Press Releases - RBI - Reserve Bank of India
Press Releases
Mar 20, 2007
Obtain coins near your home or place of work : RBI arranges with banks
The Reserve Bank of India, from time to time makes special arrangements to issue coins in exchange from branches of commercial banks to help members of public in obtaining coins near their residence or place of work. Under the same initiative, Crawford Market branch of HDFC Bank will issue coins of Rs.2 in exchange on March 21, 2007 between 11.00 a.m. and 2.00 p.m. Similarly, Chembur branch of UTI bank will issue coins of Rs.2 in exchange on March 23, 2007 between 11.
The Reserve Bank of India, from time to time makes special arrangements to issue coins in exchange from branches of commercial banks to help members of public in obtaining coins near their residence or place of work. Under the same initiative, Crawford Market branch of HDFC Bank will issue coins of Rs.2 in exchange on March 21, 2007 between 11.00 a.m. and 2.00 p.m. Similarly, Chembur branch of UTI bank will issue coins of Rs.2 in exchange on March 23, 2007 between 11.
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Dec 19, 2006
Reserve Bank of India to circulate New Ferritic Stainless Steel Rs.2 Coins
The Reserve Bank of India will shortly put into circulation new Ferritic Stainless Steel Rs.2 Coins with the theme 'unity in diversity'. The coins are circular in shape with 27 millimeters diameter with a metal composition of 17 percent chromium and 83 percent iron. The face of the coin has three portions. The centre portion bears the Lion Capitol of Ashoka Pillar with the legend mel³ecesJe pe³eles inscribed below and the prominent international numerals '2' indicatin
The Reserve Bank of India will shortly put into circulation new Ferritic Stainless Steel Rs.2 Coins with the theme 'unity in diversity'. The coins are circular in shape with 27 millimeters diameter with a metal composition of 17 percent chromium and 83 percent iron. The face of the coin has three portions. The centre portion bears the Lion Capitol of Ashoka Pillar with the legend mel³ecesJe pe³eles inscribed below and the prominent international numerals '2' indicatin
Sep 30, 2006
The United Western Bank Ltd. branches to operate as Industrial Development Bank of India Ltd. branches from October 3, 2006
The Government of India has today sanctioned the Scheme for the amalgamation of The United Western Bank Ltd. with Industrial Development Bank of India Ltd. The amalgamation will come into force on October 3, 2006. All the branches of The United Western Bank Ltd. will function as branches of Industrial Development Bank of India Ltd. with effect from this date. Customers, including depositors of The United Western Bank Ltd., will be able to operate their accounts as cus
The Government of India has today sanctioned the Scheme for the amalgamation of The United Western Bank Ltd. with Industrial Development Bank of India Ltd. The amalgamation will come into force on October 3, 2006. All the branches of The United Western Bank Ltd. will function as branches of Industrial Development Bank of India Ltd. with effect from this date. Customers, including depositors of The United Western Bank Ltd., will be able to operate their accounts as cus
Aug 31, 2006
Issue of Star Series Banknotes
The Reserve Bank of India will soon issue Star series banknotes. These will be issued to begin with in Rs.10, Rs.20 and Rs.50 denominations in the Mahatma Gandhi Series-2005. The Star series banknotes will look exactly like the existing banknotes of Rs.10, Rs.20 and Rs.50 but will have an additional character, viz., *(star) in the number panel between the prefix and the serial number. Consequently, some fresh banknote packets issued by the Reserve Bank may contain som
The Reserve Bank of India will soon issue Star series banknotes. These will be issued to begin with in Rs.10, Rs.20 and Rs.50 denominations in the Mahatma Gandhi Series-2005. The Star series banknotes will look exactly like the existing banknotes of Rs.10, Rs.20 and Rs.50 but will have an additional character, viz., *(star) in the number panel between the prefix and the serial number. Consequently, some fresh banknote packets issued by the Reserve Bank may contain som
Aug 10, 2006
Measures for Banks to ensure Business Continuity in Natural Calamities affected Areas
The Reserve Bank of India issued instructions to all scheduled banks for ensuring quick restoration of all banking services in areas affected by natural calamities. The Reserve Bank's instructions include providing continued access to the customers to their bank accounts and facilitating opening of new accounts by persons affected by natural calamities, especially for availing reliefs given by Government/other agencies. The guidelines also cover measures to be taken b
The Reserve Bank of India issued instructions to all scheduled banks for ensuring quick restoration of all banking services in areas affected by natural calamities. The Reserve Bank's instructions include providing continued access to the customers to their bank accounts and facilitating opening of new accounts by persons affected by natural calamities, especially for availing reliefs given by Government/other agencies. The guidelines also cover measures to be taken b
