22k market news

 New Delhi: Interest rates on small savings schemes are likely to be reduced for the upcoming April-June quarter, according to central government sources. If that happens, it will be the first time in five years that interest rates have been cut.   Interest rate Will interest rates go down in 2025 in India? After the Reserve Bank of India (RBI) reduced the repo rate for short-term loans to banks from 6.50 percent to 6.25 percent, banks are likely to reduce interest rates on deposits. In this context, it is said that the interest rate on small savings schemes is also likely to be reduced.   The interest rates for these are fixed in line with the interest rates on central government bonds with similar maturities as small savings schemes. This is fixed by the Union Finance Ministry once a quarter.   The interest rates for the upcoming April-June quarter will be announced by the end of March. The interest rates for the current January-March quarter were ann...

India's foreign exchange reserves rose to $63,609.5 crore in the week ended 1st. Foreign exchange According to the Reserve Bank of India statistics The country's foreign exchange reserves increased by $1,047 crore to $63,609.5 in the week ended March 8. It rose by $6.5 crore to $62,562.6 crore in the previous week ended March 1. In October 2021, the country's foreign exchange reserves reached $64,500 crore. It has been depreciating from time to time as the Reserve Bank uses foreign exchange reserves to protect the rupee amid pressures from global economic conditions. Foreign currency assets, a major component of foreign exchange reserves, rose by $812.1 million to $56,235.2 million in the week ended 8th June. Foreign currency assets are foreign currency assets denominated in dollars due to fluctuations in holdings of other non-dollar currencies such as the euro, pound, and yen. The country's gold reserves rose by $229.9 million to $5,071.6 million during t...

Trading in the cash and forward trading segments of the National Stock Exchange, NSE, will become cheaper from April. NSE cuts transaction fees In the recent Board of Directors meeting of NSE , it has been decided to reduce the OTC transaction fee by 1 per cent for cash and advance business segments. It has been reported that these changes will come into effect from April 1. The reduction in transaction fees will result in a loss of Rs 130 crore in the company's revenue, NSE said. In January last year, the NSE raised transaction fees by six per cent to ensure reserves in the 'Investor Protection Trust Fund' category due to non-payment by stockbrokers. However, it is noteworthy that this order was withdrawn in March itself. 68 percent increase in complaints against banks According to the annual report of RBI's grievance redressal schemes, there has been a 68 percent increase in customer complaints reported to the RBI Grievance Adjudicator in the last yea...

New Norms on Card Utilization RBI has issued new norms regarding utilization of credit cards in excess of the permitted credit limit. credit card What are the new rules for credit card The RBI has said that the consent of the beneficiary is required to allow the use of additional amount beyond the credit limit in the card usage. This protocol has been introduced to avoid fraud in card usage. It has also been informed that customers should be given the facility to disable or enable the feature of using the amount beyond the credit limit. Therefore, card companies cannot allow usage beyond the credit limit without the customer's permission and cannot impose a penalty. Similarly, users' approval is required to issue new cards. However, if a new card is issued without the card being claimed, it must be returned within one week if the customer keeps it unactivated. Similarly, the Reserve Bank has said that the facility of choosing card distribution companies should...

The 'Association of Gold Credit Institutions' has asked the RBI to take action against banks that offer loans against gold jewellery, alleging they are violating the rules. Gold loan RBI's ratio of how much to lend against a property's value is called LTV. Considering the hardship of the people during the Corona period and to help them, the RBI has increased the LTV against gold jewelery pawned for non-agricultural purposes from 75 per cent to 90 per cent. It also said that this offer will be valid from August 2020 to March 31, 2021 only. In this case, till now many banks have been providing loans against gold ornaments and jewelery on the same rate basis, according to the Gold Loan Companies Association. In this regard, the association has informed as follows: As some public sector and private banks continue to violate the rules of LTV, we have complained to the Reserve Bank. Loan value  As of March 2022, the total outstanding gold loans of banks and non-...

Is there 800 tonnes of gold in RBI's locker? If this is used, the economy of our country will be of great benefit, says Rajaram. Let's see in detail what it is. Chairman of International Financial Services Centers Authority Rajarama, What is the gold refining capacity of India India has great potential for setting up gold refineries, says IFSCA. Chairman of International Financial Services Centers Authority Rajaraman said. He further said, As India is the largest importer of gold in the world, it would be convenient to set up a gold refinery here. Apart from being the hub of hammer gold trade, India has the potential to play a key role in its supply chain. Considering that India is a major importer of gold, there are great opportunities for refining here as well. India imports 250 tonnes of gold bars annually for refining. Consideration should be given to gold refining at Gipt City, Gujarat. Regulations for its implementation are in place and, if any improveme...

RBI's strict action is increasing. After recently taking action against 'Paytm Payments' bank, now it is going to take strict action against companies issuing corporate cards or business cards. New Regulation for Fintech Firms As a result, fintech companies are in a quandary about their position. RBI has directed Visa and MasterCard to stop accepting payments through commercial cards. According to industry sources, the Reserve Bank has taken this step to stop card payments to merchants who do not comply with KYC rules. Following RBI's intimation, Visa, MasterCard companies, KYCs have temporarily suspended their services to all non-compliant merchants and business outlets. However, for this announcement to come Visa said that any pre-authorized transaction will be processed as per existing procedures. Although the reasons for this action are not clear, it is said that the RBI has taken this decision with the aim of avoiding card payments to merchants who do...

