Arvind Kejriwal and Mamata Banerjee made a scathing attack on the government on Thursday warning that there will be intense protests and unrest if it does not withdraw its ban on ₹500 and ₹1000 rupee notes. They also visited the Reserve Bank of India to check on the progress of[Read More…]
Tag: RBI
Banks to use indelible ink to prevent multiple cash withdrawals
In a surprising move, the Finance Ministry on Tuesday announced that it will use indelible ink like during elections to prevent people from making more than the permissible number of times cash withdrawal from bank counters. Economic Affairs Secretary Shaktikanda Das said that banks would start using indelible ink to[Read More…]
Don’t be anxious, enough cash available: Reserve Bank of India
Assuring the citizens, the Reserve Bank on Sunday said enough cash is available at banks and people need not be anxious and make repeated trips to branches and ATMs to hoard money. “The Reserve Bank assures members of the public that enough cash in small denominations is also available at[Read More…]
Enough cash available with banks for exchange of demonetised notes: RBI
The Reserve Bank of India (RBI) on Friday said there was enough cash made available with banks all over the country for exchange of demonetised ₹500 and ₹1,000 notes, though it may “take a while for the banks to recalibrate their ATMs”. “There is enough cash available with banks and[Read More…]
Banks to be fully functional on Saturday, Sunday: RBI
In a bid to deal with the rush of people expected to queue up at branches to exchange now-invalid currency notes of Rs 500 and Rs 1000, the RBI has announced that banks will remain open on coming Saturday and Sunday. “Banks will remain open for public on Saturday, November[Read More…]
New ₹500, ₹2000 currency notes in ATMs from November 11: Government
The new Rs 500 and Rs 2,000 currency notes will be available at bank ATMs when they start operating again from Friday, Finance Secretary Ashok Lavasa said on Wednesday. “There are going to be some difficulties which they (people) will face but for their convenience, a number of steps have[Read More…]
Here’s why people with black money slept peacefully last night
The Prime Minister’s ‘surgical strike’ on black money late on Tuesday evening took most by surprise as was its intention. Coming at the back of the voluntary disclosure of black money along with a one-time amnesty scheme, the decision to scrap Rs 500 and Rs 1,000 notes is seen as[Read More…]
₹500 and ₹1,000 notes won’t be valid from midnight: Modi govt’s crackdown on black money
In his emergency address to the nation on Tuesday, Prime Minister Narendra Modi announced that currency notes of ₹500 and ₹1,000 will be withdrawn from midnight. He said the citizens will have 50 days – from 10 Nov to 30 Dec to deposit notes of ₹500 and ₹1000 in any[Read More…]
Monetary policy 2016: RBI cuts repo rate by 25 bps to 6.25%
The Reserve Bank of India (RBI) on Tuesday cut its key lending—the repo rate—by 25 basis points to 6.25 percent, as a newly set up panel felt that inflation levels were low enough to reduce loan rates. The decision of the monetary policy committee (MPC), headed by new RBI governor[Read More…]
Rajan’s new warning: Low interest rates could distort markets
Former RBI Governor Raghuram Rajan, whose tenure at the Reserve Bank of India ended this month, warned that low interest rates globally could distort markets and would be difficult to abandon. The new warning came from the central banker at a time when the world’s central banks appear to be[Read More…]
Financial exclusion: RBI mulls opening door to Islamic finance
The Reserve Bank of India (RBI) has proposed working with the government to introduce interest-free banking to tackle financial exclusion for religious reasons, potentially opening Islamic finance to the largest Muslim minority population in the world. The RBI made the proposal in its annual report last week, as departing central[Read More…]
Urjit Patel is new RBI governor: 6 things to know about him
Ending the speculation, as who will be the successor of Raghuram Rajan the government has finally announced that Urjit Patel will take over as the 24th Governor of the Reserve Bank of India. Patel was serving as the deputy governor incharge of the monetary policy department. Here is brief profile[Read More…]
‘It’s been fantastic’; Raghuram Rajan bids adieu to the RBI
Reserve Bank of India governor Raghuram Rajan on Tuesday described the experience as fantastic, saying he is leaving the office knowing the central bank did something. While addressing the media following his last monetary policy meeting, Rajan said he enjoyed every minute of his tenure and hopes he has added[Read More…]