RBI: SLR by 0.50% to 22.5 % from 23 %.

Reserve Bank of India (RBI) kept its benchmark interest rates unchanged (Repo at 8 % & Reverse Repo at 7 %). But cut the SLR (Statutory Liquidity Ratio - mandated investments in government securities)  by 0.50% to 22.5 % from 23 %. This move is expected to release nearl…

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RBI’s Policy : Banks May not lead to Lower Rates.

Perspective on the RBI monetary policy from Dipen Shah, Head- Private Client Group Research, Kotak Securities: “The RBI’s policy announcements largely met expectations with the repo rate and CRR remaining unchanged. The 0.5% reduction in SLR to 22.5 % will only add to the ex…

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RBI: Increased amount of Indian currency Notes can take out of India

The Reserve Bank of India (RBI) increased the amount of Indian currency notes Indians & non-residents can take out of the country. The limit has been hiked to Rs. 25,000. Now, only Indian residents are allowed to take Indian currency notes up to Rs. 10,000 out of the co…

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RBI:Increased to to $ 1,25,000 Indian Individuals Spending Limit Abroad..

The Reserve Bank of India (RBI) recently increased the amount Indians can remit in foreign exchange without end-use restrictions. The limit under the liberalised remittance scheme has been increased to $ 1,25,000 from the current level of $ 75,000 per year. The RBI had in Au…

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CREDAI demands reduction in home loan rates

CREDAI demands reduction in home loan rates to trigger demand for Real Estate Industry Emphasizes on the immediate need for infrastructure status and flexible approach towards project funding The Confederation of Real Estate Developers’ Associations of India (CREDAI) the apex…

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No minimum balances charges in inoperative Bank Accounts: RBI Order..

RBI (Reserve Bank of India) in his First Bi-monthly Monetary Policy Statement, 2014-15 report mention that Consumer protection is an integral aspect of financial inclusion.  The RBI proposes to frame comprehensive consumer protection regulations based on domestic experience …

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Pre - closure charges on Floating Rate Term Loans : RBI Notice

Pre - closure charges / pre-payment penalty on Floating Rate Term Loans : RBI Notice RBI/2013-14/582 DBOD. Dir.BC.No.110/13.03.00/2013-14 May 7, 2014 All Scheduled Commercial Banks (Excluding RRBs) Dear Sir/Madam Levy of foreclosure charges/pre-payment penalty on Floating Rate Ter…

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No Penalty for Pre-Paying Floating Rate Term Loans to individuals.

Now you can pre-pay your housing loans, vehicle loans or / personal loans without having to worry about what your bank might charge you as penalty. The RBI (Reserve Bank of India) has directed banks to not levy any penalty on individual borrowers pre-paying floating rate ter…

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Levy of penal charges on non-maintenance of minimum balances in inoperative Banks Accounts..

RBI (Reserve Bank of India) has released a notification dated 06.05.2014 and directed all banks not to levy penal charges on non maintenance of minimum balance in inoperative accounts The complete notification is given as under. RBI/2013-14/580 DBOD. Dir.BC.No. 109 /13.03.…

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RBI Rules: Deposit can pay more than 12.5% as return, Become Illegal.

Under RBI (Reserve Bank Of India) rules, no deposit can pay more than 12.5% as return. Which means schemes of almost all companies become illegal. The maximum interest rate that an NBFC can pay to a depositor should not exceed 12.5 %. The RBI keeps altering the interest rates…

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RBI: Credit Card Interest Payment Easier for Users...

RBI Says interest on card balance should not be levied till next bill Credit cards carry one of the highest interest rates  between 35%  and 47% a year. For select customers, certain banks charge credit card interest at a little lower rate of 24%. You might get more time to r…

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Reaction To RBI Policy Rate Announcement..

by Anuj Puri - Chairman & Country Head, JLL India It has been clear that over the last few months, the RBI been looking for the right circumstances to bring down the repo rate. However, it is also clear that it still perceives a threat of inflation going up again in the…

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Reserve Bank of India Tightens Norms for Pre-Paid Cards..

The Reserve Bank of India (SBI) tightened and streamlined the norms regarding issuance of pre-paid payment instruments and capped their maximum value at Rs. 50,000. “The developments in the pre-paid payment instrument segment have necessitated a comprehensive review of gui…

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Unclaimed Deposits Rs.3,500 Cr: Used for Depositors Study

The Reserve Bank of India (RBI) on recently proposed that unclaimed bank deposits, estimated at over Rs. 3,500 crore, be utilised for education and awareness of depositors. As per the proposal, the banking sector deposits which have not been claimed for 10 years or / more …

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RBI Notice: Bank Rupee Notes Issued Prior to 2005 to be Withdrawn From 2014, March 31.

The Reserve Bank of India (RBI) has recently  advised that after March 31, 2014, it will completely withdraw from circulation all bank Notes issued prior to 2005. From April 1, 2014, the public will be required to approach banks for exchanging these notes. Banks will provi…

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RBI Bans Zero percent finance Scheme , No charges on Payment by Debit Card

1. Please refer to RBI's circular DBS.CO.PPD No. 17882/11.01.005/2012-13 dated June 19, 2013, wherein we had observed certain disquieting features in certain practices / or products prevalent / or offered by some of the banks. We RBI  had solicited your comments in this…

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Poor Can Also Open Zero Balance Account in Foreign Banks: Reserve Bank

People belonging to weaker sections in India can also open zero balance accounts in foreign banks like HSBC, Citibank & Standard Chartered Bank and avail free ATM-cum-debit card facility. The Reserve Bank of India (RBI)  recently said its 'Basic Savings Bank Deposit …

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RBI has brought down the risk weight on housing loans above Rs. 75 lakh to 75% from 125%.

In order to give a fillip to the Indian housing sector at a time when the economy is facing a slowdown, the Reserve Bank of India (RBI) on June 21, 2013 announced 2 measures that will increase flow of bank credit to builders / or developers and individuals home loan buyers. …

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RBI Monetary Policy Does Not Meet Real Estate Industry Epectations..!

Mr. Lalit Kumar Jain, National President, CREDAI Expressing disappointment over the RBI’s (Reserve Bank of India) decision to cut repo rate by “just”  0.25%, Indian real estate apex body CREDAI (Confederation of Real Estate Developers’ Associations of India) has said that th…

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RBI Monetary Policy : Effect On Indian Real Estate..!

by Mr. Shobhit Agarwal, Jones Lang LaSalle India. As India’s GDP is poised for its slowest growth in over a decade, the Reserve Bank of India (RBI) has revised their monetary policy. The RBI has further lowered the REPO rate an additional 25 basis points (0.25%) to 7.5%. The…

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