New rates announced by Axis Bank
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Effective Friday, Axis Bank has cut marginal cost of fund-based lending rate, or MCLR, by 0.15-0.20 per cent.In its regulatory filing, Axis Bank said, Axis Bank reviews and reduces the MCLR by 15 basis points.
State Bank of India, SBI, has announced that it will cut interest rates by 15 basis points , bps, on term deposits between one and three years.Officials said, There could be more rate cut on deposits and loans.
As on 31st March 2016, the number of currency notes issued by the Reserve Bank of India Rs. 500/- currency notes is Rs.1571 Crores. This is 48 percent of the total currency in circulation.
According to the Reserve Bank of India circular issued on Wednesday, deposits made between November 9 and December 30 will require quoting of PAN if the combined sum deposited exceeds Rs.2.5 lakh.
The series of Mahatma Gandhi 1996 banknotes have been laden with more security features than those issued before. Here are some of them.The Rs. 10, Rs. 20 and Rs. 50 notes have a fully embedded security thread.
Keeping of void Rs 500 and Rs 1000 notes after 31st March 2017 will be treated as illegal. The Central Government has informed the Supreme Court that very soon an act will promulgated with regard to this.
All about coin minting
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Coin minting is a long process involving a lot of steps. This article talks about the contemporary methods in coin minting.To start with, the coin is designed by an artist and a first sketch is prepared.
The Reserve Bank of India, RBI, has asked not to collect photocopies of identities while exchanging old currency notes. In an official email, RBI said, The guidelines only require customers.
The Road to paper money in India
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Currency in India can be traced back to as long as the 6th Century BC. Let’s go back in history and trace the origins of money in our country.Along with the Chinese and the Middle Eastern Lydians, Indians were the earliest issuers.
India: Salaries to rise 10 percent
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A study has revealed that salaries are expected to rise by 10 per cent in 2017. According to the 2016 Report released by Willis Towers Watson, salaries in India are projected to rise 10 per cent in 2017.
The Reserve Bank of India has confirmed that it will stick to its deadline of March 2017 to clean up balance sheets of banks. Non returning of bank loans are creating a great impact on the country’s economics.
The Reserve Bank of India is considered to be traditionally shy and conservative while being so close to the general public. The RBI has been led by many distinguished personalities.
Currency in India: An Overview
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The first paper currency in India was issued during the late 18th century by the British East India Company. Private Banks such as the Bank of Hindustan and presidency banks were among the pioneers.
To cope with short supply of currency notes, the Reserve Bank of India, RBI, has brought back soiled notes. These are usually destroyed by the central bank.Banking sources say, RBI has decided to put soiled notes.
The CEO of the State Bank of India,Arundhathi Bhattacharya has informed that the dispensing of the currency notes of Rs. 20/- and Rs. 50/- will commence soon for the public facility.
ASSOCHAM (The Associated Chambers of the Commerce of India) has recommended that the registration charges in the real estate industry must be reduced by 50 percent as a strong step.
The centre has made a new move to prevent black money turning white by making an indelible ink mark on fingers of those who approach banks for exchanging old money for new.
In a major step to check black money, the government on 8th discontinued Rs 500 and 1000 currency notes. The announcement in this regard was made by Prime Minister Narendra Modi
Experts have said that all ATMs in India need to be calibrated afresh according to their weight, dimensions, design, and security features and this process may take over a month. They also say that since.
Placing plea to be public to make use of their debit or credit cards as much as they can so that the strain on bank branches is less, the RBI has also announced that the currency printing presses.
