Please mention physical features of following denomination of notes/coins, approved by Reserve Bank of India /mint. Dimension of following denomination of notes/coins-
Rs. 1000, Rs. 500, Rs. 100, Rs. 50, Rs. 20, Rs. 10, Rs. 5, Rs. 2, Re. 1Coins Rs. 10, Rs.5, Rs. 2, Re. 1, Re. 1/50

Dimension means diameter/thickness or length and breadth, thickness, /height /depts. in cms.

Available information in the form it exists, about the size of contemporary banknotes in the denomination of Rs. 5, Rs.10, Rs.20, Rs.50, Rs.100, Rs.500 and Rs.1000 in Mahatma Gandhi Series, may be accessed on the Bank's website www.rbi.org.in on the following link-

For common person>Extra Curricular>Currency Museum>Contemporary Bank Notes>Bank Notes

Information about Re 1 and Rs. 2 notes is not available with us.

Available information, in the form it exists, on dimension of some of the coins may be accessed on the Bank's website www.rbi.org.in on the following link-

For common person>Extra Curricular>Currency Museum>Coinage

Arrangements for minting of coins and printing of notes and names and addresses of agencies [Mints / Note Presses] in India

(i) Arrangements for minting of coins is done through the following Mints of Government of India:

Arrangements for printing of notes is done through the following Currency Presses:

Procedure & Terms of supply of new currency in various chests of banks

(i) As regards the procedure, allocation of notes and coins to Reserve Bank of India offices is made on the basis of indent placed to presses and mints. Offices of Reserve Bank of India arrange remittances to currency chests under their jurisdiction as per the periodical indents placed by the currency chests and stocks available with them as well as with the currency chest. Currency chest branches in turn supply notes and coins received from Reserve Bank of India offices to other branches linked to them. There are no terms and conditions.

What are the different forms and value of Rupee accepted as per Indian law?

When does an in-use rupee form become invalid or not acceptable? is there any Govt order that describes an invalid form of rupee?

Is a torn/damaged rupee note valid?

What damage will make rupee note invalid (eg complete torn apart note ,half torn note etc.?

What are various options available for one to follow to make an invalid rupee note valid.

Bank note/ coins are legal tender in payment or on account as indicated below:

The Central Government may, by notification in the gazette, declare that with effect from such date as may be specified, any series of bank notes of any denomination shall cease to be legal tender. Further, no person shall of right be entitled to recover from the Government or the Reserve Bank of India, the value of any lost, stolen, mutilated or imperfect currency note of Government of India or banknote. The value of imperfect / mutilated note may be refunded as a matter of grace subject to conditions and limitations.

Soiled bank notes (i.e. notes which have become dirty and due to excessive use or double numbered banknote cut into two pieces but on which both the numbers are intact) can be exchanged for full value at Reserve Bank of India or any commercial bank branch.

The public can get value of mutilated notes (i.e. notes which are torn,disfigured, burnt, washed, eaten by white ants etc.) as a matter of grace, as laid down in the RBI Note Refund Rules 1975 (as amended up to 1980) after adjudication. Currently, provisions exist for payment of full, half or no value as far as bank notes of Rs.10 and above are concerned. As regards Re.1/-, Rs.2/-, and Rs.5/- notes, the tenderer can get either full or no value depending upon the condition of the note. Mutilated notes can be tendered at Reserve Bank of India Offices/designated bank branches.

The following types of banknotes are not eligible for payment under RBI Note Refund Rules, 1975 (as amended up to 1980)

A banknote which is

• less than half the area of the full note.

• devoid of the major portion of the number on an undivided area i.e. the prefix and three digits or four digits of the number in banknotes up to and inclusive of Rs.5/- in respect of banknotes of Rs.10/- and above where this inadequacy is present at both the numbering panels.

• Cancelled by any office of Reserve Bank of India or against which the value has already been paid.

• found to be forged / counterfeit.

• Deliberately cut or tampered, carrying extrinsic words or visible representation intended to convey or capable of conveying any message of a political character
  
  Notes can be exchanged / tendered for adjudication over the counters of Reserve Bank of India Offices/designated bank branches. Mutilated notes can be sent by post for adjudication to the nearest Issue Office of Reserve Bank of India.

Instructions given by RBI to banks regarding exchange of mutilated notes.

Information on instructions given to banks on exchange of mutilated notes is in our Master Circular- "Facility for exchange of Notes and Coins" available at http://www.rbi.org.in/web/rbi/-/master-circular-facility-for-exchange-of-notes-and-coins-3671 on our website.

Are 25 paise and 50 paise coins withdrawn from circulation?

The 25 paise and 50 paise coins are legal tender and are not withdrawn from circulation. They may be validly used/ accepted for all transactions. RBI has issued press release to that effect and has also issued instructions to banks to display at all branches, boards/notices for information of customers/ general public to the effect that all 25 and 50 paise coins continue to be valid/legal tender and may be used for transactions in the normal course.

