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.
The customers had brought those currency notes to exchange them in the RBI office. However, they threw those notes out of frustration after the authorities of the bank refused to exchange those notes.
RBI Governor Shaktikanta Das said on Friday that the committee unanimously decided to keep the repo rate at 6.5 per cent.
In a major respite for the people, the Reserve Bank of India (RBI) on Saturday extended the deadline for deposit and exchange of Rs 2,000 banknotes. Earlier the banks were advised to provide deposit and / or exchange facility for Rs 2000 banknotes until September 30, 2023 and the deadline ended today.
The RBI identifies 'wilful defaulters' as those who have the ability to pay a bank's dues but do not or divert bank funds. The RBI did not earlier have a specific timeline within which such borrowers had to be identified.
India leads in UPI usage. RBI's UPI Lite X enhances offline payments, allowing transactions in remote areas. NFC-based, Rs 4,000 daily limit.
According to RBI sources, the RBI exhibition pavilion at the G20 summit will put up five major items for display, including the Public Tech Platform (PTP) for frictionless credit.
Das, who gave the analogy of car driving while delivering the Delhi School of Economics Diamond Jubilee Distinguished lecture, said that the conduct of monetary policy is like driving a car on the road with potential ditches and speed bumps.
It resolved to remain vigilant against any build-up in vulnerabilities in all segments of the Indian financial system as well as in the broader economy.
The banks and other lending institutions will not be allowed to levy penal interest with effect from January 1, 2024, the RBI said in its notification on 'Fair Lending Practice-Penal Charges in Loan Accounts'.
The launch of the web portal will aid users to identify their unclaimed deposits and accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks, a statement issued by RBI said.
“As we now expect inflation to track at 6 per cent in QE December23, we delay the start of the easing cycle to 2Q24 from 1Q24. We maintain our expectation of two rate cuts of 25bps each.
Amid announcement of the decisions of the three day meeting of Monetary Policy Committee (MPC), Das said to harness new technologies and enhance the digital payments experience it is proposed to enable "Conversational Payments" on UPI
Announcing the decision of the MPC after its three-day deliberations, RBI Governor Shaktikanta Das said on Thursday that the committee unanimously decided to keep the repo rate at 6.5 per cent.
They also said there are factors other than monsoon that influence inflationary trends and the increase in input prices for the manufacturing sector is a cause of concern.
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