The board of Reserve Bank of India (RBI) decked to sync the Financial year of the bank with the Fiscal Year. The Fiscal Year begins in April and ends in March and the Financial year is between July and June Highlights The Central Board of Directors of RBI at the 582'd meeting recommended aligning of Fiscal and financial years. The alignment would change 8-decade practice of RBI. Jalan Committee The alignment was recommended by an expert committee led by Bimal Jalan.
The Reserve Bank of India (RBI) has exempted banks from maintaining cash reserve ratio (CRR) for loans to retail and micro, small and medium enterprises for five years, if these loans are extended between January 31 and July 31, 2020.
RBI Governor Shaktikanta Das has been chosen asthe Central Banker of the Year for the Asia Pacific Region by The Banker magazine.
For the 1st time, India central bank, the Reserve Bank of India (RBI) has released the minutes of the 579th meeting of Central Board of Directors (BoD) held in Chandigarh on October 11, 2019 as part of the central bank’s transparency initiative. Background: In the recent times, RBI central board meetings have been controversial, especially considering that then governor Urjit Patel had resigned for the reason of alleged difference of opinions on policy matters with the central government.
The World Gold Council (WGC) recently released its report, “World Gold Outlook 2020”. The report says that gold has performed the best since 2010 in 2019. In 2019, the gold trade in USD has increased by 18.4% as compared to 2010. Highlights: India According to the WGC, RBI (Reserve Bank of India) currently holds 625.2 tonnes of gold. This is 6.6% of the country’s foreign exchange. With this, India ranks sixth in the world among other central banks.
The Reserve Bank of India (RBI) under the aegis of Financial Inclusion Advisory Committee (FIAC) has set up a 5 year planof formulation of National Strategy for Financial Inclusion (NSFI) for the period 2019-2024. This has been done keeping in view the global trend of financial inclusion which acts as a key driver of economic growth. NSFI approval: The national strategy plan, i.e., NSFI was finalised and approved by Financial Stability Development Council (FSDC) and the final documents were released by RBI deputy director Mahesh Kumar Jain at the high level meeting on Financial Inclusion for the North East region at Agartala, Tripura. Financial Stability Development Council: It is an apex body constituted by govt. of India on the recommendations of the committee headed by Raghuram Rajan (former RBI governor) in 2008. The chairperson of this council is the Union Minister of Finance (MoF) of India Smt. Nirmala Sitharaman. About Reserve Bank of India(RBI): Headquarters- Mumbai, Maharashtra Formation - 1 April 1935
The Reserve Bank of India (RBI) has decided to permit video-based Customer Identification Process (V-CIP) as a consent-based alternate method of establishing the customer’s identity, for customer onboarding. For videobased customer authentication, PAN number and Aadhaar number will be mandatory.
