in the current month of December.

There is no expectation of any change in the repo rate.

Apart from this, 9 financial experts have expressed the expectation of RBI not making any change in the repo rate this time too. Before this, the Central Bank has not made any change in the policy rate for four consecutive times. RBI had last increased the repo rate to 6.5 percent in February this year. The Reserve Bank had started the process of increasing the repo rate from May 2022. The repo rate was increased by 2.5 percent from May to February 2023.

What is repo rate?

The rate at which loans are given to banks by RBI is called repo rate. Increase in repo rate means that banks will get loans from RBI at expensive rates. This will increase the interest rates on home loan, car loan and personal loan etc., which will have a direct impact on your EMI.

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This time RBI has canceled the license of UP Co-operative Bank, Sitapur. Earlier on December 4, the license of Shankarrao Pujari Nutan Nagari Sahakari Bank Limited, located in Ichalkaranji, Kolhapur, was canceled by the RBI. RBI gave information about this through a press release on 7 December. The bank has stopped doing banking business from December 7, 2023.

You can get an amount up to Rs 5 lakh

After the order of the Reserve Bank, depositors will be able to get an amount up to Rs 5 lakh. This money will be given under DICGC cover. Under this, 98.32 percent depositors will get their entire money. This decision was taken by RBI in view of the poor financial condition. RBI has issued an order to the Cooperative Commissioner and Registrar of Uttar Pradesh to close the bank and appoint a liquidator for the bank.

RBI also said that

RBI said that this action is due to insufficient capital and earning prospects. Also said that the survival of the bank may harm the interests of its depositors. RBI also said that the bank will be unable to make full payments to its existing depositors with the current financial condition. If the bank is allowed to carry on its banking business, public interest will be adversely affected.

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Along with banks, the biggest impact of this decision will be visible on NBFCs. RBL Bank and SBI Card are likely to suffer the most loss due to this strictness of the Central Bank. However, home, auto, gold and education loans will not be affected by this. Apart from this, interest rates may also increase. RBI has increased the risk weight for banks and NBFCs by 25 percent to 150 percent and 125 percent respectively.

Worst effect on RBL Bank-SBI card

SBI Card and RBL Bank are going to suffer the most due to RBI’s strictness on personal loans. The share of unsecured loans in SBI Card’s business is 100 percent and for RBL Bank it is 31.8 percent. According to market experts, the new rules will have a very bad impact on the business of these companies. Apart from this, the business of NBFC will also be negatively affected. On Friday, RBL Bank’s share fell by 9.5 percent and SBI Card’s share fell by 6.7 percent in the stock market.

NBFCs were heavily distributing personal credit card loans.

A few days ago, the Reserve Bank had warned banks about the danger of increase in unsecured personal loans. Last month, while presenting the monetary policy, RBI had expressed concern about the increasing personal loans in the country and said that banks should try to reduce it. RBI Governor Shaktikanta Das had advised banks and NBFCs to strengthen their surveillance systems, deal with increasing risks and take security steps.

In talks with senior officials of banks and NBFCs, he had expressed concern over the increase in personal and credit card loans. No guarantee is kept from the customer against the personal loan. Therefore, RBI was worried about the huge increase in it. NBFCs were distributing more such high risk loans.

Credit card dues and personal loans increased rapidly

Till September, personal loans have increased by 25 percent on annual basis. It has reached Rs 12.4 lakh crore. Credit card dues have been increasing rapidly since last few years. On year-on-year basis, credit card outstanding has increased by 30 percent to Rs 2.17 lakh crore by the end of September 2023.

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According to the statement issued by the Reserve Bank, under Section 45L (1) (B) of the Reserve Bank of India Act, 1934, Bajaj Finance Limited has been directed to stop the approval and distribution of loans. This order will be applicable to two loan products of Bajaj Finance – ‘Ecom’ and ‘Insta EMI Card’.

According to the Reserve Bank, the company did not follow the existing provisions of digital loan guidelines. These restrictions will be reviewed after addressing the above deficiencies and to the satisfaction of the RBI, the statement said.

Recently RBI has issued comprehensive guidelines related to IT governance and controls for banks and NBFCs. IT governance includes other management including risk management. In this regard, the Reserve Bank of India (Information Technology Governance, Risk, Control and Assurance Practices) Guidelines, 2023 has been issued. The new guidelines will come into effect from April 1, 2024. The instructions state that banks and NBFCs will create a strong IT service management framework.

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People can now send their Rs 2,000 notes to the designated regional offices of the Reserve Bank through insured post to get them deposited in their bank accounts. This is an easy option for those who live away from the regional offices of the Reserve Bank.

“We encourage customers to send Rs 2,000 notes to RBI through insured post for direct credit into their accounts in the most convenient and secure manner,” said Rohit P, Regional Director, Reserve Bank of India (RBI). Are. This will save them the hassles of traveling to designated branches and standing in queues.”

He said that both TLR and insured post options are highly safe and there should be no fear in the mind of the public regarding these options. Delhi office alone has received around 700 TLR forms so far. He said that RBI is again including these two options in its communication in addition to the exchange facility at its offices.

More than 97 percent notes returned

On May 19, RBI had announced the withdrawal of Rs 2,000 denomination bank notes from circulation. People were given the facility to deposit these notes in banks and exchange them with notes of other denominations.
According to RBI, in this way, more than 97 percent of the total notes worth Rs 2,000 in circulation till May 19, 2023 have now been returned.

The deadline for exchanging these notes or depositing them in bank accounts was earlier September 30. Later this deadline was extended till October 7. Both deposit and exchange services in bank branches were closed on October 7.

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Paper notes are used in India, so it is very common for them to get dirty or mutilated. Many times when we go to withdraw money from Bank ATM, we still come out with torn notes. If you have such notes whose pieces are different or are in very bad condition, then now rules have been issued by the Reserve Bank of India regarding this.

The Reserve Bank of India (RBI) has ordered every bank in India to provide the facility of exchange of soiled, mutilated and damaged notes for new notes, but rules have been made to determine the value of such notes. Let us know about these rules –

No one can refuse to exchange

According to the information received from RBI, if you also have mutilated or rotten notes, then there is no need to panic at all. RBI and no other bank can refuse to accept such notes. Under the RBI (Note Refund) rules, mutilated or rotten notes can be exchanged.

Refund depends on the condition of the note.

Let us tell you that the useless notes can be exchanged at RBI offices or banks across the country. However, the refund entirely depends on the condition of the note.

No need to open a bank account

According to Prashant Joshi, managing director and head of consumer banking group, DBS Bank India, a person does not need to open an account for the facility of exchanging soiled and mutilated notes. He can go to any of his nearest bank branches and do this work anytime. This service can be used on all working days.

What kind of notes are mutilated?

Sivaraman K, General Manager and Head of Banking Operations Group of South Indian Bank, has said that a currency note is called mutilated when a part of it is either missing or the note is made of more than two pieces.

How much is the value of mutilated notes?

Let us tell you that the value of such dirty and mutilated notes is decided by RBI and as per the bank’s own rules. According to Joshi, the value of a bank note you will get depends on the quality of the note. Customers may get full, half or even not the value of the note. If the note is less mutilated then you can get the right price. At the same time, if it is too damaged then you may get half the price or may not get it at all.

Rule for notes worth less than Rs 50

According to RBI rules, if we talk about notes worth less than Rs 50, then in this situation if your note is 50 percent or less damaged then you can get the full value. At the same time, if the note is more than 50 percent damaged then it is possible that you may not get even a single rupee.

Know what are the rules of RBI?

According to the information given on the official website of RBI, the length of Rs 2000 note is 16.6 cm, width is 6.6 cm and area is 109.56 square centimeters. At the same time, if your note is 88 square centimeters, you will get the full amount. Apart from this, if your note is 44 square centimeters then only half the refund will be given.

What is the rule regarding Rs 500 note?

At the same time, the length of Rs 500 note is 15 cm, width is 6.6 cm and area is 99 square centimeters. In such a case, if the size of Rs 500 note is 80 square centimeters, then full refund will be given, whereas if it is 40 square centimeters, half the refund will be given.

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This is an easy option for those who live away from the regional offices of the Reserve Bank. Rohit P., Regional Director, Reserve Bank of India (RBI), said, “We encourage customers to send Rs 2,000 notes to RBI through insured post for direct credit into their accounts in the most convenient and secure manner.” Are. This will save them the hassles of traveling to designated branches and standing in queues.

He said that both TLR and insured post options are highly safe and there should be no fear in the minds of the public regarding these options. Delhi office alone has received around 700 TLR forms so far. He said that RBI is again including these two options in its communication in addition to the exchange facility at its offices. On May 19, RBI had announced the withdrawal of Rs 2,000 denomination bank notes from circulation. People were given the facility to deposit these notes in banks and exchange them with notes of other denominations.

According to RBI, in this way, till May 19, 2023, more than 97 percent of the total notes worth Rs 2,000 in circulation have now been returned. The deadline for exchanging these notes or depositing them in bank accounts was earlier September 30. Later this deadline was extended till October 7. Both deposit and exchange services in bank branches were stopped on October 7.

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The country’s central bank and bank regulator Reserve Bank of India has today implemented new rules for co-operative banks. Under this, no co-operative bank can change its name. They can change their name only if RBI tells them in writing that it has no objection to changing the name of the bank.

