Currently, banks remain open on two Saturdays in a month, the first and third. The UBFU has proposed that employees get weekly off of two days and the banks remain open for five days a week.
The Reserve Bank of India (RBI) on Monday said in a statement that most of these notes have returned through deposits.
Das said the MPC met on June 6th, 7th and 8th.
Both public sector and private sector banks do not work on Sundays and second and fourth Saturdays, as per the RBI guidelines.
"It is necessary that boards and managements do not allow such gaps to creep in," Das said at a conference of banks' directors organised by the RBI in Mumbai.
Though banks in Odisha did not see huge footfalls of customers for the exchange on the first day, it is believed that the number may increase in the coming days. The RBI has set September 30 as the deadline for exchange of the notes.
Jewellery shops, filling stations and other business establishments across Odisha witnessed a huge rush following the decision of the RBI with people resorting to panic buying.
Speaking to reporters for the first time since the surprise decision to withdraw the highest denomination currency note was announced, Das said the decision was part of currency management.
The rate hike has been paused after six consecutive rate increases aggregating to 250 basis points since May 2022.
Recent bank closures in America highlight the importance of depositing money in multiple banks, monitoring asset quality, and avoiding panic in case of a collapse.
Learn how to claim compensation for failed transactions as per RBI guidelines with this informative guide.
The RBI on Wednesday announced a 25 bps hike in repo rate to 6.5 per cent -- the rate at which RBI lends to banks -- in an attempt to reign in the inflation.
The proceedings of the said MPC meeting have not been made public even though the law provides to the contrary.
The Reserve Bank announces the launch of the first pilot for retail digital rupee (e?-R) on December 1, 2022, the central bank said in a statement on Tuesday.
Ujjivan Small Finance Bank recently announced it will pay an 8 percent interest rate on its 560-day deposits for regular customers and 8.75 percent for senior citizens. With this, Ujjivan ranked among banks that offer the highest rates among SFBs at this point.
The Reserve Bank of India (RBI) on Monday announced operationalisation of Digital Currency- Wholesale (e₹-W) Pilot. As per official sources, the Central Bank will commence pilot launches of Digital Rupee (e₹) for the wholesale segment (e₹-W) on November 1, 2022.
The Reserve Bank of India (RBI) and the Centre had already put a lid on the issue way back in 2010.
You will benefit from the three new rules implemented by the Reserve Bank of India (RBI) for improving the payment options for cardholders. Now that the RBI rules have been implemented, the safety standards have increased even further for the cardholders.
The RBI has expended around $80 billion -- about 15 per cent of reserves -- moderating the rupee fall and that was the apt policy choice then.
The Reserve Bank of India (RBI) on Thursday directed Mahindra & Mahindra Services Ltd, Mumbai (MMFSL), to immediately cease carrying out any recovery or repossession activity through outsourcing arrangements, till further orders.