Reserve Bank of India Archives

Amid inflation concerns, the repo rate remained stable at 6.5%, announced RBI Governor Shaktikanta Das

RBI Repo Rate: The Reserve Bank of India‘s (RBI) Monetary Policy Committee (MPC) began meeting on June 5, 2024. Governor of the Reserve Bank of India Shaktikanta Das has said that the policy interest rate will remain at 6.5 percent.

As a result, the repo rate of 6.5 percent will not change. The repo rate has not changed as of yet by the central bank. By a vote of 4 to 2, the RBI’s MPC chose to maintain the repo rate at 6.5 percent. ‘Withdrawal of accommodation’ is the strategy that the meeting has chosen this time as well.

RBI Governor Shaktikanta Das says "The policy repo rate remains unchanged at 6.5%" pic.twitter.com/jWtqCxS3dC
— ANI (@ANI) June 7, 2024

The other rates will stay unchanged if there is no change in the repo rate. The Reserve Bank of India has maintained the current rates for reverse repo, standing deposit facility, marginal standing facility, and bank accounts at 3.35 percent, 6.25 percent, and 6.75 percent, respectively.

The RBI has not changed the repo rate in the face of growing concerns over the nation’s rising inflation rate. Since February 2023, the repo rate has been maintained at 6.5 percent by the RBI.

RBI releases 54 online payment aggregators including Google Pay, check full list

The list of “online payment aggregators,” or organizations that provide payment facilities, was published by the Reserve Bank of India (RBI) on Wednesday. There are 54 companies on the list, including Zomato Payments, NSDL Database Management, Amazon (Pay) India, and Google India Digital Services.

Applications of Online Payment Aggregators received under the Payment and Settlement Systems Act, 2007 – Statushttps://t.co/xrMSKdHy6j
— ReserveBankOfIndia (@RBI) February 15, 2023

A provider of aggregate services is a payment facilitator. It unifies several online payment methods and consolidates them for use by retailers in a single location. As a result, businesses can accept bank transfers without opening a merchant account with a bank.

According to the RBI, reviewing “payment aggregator” (PA) application submissions is a routine, continuous activity. But the units submitting applications for approval to act as online payment aggregators are listed according to their status as of February 15, 2023.

Check List of 54 payment aggregators:

1Pay Mobileware Private Limited
Airpay Payment Services Private Limited
Amazon (Pay) India Private Limited
Cashfree Payments India Private Limited *
Computer Age Management Services Limited
Digiotech Solutions Private Limited
Easebuzz Private Limited
Finlogic Technologies India Private Limited
Futuretek Commerce Private Limited
Google India Digital Services Private Limited
IndiaIdeas.com Limited
Infibeam Avenues Limited
Innoviti Payment Solutions Private Limited
In-Solutions Global Limited
Lyra Network Private Limited
Mpurse Services Private Limited
NSDL Database Management Limited
NTT DATA Payment Services India Limited
Open Financial Technologies Private Limited
Paymate India Private Limited
Paysharp Private Limited
Phi Commerce Private Limited
Pine Labs Private Limited
Razorpay Software Private Limited *
Reliance Payment Solutions Limited
SRS Live Technologies Private Limited
Stripe India Private Limited
Tyche Payment Solutions Private Limited
Vay Network Services Private Limited
Worldline ePayments India Private Limited
Xsilica Software Solutions Private Limited
Zomato Payments Private Limited
Adyen India Technology Services Private Limited
Appnit Technologies Private Limited
Bhartipay Services Private Limited
Dinero Payment Services Private Limited
Dreamplug Paytech Solutions Private Limited
Global Payments Asia-Pacific (India) Private Limited
Hiveloop Internet Private Limited
INSOnline India Private Limited
Instamojo Technologies Private Limited
Letzpay Solution Private Limited
LivQuik Technology (India) Private Limited
Marg Fintech Private Limited
Nomisma Mobile Solutions Private Limited
Paygate India Private Limited
PhonePe Private Limited
Senrysa Technologies Private Limited
Unimoni Enterprise Solutions Private Limited
Zaak Epayment Services Private Limited
Freecharge Payment Technologies Private Limited #
PayTM Payments Services Limited #
PayU Payments Private Limited #
Tapits Technologies Private Limited #

RBI increases repo rate by 0.25 percent, EMI of home loan will increase

Governor of the RBI Shaktikanta Das has begun his news conference. There has been a 0.25 percent increase in the repo rate by the RBI. The repo rate has gone up to 6.50% from 6.25%.