RBI issued guidelines

Until the Reserve Bank certifies that there is no objection to such a change, it can be maintained. Therefore, RBI has decided to issue guidelines regarding the process to be done. (CRCS)/Registrar of Cooperative Societies (RCS) will not be indicated for its approval.

RBI has made it clear in its notification that these guidelines will come into effect as soon as this circular is issued. Sections 49B and 49C of the Banking Regulation Act (BR Act) 1949 apply to cooperative banks. The rules of its section 49B are applicable to the Central Registrar of Cooperative Societies.

RBI also issued a clarification

Apart from this new rule, RBI has also issued a clarification and this is also related to cooperative banks. These guidelines have been issued for all District Central Co-operative Banks (DCCBs). From now on, District Central Cooperative Banks will require written approval of RBI for opening new offices, opening new branches, installing ATMs and changing the location of their offices.

Similarly, RBI has made it clear that according to the Banking Regulation Act 1949 (which is applicable to District Central Co-operative Banks), information will have to be given to the Reserve Bank for opening new places of business and information about change of location will also have to be given. Actually, RBI was receiving complaints in this regard for some time and there was a demand that RBI should issue clarification regarding these.

DCCBs will need written approval from RBI

After examining some matters related to this matter, RBI has decided that DCCBs will need written approval from RBI for opening new branches, opening new offices or expanding branches in the same city, village or town. For this, guidelines are being issued which DCCBs will have to follow. This circular is applicable to all District Central Co-operative Banks.

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According to this rule, if you have taken any kind of loan on property, then the property documents will have to be returned to the customer within 30 days of full repayment (Loan Repayment). If this is not done by the bank, then the customer will have to pay a fine of Rs 5000 per day.

Cases of missing property documents also

This rule has been issued by the Reserve Bank after receiving complaints from customers. RBI received many such complaints in which after loan repayment, customers had to make rounds for months for the property documents. In some cases, the bank also said that property documents were missing. In view of such negligence of the bank, this order has been issued by the Reserve Bank. Let us tell you that when a person takes a home loan or any kind of property loan, the bank keeps the original documents of the property with itself.

Documents have to be returned within 30 days.

After the loan is repaid by the customer, the original documents have to be returned to the bank. But after cases of negligence on the part of banks came to light, RBI has issued this rule. It is expected that after the implementation of this rule, customers will get relief. In the circular issued by RBI to banks and NBFCs, it was said that all the documents should be released within 30 days of full repayment of the loan. If the documents are released by the bank or NBFC after 30 days, then the bank will have to pay a penalty.

It was said in the order that in case of delay in returning the documents, a fine of Rs 5,000 per day will be imposed by the bank or NBFC. The bank will pay the fine amount to the concerned property owner. RBI also said in the notification that if the property documents of a borrower are lost, the bank will have to help the customer in obtaining duplicate copies of the documents.

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Thursday. There was going to be a bank holiday on September 28 on the occasion of Eid-e-Milad, but the Central Bank issued a new order on Wednesday, canceling this holiday and declaring Friday, September 29 as a holiday. Is.

Money market operation underway

It is important for bank customers and employees that today’s holiday will be available tomorrow. After the decision of Maharashtra Government, Reserve Bank has now decided to declare bank holiday on 29th September. However, now GSec, Forex, Money, Rs interest derivative markets will not only open today on 28th but will also remain open on 29th. In view of quarterly and half yearly closing, it has been decided to keep GSec, Forex, Money, Rupee interest derivative markets open.

Where will banks remain closed?

It is important to know that bank holidays are different for different states. Where whatever festival or day is celebrated, the list of holidays is released accordingly. Bank holiday has been declared on 28th in many states, which include Ahmedabad, Aizawl, Belapur, Bengaluru, Chennai, Dehradun, Hyderabad, Imphal, Kanpur, Lucknow, Mumbai, Nagpur, New Delhi, Raipur, Ranchi. But now there will be a holiday in Maharashtra on 29th September. Apart from this, banks will also remain closed in Gangtok, Jammu and Srinagar tomorrow.

Later announcement of Maharashtra Government’s decision

In fact, the Maharashtra government had decided to advance the holiday of Eid Milad-un-Nabi by one day to Friday (29 September). Earlier, the official state holiday of Anant Chaturdashi falling on the occasion of immersion ceremony and Eid Milad-un-Nabi is falling on the same day on 28th September.

Since huge processions are taken out for both the festivals, it could have caused problems and it would have been difficult for the police to manage the huge crowd, hence a holiday had to be declared.

Bank Holidays October, 2023

There are 31 days in the entire month and 16 banks will remain closed. The second and fourth Saturdays are also included in these 16 days. Also Sundays are also holidays. Apart from this, there will be bank holidays in different states on different occasions.

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There is good news for home loan takers. Now after repaying the home loan, you will not have to run around to get the registry papers back. The Reserve Bank has issued guidelines regarding this. According to the guidelines of the Reserve Bank, the bank will have to pay compensation if there is a delay in getting back the registry papers.

Giving relief to the common people, the Reserve Bank has issued special guidelines regarding the registry. According to these guidelines, the bank will have to return the registration documents of that property to the customer within 30 days of fully repaying the loan for movable or immovable property.

Now the bank will have to hand over the property documents to the customer within 30 days for Movable or Immovable Property loan. If there is any delay on the part of the bank in this matter, a compensation of Rs 5000 per day will have to be paid. In case of loss of documents, a further extension of 30 days will be given.

Banks will help the customer in getting duplicate documents. Documents will be available from the branch from where the loan has been taken. On the death of the borrower, the legal heir will receive the document.

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The month of July is about to end and after four days the new month August 2023 will start. From August 1, changes can be seen across the country from banking to LPG rates. On the other hand, if you have any important work related to the bank next month, then this news is very important for you too. In fact, there will be no work in bank branches for a total of 4 days in the month of August, nor will the 2000 rupee notes taken out of circulation be exchanged. The Reserve Bank of India (RBI) has released the Bank Holiday list, according to which banks will remain closed for a total of 14 days.

RBI uploaded banking holiday list

Reserve Bank uploads month-wise banking holiday list on its website and the list of bank holidays falling in August 2023 has also been released. Apart from the festivals and events to be held in different states and cities, the holidays for the next month also include holidays for Sundays and second and fourth Saturdays. Saturday and Sunday are weekly holidays on 6th, 12th, 13th, 20th, 26th and 27th of the month. In such a situation, it is necessary that before going to the bank, you leave the house only after checking the Bank Holiday list on the official website of RBI, lest you reach the bank and find the lock hanging there.

The Reserve Bank of India (RBI) prepares its Bank Holiday list on the basis of various states and events and updates it on its website. You can also know about every bank holiday of the month by clicking on this link (https://rbi.org.in/Scripts/HolidayMatrixDisplay.aspx) on your mobile.

Banks will remain closed on these dates

Dealing with Online Banking on Holidays 

Bank Holidays also depend on the festivals celebrated in different states or other events taking place in those states. That is, they differ in states and cities. However, despite the banks’ branch being closed, you can do banking related work online from the comfort of your home. This facility is always operational 24×7. You can easily handle tasks like online transactions. 

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However, in the last two Monetary Policy Committee meetings, the Reserve Bank has kept the repo rate on hold due to a decline in retail inflation. This decision reflects the objective of keeping the repo rate unchanged.

During the initial year, the Reserve Bank increased the repo rate by 2.50 per cent, resulting in both gains and losses to individuals. On one hand, loans became more expensive, burdening borrowers with higher EMIs. On the other hand, the interest earned on FDs and savings accounts increased.

Consequent to the continuous hike in the repo rate, banks have started offering interest rates above 9 per cent on FDs. It is important to note that this higher rate applies exclusively to senior citizens, while other customers may receive different rates.

Unity Small Finance Bank offers 9.25 percent interest rate on FDs with maturity period of 181 to 201 days. Additionally, an interest rate of 9.50 per cent is available on FDs with a maturity of 1001 days.

Senior citizen customers of Fincare Small Finance Bank can earn an interest rate of 9.11 per cent on FDs with a maturity period of 1000 days.

Jana Small Finance Bank also offers 9 percent plus interest rates to senior citizens. This rate is applicable to FDs with maturity period of 366 to 499 days, 501 to 730 days and 500 days.

Senior citizens can enjoy 9.6 per cent interest rate on fixed deposits with Suryoday Small Finance Bank with a maturity period of 5 years. In addition, 9 percent interest rate is available on FDs with a maturity period of 999 days.

ESAF Small Finance Bank offers 9 percent interest rate on FDs with maturity period of 2 to 3 years to senior citizens.

These attractive interest rates specifically cater to the needs of senior citizens, providing them with great investment opportunities.

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If you are also planning to take a personal loan or credit in the coming time, then this task can be a bit difficult. Yes, sources claim that the Reserve Bank of India (RBI) has asked banks to further tighten the background checks of customers before issuing unsecured retail loans and credit cards. In unsecured loans, nothing is pledged with the banks. This is the reason that their interest rate is higher than other loans.

