On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to: increase the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 6.5 per cent. Consequently, the reverse repo rate under the LAF stands adjusted to 6.25 per cent, and the marginal standing facility (MSF) rate and the Bank Rate to 6.75 per cent.
It has been brought to the notice of the Reserve Bank of India that some unscrupulous persons are marketing a device termed Rice Puller made up of copper/iridium, that is claimed to possess magical properties of attracting grains of rice towards it.
These Directions shall be called the Short Sale (Reserve Bank) Directions, 2018 and shall supersede all directions/guidelines issued on the subject, as listed under Annex I. These Directions shall come into force with effect from July 26, 2018.
Reserve Bank of India will shortly issue ₹ 100 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India.
the name of the purchaser shall be incorporated on the face of the demand draft, pay order, banker’s cheques, etc., by the issuing bank. These instructions shall take effect for such instruments issued on or after September 15, 2018.
Please refer to circular UBD.No.BPD.PCB.Cir.12/09.29.00/2003-04 dated September 04, 2003 on ‘Guidelines for Investment Fluctuation Reserve’ issued to Primary (Urban) Cooperative Banks (UCBs), and circular RPCD.No.RF.BC.17/A.4-92/93 dated September 04, 1992 on ‘Investment Portfolio of Banks - Transactions in Securities’ and subsequent instructions in this regard issued to all State Co-operative Banks (StCBs)
Presently, the Reserve Bank of India (RBI) compiles and publishes on a daily basis the Reference Rate for Spot USD/INR and exchange rate of other major currencies. As announced in the Sixth Bi-monthly policy statement for the year 2017-18, Financial Benchmarks India Private Limited (FBIL) will assume, i.e., take over from RBI
RBI Master Direction on Currency Distribution & Exchange Scheme (CDES) based on performance in rendering customer service to the members of public
The Kisan Credit Card scheme aims at providing adequate and timely credit support from the banking system under a single window with flexible and simplified procedure to the farmers for their cultivation and other needs as indicated below:
Reserve Bank of India has been periodically reiterating about the activities of unscrupulous elements using the name of RBI and defrauding the common public. These elements use fake letter heads of RBI, send emails impersonating as employees of RBI and lure people with fictitious offers / lottery winnings / remittance of cheap funds in foreign currency from abroad.
Master Circular – Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM) has been suitably updated by incorporating the instructions on DAY-NRLM issued up to June 30, 2018, which are listed in the Appendix and also been placed on website (https://www.rbi.org.in).
Self Help Groups have the potential to bring together the formal banking structure and the rural poor for mutual benefit. Studies conducted by NABARD in a few states to assess the impact of the linkage project have brought out encouraging and positive features like increase in loan volume of the SHGs
The genesis of Lead Bank Scheme (LBS) can be traced to the Study Group headed by Prof. D. R. Gadgil (Gadgil Study Group) on the organizational framework for implementation of the social objectives, which submitted its report in October 1969. The Study Group drew attention to the fact that commercial banks did not have adequate presence in rural areas and also lacked the required rural orientation.
Agency banks may follow a simple procedure for enrolment/registration of brokers. The broker seeking enrolment/registration may submit the request for registration on their business letterhead together with business data to the agency banks.
Please refer to the Circular DCM (CC) No.G-3/03.44.01/2016-17 dated July 20, 2016 on the scheme of penalties. 2. A revised and updated version on the subject is annexed for information and necessary action. 3. This Master Circular is available on our website www.rbi.org.in.
In terms of the Preamble, under Section 45 of the RBI Act, 1934 and 35 A of the Banking Regulation Act, 1949, the Bank issues guidelines / instructions for realising the objectives of our Clean Note Policy.
Please refer to the Master Circular DCM(FNVD)G - 4/16.01.05/2017-18 dated July 20, 2017 consolidating the instructions issued till July 20, 2017, relating to Detection and Impounding of Counterfeit Notes. The Master Circular has since been updated by incorporating the instructions issued till date and has been placed on the RBI website www.rbi.org.in.
1. Facility for exchange of notes and coins at bank branches (a) All branches of banks in all parts of the country are mandated to provide the following customer services, more actively and vigorously to the members of public so that there is no need for them to approach the RBI Regional Offices for this purpose:
Please refer to our Master Circular RBI/2017-18/2 dated July 1, 2017 on the above subject. We have now revised and updated the Master Circular which consolidates important instructions on the subject issued by the Reserve Bank of India till June 30, 2018.
Please refer to our Master Circular FIDD.GSSD.BC.No.01/09.10.01/2016-17 dated July 01, 2016 (Updated as on September 29, 2016), consolidating the instructions / guidelines / directives issued to banks till that date relating to Credit Facilities to Minority Communities.