This is the sixth time the central bank has raised the repo rate. Following that, Shaktikanta Das made these comments in a media interview to provide information on the meeting and the decisions made at that time.

RBI Governor Shaktikanta Das announces that RBI increases the repo rate by 25 basis points to 6.5% pic.twitter.com/2ZyUSbCxEO
— ANI (@ANI) February 8, 2023

EMI of home loans will increase

The central bank’s decision will result in an increase in the house loan‘s EMI. The EMI for a home loan, a car loan, and a personal loan will all be more expensive as a result of the hike in the repo rate. Inform them that the repo was 4% in May 2022 and is currently 6.5%.

RBI governor said

The RBI governor stated that with major nations’ growth prospects improving and inflation levels declining, the prognosis for the world economy is not as bleak as it was a few months ago. However, major economies continue to experience inflation that is beyond the target. According to the governor of the RBI, the annual inflation rate may stay at 5.6% in the final three months of the fiscal year. In the first quarter of FY24, the RBI governor expects the consumer price index to rise by 5%.

Know how many days will be bank holidays in February, check here bank holiday list in February 2023

List of Holidays in February 2023: The month of January 2023 will end in about a week. Then February 2023 will start. It will be a 28-day month this time around, February. In this February month, there are several bank holidays, including Mahashivaratri, in addition to the Saturday and Sunday holidays.

The Reserve Bank of India has made public its list of bank holidays for the month of February (RBI). Banks will be closed for 10 days in various states throughout the month of February, according to the official website of the RBI.

If you have any critical banking work that is stalled this month, get it done right now. Let’s take a look at the Bank Holidays in February 2023.

February 2023 Bank Holidays:

5 February 2023 – All banks will be closed on Sunday.

11 February 2023- All banks will remain closed on the second Saturday.

12 February 2023- Banks throughout the country will be closed on Sunday.

15 February 2023 – On the occasion of Lui Ngai Ni, banks in Hyderabad will remain closed

February 18, 2023 – On the occasion of Mahashivaratri, banks will be closed in Bengaluru, Hyderabad, Kanpur, Lucknow, Mumbai, Nagpur, Raipur, Ranchi, Shimla, Thiruvananthapuram, Ahmedabad, Belapur.

19 February 2023- Due to Sunday, all banks will be closed.

February 20, 2023 – On the occasion of State Day, banks in Aizawl would stay closed.

February 21, 2023- On Losar, banks in Gangtok will be closed.

February 25, 2023- The fourth Saturday of the month will be a bank holiday.

February 26, 2023- Due to Sunday, all banks in the country will be closed.

RBI has fixed the withdrawal limit of this bank, will not be able to withdraw more than 15,000, know what is the reason?

RBI Imposes Restrictions: A bank has set the withdrawal restriction after the Reserve Bank of India (RBI) fined various banks over the past few days. Raigad Sahakari Bank Limited of Mumbai has been subject to a variety of restrictions on behalf of the RBI. The decision to take this action by the central bank was made in light of the bank’s declining financial situation.

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15 thousand withdrawal limit

For customers of Raigad Co-operative Bank, the central bank has imposed a withdrawal cap of Rupees 15,000. After this strictness, the cooperative bank won’t be able to accept new deposits, make any investments, or grant loans without first receiving permission from the Reserve Bank.

The ban will continue for six months

Customers of the bank would not be able to withdraw more than Rs 15,000 from their savings and current accounts, according to a statement made by the Reserve Bank. The bank will be subject to these limitations for a period of six months. Raigad Co-operative Bank was given instructions, however, the Reserve Bank has made it clear that they do not intend to revoke their banking license.

Penalty was imposed on two big banks

Two large banks had previously faced penalties from the RBI for breaking the guidelines. According to the information provided by the RBI, Kotak Mahindra Bank and IndusInd Bank were each fined one crore rupees for failing to comply with regulatory requirements.