Credit card and personal loan trend increased rapidly

RBI has warned the banks seeing the increasing risk of sinking of such loans. The Reserve Bank can also curb the unsecured portfolio amidst the increasing risk of default. After the Kovid epidemic, the trend of credit cards and personal loans has increased rapidly. According to statistics, in the year 2022, the number of personal loan borrowers has increased from 7.8 crore to 9.9 crore. Similarly, the number of people taking loans from credit cards also increased by 28 percent to Rs 1.7 lakh crore. Earlier it was 1.3 lakh crores.

Personal loan increased to 40 lakh crore

in the year 2023 also the speed of unsecured loan is increasing rapidly. According to the data released by RBI, as compared to February 2022, personal loans increased from 33 lakh crore to 40 lakh crore in February 2023. That is, an increase of 20.4% was seen in it. RBI believes that unsecured credit growth is a matter of concern amid inflation and rising interest rates.

This is the reason why the Reserve Bank has asked to be strict on unsecured loans in view of the possibility of a possible default. Apart from this, some changes have been made from the side of the banks. Sources say that RBI may increase the risk weight in unsecured loans.

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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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Along with this, RBI also announced to increase the scope of e-rupee vouchers. However, RBI will issue this rule in a few days. This step of RBI will increase the RuPay card rapidly in the global market.

Additionally, RuPay debit, credit and prepaid cards will be allowed to be issued overseas and used globally, including in India. After this announcement of RBI, the reach of RuPay card will increase worldwide. These announcements have been made by the RBI governor in the bi-monthly monetary policy review of June 8, 2023.

To whom it will be beneficial?

Let us tell you that Forex-Rupay card is a type of Prepaid card. This card is specially for those people who travel abroad. This card will be very beneficial for businessmen, students studying abroad and travelers traveling to different countries. If put in simple words, now you will be able to use RuPay card when you go abroad. You will be able to make payments easily in any country through your domestic card.

According to the latest annual report of RBI, the Payments Vision Document 2025 has already outlined to make UPI and RuPay cards globally accessible as one of the key objectives under the Internationalization pillar. For global reach of RuPay card arrangements have been made with Bhutan, Singapore, Nepal and UAE to accept RuPay card without co-branding. Preparations are being made to issue RuPay cards in other countries as well.

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Now Punjab National Bank has brought a special offer for you, in which you will get brand new notes. The bank has given information about these notes by tweeting.

Have to contact in the nearest branch

PNB has written in its official tweet that if you also want to change old or mutilated notes, now you can do this work easily. The bank has told that you can contact your nearest branch. Here you can exchange notes and coins.

Rules issued by the Reserve Bank According to the new rules of the Reserve Bank, if you also have old or mutilated notes, then you do not have to worry at all. Now you can exchange such notes by visiting any branch of the bank. If any bank employee refuses to exchange your note, then you can also file a complaint about this. You have to keep in mind that the worse the condition of the note, the less its value decreases.

Under what circumstances will the notes be exchanged?

According to RBI, any torn note will be accepted only when a part of it is missing, or which consists of more than two pieces and is pasted together, provided that no essential part of it is missing. If some special parts of the currency note, such as the name of the issuing authority, guarantee and promise clause, signature, Ashoka Pillar, picture of Mahatma Gandhi, water mark, etc. are also missing, then your note will not be exchanged. Soiled notes which have become unusable due to circulation in the market for a long time can also be exchanged.

Such notes can be changed from the RBI office, very burnt notes, or notes sticking together can also be changed, but the bank will not take them, you will have to take them to the issue office of RBI. Remember that these things will definitely be checked by the institution that the damage to your note is genuine and not intentionally damaged.

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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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The effect of this is that the RBI even canceled the licenses of some banks. Not only this, the central bank has also imposed heavy fines on some big banks. Co-operative banks are facing the maximum loss in the Reserve Bank’s action.

Reserve Bank also imposed penalty 114 times

The licenses of eight co-operative banks have been canceled by the RBI in the financial year 2022-23 ending on March 31. Reserve Bank has also imposed penalty 114 times on these banks for not following the rules. Let us tell you that banking service has expanded rapidly in rural areas through co-operative banks. But due to the irregularities coming to the fore in these banks, RBI had to take drastic steps.

Allegations of negligence in rules

Co-operative banks are facing interference from local leaders apart from dual regulation and weak finance. The Reserve Bank has started cracking down on co-operative banks, which are negligent in the rules. Permits of eight banks have been canceled in the last one year. Let us know which banks’ permits were canceled by RBI?

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Licenses of these banks were canceled

1. Mudhol Co-operative Bank
2. Milath Co-Operative Bank
3. Shree Anand Co-Operative Bank
4. Rupee Co-operative Bank
5. Deccan Urban Co-operative Bank
6. Laxmi Co-operative Bank
7. Sewa Vikas Co-operative Bank
8. Babaji Date Mahila Urban Bank

The licenses of the banks mentioned above by the RBI were done due to insufficient capital, non-compliance with the rules of the Banking Regulation Act. Also canceled due to reasons like lack of future income possibilities. Co-operative banking sector is being monitored by RBI for the last several years. The central bank has canceled the licenses of 12 co-operative banks in the year 2021-22, 3 co-operative banks in 2020-21 and two co-operative banks in 2019-20.

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Public sector State Bank of India (SBI Bank), private sector ICICI Bank (ICICI Bank) and HDFC Bank (HDFC Bank) have been described as important banks in the banks that play an important role in SIB.

Know what RBI said

According to media reports, RBI said that, 3 major important banks have been included in (D-SIB) in the domestic system of the country. Important banks in the domestic system are those banks which are too big to fail and are called ‘too big to fail (TBTF)’. Under the concept of TBTF, it is expected that the government supports these banks in times of crisis. Therefore, some special benefits have also been given to these banks in the financing market.

decided on the basis of criteria

RBI says that, “SBI, ICICI Bank and HDFC Bank were included on the basis of the criteria for the list of D-SIBs of 2021.” Since then they have remained in the list of very important banks in the domestic system. It is known that RBI had declared SBI and ICICI Bank as D-SIBs in the year 2015 and 2016.

HDFC was included in this category on the basis of data collection till March 31, 2017. It has been added recently on the basis of data received from banks till 31 March 2022. The framework for determining the D-SIB was released in July 2014. Under this, RBI has to disclose the names of banks declared as D-SIBs.

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Now Punjab National Bank has brought a special offer for you, in which you will get brand new notes. The bank has given information about these notes by tweeting.

Have to contact in the nearest branch

PNB has written in its official tweet that if you also want to change old or mutilated notes, now you can do this work easily. The bank has told that you can contact your nearest branch. Here you can exchange notes and coins.

Rules issued by the Reserve Bank According to the new rules of the Reserve Bank, if you also have old or mutilated notes, then you do not have to worry at all. Now you can exchange such notes by visiting any branch of the bank. If any bank employee refuses to exchange your note, then you can also file a complaint about this. You have to keep in mind that the worse the condition of the note, the less its value decreases.

Under what circumstances will the notes be exchanged?

According to RBI, any torn note will be accepted only when a part of it is missing, or which consists of more than two pieces and is pasted together, provided that no essential part of it is missing. If some special parts of the currency note, such as the name of the issuing authority, guarantee and promise clause, signature, Ashoka Pillar, picture of Mahatma Gandhi, water mark, etc. are also missing, then your note will not be exchanged. Soiled notes which have become unusable due to circulation in the market for a long time can also be exchanged.

Such notes can be changed from the RBI office, very burnt notes, or notes sticking together can also be changed, but the bank will not take them, you will have to take them to the issue office of RBI. Remember that these things will definitely be checked by the institution that the damage to your note is genuine and not intentionally damaged.

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The effect of this is that the RBI even canceled the licenses of some banks. Not only this, the central bank has also imposed heavy fines on some big banks. Co-operative banks are facing the maximum loss in the Reserve Bank’s action.

Reserve Bank also imposed penalty 114 times

The licenses of eight co-operative banks have been canceled by the RBI in the financial year 2022-23 ending on March 31. Reserve Bank has also imposed penalty 114 times on these banks for not following the rules. Let us tell you that banking service has expanded rapidly in rural areas through co-operative banks. But due to the irregularities coming to the fore in these banks, RBI had to take drastic steps.

Allegations of negligence in rules

Co-operative banks are facing interference from local leaders apart from dual regulation and weak finance. The Reserve Bank has started cracking down on co-operative banks, which are negligent in the rules. Permits of eight banks have been canceled in the last one year. Let us know which banks’ permits were canceled by RBI?

Licenses of these banks were canceled

1. Mudhol Co-operative Bank
2. Milath Co-Operative Bank
3. Shree Anand Co-Operative Bank
4. Rupee Co-operative Bank
5. Deccan Urban Co-operative Bank
6. Laxmi Co-operative Bank
7. Sewa Vikas Co-operative Bank
8. Babaji Date Mahila Urban Bank

The licenses of the banks mentioned above by the RBI were done due to insufficient capital, non-compliance with the rules of the Banking Regulation Act. Also canceled due to reasons like lack of future income possibilities. Co-operative banking sector is being monitored by RBI for the last several years. The central bank has canceled the licenses of 12 co-operative banks in the year 2021-22, 3 co-operative banks in 2020-21 and two co-operative banks in 2019-20.

