Bank: GK, General Studies and Current Affairs

RBI has introduced Incremental CRR

To absorb the surplus liquidity available in the banking system post demonetisation, the Reserve Bank of India (RBI) has mandated the banks to maintain incremental cash reserve ratio of 100% effective the fortnight ended November 26. It will be applicable to deposits made between September 16 and November 11 fortnights. According to RBI data, total ..

Union Cabinet approved proposal to levy 60% deduction on accounted deposits

The Union Cabinet has approved a proposal to levy close to 60% deduction on unaccounted deposits in banks above a threshold by amending the Income Tax (I-T) Act. The move was taken amid banks reporting over Rs 21,000 crore being deposited in zero-balance Jan Dhan accounts post demonetisation, which the government doubts to be the laundered black ..

RBI proposes ‘Islamic Window’ in Banks

The Reserve Bank of India (RBI) has come up with a proposal for opening of ‘Islamic window’ in conventional banks for a gradual introduction of Sharia-compliant (interest-free) banking in the country. The move is aimed to ensure financial inclusion of some sections of society that remains excluded due to religious concerns.   Islamic banking is ..

Banks cut interest rates in the aftermath of demonetisation

State Bank of India along with some private banks has cut the interest rates on deposits. SBI has cut the interest rates on deposits from 1 year to 455 days to 6.90%. This may not be in the interest of those who are depositing their money in banks. The yields on 10-year government bond which ..

Ujjivan Small Finance Bank receives final license from RBI

Ujjivan Small Finance Bank Ltd, a subsidiary of Ujjivan Financial Services Ltd has received the final licence from Reserve Bank of India (RBI) to commence its banking operations. With this, the Ujjivan Small Finance Bank became the fourth entity to receive the final licence from RBI after the Capital Small Finance Bank, Equitas Small Finance ..