Bank Holidays July 2022: Banks will be closed for 16 days in July, see the complete list of holidays before doing bank work

Bank Holidays In July 2022: The month of July is just a few days away. If you’re intending on doing any bank-related work in July, you should absolutely read this first. Reserve Bank of India (RBI) releases July 2022 holiday schedule. The following list shows a total of 16 days when banks will be closed in July.

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The RBI has split holidays into three groups

The Reserve Bank of India (RBI) has categorized bank holidays into three groups. The Real-Time Gross Settlement Holiday, the Negotiable Instruments Act and bank account closures all fall under this category. Besides national holidays, there are a number of state-specific holidays, such as every Sunday and the second and fourth Saturday of the month. If there will be any bank closures during the month of July, please let us know.

Holidays in July 2022 include:

July 1	Kang (Rathjatra) / Rath Yatra – Banks closed in Bhubaneswar and Imphal
July 3	Sunday (weekly holiday)
July 5	Tuesday – Guru Hargobind’s light day – Jammu and Kashmir
July 6	Wednesday – MHIP Day – Mizoram
July 7	Kharchi Puja – Banks closed in Agartala
July 9	Saturday (second Saturday of the month), Eid-ul-Adha (Bakrid)
July 10	Sunday (weekly holiday)
July 11	Ez-ul-Aza- Banks closed in Jammu and Srinagar
July 13	Bhanu Jayanti- Banks closed in Gangtok
July 14	Ben Dienkhlam – Banks closed in Shillong
July 16	Bank closed in Harela- Dehradun
July 17	Sunday (weekly holiday)
July 23	Saturday (fourth Saturday of the month)
July 24	Sunday (weekly holiday)
July 26	Ker Puja- Banks closed in Agartala
July 31	Sunday (weekly holiday)

SBI home loans became expensive, Bank hikes the minimum interest rate

State Bank of India, the largest bank in the country, has increased the interest rate on home loans. Starting June 15, the new rates will apply to home loans. MCLR (Marginal Cost of Lending Rate) has been increased by 0.20 percent. It also became effective on June 15. As a result of the Reserve Bank of India‘s increase in repo rates by 50 basis points, the State Bank of India has taken this step.

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According to a report, now the bank has the minimum interest rate on home loans at 7.55 percent. Those with CIBIL scores above 800 will be eligible for a 7.55 percent home loan. People whose CIBIL score is 750-799 will get a loan at 7.65 percent per annum. Similarly, SBI will give home loans at the rate of 7.75 percent to those with CIBIL scores of 700-749 and 7.85 percent to those with 650-699 scores. Similarly, people whose CIBIL score is between 550 to 649, will have to pay interest at the rate of 8.05 for the home loan. These are floating interest rates and they are repo linked.

MCLR also increased

The bank has also increased the one-year benchmark MCLR from 7.20 percent to 7.40 percent. Personal loans, auto loans, and home loans are almost all linked to MCLR. Because of this, if the repo rate changes, then they also do. From June 15, SBI has also increased its Repo Rate Linked Lending Rate (RLLR). Earlier RLLR was 6.65 percent, which has now been increased to 7.15 percent. From June 15, the new rates have become effective.

FD interest rates also increased

Interest rates on SBI fixed deposits maturing within 211 days of less than Rs 2 crores were increased to 3 years on June 14. Fixed deposit interest rates increased by 20 basis points from 4.40 percent to 4.60 percent for 211-day and shorter-term deposits.

Earlier, on FDs ranging from one year to less than two years, where the bank was paying interest at the rate of 5.10 percent per annum to the customers, now it will get 5.30 percent interest. The bank is now paying 5.35 percent interest on fixed deposits maturing in two to three years.

RBI Repo Rate Hike: Reserve Bank of India hikes repo rate by 0.50%, EMI will be more expensive

Increasing its repo rate by 50 basis points, the Reserve Bank of India (RBI) attempted to control inflation on Wednesday. The repo rate increased from 4.40 percent to 4.90 percent after this increase. On Wednesday, Shaktikanta Das spoke about the decision taken at the Monetary Policy Committee meeting.