Related Article

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The bank has taken this action due to ignorance of the rules. In this, a penalty of Rs 16 lakh has been imposed on The Tamil Nadu State Apex Co-operative Bank, Chennai. Apart from this, the Reserve Bank has imposed fine on 3 more banks.

Reserve Bank said this

Giving information on the action on the banks, the RBI said that the aim of the central bank is that all the rules of the Reserve Bank are followed by the banks. Along with this, the bank does not intend to interfere in any transaction between the bank and the customers. Significantly, the central bank has imposed a fine of crores of rupees earlier also for ignoring the rules.

Action taken on which banks

The co-operative banks that have been fined by the Reserve Bank of India are the Bombay Mercantile Co-operative Bank. A fine of Rs 13 lakh has been imposed on this bank. The bank could not transfer the Depositor Education and Awareness Fund (DEAF) funds within the stipulated period. At the same time, the Reserve Bank has also imposed a fine of Rs 13 lakh on Janata Sahakari Bank, Pune. This penalty has been imposed for not paying interest on deposit rates at the right time.

At the same time Tamil Nadu State Apex Cooperative Bank also could not transfer the funds of DEAF on time. Along with this, the bank did not inform NABARD about the fraud transaction that happened at the right time.

In such a situation, the Reserve Bank has imposed a hefty fine of Rs 16 lakh on this bank. Apart from this, Baran Nagrik Sahkari Bank Rajasthan (Baran Nagrik Sahkari Bank Rajasthan) has also been fined Rs 2 lakh. This action has been imposed on the bank for ignoring the rules.

What will be the effect on customers?

In such a situation, the question arises that what will be the effect of 44 lakh fine imposed by RBI on four banks on the customers of the bank? These penalties have nothing to do with the customers of the bank. This penalty has been imposed on the banks for not completing the operation. It has nothing to do with the account transactions of the bank’s customers.

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The effect of this is that the RBI even canceled the licenses of some banks. Not only this, the central bank has also imposed heavy fines on some big banks. Co-operative banks are facing the maximum loss in the Reserve Bank’s action.

Reserve Bank also imposed penalty 114 times

The licenses of eight co-operative banks have been canceled by the RBI in the financial year 2022-23 ending on March 31. Reserve Bank has also imposed penalty 114 times on these banks for not following the rules. Let us tell you that banking service has expanded rapidly in rural areas through co-operative banks. But due to the irregularities coming to the fore in these banks, RBI had to take drastic steps.

Allegations of negligence in rules

Co-operative banks are facing interference from local leaders apart from dual regulation and weak finance. The Reserve Bank has started cracking down on co-operative banks, which are negligent in the rules. Permits of eight banks have been canceled in the last one year. Let us know which banks’ permits were canceled by RBI?

Licenses of these banks were canceled

1. Mudhol Co-operative Bank
2. Milath Co-Operative Bank
3. Shree Anand Co-Operative Bank
4. Rupee Co-operative Bank
5. Deccan Urban Co-operative Bank
6. Laxmi Co-operative Bank
7. Sewa Vikas Co-operative Bank
8. Babaji Date Mahila Urban Bank

The licenses of the banks mentioned above by the RBI were done due to insufficient capital, non-compliance with the rules of the Banking Regulation Act. Also canceled due to reasons like lack of future income possibilities. Co-operative banking sector is being monitored by RBI for the last several years. The central bank has canceled the licenses of 12 co-operative banks in the year 2021-22, 3 co-operative banks in 2020-21 and two co-operative banks in 2019-20.

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Public sector State Bank of India (SBI Bank), private sector ICICI Bank (ICICI Bank) and HDFC Bank (HDFC Bank) have been described as important banks in the banks that play an important role in SIB.

Know what RBI said

According to media reports, RBI said that, 3 major important banks have been included in (D-SIB) in the domestic system of the country. Important banks in the domestic system are those banks which are too big to fail and are called ‘too big to fail (TBTF)’. Under the concept of TBTF, it is expected that the government supports these banks in times of crisis. Therefore, some special benefits have also been given to these banks in the financing market.

decided on the basis of criteria

RBI says that, “SBI, ICICI Bank and HDFC Bank were included on the basis of the criteria for the list of D-SIBs of 2021.” Since then they have remained in the list of very important banks in the domestic system. It is known that RBI had declared SBI and ICICI Bank as D-SIBs in the year 2015 and 2016.

HDFC was included in this category on the basis of data collection till March 31, 2017. It has been added recently on the basis of data received from banks till 31 March 2022. The framework for determining the D-SIB was released in July 2014. Under this, RBI has to disclose the names of banks declared as D-SIBs.

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Unity Bank is offering an attractive interest of 9.5% to its customers on fixed deposits. Unity Bank is offering 9.50% interest to its senior citizen customers on select tenor Fixed Deposits.

9.5% interest on 1001 days Fixed Deposit

Unity Bank is giving 4.5 to 9% interest to its general customers. At the same time, the bank is offering an interest rate of 9.5% to its senior citizen customers on fixed deposits of 1001 days. At the same time, general customers will get 9% interest on fixed deposits of 1001 days.

9.25% interest on fixed deposits of this period

Unity Bank is giving 8.75% interest to general customers on fixed deposits ranging from 181 days to 201 days and 501 days. At the same time, the bank is giving 9.25% interest to senior citizens on fixed deposits of this duration. If a customer withdraws the Fixed Deposit before maturity, then the interest received will be deducted by 1%.

Disclaimer: Here only the information about the performance of the stock is given, it is not an investment advice. Investment in share market is subject to risk and you should consult your advisor before investing.

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Many times it happens that even while withdrawing money from ATM, mutilated or old notes are found. In such a situation people get worried. But you don’t need to worry. For this you must see the RBI guideline . This will solve your problem and your difficulties will also go away.

Notes of 100, 200, 500 rupees are issued by the Reserve Bank of India, but after the demonetization across the country, many types of viral and fake news about the notes keep coming to the fore. If you also want to replace old or mutilated notes, now you can do this easily. For this you can contact your nearest branch. There you can exchange notes and coins. If two notes have the same serial number, will they be considered valid?

In this regard, the Reserve Bank says that it is possible that two or more bank notes may have the same serial number, but either have different inset letters or different printing years or different governors of the Reserve Bank of India. Can. An inset letter is a character printed on the number panel of a banknote. Notes can also be without any inset letter.

These are the ways to identify fake notes

The Reserve Bank has told in its guideline to identify the new 500 note that a few days ago it was being claimed in a message that the note of 500 rupees is fake, in which the green strip is not near the signature of the RBI governor, but of Gandhiji. Near the picture. Describing it as fake, PIB tweeted that both types of notes are valid. Also RBI has shared a PDF to help common citizen to find difference between genuine vs fake Rs 500 notes.

How to identify unfit notes

1. If the notes have become very dirty and there is a lot of soil in them, then in such a situation they are considered unfit.
2. Many times, due to the long use of notes, the notes become loose or loose. Such notes become unfit.
3. Notes torn from edge to center are unfit.
4. If the area of ​​dog ears made in the note is more than 100 square millimetres, then it will be considered unfit.
5. Notes which have holes larger than 8 square millimeters are considered unfit notes.
6. Any graphic change in the note is considered as unfit note.
7. If the ink of the pen is smeared on the note, then it is an unfit note.
8. If the color of the note fades, then it is an unfit note.
9. If there are things like tape, glue on the note, then such note is considered unfit.
10. If the color of the note changes, then in such a situation such note is considered unfit.

Know what the rule of RBI says?

According to the new rules of the Reserve Bank, if you also have old or mutilated notes of 500 rupees, then you do not need to worry at all. Now you can exchange such notes by visiting any branch of the bank. If a bank employee refuses to exchange your note, then you can also file a complaint about this. You have to keep in mind that the worse the condition of the note, the less its value decreases.

keep these things in mind

According to RBI, any torn note will be accepted only when a part of it is missing, or which consists of more than two pieces and is pasted together, provided that no essential part of it is missing. If some special parts of the currency note, such as the name of the issuing authority, guarantee and promise clause, signature, Ashoka Pillar, Mahatma Gandhi’s picture, water mark, etc. are also missing, then your note will not be exchanged. Soiled notes which have become unusable due to circulation in the market for a long time can also be exchanged.

You can change notes like this

Tell that if you have a lot of burnt notes, or notes stuck together, then they can also be changed from the RBI office, but the bank will not take them, you will have to take them to the issue office of RBI. It has to be remembered that these things will definitely be checked by the institution that the damage to your note is genuine and not intentionally damaged.

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Now taking a loan from the bank will become expensive. The new rates of the bank have come into effect from February 15, 2023. Explain that after increasing the repo rate, many banks have increased MCLR.

Most consumer loans are based on a one-year marginal cost based lending rate. In such a situation, personal loan, auto and home loan can become expensive due to increase in MCLR. Now you will have to pay more EMI than before on taking the loan. This will have a direct impact on the pockets of the customers.

New MCLR rates

SBI has increased the overnight MCLR rate to 7.95 percent, MCLR rate for 1 month to 8.10 percent and MCLR rate for 3 months to 8.10 percent. At the same time, the bank’s MCLR rate increased by 10 basis points to 8.40 percent for 6 months, MCLR from 8.40 percent to 8.50 percent for 1 year, MCLR from 8.50 percent to 8.60 percent for 2 years and MCLR from 8.60 percent to 8.70 percent for 3 years. Is.

