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  Every year there are hundreds of cases related to fraudulent transactions in banks. Keeping this problem of the customers, Reserve Bank of India (RBI) has announced the positive pay system in the MPC meeting this time. In which fraud will be obtained from fake cheques through 'positive pay'. This system will be applicable to cheque with an amount of Rs 50,000 or more.   During the MPC meeting, RBI's governor Shaktikanta Das said that keeping in mind the security of cheque payments, we will issue guidelines related to positive pay system. This will prevent frauds in cheques of Rs 50,000 and above. He also said that in terms of volume, about 20% of transactions through cheques in the country will come under the scope of this system, while in terms of value, 80% of transactions will come under this system.   The positive pay was launched by ICICI Bank in 2016 for its customers. Under the 'positive pay' system, the person issuing the cheque to a third party wi...

  Those who had hoped to reduce loan interest rates before the festivals were not fulfilled. Because the Reserve Bank of India (RBI) announced RBI monetary policy repo rate decision to keep the key interest rate repo rate constant at 4 per cent after the review meeting of the monetary policy. The reverse repo rate has also been retained at 3.35 per cent.   Repo rate is the interest rate at which the Reserve Bank gives short term loans to all banks in India. If this is cut, then banks would have to pay less interest to the RBI, like banks charge interest as EMI after giving a loan to their customers. If there were cuts, it would have an impact on the EMI of the public as well.   Conversely, if the Reserve Bank had increased the rate of repo rate, it would have become an expensive repo rate linked home loan. This would increase the interest rate for Home loan, Car loan and all other loans. However, this happens only when the demand for loans in the market is good. D...

  The Reserve Bank of India (RBI) is the largest monetary authority in the country. It is also called a bank of banks. RBI only issues notes ranging from 2 rupees to 2000 rupees, except one rupee note in India, because one rupee note is issued by the Ministry of Finance. Now, in such a big view, the supply of fake currency among the supply of money can also not be ruled out.   Some of the features of real currency are as follows, by which fake currency notes can be identified.   1. Security Thread This security thread ranges from a 5 rupee note to a 2000 rupee currency note as well. On the note, it is on the left side of the picture of the Father of the Nation, Mahatma Gandhi. The thread is in a straight line. If someone brings the note in front of the light, then the value of the note, India and RBI starts to shine on this thread. Also, keep in mind that if the note is fake, then rubbing this thread starts to lose its colour.   2. Watermark You must ...

  Many investors have been extremely concerned about their money deposited in the bank since the scams at the PMC and Yes banks in the recent past and the scenes of crowdfunding and demonstrations in the bank to withdraw money from account holders. He wants to be assured whether his rupees deposited in the bank are safe or not. For some time, I have been worried about the condition of the investors who deposited their entire deposits in PMC Bank, but they were unable to withdraw money from the bank due to the withdrawal limit after the scam.   So it comes to mind repeatedly that our money deposited in banks is safe. Let us try to understand this problem.   There are different types of banks in India, such as public banks, private banks, foreign banks, several statewide co-operative banks and rural banks. While all the banks operating in the country come under the Reserve Bank and are governed by its guidelines, but the co-operative bank introduces less transparenc...

  A piece of important news has come for common people and businessmen. Banking company status has expired under the Banking Regulation Act of Aditya Birla Idea Payments Bank. The Reserve Bank of India gave this information on Thursday. In November last year, the Reserve Bank had said that it would move towards liquidation following the Aditya Birla Idea Payments Bank's voluntary winding up of business.   The central bank said in a notification, 'Aditya Birla Idea Payments Bank has now ceased to be a banking company under the Banking Regulation Act 1949. This system has come into effect from 28 July 2020.   In July last year, Vodafone Idea Ltd reported to the stock market that Aditya Birla Idea Payments Bank would cease operations. This was attributed to the company's business being subjected to uncertain circumstances which made its economic model impractical.   In July 2019 itself, Aditya Birla Idea Payments Bank announced that it would soon consolidate...