May 18, 2006
RBI constitutes a new Customer Service Department
The Reserve Bank of India has been taking measures, on an ongoing basis, for protection of customers’ rights, enhancing the quality of customer service and strengthening grievance redressal mechanism in banks and in the Reserve Bank of India. These activities were so far being undertaken by different departments of the Reserve Bank of India. In order to bring together all activities relating to customer service in banks and Reserve Bank of India in a single department
The Reserve Bank of India has been taking measures, on an ongoing basis, for protection of customers’ rights, enhancing the quality of customer service and strengthening grievance redressal mechanism in banks and in the Reserve Bank of India. These activities were so far being undertaken by different departments of the Reserve Bank of India. In order to bring together all activities relating to customer service in banks and Reserve Bank of India in a single department
May 18, 2006
RBI constitutes Working Group to formulate a scheme for ensuring reasonableness of the bank charges
The Reserve Bank of India today constituted a Working Group to formulate a scheme for ensuring reasonableness of bank charges and to incorporate them in the Fair Practices Code. The compliance of Fair Practices Code would be monitored by the Banking Codes and Standards Board of India. The members of the Working Group will be: 1. Shri N. Sadasivan, Banking Ombudsman, Mumbai – Chairman 2. Shri S. Diwakara, All India Depositors' Association 3. Shri H.N. Sinor, Chief Exec
The Reserve Bank of India today constituted a Working Group to formulate a scheme for ensuring reasonableness of bank charges and to incorporate them in the Fair Practices Code. The compliance of Fair Practices Code would be monitored by the Banking Codes and Standards Board of India. The members of the Working Group will be: 1. Shri N. Sadasivan, Banking Ombudsman, Mumbai – Chairman 2. Shri S. Diwakara, All India Depositors' Association 3. Shri H.N. Sinor, Chief Exec
May 06, 2006
Access to forex made easier for individuals: More entities to handle Non-trade Current Account Transactions
The Reserve Bank of India has today issued a circular announcing measures to enable individuals to have easier access to foreign exchange. According to the circular, select Full Fledged Money Changers, Urban Cooperative Banks and Regional Rural Banks will now be allowed to undertake a wider range of transactions relating to release/remittance of foreign exchange for various non-trade related current account transactions. With the progressive liberalisation in foreign
The Reserve Bank of India has today issued a circular announcing measures to enable individuals to have easier access to foreign exchange. According to the circular, select Full Fledged Money Changers, Urban Cooperative Banks and Regional Rural Banks will now be allowed to undertake a wider range of transactions relating to release/remittance of foreign exchange for various non-trade related current account transactions. With the progressive liberalisation in foreign
Jan 23, 2006
Collection of account payee cheque – Prohibition on crediting proceeds to third party account
In view of the recent misuse of Initial Public Offer (IPO) process by certain individuals/entities and reports received in this regard from Securities and Exchange Board of India (SEBI), the Reserve Bank of India took up detailed investigations at some banks to ascertain the modus operandi adopted by different parties in manipulating the system. It was observed that despite extant instructions, banks had credited the proceeds of individual account payee refund orders
In view of the recent misuse of Initial Public Offer (IPO) process by certain individuals/entities and reports received in this regard from Securities and Exchange Board of India (SEBI), the Reserve Bank of India took up detailed investigations at some banks to ascertain the modus operandi adopted by different parties in manipulating the system. It was observed that despite extant instructions, banks had credited the proceeds of individual account payee refund orders
Dec 26, 2005
RBI expands Scope of Banking Ombudsman Scheme; Includes Fair Banking Practices
The Reserve Bank of India today announced the revised Banking Ombudsman Scheme with enlarged scope to include customer complaints on certain new areas, such as, credit cRBI expands Scope of Banking Ombudsman Scheme; Includes Fair Banking Practicesard complaints, deficiencies in providing the promised services even by banks' sales agents, levying service charges without prior notice to the customer and non adherence to the fair practices code as adopted by individual b
The Reserve Bank of India today announced the revised Banking Ombudsman Scheme with enlarged scope to include customer complaints on certain new areas, such as, credit cRBI expands Scope of Banking Ombudsman Scheme; Includes Fair Banking Practicesard complaints, deficiencies in providing the promised services even by banks' sales agents, levying service charges without prior notice to the customer and non adherence to the fair practices code as adopted by individual b