What is MCLR?

Significantly, MCLR is a method developed by the Reserve Bank of India, on the basis of which banks determine the interest rate for loans. Before that, all the banks used to fix the interest rate for the customers on the basis of base rate only.

Increase in repo rate for the sixth time in a row

Let us tell you that on February 8, RBI has once again increased the repo rate by 25 basis points. This is the increase in the repo rate for the sixth consecutive time. After the monetary policy meeting, Reserve Bank Governor Shaktikanta Das said that the pressure of rising inflation in the world is also on India and to overcome it completely, it has become necessary to increase the interest rates of loans once again. However, this time the repo rate is being increased by only 0.25 percent.

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Now Punjab National Bank has brought a special offer for you, in which you will get brand new notes. The bank has given information about these notes by tweeting.

Have to contact in the nearest branch

PNB has written in its official tweet that if you also want to change old or mutilated notes, now you can do this work easily. The bank has told that you can contact your nearest branch. Here you can exchange notes and coins.

Rules issued by the Reserve Bank According to the new rules of the Reserve Bank, if you also have old or mutilated notes, then you do not have to worry at all. Now you can exchange such notes by visiting any branch of the bank. If any bank employee refuses to exchange your note, then you can also file a complaint about this. You have to keep in mind that the worse the condition of the note, the less its value decreases.

Under what circumstances will the notes be exchanged?

According to RBI, any torn note will be accepted only when a part of it is missing, or which consists of more than two pieces and is pasted together, provided that no essential part of it is missing. If some special parts of the currency note, such as the name of the issuing authority, guarantee and promise clause, signature, Ashoka Pillar, picture of Mahatma Gandhi, water mark, etc. are also missing, then your note will not be exchanged. Soiled notes which have become unusable due to circulation in the market for a long time can also be exchanged.

Such notes can be changed from the RBI office, very burnt notes, or notes sticking together can also be changed, but the bank will not take them, you will have to take them to the issue office of RBI. Remember that these things will definitely be checked by the institution that the damage to your note is genuine and not intentionally damaged.

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The interest rate charged on credit cards ranges from 40-45 percent on an annual basis. Announcing the RBI MPC today, Governor Das said that the penalty and interest charged on loans or credit cards cannot become a source of profit for them. The Reserve Bank is working in this direction and very soon it will fix the penalty rule on loans and credit cards.

Transparency is necessary regarding penalty and interest rate

Giving information about the decisions taken in the RBI MPC meeting, it was said that there is a need for transparency and proper guidelines regarding the penalty and interest rate on loans and credit cards. At present, each credit card issuing entity decides on its own interest and penalty. At present, there is no such guideline on the basis of which the decision regarding penalty and interest should be taken.

SBI Card charges monthly interest up to 3.5%

For example, SBI card charges up to 3-3.5% interest on payment after the due date. If the minimum amount is not deposited till the due date, then the hefty amount is also recovered as a penalty. At present, interest is calculated from the transaction date if the full payment is not made on the due date. However, later after the instructions of RBI, its calculation is being done from the due date of payment. Despite this, there is still no uniformity in this regard.

The Reserve Bank will first prepare a draft related to the guidelines. After this, it will be discussed together with different stake holders like banks, multiple entities and borrowers and then the final guideline will be issued. When the final guideline will be issued by RBI in this regard, it will be applicable to all banks, NBFCs and other financial entities.

Additional interest up to 1-2% per month

Apart from credit cards, charges on various types of financial transactions including loan EMI, check bounce will be included in the purview of RBI guidelines. The aim of the Reserve Bank is to bring transparency and uniformity regarding all types of charges. At present, a penalty of up to 1-2 per cent is imposed every month for not paying the EMI on the loan on time. Apart from this, late fee charge is also charged separately. The rules for each entity are different.

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There is no need to visit the bank branch, as per the guidelines issued by the Reserve Bank of India, all the account holders who have already submitted their valid documents and there is no change in their address, then such customers should get their KYC done. There is no need to go to the bank branch to get Know Your Customer (KYC) updated.

Details can be updated easily

RBI has told that if there is any change in the details of KYC, then the account holders will have to update their details. For this, you can update the details through an email ID, registered mobile number, ATM and other digital methods.

What to do if the details are not changed?

Apart from this, all the customers whose KYC details have not changed, then those customers will have to give a declaration letter from themselves to complete their KYC process. No need to go to the branch for this. Is.

Customers should get better facilities

The Reserve Bank of India has told banks in its guidelines that these decisions are taken keeping in mind the facilities of the customers, so that the money of the customers is safe and their details are updated, so that no one gets in trouble. Do not be Along with this, many types of cheating are being done in the name of banks across the country, to stop which a campaign is being run by the RBI.

Do not share the details

Reserve Bank has said that no call is made to any customer from any bank or RBI side of the country. Along with this, personal details are not asked from any customer. So do not share any of your information on such phone calls.

Watch Video:-

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After increasing the repo rate by 50 basis points by the Reserve Bank, now the new repo rate has become 5.90 percent. Due to this, banks have increased the rates of interest on their FDs.

3.25% interest will be available on 30 days FD

Axis Bank is now offering FDs maturing in 15 months with a maximum interest rate of 6.15 percent for general public and 6.90 percent for senior citizens. According to the new FD rates, Axis Bank is now offering an interest rate of 2.75 percent on FDs maturing in 7 days to 29 days and 3.25 percent on FDs maturing in 30 days.

These will be the new rates of interest on FD

Axis Bank’s FD maturing in 3 to 6 months will now get interest at the rate of 3.75 percent. At the same time, interest will be given at the rate of 4.65 percent on FDs maturing in 6 to 9 months. Similarly, for a period of 9 months to 1 year, 4.75 percent, 1 year to 1 year will provide interest at the rate of 5.45 percent on FDs of 11 days and 5.60 percent on FDs maturing in 15 months.

Axis Bank is now offering a maximum interest rate of 6.15 percent on FDs for a period of 15 months to 2 years, while the bank is now offering an interest rate of 5.70 percent on FDs maturing in the next 2 to 5 years. Axis Bank is currently offering an interest rate of 5.75 per cent for tenures between five and ten years.

Fixed Deposit Interest Rates of Top 10 Banks in India for below Rs.2 crore

Given below are the latest interest rates offered by top banks for tenures ranging from 7 days to 10 years as of January 2023.

FD Rates Offered by Other Popular Banks in India for below Rs.2 crore

The fixed deposit interest rates offered by other banks in India are given below for deposits below Rs.2 crore, as of January 2023. These are for tenures ranging from 7 days to 10 years.

Highest Small Finance Bank FD Interest Rates for Below Rs.2 crore

Small Finance Banks also provide high interest rates on FDs. Here are the highest interest rates for deposits below Rs.2 crore for tenures ranging from 7 days to 10 years effective from January 2023.

FD rates for senior citizens

Axis Bank is paying interest between 4.90 percent to 6.50 percent on FDs maturing in 6 months to 10 years for senior citizens. Along with this, the benefit of additional interest rate is also being given to senior citizens. Axis Bank will offer a maximum interest rate of 6.90% to senior citizens on FDs maturing between 15 months and 2 years.

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According to the official website of the bank, the new rates have become effective from January 18, 2023. After the change, the bank is giving 3.25 percent interest to its customers on FDs of 7 days to 45 days. The bank is now offering 4.50 per cent interest on FDs of 46 days to 179 days, 5.50 per cent interest on FDs ranging from 180 days to less than 1 year, 6.75 per cent interest on 1 year FDs.

Senior citizens get 0.50 percent more interest on Canara Bank FDs, general customers get 6.80 percent interest on FDs of 1 year to 2 years, 7.15 percent on 400 days FDs and 7.00 percent on 666 days FDs. Now the bank is giving 6.80 percent interest on FDs ranging from 2 years to 3 years and 6.50 percent on FDs ranging from 3 years to 10 years. At the same time, senior citizens are getting 0.50 percent more interest on Canara Bank FD than general customers.

RBI has increased the repo rate

5 times in the last year Reserve Bank had increased the repo rate 5 times in the last year. With the intention of reducing inflation, the central bank increased the repo rate by another 0.35 percent to 6.25 percent in the bi-monthly monetary policy review on December 7, 2022.

Many banks have increased the rates of fixed deposits.

It is noteworthy that recently SBI, PNB, Kotak Mahindra Bank, HDFC Bank, Suryoday Small Finance Bank, Yes Bank, Jan Small Finance Bank etc. have also increased their FD rates. . This process of increasing FD rates has started after the increase in repo rates by RBI.

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Apart from this, to attract their senior citizen customers, these banks also give them the benefit of additional interest in FD interest rates. In such a situation, senior citizens get more returns than common customers on getting FDs in banks. Let’s see how much interest the country’s big government and private banks give to their customers on Fixed Deposit.

SBI Bank gives interest up to 7.25 percent

In the country’s largest public sector bank SBI, senior citizens get a maximum interest of up to 7.25 per cent on fixed deposits. Bank’s customers get 7.25% interest on FDs ranging from 1 year to 3 years. Apart from this, 6.75 percent interest is available on FDs of 3 years to 5 years. At the same time, even on FDs of 5 years to 10 years, the customers of the bank get only 7.25 percent interest.

