3 types of accounts being closed as per the new Reserve Bank rules
Accounts that consistently maintain a zero balance for an extended period are labelled as zero balance accounts.
Reserve Bank issues 2 numbers to stop fraud in the name of bank calls
Banks are now required to use telephone numbers starting from 1600 for all transaction-related calls. Similarly, 2 different numbers have been provided for promotional calls and short messages.
Reserve Bank issues new rules on fixed deposits
The new rules include consent and repayment of public deposits, nomination, emergency expenses and informing depositors about the deposit, among other things.
HDFC and Axis banks fined Rs 2 crore 91 lakh
In a statement released by the RBI on September 10, it was said that the provisions of the ‘Banking Regulation Act’ have been violated by both these banks.
RBI brings back more than 100 tonnes of gold stored in ‘Bank of England’ for several years
Even India has been keeping gold in the Bank of England since independence.
India becomes a country with a 4 trillion dollars economy (Rs 4 Lakh crore)
The Indian Reserve Bank said that India’s economy grew by 7.8% in the first three months of this fiscal year.
RBI hikes repo rate by 0.50%
Reserve Bank of India (RBI) has hiked the repo rate by 0.50%, taking it to 5.90% from 5.40%. It will result in raising interest on various loans such as housing, vehicle, personal, etc. leading to an increase in the EMI (Equated monthly instalment) for the borrowers.
Do not fall into the trap of fraudsters, RBI alerts the public
Reserve Bank of India has alerted people instructing them not to fall prey to fraudsters. In today’s time, many people easily fall prey to fraudsters.
After Sri Lanka, now Nepal is facing financial crisis !
Sri Lanka is currently going through an economic crisis that is said to be the biggest in the last 70 years. There are indications that a similar crisis could befall Nepal, India’s other neighbour.
Now ATM card not required to withdraw money : Reserve Bank of India Governor
The cardless money withdrawal facility will curb things such as Card Skimming (a method of stealing the technical information and PIN of the ATM card).