RBI on Friday said that all commercial banks, co-operative banks, all-India financial institutions, and NBFCs are being permitted to allow a moratorium of three months on payment of installments in respect of all term loans outstanding as on March 1, 2020. But, is credit cards outstanding covered under RBI's 3-month moratorium?
Prime Minister Narendra Modi on Friday said the Reserve Bank of India (RBI) had taken giant steps to safeguard the economy from the impact of the coronavirus. The RBI cut the benchmark interest rate by 75 basis points to 4.4 per cent on Friday to deal with the hardship caused due to the outbreak of COVID-19.
Reserve Bank of India governor Shaktikanta Das on Friday made a series of big announcements to de-stress the impact from a 21-days long nationwide lockdown. Here's the complete statement by RBI Chief:
As part of its continuing efforts to keep the system with adequate liquidity, the Reserve Bank on Thursday held an open market operation (OMO) auction for Rs 15,000 crore.
As the coronavirus infection spreads faster and deeper into the country, the Reserve Bank has allowed the majority of its staff across its centres to work from home while ensuring unhindered business continuity.
Crisis-hit private lender Yes Bank, on which Reserve Bank of India (RBI) had imposed a moratorium, will resume full banking services from the day after 6 pm.
The government on Monday said no decision has been taken to discontinue printing of Rs 2,000 banknotes, and state-owned SBI and Indian Bank are reconfiguring ATMs for Rs 500 and Rs 200 notes.
Bank customers who are expecting the issuance of their new credit, debit cards after March 16 should know about a number of things that they will have to keep in mind while doing any type of transactions after 16th March.
As part of Yes Bank's reconstruction plan, private sector Bandhan Bank said it will invest Rs 300 crore in Yes Bank reconstruction plan for the crisis-hit lender.
With heightened risk of deterioration in global growth, the RBI is likely to go for an inter-meeting repo rate cut of 25-40 basis points, says a report. On Wednesday, the World Health Organization (WHO) officially declared the coronavirus outbreak a pandemic.
The Reserve Bank will sell USD 2 billion worth of American currency to banks in a bid to infuse liquidity in the domestic forex market roiled by mounting concerns over coronavirus pandemic and crash in global oil prices.
The Reserve Bank of India on Monday said it has received Rs 48,856 crore of bids in the fourth long-term reverse repo operation (LTROs) conducted for an amount of Rs 25,000 crore with a 3-year tenor.
Messages are being widely circulated on social media platforms like WhatsApp, Facebook and YouTube claiming that the RBI will discontinue ₹ 2,000 notes and issue new ₹ 1,000 notes. But, has RBI issued new Rs 1000 currency notes?
RBI Debit, Credit card rule: From March 16, an RBI rule will kick in, which will automatically disable all those debit and credit cards that have never been used for online transactions. In a notification issued by the Reserve Bank of India on January 15, the apex bank had announced the move aimed at enhancing security for digital transactions.
State Bank of India chairman, Rajnish Kumar said that the total quantum of investment in Yes Bank is at Rs 2,450 crore. In a press conference held on March 07, Rajnish Kumar said, "Currently, there are 25 percent shares outstanding and as per the draft scheme, SBI can take up to 49 percent. The only requirement is locking 26 percent for three years. Anything above 49 percent will depend on investors. The total quantum of investment in Yes Bank is at Rs 2,450 crore." Reserve Bank of India imposed a month-long moratorium on Yes Bank citing 'serious deterioration in its financial position' on March 05, and capped withdrawal limit at Rs 50,000.
After Reserve Bank of India put up a month-long moratorium on Yes Bank, SBI chairman Rajnish Kumar in a press conference held in Mumbai on March 07, has said that there is a possibility of the state-run lender picking up stake of up to 49 percent in Yes Bank.
Senior Congress leader and former Finance Minister P Chidambaram has hit out at the Centre over Yes Bank crisis accusing the government of a complete regulatory failure. Chidambaram's statement has come after Yes Bank was put under moratorium and depositors withdrawal limit was capped at Rs 50,000.
After RBI capped withdrawal limit of Rs 50,000 on Yes Bank's depositors, people were witnessed queuing up outside Yes Bank ATM's across cities as many of them have run out of cash. The National Stock Exchange (NSE) has also imposed restrictions on Yes Bank shares in various segments, including futures and options.
Former SBI's chief financial officer, Prashant Kumar has been appointed as the new administrator of Yes Bank after a moratorium has been imposed by the RBI on the bank and withdrawal limit to its customers has been capped at Rs 50,000. Kumar's appointment has been made by the RBI.
Yes Bank Crisis: In a rare move, the capital-starved Yes Bank was placed under a moratorium on Thursday, with the the central bank capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board. Know what it mean for depositors and its impact
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