The Reserve Bank of India (RBI) on May 22 informed banks that the facility of exchanging 2,000 banknotes across the counter would continue to be provided the same way it was before.
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According to the central bank, banks should provide appropriate infrastructure at their branches, such as shaded waiting areas, drinking water facilities, etc., during the summer months.
The country has discontinued 2000 rupee notes from circulation. People are urged to swap their notes by September 30 according to the Reserve Bank of India (RBI).
Up to ten 2000-rupee notes may be exchanged in the bank, and tiny notes may be taken in their stead, for a total of 20,000 rupees at a time. The ability to swap 2000 rupee notes would be available at all banks. The RBI has instructed all banks to stop issuing notes worth Rs 2,000 immediately.
Significantly, the Reserve Bank began issuing Rs 2,000 notes in November 2016 following Prime Minister Narendra Modi‘s overnight ban on the Rs 1,000 and Rs 500 notes.
This is news for you if your account is also with the Public Sector Central Bank of India (CBI). In order to improve its financial position, the bank is planning to close a large number of branches. The news agency Reuters reported that the bank plans to close 13 percent of its branches across the country.
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4594 branches across the country
By March 2023, the Central Bank Of India plans to close 600 branches nationwide or merge the loss-making ones. There are 4594 branches of the Central Bank of India across the country.
Listed on PCA List in 2017
Significantly, in the year 2017, many banks, including the Central Bank of India, were included in RBI’s prompt corrective action (PCA) list. Banks experiencing bad financial conditions are included in this list.
12 banks placed in PCA in 2018
The banks included in this list were given a chance to improve their financial situation, but there were many restrictions. In 2018, RBI included 12 banks in its PCA framework. In those days, there were 11 government and one private bank. Who was provided with additional working capital.
Financial position of all other banks improved
Media reports say that, with the exception of the Central Bank of India, all other banks were removed from the PCA list. Despite no improvement in the financial situation, the Central Bank remained on this list. There is a possibility of closing 13 percent of the bank’s branches in order to improve its financial situation.
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Know how many bank holidays will be in the month of May so that none of your work stops. We regret that any banking work you are scheduled to do today or tomorrow must be postponed because banks will be closed for two days due to various festivals.
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Bank Holiday on 2nd May (Monday): Ramzan-Eid (Eid-UI-Fitra)
Banks will remain closed on 2nd May 2022 in Thiruvananthapuram and Kochi to celebrate Eid-Ui-Fitr.
Bank Holiday on 3rd May (Tuesday): Lord Shri Parshuram Jayanti/Ramadan-Eid (Eid-UI-Fitra)/Basava Jayanti/Akshay Tritiya
In honor of Lord Shri Parshuram Jayanti, Eid-U-Fitra (Eid-U-Fitr), Basava Jayanti, and Akshaya Tritiya, bank will be closed on 3rd May 2022. There will be no closures for banks in Thiruvananthapuram and Kochi on May 3.
Banks will be closed for four days in May, except for the weekend, according to the Reserve Bank of India’s (RBI) calendar.
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A rate cut on ICICI Bank‘s fixed deposits was announced on Wednesday. The bank has cut 5 basis points for various time periods. The interest rate on fixed deposits above Rs 2 crore but less than Rs 5 crore has been revised.
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SBI, Axis Bank, HDFC Bank, IndusInd Bank, and Bank of Baroda are among the major private banks that have revised FD rates this year. ICICI Bank’s FD rates will be cut for the first time for the financial year FY23. Effective April 6, 2022, the new rates will be in place.
New rates
There has been a deduction of 5 basis points on FDs with a tenure of more than 1 year. On tenures from 1 year to 389 days and 390 days to less than 15 months, ICICI Bank will offer a 4.15% interest rate. Earlier the rates here were 4.20%.
The bank is offering 4.20 per cent interest on tenures of more than 15 months and less than 18 months, which was 4.25 per cent earlier. On the tenure of 18 months to 2 years, instead of 4.35 percent, 4.30 percent interest will be given. On the tenure of 2 years to 3 years, 4.50 percent interest will be available instead of 4.55 percent. The revision rate from 3 years to the maximum 10 years is 4.60 percent, which was 4.65 percent earlier. Both the general and senior citizen categories will be affected by this new rate.
No change here
On FDs for less than one year, the interest rate remains unchanged. Each tenure is offered at 2.50% interest rate every 7 to 14 days, 15 to 29 days, while 30 to 45 days and 46 to 60 days are offered at 2.75% interest. Between 61 and 90 days, the rate is 3%.
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Furthermore, the interest rate for terms ranging from 91 to 184 days is 3.35%. Between 185 and 270 days, the remaining 3.60% is given. For terms less than a year, an interest rate of 3.70% is offered every 271 days. New fixed deposits and renewals of existing fixed deposits will be subject to the revised rates.
