GK POWER CAPSULE FOR RBI & NICL
1. RBI CURRENT RATES: 1. Repo Rate: 7.25% 2. Reverse repo Rate: 6.25% 3. CRR – 4% 4. SLR – 23% 5. Bank Rate – 8.25% 6. MSF (Marginal Standing Rate)– 8.25% RBI’s Guidelines for New Bank Licenses: i. Bank should have 49% cap on foreign holding in new banks and minimum paid-up equity capital is Rs 500 crore. ii. New banks will have to set up 25% of its branches in unbanked rural areas. iii. Existing NBFCs, if considered eligible, may be permitted to promote new banks or convert themselves into banks. iv. The paid-up equity capital should be Rs 500crore and they will have to get listed within three years of operations. v. The Reserve Bank of India has issued a new series of 50 paisa coins with the rupee symbol and new security features to facilitate easy recognition. 3. Important Points related to RBI: 1. RBI Sign first Currency Swap Agreement with Royal Monetary Authority of Bhutan valid for a period of 3 years, according to this the Royal Monetary Authority of Bhutan can draw US Dollar, Euro or Indian Rupee in multiple tranches up to a maximum of 100 million US dollars or its equivalent. 2. RBI issued a guide lines that all the cheques should be cleared in 2 days. 3. RBI fines three banks: The Reserve Bank imposed a fine of Rs 5 crore on Axis Bank, Rs 4.5 crore on HDFC Bank and Rs. 1 crore on ICICI Bank for violation of Know Your Customer KYC norms and anti-money laundering guidelines after inquiring into charges leveled by a online portal Cobrapost. 4. RBI guidelines under Scheme A i. Under this scheme, RBI gives the approval in case a company establishes a minimum of 1000 ATMs in first year, twice the number of first year in second year as well as thrice the second year’s installation in third year. ii. According to RBI guidelines, under Scheme ‘A’, for every three WLAs (White Level Atms) installed in tier-III to VI centres, one can be installed in tier-I to II centres. Of the total WLAs installed in tiers-III to VI centres, a minimum of 10 per cent should be installed in tier-V & VI centres. Till recently, only banks were permitted to set up ATMs as extended delivery channels. RBI then permitted non-bank entities to set up, own and operate WLAs for expanding reach in tiers-III to VI. NOTE: i. Muthoot Finance to Establish White Label ATMs: Muthoot Finance got in-principal approval from the Reserve Bank of India (RBI) for establishing as well as operating White Label ATMs (WLAs). ii. The White Label ATMs (WLAs) are the ones which are not owned and operated by the bank but by another non-bank entity. iii. According to this scheme, Muthoot Finance will establish 1000 ATMs in first year, 2000 in second year and 6000 in third year total 9000 ATMs. 5. RBI has allowed RRBs to open branches in Tier-II cities (Population -50,000 to 99,999 as per 2001 census) without taking its permission 5. RBI hiked the investment limit in government securities by FIIs and long-term investors $25 billion from $20 billion and in corporate bonds $50 billion from $45 billion 6. Reserve Bank of India (RBI) panel mooted ‘India Bill Payment System’ (IBPS), a GIRO-based electronic bill payment system (GIRO Government Internal Revenue Order) for payment of dues of essential services, insurance premia, utility payments, taxes, university fees, examination fees and school fees. 7. The Reserve Bank of India (RBI) imposed restrictions on banks to import gold with immediate effect to curb the widening current account deficit (CAD). 8. RBI will launch Inflation Indexed Bonds (IIBs) each month with a maturity period of 10 years from 4 June to wean away investors from gold to paper-based savings instruments
9. Reserve Bank of India (RBI) asked banks to bring all districts in metropolitan areas under the lead bank scheme (LBS) fold. The lead bank scheme, launched way back in 1969, is an integrated mechanism to extend banking services to the doorsteps of consumers, especially the poor. 10. RBI has extended the date for...
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