Government of West Bengal Revises Minimum Wage Rates for Scheduled Employments (2025)
Government of West Bengal Revised the minimum wage rates for scheduled employments in the state, effective from January 1, 2025 to June 30, 2025.
MOLE Declares Banking Industry as Public Utility Service for Six More Months
MOLE Declares Banking Industry as Public Utility Service until December 15th 2024
ESIC Issues Notification on Bulk Aadhaar Seeding Through Employer Portal
Employees’ State Insurance Corporation (ESIC) has issued a notification regarding the bulk Aadhaar seeding process for ESIC beneficiaries through the Employer Portal.
Uttar Pradesh Government Announces State List of Holidays for 2025
Government of Uttar Pradesh officially notified the Uttar Pradesh State List of Holidays for 2025
Umbrella organization of Urban Cooperative Banks
NUCFDC is envisaged to provide following types of fund-based support and non fund-based services to urban cooperative banks (UCBs) which are its shareholder-members.
RBI circular on Maintenance of Cash Reserve Ratio
Banks are required to maintain the CRR at 4.25 per cent of their NDTL effective from the reporting fortnight beginning December 14, 2024 and 4.00 per cent of their NDTL effective from fortnight beginning December 28, 2024.
RBI directions for Collateral free agricultural loans
RBI vide circular dated December 6, 2024, keeping in view the overall inflation and rise in agriculture input cost over the years, has decided to raise the limit for collateral free agricultural loans including loans for allied activities from the existing level of ₹1.6 lakh to ₹2 lakh per borrower.
RBI revises Interest Rates on Foreign Currency (Non-resident) Accounts (Banks) [FCNR(B)] Deposits
The relaxation in the interest rate ceiling will apply to fresh FCNR(B) deposits raised from the effective date, December 6, 2024. The new interest rate ceilings will remain in effect until March 31, 2025. After this date, it is expected that the RBI will review the prevailing economic conditions and may adjust the ceilings accordingly. Banks will be required to adhere to the new ceilings during this period and ensure that their FCNR(B) deposit offerings comply with the updated guidelines.
IFSCA Directions to IBUs for operations of the Foreign Currency Accounts (FCA) of Indian resident individuals opened under the Liberalised Remittance Scheme
The circular also notes that IBUs can allow RIs to open FCAs for purposes other than LRS, but these will be subject to the Foreign Exchange Management Act (FEMA) regulations.
Statement on Developmental and Regulatory Policies
The Reserve Bank of India (RBI) has rolled out a series of developmental and regulatory policy measures aimed at strengthening liquidity, boosting financial markets, ensuring better regulation, enhancing financial inclusion, and embracing technological advancements in the financial sector. These measures are spread across six key areas: Liquidity and Financial Markets, Regulation, Communication, Financial Inclusion, Payment Systems, and Fintech. Let’s break down some of the significant changes announced by the RBI.