In 2014, the Reserve Bank of India (RBI) made it clear through a circular that any person can open a "Small Bank Account" without any documentation. According to the Reserve Bank of India, anyone can apply for a Small Attached Photograph and Small Bank Account by giving a signature or thumb impression in front of a competent officer of the bank. The KYC rules have been relaxed to connect more and more people to the banking system of the country. The country's largest bank State Bank of India (SBI) also offers Small Bank Account for its customers. According to the bank's website, anyone over the age of 18 can open 'Basic Savings Bank Deposit Small Account' or 'SBI Small Account' of SBI. Let's know some key things related to SBI Small Account: After opening SBI Small Account, you do not need to maintain any minimum balance. You can keep up to a maximum of Rs 50,000 in your account at one time. Transactions up to a maximum of Rs 1 lakh can be done thr...

The Reserve Bank of India (RBI) made several announcements on Friday to accelerate the sluggish economy due to the Corona transition. Giving details of the measures in a press conference, RBI Governor Shaktikanta Das said that the period of loan moratorium (deferment for repayment of a loan) is being extended by three months. The RBI governor said that the global economy has been affected badly due to the Corona infection. Due to this, the income of the common man has also been affected. In view of this, the EMI payment exemption period is being extended until August. That is, now borrowers will not have to pay EMI till 31st August. However, this facility is voluntary and if one wishes to pay EMI, he can. The RBI has barred all commercial, regional, rural, NBFC and small finance banks from recovering EMIs of all types of term loans. Postponing the payment of EMI will not affect the credit score of the common man. The RBI has stated that the moratorium period will not b...

Coronavirus, which originated from China has spread almost all over the world today. Several countries of the world, including India, have declared coronavirus an epidemic. The World Health Organization (WHO) has issued guidelines for the prevention of coronaviruses. Many countries have also issued separate guidelines for their citizens. It is clearly stated in these guidelines that ordinary people should stay away from the victims and do not touch any such thing, which is prone to spreading the coronavirus or any other type of virus. Meanwhile, many financial experts have also said that to avoid coronavirus, avoid as much as possible from cash transactions. The WHO recommends contactless payments in its guidelines to avoid the risk of spreading the coronavirus. However, the WHO has not unequivocally confirmed that the cash transaction can spread the coronavirus. In a press conference on Monday, Reserve Bank of India (RBI) Governor Shaktikanta Das has also advised pe...

The uncertainty about the prevalence in India with virtual currency ie cryptocurrency, which was launched with the slogan of giving freedom to the general public from physical currency, is currently over. The Supreme Court has lifted the ban on Indian banks and financial institutions for providing services related to the business of cryptocurrency. The banking sector regulator was put in place by the Reserve Bank of India (RBI) and because of this, cryptocurrency-related services in India were on the verge of closure. But the Supreme Court has upheld petitions challenging the Reserve Bank of India (RBI) ban in an important judgment. Now the central government and the Reserve Bank of India will have to decide whether the dominant currency will work in the country. The Central Government is yet to propose to ban all types of external virtual currency. It should also be seen how the Reserve Bank of India approaches the regulation of the virtual currency in the country. ...

Repo Rate – remains unchanged at 5.15% Reverse Repo Rate – remains unchanged at 4.90% Bank Rate & Marginal Standing Facility (MSF) Rate – remains unchanged at 5.4% Cash Reserve Ratio – The CRR of scheduled banks remains unchanged at 4.0% of their Net Demand and Time Liabilities (NDTL) The Monetary Policy Committee voted unanimously to keep the policy rate unchanged. It also decided to continue with the accommodative stance as long as it is necessary to revive growth while ensuring that inflation remains within the target. It was enumerated that policy space exists for future action and the same may be addressed through opportune instruments gauging the growth-inflation dynamics. The GDP growth is projected at 6.0% for FY21 in the range of 5.5-6.0% in H1 and 6.2% in Q3. The CPI estimates were revised upwards to 6.5% for Q4:2019, 5.4 5.0% for H1 FY21 and 3.2% for Q3 FY21 with risks broadly balanced. Crude prices are likely to remain volatile due to unaba...