RBI tightens norms for cash pay-outs at banks | Check new rules
Business | July 25, 2024 10:19 ISTCash pay-out refers to arrangements for amounts being transferred out of bank accounts to beneficiaries not having a bank account.
Cash pay-out refers to arrangements for amounts being transferred out of bank accounts to beneficiaries not having a bank account.
The RBI stated that the disruptions faced by these institutions have either been resolved or are currently being addressed. This reassurance comes in light of concerns over potential impacts on financial operations due to the global technical glitch.
RBI Grade B recruitment 2024 detailed notification will be soon released by the Reserve Bank of India (RBI). Interested individuals can submit their online applications from the official website, rbi.org.in, once the registration forms are released. Check eligibility, how to apply, fee, and more.
According to Reserve Bank of India data, India registered an annual employment growth rate of 6 per cent in the FY 24. Last year, the annual employment growth rate was 3.2 per cent only.
The current official estimate of GDP growth in 2023-24 is 8.2 per cent, accelerating from 7 per cent in the preceding year. Earlier this month, the Reserve Bank of India pegged the GDP growth rate for FY25 at 7.2 per cent.
Apart from home loans, credit cards, non-food bank credit, industries and agricultural activity loans saw a year-on-year growth in May 2024. However, the personal loan segment growth has moderated.
The apex bank said gold reserves increased by USD 988 million to USD 56.956 billion during the week. The Special Drawing Rights were down by USD 57 million to USD 18.049 billion.
For FY24, the current account deficit narrowed to USD 23.2 billion or 0.7 per cent of GDP against USD 67 billion or 2 per cent of GDP in FY23, the RBI said in a release on the Developments in India's Balance of Payments.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
The Reserve Bank of India (RBI) has proposed a new facility to allow automatic replenishment of UPI Lite wallets to promote small-value digital payments. Currently, UPI Lite has a daily limit of Rs 2,000 and a per-transaction limit of Rs 500.
RBI Governor Shaktikanta Das revealed the next set of monetary policies on Friday morning. Earlier, experts anticipated that the RBI will maintain the benchmark interest rate at 6.5%, unchanged since February 2023, due to inflation concerns.
Julio Velarde, Governor of the Central Reserve Bank of Peru calls it a significant step towards strengthening and modernising the Peruvian payments system by expanding access to digital payments.
The Reserve Bank of India has shared data on the frauds that occurred in the last financial year, and the numbers are alarming. The rise in UPI payments has corresponded with a similar increase in online fraud cases.
In the biggest logistical exercise to move huge quantity of gold since 1991, the Reserve Bank of India transfers 1000 tonnes of gold to its vaults in India. The move is guided by the management of overseas gold reserve considering its rise in recent years.
Bank Holidays in June 2024: All public and private banks in India, including the State Bank of India, will be closed for at least 12 days in June 2024 due to religious festivals, regional holidays, and weekends.
The decision to pay the highest-ever dividend to the government was taken at the 608th meeting of the Central Board of Directors of the Reserve Bank of India held under the chairmanship of Governor Shaktikanta Das.
Following three weeks of successive increase, the Indian foreign exchange reserve registers all time high growth. Earlier in the week ending on April 5, the highest ever forex reserve was achieved with USD 648.562.
Forex reserves are assets that are held by a nation's central bank or monetary authority. It's generally held in reserve currencies, usually US Dollar and, to a lesser degree, Euro, Japanese Yen, and Pound Sterling.
The total value of Rs 2,000 banknotes dropped drastically from Rs 3.56 lakh crore in May 2023 to just Rs 7,961 crore by April 30, 2024, indicating a substantial decline, according to RBI statements.
Bank holidays May 2024: The Reserve Bank of India shared the list of bank holidays for the upcoming month which includes Sundays, second and fourth Saturdays as well as a list of public holidays.
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