Repo rate hiked for the second time in a month

Earlier, the RBI surprised the market with a 40-point increase in the repo rate on May 4. During the same period, the cash reserve ratio also increased by 0.50 percent to 4.5 percent. This has been the second increase in the past month. The country’s inflation rate has consistently been above 6 percent. This step was taken by the RBI to provide relief to the general public.

What will be the effect?

RBI’s increase in the repo rate on behalf of banks will affect crores of customers. As a result of an increase in the repo rate, the loans given by banks to their customers will be more expensive. Increases in interest rates will have an effect on EMIs. As compared to earlier, the EMI of the customers will increase.

What is the Repo Rate?

In the repo market, banks borrow money from the Reserve Bank of India at a rate called the repo rate. The increase in repo rates means that banks will get loans from the RBI at higher rates. There will be an increase in the interest rate on Home Loan, Car Loan Personal Loan, etc., which will directly impact your monthly EMI.

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This government bank was Monetary fined heavily by the RBI, is your account even?

Reserve Bank of India (RBI) imposed a heavy fine on a public sector bank. If you are also a customer of CBI, Central Bank of India, you should read this news. For violating regulations related to protecting customers’ interests, the RBI fined the Central Bank of India Rs 36 lakh. According to the RBI, action against the bank was taken due to a lack of regulatory compliance.

RBI imposed a heavy fine

RBI informed that it investigated it and issued a ‘show-cause notice to the bank, following which RBI made this decision. In fact, the central bank RBI is not satisfied with this answer. RBI said the CBI was not following the rules to protect the interests of its customers. RBI has responded by taking this action.

Detail of discussions of MPC released

The RBI has also released the details of the discussion held at the six-member meeting of the MPC from April 6-8. As mentioned here, the MPC decided at this meeting that the repo rate will remain unchanged. As such, let us inform you that, for the 11th consecutive time, MPC hasn’t changed the repo rate related to the cost of borrowing. In spite of rising inflation in the country, this decision was taken to accelerate the pace of economic growth.

According to the minutes of the meeting, the Governor of the RBI had said, ‘The situation is dynamic and changing rapidly.’ Every time we reevaluate the situation, we should be ready to take the appropriate steps.

Increase in inflation forecast

Also, the RBI raised its inflation forecast for the current fiscal year to 5.7 percent. Let us know that in February it was expected to be 4.5 percent. As a result, the RBI reduced its growth rate forecast for the current financial year from 7.8 percent to 7.2 percent. As a whole, in this meeting, the emphasis was on accelerating economic growth.

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May 2022 Bank Holidays: Banks will remain closed for 13 days in May, RBI releases holiday list

If there is any work to be performed at the bank in May, you need to plan for it now. You won’t have any problems on time if you do that. The Reserve Bank of India (RBI) has announced a list of bank holidays for May 2022.

Banks will be closed for four days at the beginning of the month

According to the RBI’s calendar, there will be four consecutive bank holidays starting in May. Holidays may vary from one state to another depending on the festival. Basically, the list of bank holidays is issued by the RBI on a four-year basis. These are the festivals celebrated across the country and state by state.

According to the state also some holidays

Apart from the national holidays, there are also some holidays in each state. A report states that out of 31 days in different zones in the month of May, banks will be closed for 13 days.

On behalf of banks, customers are encouraged to plan ahead for all holidays before going to the bank in May. Customers should note the important holidays on which branches will be closed in their city or state.

Bank Holidays in May 2022

1 May 2022: Labor Day / Maharashtra Day. Banks closed across the country. Sunday will also be a holiday on this day.
2 May 2022: Maharishi Parshuram Jayanti – Holiday in many states
3 May 2022: Eid-ul-Fitr, Basava Jayanti (Karnataka)
4th May 2022: Eid-ul-Fitr, (Telangana)
9 May 2022: Guru Rabindranath Jayanti – West Bengal and Tripura
14 May 2022: Bank holiday on second Saturday
16 May 2022: Mercury Full Moon
24 May 2022: Kazi Nazrul Ismal Birthday – Sikkim
28 May 2022: Banks holiday on 4th Saturday

List of Weekend Bank Holidays in May 2022

1 May 2022: Sunday
8 May 2022: Sunday
15 May 2022: Sunday
22 May 2022: Sunday
29 May 2022: Sunday