In the fourth tranche of gold bonds to be issued by the Reserve Bank, the price of one gram of gold has been fixed at Rs 6,263. Gold bonds What is the new price of gold bond 2023-2024 RBI is going to release the fourth tranche of gold bonds from 12th to 16th.  In this, the average price of 24 carat gold for the last three days of the last week is Rs 6,263 as the price of the gold bond. In case of online purchase, a discount of Rs 50 per gram will be given and the price will be Rs 6,213, RBI said. The central government announced the Gold Savings Bond Scheme in November 2015 as part of a move to reduce gold imports. Reserve Bank of India issues gold bonds on behalf of the central government . That way, gold can be stored in document form. One gram of gold is given as one unit. Investments in these gold bonds can be made through public sector and private banks, post offices, National Stock Exchange and Mumbai Stock Exchange. A maximum of four kilos per person per annum...

Digital money flow in India has been increasing manifold over the last few years. From the pet shop in the village to the big mall in the cities, digital payments are now being implemented everywhere. Paytm  In this situation Paytm , one of the leading companies providing digital money transaction services, continued to violate the norms. Due to this, it has already been banned to add new customers to Paytm Payments Bank in the year 2022. In this situation, RBI has ordered to completely stop the operations of Paytm Payments Bank today (January 31). In a statement issued by the Reserve Bank in this regard, “The Reserve Bank has imposed a ban on the operations of Paytm Payments Bank Limited (PPBL) under Section 35A of the Banking Regulation Act, 1949. According to this order, after February 29, you will not be able to deposit money, carry out credit transactions, use prepaid services, wallets, FASTag etc. in Paytm Payments Bank. Customers can withdraw money from their ...

In the development of digital currency Intensity: Nirmala Sitharaman   Digital currency Will digital currency replace paper money in India Finance Minister Nirmala Sitharaman said that the central government and the Reserve Bank are actively involved in promoting digital currency. He also informed that digital currency will help in cross-border payments. The Reserve Bank introduced digital currency in the wholesale segment on a pilot basis in November 2022. RBI selected nine banks to implement the scheme. And in December of the same year, Digital currency is also being introduced in the retail segment on a trial run. However, Finance Minister Nirmala Sitharaman has said that she is confident that digital currency will help cross-border payments. He further said that digital currency helps speed up payments at low cost and reduces the cost of sending and receiving money. He said that the central government and the Reserve Bank are actively involved in promoting the cur...

There is no intention to avoid the dollar; Reserve Bank Governor Shaktikanta Das has said that the dollar will continue to be the dominant currency. US Dollar At the World Economic Forum held in Davos, Shakti Kanta Das said, Efforts to make the Indian rupee a global currency are not intended to bypass the dollar. Total dependence on a single currency can make global trade volatile. Due to this, demand for multiple currencies may arise. RBI has been able to achieve monetary stability. This makes it suitable for foreign companies to invest in India and domestic companies to enter foreign markets. With India's increasing share in international trade ,The economy is expanding. Gradually India has entered new markets, products and services. Presently the aim is to provide the rupee as an alternative currency in international trade. Apart from that, there is no intention to move the non-dollar position towards, The dollar will continue to be the dominant currency. Top ...

The Reserve Bank of India (RBI) has warned against believing false advertisements about loan repayments. In recent times, there has been an increase in false and misleading advertisements on social media regarding loan repayments. These ads promise free or low-cost debt relief. Loan related false advertisement, In its statement, RBI said, "Loan waiver is a complex process. It depends on various factors like borrower's credit history, loan amount, interest rate etc. Advertisements claiming free or low cost loan waiver assistance are false and misleading." The RBI has advised borrowers seeking loan waiver assistance to approach only reliable institutions. Information about loan waiver agencies can be obtained from RBI's website. Borrowers who believe in false advertisements about loan installments can face various problems. Their credit history may suffer. They may have to pay additional fees. In some cases, they may face legal action. If you come across false a...

The RBI said that the fines were imposed to "deter recurrence of such non-compliance in future and to uphold the standards of conduct expected from banks." RBI penalty Which bank imposed penalty on RBI The Reserve Bank of India (RBI) has fined Citibank ₹5 crore, Bank of Baroda ₹4.34 crore, and Indian Overseas Bank ₹1 crore for breach of code of conduct. The fines were imposed on November 24, 2023. Citibank was fined for non-compliance with norms related to the depositor education and awareness fund scheme, and code of conduct on outsourcing of financial services. Bank of Baroda was fined for violation of certain directions related to the creation of a central repository of large common exposures. Indian Overseas Bank was fined for contravention of directions concerning loans and ...