Bank of Baroda gives this much interest on FD

Like State Bank of India, senior citizen customers of Bank of Baroda also get a maximum interest of 7.25% on FDs. The bank offers this interest to customers on special FDs of 399 days. Apart from this, 6.60 percent interest is available on FDs of 1 year to 2 years, 6.75 percent on FDs of 2 years to 5 years and 6.90 percent on FDs of 5 years to 10 years.

PNB gives 8.05 percent interest to senior citizens

Punjab National Bank offers the highest interest of up to 8.05% on FD to its super senior citizens. Bank’s customers get this interest on 666 days special FD. Apart from this, 7.10% interest is available on FDs of 1 year to 599 days, 7.80% on FDs of 600 days, 7.10% on FDs of 601 days to 665 days and 7.30% on FDs of 3 years to 10 years.

Axis Bank gives this much interest to the customers

Private sector bank Axis Bank gives a maximum interest of 7.75% on bank FDs to its senior citizen customers. Axis Bank offers 7.75% interest on FDs ranging from 2 years to 10 years. Apart from this, the customers of the bank get 7.50 percent interest on FDs ranging from 1 year to 2 years.

HDFC Bank gives interest up to 7.75 percent

HDFC Bank gives interest up to a maximum of 7.75% on fixed deposits to its senior citizens. Bank’s customers get 7.75% interest on FDs ranging from 5 years to 10 years. Apart from this, 7.00 percent interest is available on FDs ranging from 1 year to 15 months and 7.50 percent interest is available on FDs ranging from 15 months to 5 years.

ICICI Bank gives this much interest

Private sector bank ICICI gives interest up to a maximum of 7.50% on Fixed Deposit to its customers. Senior citizen customers of the bank get 7.50% interest on FDs ranging from 15 months to 10 years. Apart from this, customers get 7.10 percent interest on FDs ranging from 1 year to 15 months.

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If you are also planning to open a locker in a bank or you already have a locker in a bank, then it is very important for you to know about the new rules. The new rules have come into effect from January 1, 2022. Let us know the complete details about it.

After continuous complaints of customers on bank lockers, the Reserve Bank has decided to change the existing rules. If you are not yet aware of these changed rules, we bring you a detailed look at the rule changes applicable for bank lockers.

Bank will give compensation for theft

There have been many cases where cases of theft from bank lockers have come to the fore. To prevent this, the Reserve Bank has now made strict rules, due to which the responsibility of the banks has increased.

Now if something is stolen from your bank locker or there is any problem related to it then the bank will have to compensate the customer 100 times of the locker rent. Now banks cannot say that they are not responsible for bank locker theft.

CCTV mandatory

Now it will be mandatory for banks to install CCTV for monitoring the locker rooms. Along with this, it has also been made mandatory to keep the data of CCTV for 180 days.

This will help in checking whether there is any discrepancy. Till the completion of the police investigation, it has also been made necessary to keep a record of the CCTV footage in case the customer complains of any disturbance or theft in the bank.

E-mail & SMS Alerts

To protect customers from fraud, the Reserve Bank has now mandated that banks must send SMS and e-mails every time a customer accesses his locker. This alert will protect the customers from fraud.

Can’t give half-incomplete or wrong information to customers

According to the new rules of the Reserve Bank, banks can no longer give half-incomplete or wrong information about the locker to the customers. They have to make public the list of empty lockers, waiting list of lockers and number of waiting list.

These will have to be displayed on the display board of the bank. Also, they have to accept all the applications related to opening of lockers and inform the customers about the waiting list.

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Governor Das told that in view of the pressure of inflation, once again the repo rate is being increased by 0.35 percent. With this decision, all types of loans including home, auto, personal will become expensive in the coming times.

The Reserve Bank today increased the repo rate for the fifth time in a row. For the first time this year, the repo rate was increased by 0.50 percent in May. Since then, till now the repo rate has increased by 1.90 percent. Before today’s hike, the effective repo rate stood at 5.90 per cent. Now the effective repo rate of the Reserve Bank has become 6.25 percent. Repo rate is the rate at which the Reserve Bank lends to other banks. It is obvious that if it will be expensive for the banks to take loan from RBI, then the banks will pass its burden on the common man as well.

Earlier, the Reserve Bank had made a big cut in the repo rate to reduce the debt burden during the Corona period and to give relief to the common man. Then the repo rate was reduced by about 2.50 percent to 4 percent. After the Corona period, now the Reserve Bank has started increasing the repo rate again. The biggest reason for this is the pressure of inflation. The rate of retail inflation had reached 7.4 per cent in September, which has come down slightly to 6.7 per cent in October. This is the reason that this time also the RBI has increased the repo rate less than before.

4 out of 6 voted for increasing the repo rate Out of 6 members present in the MPC meeting, 4 voted in favor of increasing the repo rate. He believed that it is necessary to keep the interest rates high until inflation comes under control. The target of the MPC is to bring down core inflation and it will be reviewed further. It is estimated that the retail inflation rate will remain above 4 percent for the next 12 months.

Growth rate estimate also reduced

Due to rising inflation and decline in consumption, the Reserve Bank has also had to reduce the growth rate estimate. The Reserve Bank had earlier estimated the growth rate for the current financial year at 7 per cent, which has now been reduced to 6.8 per cent. The recently released second quarter growth figures have also been sluggish. The growth rate in the second quarter was 6.3 per cent, which went up from 13 per cent in the first quarter.

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The Reserve Bank has issued new instructions for banks and card issuers regarding the payment of credit card bills. Under this, it has been said that the calculation of Minimum Amount Due should be done in such a way that there is no negative amortization. RBI has said in its directive that unpaid charges, levies and taxes will not be compounded for interest. Explain that the Reserve Bank had implemented this rule from 1 October 2022.

According to Sachin Vasudev, Director and Head of Cards, Paisabazaar, under the new rule, credit card issuers will have to fix a minimum amount so that the total outstanding amount can be paid within a reasonable time. Also, finance charges, penalties and taxes applicable on the outstanding amount will not be capitalized in the next statement. It means to say that once the outstanding amount is paid, the rest of the charges will not have to be paid.

How will the new rule related to credit card work?

If a person pays only the minimum amount due on a credit card bill, interest will be charged on the outstanding amount and all new transactions until the previous due amount is paid in full. The interest calculation on the credit card outstanding amount will be something like this. (number of days counted from the date of transaction x outstanding amount x interest rate per month x 12 months)/365.

Understand with example:

Let us assume that your credit card bill comes on 10th of the month. But you spent Rs 10,000 on the first of the month. Your bill due date is 25th of the month and you pay minimum due amount of Rs.500. Now interest for the next bill will be calculated on the outstanding amount of Rs 9,500 for 40 days, that is, from the date of expenditure till the date of the second bill.

Expense. If you pay only the minimum amount every month, interest will be calculated on interest every month. In such a situation, it may also happen that due to high interest, in the coming months, the amount of interest will be more than the minimum amount.

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The Reserve Bank of India (RBI) has announced the launch of a pilot project of Digital Rupee at the retail level. RBI has informed that it will bring a pilot project for Retail Central Bank Digital Currency (CBDC) from December 1.

RBI gave information

According to the information given by RBI, on December 1, retail will launch the first batch for Digital Rupee (e₹-R). The digital rupee will be in the form of a digital token, which will remain legal tender. The digital rupee will be issued in the same denominations in which paper currency and coins are currently issued. RBI has informed that on December 1, this test will be done at selected places in the Closed User Group (CUG). This will include both the customer and the bank merchant. Right now 4 banks have been included in this.

Know how the transaction will happen

RBI said that merchants can be paid using QR codes at merchant establishments. Users will be able to transact with e-R (e₹-R) through digital wallets offered by partner banks and stored on the mobile phone. Transactions Person to Person (P2P) and Person to Merchant (P2M) can be both.

These four banks were included

Let us tell you that four banks including State Bank of India and ICICI Bank will be included in this test, which will be tested in Delhi, Mumbai, Bengaluru and Bhubaneswar. Let us tell you that the digital rupee will be distributed through banks and users will be able to transact in e-rupee through digital wallets offered by banks participating in the pilot test. That is, the customers of these banks will get its benefit.

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There is shocking news for the customers of the country’s largest public sector bank State Bank of India (SBI). Now taking loan from SBI will become expensive and the EMI of new and old customers will also increase.

Actually, SBI and Federal Bank have given a big blow to their customers. The bank has announced an increase in the Marginal Cost Based Lending Rate (MCLR) by up to 25 basis points for various tenor loans. Let us tell you that earlier in June and July and August also SBI had increased the MCLR continuously. The rates have become effective from October 15, 2022. Let us know the new rates of both the banks.

SBI’s MCLR with effect from October 15, 2022
One Day – 7.60%
One Month – 7.60%
3 Months – 7.60%
6 Months – 7.90%
One Year – 7.95%
2 Years – 8.15%
3 Years – 8.25%

MCLR of Federal Bank with effect from October 16, 2022
One Day – 8.45%
One Month – 8.50%
3 Months – 8.55%
6 Months – 8.65%
One Year – 8.70%

FD interest rates hiked

Apart from this, the interest rate on Fixed Deposit (FD Interest Rates) has also been increased recently by the bank. According to the updated information on the official website of the bank, SBI has increased the interest rates of its FDs by up to 20 basis points for all tenors.