Nov 08, 2005
No shortage of coins including Rs.5: RBI clarifies
The Reserve Bank of India has come across news reports stating that there is a shortage of Rs.5 coins due to which Rs.5 banknotes are being re-introduced. It is clarified, for the benefit of public that there is no shortage of coins of any denomination including Rs.5 coin with the offices of the Reserve Bank of India and also other banks. The members of public desirous of obtaining coins in any denominations, may do so in exchange, from the Reserve Bank of India as al
The Reserve Bank of India has come across news reports stating that there is a shortage of Rs.5 coins due to which Rs.5 banknotes are being re-introduced. It is clarified, for the benefit of public that there is no shortage of coins of any denomination including Rs.5 coin with the offices of the Reserve Bank of India and also other banks. The members of public desirous of obtaining coins in any denominations, may do so in exchange, from the Reserve Bank of India as al
Nov 03, 2005
25 paise Coins – Valid for transactions as hitherto: Clarifies RBI
The Reserve Bank has been receiving complaints from members of public regarding non-acceptance of 25 paise coins by shops, business establishments, utility services and even public sector organisations/government departments. It is also understood that there is a general impression in commercial and trading circles that 25 paise coins have ceased to be valid and are no longer in circulation. The Reserve Bank wishes to clarify that such reports are without any basis an
The Reserve Bank has been receiving complaints from members of public regarding non-acceptance of 25 paise coins by shops, business establishments, utility services and even public sector organisations/government departments. It is also understood that there is a general impression in commercial and trading circles that 25 paise coins have ceased to be valid and are no longer in circulation. The Reserve Bank wishes to clarify that such reports are without any basis an
Aug 23, 2005
Payment in Foreign Currency not to be insisted upon
It has been brought to the notice of the Reserve Bank that some of the service providers like hotels etc. quote differential tariff for foreigners in US$ and insist that the payment be made in foreign exchange. This practice is not consistent with Foreign Exchange Management Act (FEMA), 1999 and also undermines the legality of domestic currency in India. Earlier, under Foreign Exchange Regulation Act (FERA), 1973, the Government of India had issued a Notification date
It has been brought to the notice of the Reserve Bank that some of the service providers like hotels etc. quote differential tariff for foreigners in US$ and insist that the payment be made in foreign exchange. This practice is not consistent with Foreign Exchange Management Act (FEMA), 1999 and also undermines the legality of domestic currency in India. Earlier, under Foreign Exchange Regulation Act (FERA), 1973, the Government of India had issued a Notification date
Jul 09, 2005
Deceased Depositors Accounts: Avoid Inconvenience and Hardships in Settlement of Claims: RBI tells Banks
In order to facilitate expeditious and hassle-free settlement of claims on the death of a depositor the Reserve Bank of India has asked the banks to follow a simple procedure with minimum documentation for release of the balance in deceased account holders’ accounts which operate under ‘Either or Survivor’ clause or in accounts which have a nomination. The Reserve Bank has advised banks to release the balance amounts in the deceased depositors’ accounts to the 'Surviv
In order to facilitate expeditious and hassle-free settlement of claims on the death of a depositor the Reserve Bank of India has asked the banks to follow a simple procedure with minimum documentation for release of the balance in deceased account holders’ accounts which operate under ‘Either or Survivor’ clause or in accounts which have a nomination. The Reserve Bank has advised banks to release the balance amounts in the deceased depositors’ accounts to the 'Surviv
May 20, 2005
Relief/Savings Bond holders to be compensated for late receipt of Interest/Principal
The Reserve Bank of India has today asked commercial banks to compensate the holders of Relief/Savings Bonds for the loss incurred by them on account of late receipt or delayed credit of the interest warrants/maturity value of their investments in these Bonds. The compensation would be paid at the current savings bank rate for the number of days of delay. The Reserve Bank has stated that its own offices will also pay such compensation in case the delay occurs at their
The Reserve Bank of India has today asked commercial banks to compensate the holders of Relief/Savings Bonds for the loss incurred by them on account of late receipt or delayed credit of the interest warrants/maturity value of their investments in these Bonds. The compensation would be paid at the current savings bank rate for the number of days of delay. The Reserve Bank has stated that its own offices will also pay such compensation in case the delay occurs at their