The Reserve Bank has set a price of Rs 6,076 per unit for early redemption of central government gold bonds maturing on November 20. Gold Bond  Now if early redemption of gold bond will give good profit Now whether early redemption of gold bond will give good profit, yes RBI has now issued a notification according to which Also, this price has been fixed with the average price of gold on November 15, 16, 17. The central government announced the Gold Savings Bond Scheme in November 2015 as part of a move to reduce gold imports. In this, gold can be stored in document form. One gram of gold is given as one unit. Investors who wish to redeem their gold bonds early can do so by submitting a redemption request to their issuing bank or branch. The redemption proceeds will be credited to the investor's account within two working days. The RBI has also announced that the redemption price for central government gold bonds maturing on the 20th of November 2023 will be Rs 5,847...

Reserve Bank of India's (RBI) recent tightening of norms for personal loans and consumer loans is likely to increase interest rates for these types of loans.  RBI action, interest rate increasing. Is there any chance of increasing interest rate? This is because the RBI has increased the risk weights for these loans, which means that banks will have to set aside more capital to cover them. This will make it more expensive for banks to offer these loans, and they will likely pass this cost on to borrowers in the form of higher interest rates. The RBI's decision to tighten norms was driven by concerns about the rapid growth of unsecured consumer loans, which have been growing at a much faster pace than other types of loans. The RBI is worried that this rapid growth could lead to a...

The Reserve Bank of India (RBI) has tightened personal loan norms on November 16, 2023.  Unsecure loan  What is the new rule of RBI about loans The central bank increased risk weights for personal loans by 25 percentage points to 125%. This means that banks now have to allocate more capital to personal loans, which may cost borrowers more. The Reserve Bank said the decision to tighten personal loan norms has been taken in view of the "higher growth in consumer credit and increasing dependence of NBFCs on bank loans". The central bank also said it was concerned about "risks associated with the rapid growth of unsecured personal loans". The new norms will not apply to home loans, education loans, car loans or loans secured against gold and gold jewellery. Due to the imposition of higher risk weightage, which means that banks' lending capacity is restricted in that segment, the risk weightage on loans to banks and non-banking financial institutions has been incr...

The Reserve Bank of India (RBI) on November 4, 2023 announced an interest rate of 7.46% for 50-year bonds. This is the first time that RBI has issued bonds with such a long maturity.  RBI's news update  For the first time, the government has issued bonds for 50 years. These bonds will be auctioned on November 7, 2023 for central government bonds in the second half of the current financial year at Rs. 6.55 lakh crore rupees will be collected; 20,000 crore rupees are green bonds, the finance ministry has said. Issuance of 50-year bonds is a significant development for the Indian bond market. This indicates that the RBI is confident in the long-term growth prospects of the Indian economy. The bonds are also expected to provide investors with stable and attractive returns over a long period of time. Given the current inflationary environment, an interest rate of 7.46% is relatively attractive. This is higher than the current yield on 10-year government bonds, wh...

Fino Payments Bank has received approval from its board of directors to transition to a small finance bank (SFB), and plans to approach the Reserve Bank of India (RBI) for the transition in the next two months. RBI news update  This was announced by Fino Payments Bank 's MD & CEO Rishi Gupta in an interview with Financial Express. The transition to an SFB would allow Fino Payments Bank to offer a wider range of financial services to its customers, including loans and credit cards. This would be a significant step forward for the bank, as it would allow it to better serve the needs of its customers and expand its business. The RBI has been encouraging payments banks to transition to SFBs, as it believes that this would help to improve financial inclusion and provide greater access to financial services to underserved segments of the population. It will be interesting to see how the RBI responds to Fino Payments Bank's application for an SFB license. If approved, ...

The Reserve Bank of India (RBI) held 794.64 tonnes of gold as of March 31, 2023, according to the World Gold Council's (WGC) Gold Demand Trends report. This makes India the tenth-largest holder of gold reserves in the world.  Gold reserves The RBI has been increasing its gold reserves in recent years.  In FY 2022-23, the RBI purchased 34.22 tonnes of gold, up from 29.77 tonnes in FY 2021-22. This is the highest annual purchase of gold by the RBI since FY 2009-10. The RBI's gold reserves are held in two forms: physical gold and gold deposits. The physical gold is stored in domestic and overseas vaults, while the gold deposits are held with central banks and other international financial institutions. The RBI's gold reserves play an important role in the country's foreign exchange reserves. Gold is a safe-haven asset and can be used to raise foreign currency in times of need. The RBI's gold reserves also help to diversify the country's foreign exchange reserves a...

The RBI has ordered the banks to provide the new announcement of the bank deposit, the RBI should provide all the Term Deposit up to Rs 1 crore. To date, the facility has been provided for the amount of Term Deposit up to Rs 15 lakh. RBI UPDATE NEWS In its statement, the Reserve Bank said in its statement: The bank has decided to allow banks to allow the banks to obtain a deposit of up to Rs 1 crore in advance. These orders also apply to the deposits of Indians living foreign. All banks and co -operative banks must follow these orders. All these orders come into effect immediately. Has said so. Does not make the phone The RBI has presented a draft plan to those who do not repay the loan within the due time, before 8 in the morning and after 7 in the evening, the financial institutions that have given the loan or the loan recovery agents should not call. The Reserve Bank has informed that the public can express their views on the matter till November 28.