The new interest rates will be applicable on fixed deposits of less than Rs 2 crore. According to the bank’s website, the increased interest rates on FDs are also effective from October 15, 2022. The bank has increased the interest rates on retail FDs after a gap of two months. According to the SBI website, the hike in FD interest rates ranges from 10 basis points (bps) to 20 bps.

RBI had increased the repo rate

Significantly, in the recent monetary policy review, RBI increased the repo rate by 0.5 percent to 5.9 percent, after which banks started increasing the MCLR. Let us tell you that the repo rate is at its 3-year high. So far this year, RBI has increased by 0.50-0.50 per cent in June and August after a 0.40 per cent increase in May, that is, the RBI has increased the repo rate by 1.90 per cent in total so far this year.

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According to the notification issued by the Reserve Bank entitled to get the customer compensation , the Reserve Bank (RBI) has changed the rules on the complaint of customers taking locker in the bank. Often there are complaints of theft in bank lockers from the customers side. But now if anything is stolen from the locker, the customer will be compensated up to 100 times the locker rent from the bank concerned.

The waiting list number will have to be put on the display, in fact, it has been seen many times that banks used to ignore the incident of theft. Used to tell the customer that he is not responsible in any way. In the order given by RBI, it was said that banks will have to put the list of empty lockers, waiting list number for the locker on the display. This will bring more transparency in the locker system. RBI believes that the customer cannot be kept in the dark on behalf of the bank.

You will be able to take rent for maximum 3 years at a time, whenever you access the locker, it will be alerted to you through e-mail and SMS through the bank. RBI has made this rule to protect against any kind of fraud. Banks have the right to take the locker rent for a maximum period of three years at a time. If the locker rent is Rs 2000, then the bank cannot charge you more than Rs 6000, excluding other maintenance charges.

It is also necessary to monitor the people coming and going in the locker room through CCTV cameras. Apart from this, 180 days of CCTV footage will have to be kept safe. The police will be able to investigate with the help of CCTV footage in case of theft or any other mishap.

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In today’s time, customers are getting good returns on fixed deposit interest rate. Recently the repo rate has been increased by RBI. Since then, banks have also increased the interest rates of FDs. As the Reserve Bank (RBI) is increasing the repo rate, banks are also increasing the FD rate. It is a different matter that loan rates are also getting expensive. Let us tell you that there are some FD schemes which are getting interest up to 7.5 percent. Let us tell you the FD schemes of 10 banks and their interest rates.

Fincare Small Finance Bank is paying the highest interest

In the first place is Fincare Small Finance Bank. Which is giving 7.50 percent interest on FD of 3 to 5 years. In second place is Jana Small Finance Bank which is giving 7.35 percent interest. After this there is the name of Ujjivan Small Finance Bank which is giving 7.20 percent interest on FD of 3 to 5 years. After this the name comes, this bank of Deutsche Bank is giving 7 percent interest to its customers on FDs with maturity of 3-5 years.

Know the interest rates of banks on FD

At the same time, it belongs to Bandhan Bank, which is giving 7 percent interest on FDs of 3 to 5 years. After this, there is the name of AU Small Finance Bank, which is giving 6.90 percent interest to its customers on FDs maturing in 3-5 years.

Indusind Bank is giving interest at the rate of 6.75 percent to its customers. At the same time, Yes Bank is also giving interest on FD to the customers at the same rate. Suryoday Small Finance Bank is the name which is giving 6.75 percent interest on FD (fixed deposit interest) of 3 to 5 years. In the last 10th place is DCB Bank, which is giving 6.60 percent interest on fixed deposits.

Money can work in this way

Suppose if you have bought an FD for 2 years, then the interest earned every quarter will be added to the initial deposit amount. Then in the next quarter interest and interest will be added to the total amount of the deposit. So the interest will keep on increasing with the principal of the FD every quarter.

On the other hand, if you do not want to take FD for 3 to 5 years, then it does not matter. Short tenure FDs are also present in the market. There are FD schemes available from less than 1 year to 3 years. With this FD, you can easily meet your short term FD goals. If there is a big expenditure in two years, then such FD scheme can give you benefit. If you have set a long term goal, then a long term FD will come in handy. In this way you can get good returns from FD.

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The bank will be closed on September 22, let us tell you that the licenses of many banks and financial institutions have been canceled so far by the RBI. At the same time, now the Reserve Bank has decided to cancel the license of another bank. After this decision of RBI, this bank will be closed from 22 September i.e. from this month.

RBI canceled the license

RBI had decided to cancel the license of Pune-based Rupee Co-operative Bank Limited in August. Let us tell you that after the decision of RBI, the banking services of this bank will be closed from September 22, this is important news for all the customers whose money is in this bank.

Why was the license cancelled?

The Reserve Bank has told that the bank will close its business on 22 September. After this, customers will neither be able to deposit nor withdraw their money. Apart from this, you will not be able to do any kind of financial transaction. RBI said that the bank does not have sufficient capital and further earning prospects. For this reason the license of this bank is being canceled.

5 lakh will not comply with the provisions of Section 11(1) and Section 22(3)(d) of the Banking Regulation Act, 1949 as per the rules of the Reserve Bank. The bank has failed to comply with sections 22(3)(a), 22(3)(b), 22(3)(c), 22(3)(d) and 22(3)(e). Subject to the provisions of the DICGC Act, 1961, each of the depositors shall be entitled to receive a deposit insurance claim amount up to ₹ 5,00,000 (Rupees five lakhs).

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It has many other advantages as well. After reading this news, those farmers will be happy whose bank account is in Union Bank of India and Federal Bank. Both the banks started a pilot project and under this project, banks have started giving KCC (kisan credit card) to the farmers in a digital way. Banks have announced to do away with the requirement of attendance at the bank branch for verification of papers related to agricultural land.

What are pilot projects

Under the pilot projects, emphasis has been laid on digitization of banks in rural areas. This project has been started by the Reserve Bank. Let us tell you that Union Bank of India has started a pilot project in Harda district of Madhya Pradesh. Along with this, Federal Bank has started this project in Chennai. Union Bank officials say that soon it will be implemented across the country.

What will be its benefit

Farmers are expected to get full benefit of this. The government has also mentioned earlier that farmers have to move forward with the changing technology. With the online process started under the pilot projects, now farmers can apply for Kisan Credit Card (KCC) from mobile sitting at home. Along with this, this process will save the time of the farmers and there will be less congestion in the banks. Farmers do not need to visit the bank for verification of land papers. The bank itself will verify the agricultural land paper online.

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At present, the rate of BPLR is 12.75 percent. This rate was last revised in June. At that time also it was increased after the increase in the repo rate by the Reserve Bank. The revised BPLR of the bank will be 13.45 percent (annual) with effect from September 15, 2022. SBI has given this information on its website.

Base rate also increased by 70 basis points The bank had increased its base rate by the same amount on Tuesday. After this, the EMI of the customers taking loan on the base rate has also increased. However, this is the old bench march on which banks give loans. Now most banks give loans on the basis of External Benchmark Based Lending Rate (EBLR) or Repo Linked Lending Rate (RLLR).

The Reserve Bank of India (RBI) had recently increased the repo rate several times, after which public and private sector banks are increasing their lending rates. With the increase in the repo rate, the repayment of the bank’s loan is getting expensive.

RBI meeting from September 28 to September 30

The next three-day monetary policy meeting of the RBI is to be held from September 28 to September 30. It is estimated that the Reserve Bank may hike the rate again to control inflation. SBI has increased its benchmark lending rates just a few weeks before the monetary policy meeting of the Reserve Bank of India. The bank revises both BPLR and Base Rate on a quarterly basis.

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Most loan rates are linked to this. Earlier, State Bank of India has increased the MCLR rates by 0.2 percent for all tenors.

how much interest rates increased

Punjab National Bank has increased the MCLR i.e. Marginal Cost of Fund Based Lending Rates by 0.05 percent. According to the bank, this increase, applicable to all term loans, will be effective from September 1. PNB told the stock market on Wednesday that the MCLR for a period of one year will now be 7.70 percent from 7.65 percent earlier. Most consumer loans are linked to this.

At the same time, MCLR for a period of three years will now be eight percent. It has also been increased by 0.05 percent. Apart from this, the interest rate on MCLR with tenor of one month, three months and six months will now be in the range of 7.10 to 7.40 percent. The MCLR over a period of one day will be 7.05 per cent as against seven per cent. It is noteworthy that earlier this month, PNB had increased the repo-linked lending rate by 0.50 percent to 7.90 percent after the Reserve Bank of India hiked the policy rate.

Due to the steps of the Reserve Bank, loans are getting expensive.

The steps taken by the Reserve Bank to control inflation are affecting the lending rates. In fact, the central bank has increased the repo rates by 1.4 percent since May. This has increased the cost of banks and they are gradually passing the burden of cost on the customers, due to which the loan rates are continuously increasing. It is expected that in the next month’s policy review also, there will be an increase in key rates. There are apprehensions of the loan becoming costlier even further

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Banks will remain closed in 9 cities
According to the website of Reserve Bank of India, on August 31, banks will remain closed in 9 cities (Ganesh Chaturthi Bank Holiday). Let us tell you that RBI issues a list of bank holidays every month, so that customers and employees do not face any kind of problem.