Detailed policy of the Reserve Bank of India for release of advertisements in Media

The Department of Communication [DoC] prepares a panel of approved advertising agencies for use by all the Regional Offices and Central Office Departments of the Reserve Bank of India. The Advertising Agencies have to meet a detailed eligibility criteria prescribed by the RBI for being considered for empanelment. Whenever an advertisement has to be inserted in the print / electronic media, the work is assigned to an empanelled advertisement agency on rotation basis. The agencies are required to execute the work assigned to them as per the time schedules prescribed by the RBI.

The work of releasing advertisements through the media is decentralized. Except for advertisements involving large budgets and creativity, which are coordinated by the DoC, the Central Office Departments of the RBI and the Regional Offices issue advertisements locally through one of the advertisement agencies on the approved panel.

The Indian Newspaper Society (INS) publishes rules for advertising in its Handbook of Press Publicity. The DoC circulates these rules to all the Central Office Departments and Regional Offices of the RBI for their information and use.

1.

If any Indian bank fails, what is the minimum and maximum amount to be paid to a savings bank account holder of the bank?

If any Indian Bank fails in terms of Section 16(1) of the DICGC Act, 1961 “ the liability of the Corporation in respect of an insured bank will be limited to the deposits as on the date of the cancellation of the registration”.

Each depositor in a bank is insured up to a maximum of ₹1,00,000/-(Rupees One Lakh) for deposits either in savings account, current account or fixed deposits held by him in the same right and same capacity as on the date of liquidation/cancellation of bank’s licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force.

If more than one deposit accounts (Savings, Current, and Recurring or Fixed deposit) are jointly held by individuals in one or more than one branch of a bank and if their names appear in the same order, then these joint accounts are considered as held in same capacity and same right. Accordingly, the balances held in all these accounts will be aggregated for the purpose of determining the insured amount within the limit of Rupees one lakh only and is paid after setting off any amount legally entitled to be recovered from the depositor by the bank.

However, in terms of revised guidelines issued on April 26, 2007, if individuals open more than one joint accounts in which their names are not in the same order or group of persons are different ,then the deposits held in these joint accounts are considered as held in different capacity and different right. Accordingly insurance cover will be available separately up to Rupees one lakh only to every such account where the names are appearing in different order or names are different. This has been explained in detail in the illustration. (Annex)

Insurance is extended only to the cash deposits held by the depositors of insured banks.

2.

If any Indian bank fails, what is the minimum and maximum amount to be paid to a Current holder of that bank?

3.

If any Indian bank fails, what is the minimum and maximum amount to be paid to a fixed deposit account holder of that bank?

4.

In case of dacoits or fire incident in the bank , what will be the amount of compensation to be paid to a locker holder in lieu of his belongings (gold silver jewellery) kept in the locker of that bank?

As detailed in the “Frequently Asked Questions” link on the Reserve Bank of India website ( http://www.rbi.org.in/scripts/FAQView.aspx?Id=39), the Reserve Bank decides the volume and value of banknotes to be printed each year. The quantum of banknotes that needs to be printed, broadly depends on the requirement for meeting the demand for banknotes due to GDP growth, replacement of soiled banknotes, inflation and reserve stock requirements. This estimation is done with the help of statistical models/techniques.

The Government of India decides the quantity of coins to be minted on the basis of indents received from the Reserve Bank. Although coins of all denominations are issued by the government, they are put into circulation through the Reserve Bank. The Reserve Bank is the sole authority for issuing banknotes in India under Section 22 of the Reserve Bank of India Act, 1934. It also derives the role of currency management from the above act.

The currency operations are carried out through its 18 issue offices, one sub-office at Lucknow, a currency chest at Kochi and a wide net work of currency chests. These offices receive fresh banknotes from the banknote printing presses. The issue offices of the Reserve Bank send fresh banknote remittances to the designated branches of commercial banks. Once the bank notes are released into the banking system, they form a part of the currency in circulation, which is the liability of the Issue Department of the Reserve Bank.

Section 34 (l) of the RBI Act requires that all bank notes issued by the Reserve Bank since April 1, 1935 and the currency notes issued by the Government of India before the commencement of operations of the Reserve Bank, be part of the liabilities of the Issue Department which stood at ₹12,016.24 billion as on June 30, 2013, including notes in circulation of ₹12,016.16 billion (Table 1).

The eligible assets of the Issue Department for backing its currency liabilities consist of gold (coin and bullion), foreign securities, rupee coin, Government of India securities, internal bills of exchange and other commercial papers.

Though printing of money per-se is not inflationary, the injection of the same in to the banking system could lead to rise in prices. It may be mentioned in this context, presently the Reserve Bank does not directly monetise fiscal deficit by participating in government securities auctions (primary bond market).

The Reserve Bank however, could influence money supply by changing short-term interest rates (which impact currency demand) or by open market operations (by impacting funds available to the banking sector).

From where can I procure the History of Reserve Bank of India publication and what is its cost? Please mention full address and phone number of the person whom I can contact to procure the above said publication?

