Tuesday, December 13, 2016

Latest updates from RBI

1. Unchanged Repo Rate: On the basis of an assessment of the current and evolving macroeconomics situation, the monetary policy committee of RBI has decided to keep the policy repo rate unchanged at 6.25 %. [Press Release : 2016-2017/1442, Dated 07-12-2016]

2. Relaxed norms for card payment: RBI has decided to relax authentication norms for card payment up to Rs. 2000. [Circular no. DPSS.CO.PDNo.1431/02.14.003/2016-17, Dated 06-12-2016]

3. Additional Point of Sale Terminals: To expand the digital payments eco-system and facilitate the move towards cashless transactions, the Govt. has directed banks to install an additional one million Point of Sale terminals by March 31, 2017. [Press Release, Dated 06-12-2016]

4. Re-activate Dormant bank account: Many customer are approaching banks for reactivation of dormant bank account. Thus, RBI has directed bank to follow the due-diligence procedure while re-activating dormant account of the customers. [Circular no. DBR.AML.BC.No.44/14.01.001/2016-17, Dated 06-12-2016]

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