In which cities will banks not work?
According to the Reserve Bank, banks will remain closed in the cities of Mumbai, Hyderabad, Ahmedabad, Chennai, Nagpur, Panaji, Bangalore, Belapur and Bhubaneswar on the occasion of Ganesh Chaturthi, Varsiddhi Vinayak Vrat or Vinayaka Chaturthi. People living in these cities can only take advantage of online banking facilities.

You can take advantage of online facilities,
let us tell you that you can take advantage of all, including online banking, netbanking, because online banking works even on the day the bank is closed, then you can take advantage of it. Apart from this, the service of ATM is also operational. 

Check Official Link
For more information about bank holidays, you can also visit the official link of Reserve Bank of India https://rbi.org.in/Scripts/HolidayMatrixDisplay.aspx . Here you will get information about bank holidays of every state every month. 

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The bank had asked its customers to complete KYC by tweeting in this regard a few days ago. For the past several months, the bank has been asking its customers to update KYC.

Can’t withdraw money from account

The bank tweeted and wrote that as per the guidelines of the Reserve Bank, it is necessary for all customers to update KYC. To complete this work, the bank has fixed 31 August 2022 as the last date. According to the bank, if your account has not been updated KYC by 31 March 2022, then complete it by 31 August 2022. To update KYC, contact your parent branch. If you have not updated the KYC, then you will not be able to transfer money from your account.

KYC form to be filled

Actually, under KYC, the bank asks for the details of its customers. Every six months or a year, the bank asks its customers to fill the KYC form. In the KYC form, customers have to fill their name, bank account number, PAN card number, Aadhar card number, mobile number and complete address.

You can update your KYC by visiting the bank branch. You will get the KYC form in the bank, fill it and submit it by attaching the necessary documents along with it. Your KYC gets updated within three days of submitting the form.

You can update KYC even sitting at home

If you want to update KYC sitting at home, then for this you will have to e-mail your documents to the bank. Take special care that the documents should be sent from the registered mail id only. If your KYC document is not complete then you send it online. For KYC, customers will have to scan and send their address proof along with driving license, Aadhar card, NREGA card, PAN card.

a lot of information has to be provided

According to the guidelines of the Reserve Bank regarding KYC, customers need to update many information. Under this, address verification in the form of PAN, recent photo, Aadhaar or passport and other information sought by the bank has to be provided. These procedures are necessary for compliance with KYC related provisions.

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Explain that since the decision of the Reserve Bank of India to increase the repo rate, banks are continuously increasing their FD rates, Saving Bank Account and RD Rates. Now the name of Bank of Maharashtra and Punjab and Sind Bank has also been included in this list.

RBI increased FD rates thrice for three months Let us tell you that Reserve Bank of India is continuously increasing its repo rate to control inflation in the country. In the months of May and June, the central bank increased the repo rate. At present the repo rate is 5.40%.

Due to the increase in the Repo Rate, customers are getting a higher interest rate on deposits, but at the same time the interest rate on loans is increasing. This is also increasing the EMI burden on the customers. Let us give you information about the latest FD rates of Bank of Maharashtra and Punjab and Sind Bank.

Bank of Maharashtra’s interest rate on FD less than Rs 2 crore-

• 7-30 days- 2.75%
• 31-45 days- 3.00%
• 46-90 days- 3.50%
• 91-119 days- 3.75%
• 120-180 days- 3.90%
• 181-270 days- 4.25%
• 271-364 days – 5.00%
• 1 year – 5.40%
• 1-2 years – 5.40%
• 2-3 years – 5.40%
• 3-5 years – 5.40% Above
• 5 years – 5.40%

Interest rate on FD of less than Rs 2 crore in Punjab and Sindh-

• Up to 7-14 days- 2.80%
• 15-30 days- 2.80%
• 31-45 days- 3.00%
• 46-90 days- 3.80%
• 91-120 days- 3.95%
• 121-150 days- 4.00%
• 151-179 days- 4.00%
• 180-269 days – 4.50%
• 270-364 days – 4.65% up to
• 1-2 years – 5.65%
• 2-3 years – 5.80%
• 3 years to 5 years – 5.75%
• 5 to 10 years – 5.75%

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According to the NPCI report, UPI transactions are witnessing a month-on-month growth of 7.16 percent. At the same time, the value of transactions is increasing by 4.76 percent year on year. In the midst of so many transactions, the Reserve Bank is now considering to charge it.

The Reserve Bank has issued a discussion paper to review the charges for the payment system. In which the focus is on how to bring transparency in the charges levied in the payment system and what measures should be taken. RTGS, NEFT, UPI and Debit, Credit Card, PPI etc. are covered under review of charges of payment system.

Transaction value based charges may be levied

In this discussion paper, it has been discussed to levy the Merchant Discount Rate on UPI transactions. The transaction amount based band can be prepared for how much the charge will be. The charge will be different for each band. Currently, there is no charge for transacting with the help of UPI. The Reserve Bank has asked that if the charge is applied on UPI transactions, then it should be applied on the basis of the transaction value or a fixed amount method should be adopted. Suggestions can be given in this regard till 3 October.

Preparation of MDR charge even on debit card transactions

The Reserve Bank is also considering levying charges on debit card transactions. Apart from this, answers have also been sought on whether Rupay card should be considered different from other debit cards. The government had made the RuPay debit card and UPI charge-free on January 1, 2020. Apart from this, some important questions related to credit card charges have also been asked.

How to convey your opinion to the Reserve Bank

The Reserve Bank of India (RBI) has asked customers, other stakeholders to give their views by October 3. Based on the suggestions received, then the final rules will be made. The Reserve Bank has made it clear in the discussion paper that it does not intend to impose any limit or control on anything, but the final decision will be taken after considering the suggestions that will come. You can send your feedback to dpssfeedback@rbi.org.in. Whatever suggestion you give, it would be good to give a solid reason behind it.

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Central Government can soon give a big gift to the central employees. The government is contemplating to increase the salary of the employees. Soon a decision can be taken on the increase in DA of central employees (DA Hike). The retail inflation rate in the country has come down in the month of July and now it has come down to below seven percent. However, the inflation rate still remains above the target set by the Reserve Bank (RBI). In such a situation, it is expected that soon the government may increase the DA of central employees.

Nothing has been said by the government about the increase in DA of central employees so far. However, the government has made it clear that at present there is no preparation to bring the Eighth Pay Commission. DA is part of the salary structure of government employees. The government changes it every six months.

The last time the government increased DA was in March 2022. Then there was an increase of three per cent in DA. Since six months have been completed for the change in DA, the employees are hopeful that soon the government can increase their salary.

what is the inflation rate

In the month of July, the retail inflation rate has come down to 6.71 percent. In June it was 7.01 per cent. In such a situation, the government may increase the DA by 4 percent. When the inflation rate was more than 7 percent, it was expected that the DA may increase by 5 percent. At present, central employees are getting DA at the rate of 34 per cent. The DA of employees is fixed on the basis of All India Consumer Price Index (AICPI).

Millions of employees will benefit

If the government increases the DA by 4 per cent in July keeping in view the inflation figures, then 50 lakh employees and 65 lakh pensioners will get the benefit. The DA received by government employees is part of their financial assistance salary structure. The government increases DA according to inflation, so that the standard of living of the employees is not affected in any way.

According to an estimate, if the basic salary of an employee is Rs 18,000, then his dearness allowance is Rs 6,120 according to 34 percent. Now if the DA is 38 percent, then the employee will get dearness allowance of Rs 6,840. In this way, he will get an annual salary of Rs 8,640 more.

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With the increase in repo rates, it is clear that the cost of raising money by the banks will also increase and they will pass it on to their customers. This means that the EMI of your loan is going to increase soon . It is for you banks to decide for themselves how they will go ahead with this hike, but it is likely that with more than one hike, the effect of this hike in repo rates will reach the customers at some point in time. Let us tell you how much your EMI will increase if your loan rates increase by half a percent.

What will be the effect of increasing half percent

On a home loan of Rs 30 lakh for 20 years, the EMI of the customers will increase by Rs 1680. According to the data given by HDFC, the EMI on this loan at the rate of 7.55 percent will be Rs 24260 with an interest of Rs 28 lakh. If a person takes a loan after increasing the rates by half a percentage, then he will have to pay an EMI of 25940 on this loan and his loan share will increase to 32 lakhs. That is, the EMI at the new rates will increase by Rs 1680 per month and in 20 years, the new customer will have to pay an additional interest of Rs 4 lakh.

Check Latest Rates Here 

Shaktikanta Das said that many institutions from IMF to IMF have predicted the rapid growth of our economy and it will grow the fastest. In addition to the repo rate, the RBI has increased the SDF from 4.65 percent to 5.15 percent. Apart from this, the Marginal Standing Facility Rate (MSF) has been increased from 5.15 per cent to 5.65 per cent.

What is Repo Rate?

Significantly, repo rate is the rate at which the bank is given loan by RBI and on the basis of this, banks give loan to customers, whereas reverse repo rate is the rate at which RBI gives them loan on deposits from banks. pays interest. In such a situation, when the RBI increases the repo rate, the burden on the banks increases and on behalf of the bank then the loan is expensive in the bank rate.

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