Foreign Reserve is a foreign currency hold by country’s central banks (RBI) and also by major financial institutions to meet their international payment obligations or in other words to influence their exchange rate. And also includes sovereign,commercial debts,during imports,to intervene in the foreign currency market during high volatility.
An 8th standard student named Rajas,cornered RBI governor Raghuram Rajan with an awesome question in a formal discussion with a group of students in Mumbai. Watch the RBI governor’s Masterly Response to a Inspirable Bullet from 8th standard student
Certificate of deposits or CDs is a money market instrument which is offered by few banks and financial institutions which provides investors to enjoy the highest interest rates in comparison of any other saving accounts. It is a promissory note issued by the bank against funds deposited by an investor. It is a negotiable money market instrument and can’t get less than of 5 months and can’t get exceed more than 5 year.
The Reserve bank of India in its recent monitory polciy review (FEB 3rd) revised the limit under Liberalised Remittance Scheme (LRS) to $250,000 per person per year. Earlier (June 2014) RBI had increased the Forex remittance from 75,000USD to 125,000 USD
RBI in its recent circular stated that from December 29th, 2014 onwards the RTGS transfer window will be extended from 0800hrs – 2000hrs on weekdays and on Saturdays the time window will be from 0800hrs – 1530hrs. This attempt mostly benefits mostly the business and interbank transactions who wants to tranfer via RTGS beyond the current existing time window.
Mr Shri Jayant Sinha(Finance Minister) in written reply to a question in Lok Sabha today posted that Government will introduce 1 Billion Plastic currency notes of Rs10 denomination on trial basis in cities (Kochi, Mysore, Jaipur, Shimla and Bhubaneswar). The whole idea is to increase the lifetime of the Currency notes. Once the field trial is successful RBI might replace the old paper currency notes with Plastic Currency.
With the new ruling from Reserve Bank of India (RBI) that restriction is withdrawn. The new directive from the RBI is allowing the children above ten years to open account in different national and private sector banks across the country. The process of operating of the Bank account is conducted independently without indulgence of their parent.
Oxigen Wallet ,India’s first social mobile wallet service comforts people to share money with their friends & family over their preferred social networks and messaging platforms like Facebook,WhatsApp, Google+ and Twitter. Moreover Oxigen Wallet is India’s first RBI approved non-bank wallet to be integrated with NPCI allowing instant money transfer from the Wallet to 60+ banks and vice versa using the Immediate Payment Service (IMPS).
RBI on its today’s statement said that it had increased its PPF deposit limit from 1 lakh per year to 1.5 lakh per year.PPF is a 15-year investment scheme under which an investor enjoys tax exemption at the time of deposit, accrual of interest and withdrawal.
In India, the financial system is regulated with the help of independent regulators, associated with the field of insurance, banking, commodity market, and capital market and also the field of pension funds. Let us look in detail about the Financial Regulatory Bodies in India.
In a latest report, it was found that the numbers of ATM withdrawals from third party ATMs will come down to three per month. Currently, the limit is five withdrawals per month for the account holders. However, this is applicable only for the account holders present in cities. As far as, the instructions of Reserve Bank of India are concerned, the banks will have to continue offering the same limit to the account holders in rural areas.
Your identity proof is not the first thing anyone asks for, when you meet unknown people for the first time. You say your name and start exchanging words, but this is not so simple if you had to open a bank account in your country. The need of permanent address and its verification created an end number of tasks. But, you may see- off that paperwork, as the new and easy service is here for your relief. The bank has initiated a new plan, where they require only one current address. It can either be a permanent address or a local address.