The Reserve Bank of India will shortly issue Rs.500 denomination banknotes in Mahatma Gandhi (New) Series with inset letter ‘E’ in both the number panels, bearing the signature of Dr. Urjit R. Patel Governor, Reserve Bank of India, the year of printing '2016’ and Swachh Bharat Logo printed on the … [Read more...]
Issue of Rs 2000 Banknotes
The Reserve Bank of India will shortly issue Rs 2000 denomination banknotes in the Mahatma Gandhi (New) Series, without the inset letter, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India, and the year of printing '2016' printed on the reverse of the banknote. The new … [Read more...]
Withdrawal of Legal Tender Status for Rs 500 and Rs 1000 Notes: RBI Notice
Government of India vide their Notification no. 2652 dated November 8, 2016 have withdrawn the Legal Tender status of Rs 500 and Rs 1,000 denominations of banknotes of the Mahatma Gandhi Series issued by the Reserve Bank of India till November 8, 2016. This is necessitated to tackle counterfeiting … [Read more...]
RBI advised to all banks to calibrate 10% of ATMs to dispense Rs.100 banknotes exclusively
RBI/2016-17/106 DCM (CC) No.1170/03.41.01/2016-17 November 02, 2016 The Chairman & Managing Director / Chief Executive Officer, All Banks Madam / Dear Sir, Dispensation of Rs.100 denomination banknotes through exclusive ATMs Please refer to our circular DCM (CC) … [Read more...]
Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016
RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE MUMBAI 400 001 Notification No. FEMA 14(R)/2016-RB May 02, 2016 Foreign Exchange Management (Manner of Receipt and Payment) Regulations, … [Read more...]
RBI imposed penalty of Rs. 5 lakh on The Nasik Merchants Co-operative Bank Ltd
The Reserve Bank of India has imposed a monetary penalty of Rs. 5.00 lakh (Rupees Five Lakh only) on The Nasik Merchants Co-operative Bank Ltd., Nashik in exercise of the powers vested in it under the provisions of Section 47A (1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (As … [Read more...]
The RBI has extended the date for the exchange of Pre-2005 banknotes till June 30, 2016
The Reserve Bank of India has, on a review, decided to extend the date for the public to exchange their pre-2005 banknotes till June 30, 2016. However, from January 01, 2016, such facility will only be available at identified bank branches (https://www.rbi.org.in/Scripts/Regionaloffices.aspx) and … [Read more...]
RBI has given the explanation on wrong message appearing on the social media
The Reserve Bank of India has today denied having issued a communication circulating on social media alerting members of public that banks will not accept currency notes with scribbling on them from January 1, 2016. The Reserve Bank has reiterated that all currency notes issued by it are legal … [Read more...]
RBI canceled Certificate of Registration of 56 NBFCs
The Reserve Bank of India (RBI) has cancelled the certificate of registration of the 56 (fifty six) non-banking financial companies (NBFCs) as shown below, in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.Following the cancellation of … [Read more...]
What is Bharat Bill Payment System ?
1) What is Bharat Bill Payment System (BBPS)?Ans: Bharat Bill Payment System (BBPS) is an integrated bill payment system which will offer interoperable bill payment service to customers online as well as through a network of agents on the ground. The system will provide multiple payment modes … [Read more...]
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