Tag: Rbi

Recently, a message claiming that Rs 500 note with star symbol is fake was found doing the rounds on social media. However, PIBFact check found that, “The message deeming such notes as fake is false.”

Members of the public are cautioned not to fall prey to such false and misleading campaigns and report such incidents to law enforcement agencies, the central bank stated.

The RBI on Friday announced to raise the UPI payment limit to hospitals and educational institutions to Rs 5 lakh from Rs 1 lakh presently.

The Reserve Bank of India's Monetary Policy Committee (MPC) did not change the repo rate from 6.50 per cent.

Another attraction of the Bali Yatra is a counter run by the Reserve Bank of India. Customers throng the stall to exchange their torn, soiled and mutilated currency notes. They were also dismayed to see currency notes hanging from trees.

The Rs 2,000 bank notes were introduced in November 2016 following demonetisation of the then prevailing Rs 1,000 and Rs 500 bank notes.

Regional Director of the RBI, Bhubaneswar said people should not believe rumours about the ineffectiveness of some coins and there is a need for more sensitization in this regard. People can even deposit their coins in banks. And no bank can refuse to accept coins from their customers .

The RBI had, on July 11 last year, put in place an additional arrangement for invoicing, payment, and settlement of exports/imports in INR through Special Rupee Vostro Accounts of the correspondent banks

Among the heavyweights, Axis Bank is down 3 per cent, SBI is down 3 per cent, Bajaj Finance is down 1.8 per cent.

The rate of interest on FRB 2024 is reset at the average rate (rounded off up to two decimal places) of the implicit yields, at the cut-off prices of the last three auctions of Government of India 182-days Treasury Bills, held up to the period preceding the coupon reset date, which is November 7, 2023.

What was surprising today was that some agents were seen openly distributing notes to the people for exchange. Several people standing in the queue admitted that the pink notes they were exchanging did not belong to them

Investigation revealed they came to the RBI Regional office at the behest of some others, including reputed business houses.

Sources said that ‘some people’ are paying Rs 300 to those who are standing in queues to get Rs 2000 notes up to Rs 20,000 exchanged for them.

The move comes as part of the RBI’s move to put "a comprehensive framework in place for strengthening and improving the efficacy of the grievance redress mechanism and customer service provided by the Credit Institutions (CIs) and Credit Information Companies (CICs)".

Apart from this, the RBI has also constituted squads who undertake surprise visits to banks and check whether they are accepting torn and soiled notes and getting them exchanged.