RBI increases the ceiling interest rates on Foreign Currency Non-Resident (FCNR(B)) deposits
The new ceiling rates apply to fresh FCNR(B) deposits raised by banks, with a revised structure that allows higher interest rate margins over the Overnight Alternative Reference Rate (ARR) for respective currencies.
RBI clarification on Maintenance of Cash Reserve Ratio
Reserve Bank of India hereby notifies that the average Cash Reserve Ratio (CRR) required to be maintained by every bank shall be 4.25 per cent of its net demand and time liabilities effective from the reporting fortnight beginning December 14, 2024 and 4.00 per cent of net demand and time liabilities effective from fortnight beginning December 28, 2024.
RBI raise the limit for collateral free agricultural loans
Banks are advised to waive collateral security and margin requirements for agricultural loans including loans for allied activities up to ₹2 lakh per borrower.
Maharashtra Government Announces Public Holidays for 2025
Government of Maharashtra has officially declared the public holidays for the year 2025
RBI amendment to Framework for Facilitating Small Value Digital Payments in Offline Mode
The Offline framework has been updated and the enhanced limits for UPI Lite shall be ₹1,000 per transaction, with ₹5,000 being the total limit at any point in time.
Onboarding of Primary Agricultural Cooperative Societies on Enterprise Resource Planning Software
In order to strengthen Primary Agricultural Credit Societies (PACS) through computerization, Government of India is implementing the Project for Computerization of functional PACS, which entails bringing all the functional PACS onto an ERP (Enterprise Resource Planning) based Common National Software, linking them with National Bank for Agriculture and Rural Development (NABARD) through State Cooperative Banks (StCBs) and District Central Cooperative Banks (DCCBs).
Status of withdrawal of ₹2000 denomination banknotes from circulation
The facility for exchange of the ₹2000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices)1 since May 19, 2023. From October 09, 2023, RBI Issue Offices are also accepting ₹2000 banknotes from individuals / entities for deposit into their bank accounts.
RBI clarification regarding Inoperative Accounts / Unclaimed Deposits in banks
The banks may also organise special campaigns for facilitating activation of inoperative/ frozen accounts. Besides, the banks may also facilitate Aadhaar updation for customers through the branches providing Aadhaar related services. Instructions have been issued separately to SLBCs to proactively monitor the situation in their respective jurisdictions with a view to minimise customer inconvenience.
ESIC and Ayushman Bharat Join Forces to Improve Healthcare Access for Over 14 Crore Beneficiaries
Ministry of Labour and Employment issues press release regarding Employees State Insurance Corporation works on convergence with Ayushman Bharat Pradhan Mantri Jan Arogya Yojana
Central Board of Indirect Taxes and Customs organises global India Authorised Economic Operator (AEO) programme in association with World Bank
AEO is a programme under the aegis of the World Customs Organisation (WCO) SAFE Framework of Standards to secure and facilitate Global Trade. AEO is a voluntary compliance programme which enables Indian Customs to enhance and streamline cargo security through close cooperation with the principal stakeholders of the international supply chain viz. importers, exporters, logistics providers, custodians or terminal operators, custom brokers and warehouse operators.
