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RBI extended Deadlines for migration to CTS 2010 cheque books
In a bid to standardize and enhance security features in cheque forms the Reserve Bank of India had already advised all banks to arrange to issue only multi-city/payable at par…
RBI increases Bank Rate from 6.00% to 9.50% w.e.f.13-02-2012
The Reserve Bank of India has decided to increase the Bank Rate from 6.00% to 9.50% w.e.f. 13-02-2012. In its notification issued on 13-02-2012 RBI has advised that this should…
Contact details of Bank’s Customer Facilitation Centres for RTGS/NEFT queries
In order to ensure standardization of benchmark rate used and to bring in uniformity in providing services to customers across the retail payment products viz. NECS /ECS/ NEFT, the Reserve Bank…
RBI slashed CRR to 5.50% w.e.f. 28-01-2012 in the Third Quarter Review of Monetary Policy 2011-12
In order to inject liquidity into the banking system, the Reserve Bank of India, announced reduction in Cash Reserve Ratio (CRR) of Scheduled Banks by 50 basis points from 6.00%…
RBI restricts Payment of Cheques/Drafts/Pay Orders/Banker’s Cheques to 3 months now
In India, as per general practices, cheques/ Drafts/ Pay Orders or Banker’s Cheques etc. are valid for 6 (six) months from the date of issue as these are treated as stale after this period…
Penalties for dishonour of electronic funds transfer instructions at par with dishonour of cheques due to insufficiency of funds
Section 138 of Negotiable Instrument Act, 1881 provides punishment of two years and twice the amount of cheque, or both for dishonour of cheque due to insufficiency of funds in…
Banks to issue Demand Drafts of Rs.20,000/- and above with Account Payee Crossing
The RBI in its notification dated 4th November, 2011 advised all scheduled commercial banks to ensure that demand drafts of Rs. 20,000/- and above are issued invariably with “Account Payee”…
RBI increases Repo Rate, Reverse Repo Rate by 0.25% in the Second Quarter Review of Monetary Policy Review 2011-12 on 25-10-2011
In order to tame inflation the Reserve Bank of India announces the following policy measures in the Second Quarter Review of Monetary Policy 2011-12 on 25th October 2011: Increased the…
SBI revises RTGS Outward Transaction Charges
Reserve Bank of India have decided to revise the charges for all outward transactions on RTGS w.e.f 01.10.2011 in terms of their circular No.RBI/2011-12/166 DPSS (CO) RTGS No.388/04.04.002/2011-12 dated 5th…
RBI increases Repo Rate, Reverse Repo Rate by 0.25% in the Mid-Quarter Monetary Policy Review on 16-09-2011
In order to tame inflation the Reserve Bank announces the following policy measures in the Mid-Quarter Monetary Policy Review on 16th September 2011: Increased the policy repo rate under the…