Sep 16, 2004
Coins of All Denominations are Legal Tender – RBI
The Reserve Bank of India has come across reports and has also received complaints that shopkeepers, traders, transport undertakings, Government departments, etc. do not readily accept 25 paise and 50 paise coins on the plea that these coins are no more legal tender or they are not accepted by bank branches. It is clarified for the benefit of public that all coins including 25 paise and 50 paise coins are legal tender and will continue to be so. Reluctance on the part
The Reserve Bank of India has come across reports and has also received complaints that shopkeepers, traders, transport undertakings, Government departments, etc. do not readily accept 25 paise and 50 paise coins on the plea that these coins are no more legal tender or they are not accepted by bank branches. It is clarified for the benefit of public that all coins including 25 paise and 50 paise coins are legal tender and will continue to be so. Reluctance on the part
Aug 16, 2004
RTGS Services now for Bank Customers: RBI
The Reserve Bank of India has, today announced that its Real Time Gross Settlement (RTGS) System has been enabled for ‘Straight Through Processing’ at the participant’s, that is, the bank’s end for putting through customer transactions. Straight through processing of customer transactions will, upon receiving the credit advice, allow banks to directly credit the customer’s account without any manual intervention. This will facilitate introduction of T+1 settlement in
The Reserve Bank of India has, today announced that its Real Time Gross Settlement (RTGS) System has been enabled for ‘Straight Through Processing’ at the participant’s, that is, the bank’s end for putting through customer transactions. Straight through processing of customer transactions will, upon receiving the credit advice, allow banks to directly credit the customer’s account without any manual intervention. This will facilitate introduction of T+1 settlement in
Jul 17, 2004
Simplification of RBI Note Refund Rules
The Reserve Bank of India (Note Refund) Rules, 1975, as amended from time to time, dealing with the adjudication of mutilated notes have been posted on our website www.rbi.org.in. With a view to simplify the same, the members of public are requested to make suggestions. The suggestions may be sent by post to the Chief General Manager, Department of Currency Management, Reserve Bank of India, Central Office, 21st Floor, Post Bag No.1379, Shahid Bhagat Singh Marg, Mumba
The Reserve Bank of India (Note Refund) Rules, 1975, as amended from time to time, dealing with the adjudication of mutilated notes have been posted on our website www.rbi.org.in. With a view to simplify the same, the members of public are requested to make suggestions. The suggestions may be sent by post to the Chief General Manager, Department of Currency Management, Reserve Bank of India, Central Office, 21st Floor, Post Bag No.1379, Shahid Bhagat Singh Marg, Mumba
May 25, 2004
Easing Individual Foreign Exchange Transactions : RBI implements Tarapore Committee recommendations
The Reserve Bank of India has initiated a variety of measures to ensure that individuals’ transactions in foreign exchange are as easy as their transactions in rupees. The measures include introduction of a liberalised scheme of personal remittance upto US$ 25,000 in February 2004 and removal of the restrictive clause of issuing Employees’ Stock Option at concessional rates. The Reserve Bank has also changed the name of the department handling the implementation of Fo
The Reserve Bank of India has initiated a variety of measures to ensure that individuals’ transactions in foreign exchange are as easy as their transactions in rupees. The measures include introduction of a liberalised scheme of personal remittance upto US$ 25,000 in February 2004 and removal of the restrictive clause of issuing Employees’ Stock Option at concessional rates. The Reserve Bank has also changed the name of the department handling the implementation of Fo
Apr 24, 2004
RBI disallows Certain Entities from accepting Fresh Deposits from NRIs
The Reserve Bank of India has today disallowed entities other than authorised dealers or authorised banks from accepting deposits from Non-Resident Indians (NRIs) received through fresh remittances from overseas. They will also not be permitted to accept deposits from NRIs by debit to their Non-Resident External (NRE)/Foreign Currency Non-Resident (Banks) (FCNR(B)) accounts. They will, however, be permitted to continue to hold the existing deposits and also renew such
The Reserve Bank of India has today disallowed entities other than authorised dealers or authorised banks from accepting deposits from Non-Resident Indians (NRIs) received through fresh remittances from overseas. They will also not be permitted to accept deposits from NRIs by debit to their Non-Resident External (NRE)/Foreign Currency Non-Resident (Banks) (FCNR(B)) accounts. They will, however, be permitted to continue to hold the existing deposits and also renew such
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