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Banks Not to Give Loans for Purchase of Gold: RBI

By LS TMemb7

The Reserve Bank of India (RBI) has directed banks not to give loans to people for buying gold. In its notification, it asked banks not to grant advances against gold bullion to dealers or traders in gold. The move aims prevent people from indulging in speculative activities. Banks are, however, allowed to provide loans for […]

Banks to Give Home Loans with Lower EMI, Long Term: RBI

By LS TMemb7

The Reserve Bank of India, in its draft report suggests banks to introduce home loans with lower EMIs and higher repayment period of up to 30 years. Further, there should be a provision of re-fixing the interest rate after a period of 7-10 years for long-term fixed rate home loans. At present, most banks offer […]

Banks to Provide 1% Sop for Home Loans up to 15 lakhs : RBI

By LS TMemb7

The Reserve Bank of India (RBI) asked banks to give 1% concession on home loans up to Rs 15 lakh. According to RBI’s notification, this scheme has been liberalised with effect from 2011-12 by extending it to home loans up to Rs 15 lakh, where the price of the house does not exceed Rs 25 […]

RBI Cuts CRR by 25 bps to Unlock Rs 17,000 Cr in Banking System

By LS TMemb7

The Reserve Bank of India (RBI) left policy repo rate unchanged at 8% but cut CRR (Cash Reserve Ratio) by 25 bps to boost growth and improve the fiscal position. The CRR is the rate at which banks are required to keep its deposits with RBI. This move by central bank is expected to inject […]

RBI Worried About Rising Housing & Gold Prices

By LS TMemb7

The Reserve Bank of India (RBI) is worried the rapid rise in housing and gold prices, out-running the inflation rate. Over the last two years, housing prices have grown at 16-25% whereas gold prices have risen even faster at a rate of 14-40%. However, with housing and gold prices surpassing inflation rate, RBI stresses the […]

Banks to Compensate For Delay in Clearance of Local Cheques : RBI

By LS TMemb7

The Reserve Bank of India (RBI) has asked banks to compensate customers for any delay in clearance of local cheques. This means that, banks should compensate customers monetarily, if a cheque to be credited in an account on Tuesday, for instance, gets delayed until Thursday. RBI in a note to the banks, said that, banks […]

RBI Asks Banks to Replace ‘No Frills Accounts’ With Savings Accounts

By LS TMemb7

The Reserve bank of India (RBI) has instructed the banks to stop using the tag – ‘no frills’ accounts and replace it with the basic savings accounts. RBI asked banks to provide zero balance facility in basic savings accounts and provide customers, ATM and debit cards at no cost. Further, no charge will be levied […]

Stop Charging Prepayment Penalty on Floating Rate Home Loans: RBI

By LS TMemb7

The Reserve Bank of India (RBI) has already proposed not to levy prepayment or foreclosure charges by banks on home loans in its monetary policy for 2012-13. This decision was taken with an aim to ensure uniformity across the banking system in home loan segment. The RBI noted that the Damodaran Committee had observed that […]

RBI Asks Three Co-Operative Banks Not to Accept Fresh Deposits

By LS TMemb7

The Reserve Bank of India (RBI) asked three district co-operative banks – Osmanabad District Central Co-operative Bank, Jalna District Central Co-operative Bank and Dhule and Nandurbar District Co-operative Bank not to accept fresh deposits including in savings bank account. According to the notification of RBI, these three central co-operative banks must not accept fresh deposits […]

RBI Permits Banking Licence to Morgan Stanley

By LS TMemb7

The Reserve Bank of India (RBI) has granted a banking licence to Morgan Stanley to expand its offerings to corporate banking, wealth management, foreign exchange, treasury and solidify relations with their clients from its current services such as advising clients on takeovers. However, it is unlikely to start banking activities such as corporate or retail […]

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