Adani News

Tag: Reserve Bank of India

  • RBI to levy penalties on banks that lose property papers of borrowers

    RBI to levy penalties on banks that lose property papers of borrowers

    Banks may have to compensate borrowers and also pay a penalty if they lose the original property documents of loan seekers.

    This could soon become a possibility if the RBI accepts the recommendations of a high level committee, which it had formed in May last year to review customer service standards in banks and other lending institutions.

    The panel led by former deputy RBI governor B P Kanungo, presented its report to the central bank in April this year, and this suggestion is a part of a slew of recommendations made in it.

    The RBI has invited comments from stakeholders by July 7 on the committee’s recommendations.

    The panel has suggested that the RBI may consider stipulating a time limit for banks to return the property documents to the borrower from the date of closure of the loan account, failing
    which a penalty or a compensation linked to the extent of delay should automatically be paid by the banks to the borrower.

    “In case of loss of property documents, the bank should not only be obligated to assist in obtaining certified registered copies of documents at their cost but also compensate the customer adequately, keeping in view the time taken to arrange the alternate copies of the documents,” the panel has suggested.

    Normally banks request for original property documents and keep them until the loans are fully repaid.

    However these recommendations have come as the RBI has received several complaints that banks take a lot of time to return property documents even when the loan has been repaid on time.

    Original property documents are essential, as they help in establishing ownership and preventing disputes.

  • Students preparing for BPSC were printing fake currency, arrested

    Students preparing for BPSC were printing fake currency, arrested

    Patna (IANS) | While the Reserve Bank of India has announced a ban on Rs 2000 notes across the country, on the other hand, the police in Bihar’s capital Patna busted a gang involved in printing fake notes. There are also students in this gang who are preparing for competitive exams.
    A police official said on Tuesday that the police had received information that the work of printing fake currency was going on in SK Puri police station area. Based on this information, the police raided a flat in an apartment located in West Anandpuri.
    Three to four people managed to escape by jumping from the window as soon as the police came to know, but two youths were arrested. Police have recovered fake notes of Rs 1.80 lakh, several bottles of liquor and several items including printers from here. All the notes are of 500 and 200. Many books have also been recovered from here. The arrested youths told that they are also preparing for the BPSC competitive exam. The arrested youths have been identified as Ayub Khan (Katihar) and Ratan Yadav (Nawada).
    Patna’s Senior Superintendent of Police Rajeev Mishra told that the arrested people are being interrogated. Expressing apprehension, he told that his identity is also being seen with the liquor mafia. The police is probing the entire matter.

  • RBI Governor’s big statement came on the farewell of 2000 note

    RBI Governor’s big statement came on the farewell of 2000 note

    RBI Governor’s big statement came on the farewell of 2000 note

    New Delhi: The Reserve Bank of India (RBI) had issued a notification stating that the Rs 2000 note is being withdrawn from circulation. Anyone who currently has these notes will have a chance to deposit or exchange them from May 23 to September 30. The Reserve Bank of India has clarified in its notification that a person will be able to exchange Rs 2000 notes up to Rs 20,000 in a day. Now Reserve Bank of India Governor Shaktikanta Das said that banks are ready to replace Rs 2000 note. Instructions have been issued to make all necessary arrangements in the banks. He asked the people not to show haste in changing the notes. Four months time. Change notes with ease. Shaktikanta Das said that even after September 30, Rs 2000 notes will remain legal tender. He said that the difficulties faced during this process are being continuously monitored. When Shaktikanta Das has been asked what will happen to 2000 rupee notes after 30 September? On this, he said that we have not said anything that after September 30, Rs 2000 notes will not remain legal tender.
    He said that we hope that maximum notes of 2000 rupees will be returned within 30 September. If even after that he remains in the market, then he will be informed further. That is, the Governor of the Reserve Bank said that it was meant that people should exchange 2000 rupee notes by 30 September.

  • RBI keeps repo rate unchanged

    RBI keeps repo rate unchanged

    Mumbai: The Reserve Bank of India on Thursday hit the pause button and decided to keep key benchmark policy rate at 6.5 per cent even as inflation is trending above its tolerance level.

    The rate hike has been paused after six consecutive rate increases aggregating to 250 basis points since May 2022.

    Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) will not hesitate to take action in the future.

    While keeping the interest rate intact, Das said core inflation remains sticky.

    Core inflation generally refers to inflation in manufactured goods.

    Retail inflation in February stood at 6.44 per cent compared to 6.52 per cent in the previous month. MPC takes into account retail inflation numbers for setting the interest rates.

    However, inflation is expected to moderate in the current fiscal. Many institutions, including the World Bank and Asian Development Bank, have predicted that inflation would cool down to about 5 per cent this financial year.

    For the next fiscal, RBI projected a growth rate of 6.5 per cent as compared to 6.4 per cent estimated in February. In the latest Economic Survey of the finance ministry, growth was projected at 6-6.8 per cent for 2023-24.