With FD rates at an all-time low, inflation and tax outgo will erode your investment. This may hit senior citizens the most.
Linkage of these fast payment systems will enable users to make instant, low-cost fund transfers on a reciprocal, cross-border basis.
The RBI had provided instructions regarding the Positive Pay System and asked the lenders to launch the mechanism on January 1. It has made it mandatory for the banks that customers must be informed about the procedure.
The notes so presented shall be accepted, exchanged and adjudicated in accordance with Reserve Bank of India (Note Refund) Rules, 2009.
According to RBI, a mutilated note is a note of which a portion is missing or which is composed of more than two pieces.
The rupee opened at 74.55 versus the dollar on the interbank foreign exchange, then slipped to 74.58, a drop of 12 paise from its previous finish.
Global oil benchmark Brent crude futures rose 0.29 per cent to USD 73.07 per barrel.
The second wave of the pandemic and the consequent restrictions on activity on a virtually pan-India basis puts upside risks to inflation.
The central bank has projected retail inflation at 5.1% in 2021-22.
The Indian Rupee falls 9 paise from 73.09 to 73.18 against US Dollar
The other three deputy governors are Michael D Patra, who heads the all-important monetary policy department; Mukesh Kumar Jain, the commercial banker-turned-central banker; and Rajeshwar Rao.
This is the fifth time in a row the central bank has maintained a status quo on policy rate.
According to experts, the RBI is likely to continue with the accommodative monetary policy stance and wait for an opportune time to announce monetary action.
Effective regulation is a priority for the Reserve Bank, and regulation should not constrain innovation in the fintech space, the governor said
Former RBI Governor's remarks were in response to a query on whether he was in favour of reviewing the 2-6 per cent target band for inflation under the monetary policy framework.
The Supreme Court held that banks cannot wash off their hands towards their customers for the operation of lockers.
Following RBI keeping its interest rates unchanged, Sensex takes a leap of 117 points while Nifty ended at 14,924.25
The reverse repo rate will also continue to earn 3.35 per cent for banks for their deposits kept with RBI.
Living founder Sri Sri Ravi Shankar and others during the National Inter-religious Conference, organised by the Lokmat media group to celebrate the golden jubilee year of its Nagpur edition, in Nagpur.PTI Photo
Pakistan's cricket captain Babar Azam, left, and Mohammad Rizwan celebrate their victory in the Cricket Twenty20 World Cup match between India and Pakistan in Dubai, UAE.AP Photo/Aijaz Rahi
Pakistan's Mohammad Rizwan runs to celebrate their victory in the Cricket Twenty20 World Cup match between India and Pakistan in Dubai, UAE.AP Photo/Aijaz Rahi
Indian cricket captain Virat Kohli, centre, hugs Pakistan's Mohammad Rizwan after Pakistan won the the Cricket Twenty20 World Cup match between India and Pakistan in Dubai, UAE.AP Photo/Aijaz Rahi
India's Mohammed Shami reacts after he was hit by three consecutive boundaries during the Cricket Twenty20 World Cup match between India and Pakistan in Dubai, UAE.AP Photo/Aijaz Rahi
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