The Reserve Bank of India History 1935 – 1981 (3 volumes) is available at leading book stores in India. It can also be purchased by sending cheques / draft drawn in favour of Reserve Bank of India payable at Mumbai and sent to

Director
Division of Reports and Knowledge Disemination
Department of Economic and Policy Research
Reserve Bank of India, Amar Building
Sixth floor, P.M.Road, Fort, Mumbai 400 001.
Phone: 022-22603000 Extn: 4609
Click here to send email

The price of the three volume set is Rs. 3700/- (including postal charge).

The list of major publications published by Department of Economic Policy Research is given below:

1. RBI Bulletin

2. Weekly Statistical Supplement (WSS)

3. Annual Report

4. Report on Trend and Progress of Banking In India

5. State Finances: A Study of Budgets

6. Report on Currency and Finance

7. Working Papers (published on RBI website only)

8. Occasional Papers

9. DRG Studies

Subscription process for the monthly RBI Bulletin and the Weekly Statistical Supplement is as follows:

*The price of a single copy without postage for regular subscription is Rs. 260 and for concessional subscription is Rs. 200.
@ Available for research students, full time teachers, academic institutions and public libraries in India. The Reserve Bank of India Bulletin is also available on Internet at http://www.bulletin.rbi.org.in
Payments should be made by Demand Draft / Crossed Cheque / pay Order drawn in favour of Reserve Bank of India and payable at Mumbai only. The forwarding letter enclosing DD / Crossed Cheque / Pay Order should be addressed to:
The Director, Division of Reports and Knowledge Dissemination, Department of Economic and Policy Research, Reserve Bank of India, Amar Building, 6th Floor, P.M.Road, Fort, Mumbai 400 001. Ph: 022 22603000 Extn. 4609 Fax: 022 22632110

Click here to send email

As mentioned under 1, CAD is compiled on a quarterly basis

Which factors influencing price of gold in India

How it affected Indian Economy & Dollar price

Since India imports gold from international market, its domestic prices (in India) are largely influenced by international gold prices. In addition to international price of gold, importer has also to pay customs duty of 10 per cent on value of imported gold which gets added to final local price of gold in India. Apart from these two major factors, there could be some impact of domestic demand and supply factors, which might be impacting local price of gold in India.

The international price of gold has increased significantly since 2005-06 which were broadly reflected in trend in domestic gold prices as well. High gold prices, both in international and domestic market, in turn impacted India’s import of gold in these years. This eventually led to stress in India’s balance of payments as current account deficit (CAD) widened in recent years. India’s CAD widened from US$ 48.1 billion in 2010-11 to US$ 78.2 billion in 2011-12 and US$ 88.2 billion in 2012-13. High CAD had also put downward pressure on rupee exchange rate against dollar in 2012-13 and Q1 of 2013-14. However, a sharp decline in international gold prices in 2013-14, along with various measures undertaken by the Government and the Reserve Bank helped in reducing gold imports during 2013-14. With lower imports, India’s CAD also narrowed sharply to US$ 32.4 billion in 2013-14. In recent months, rupee exchange rate against dollar has also stabilised.

Table 1: Gold Prices

I. As per Section 3 (a) of the Foreign Exchange Management Act (FEMA), 1999, save as otherwise provided in FEMA, 1999, rules or regulations made thereunder, or with the general or special permission of the Reserve Bank, no person shall deal in or transfer any foreign exchange or foreign security to any person not being an authorised person.

II. As per Section 5 and 6 of the Foreign Exchange Management Act (FEMA), 1999, any person may sell or draw foreign exchange to or from an Authorised Person for permitted current and capital account transactions.

III. As per Regulation 4 read with Schedule I of the Foreign Exchange Management (Foreign exchange derivative contracts) Regulations, 2000 [Notification no. FEMA 25/2000-RB dated May 3, 2000], a person, whether resident in India or resident outside India, may enter into a foreign exchange derivative contract with an authorised dealer only. List of authorised dealers is available on the following link: https://www.rbi.org.in/scripts/category.aspx

IV. As per this list, the broker providing forex trading platform is not an authorised dealer.

V. As per Para 3(1) of the Electronic Trading Platforms (ETP) (Reserve Bank) Directions, 2018 [Notification No.FMRD.FMID.08/2018 dated October 05, 2018], no entity shall operate an ETP without obtaining prior authorisation of the RBI under these directions. The link is as follows: https://www.rbi.org.in/web/rbi/-/the-electronic-trading-platforms-reserve-bank-directions-2018-11385

VI. Platform referred in the RTI is not authorised under the Electronic Trading Platforms (Reserve Bank) Directions, 2018.

VII. Also, please refer to the press release (2010-2011/1196 dated February 21, 2011) on ‘RBI Advisory on Overseas Forex Trading through Electronic/ Internet Trading Portals’, available on the bank’s website at https://www.rbi.org.in/web/rbi/-/rbi-advisory-on-overseas-forex-trading-through-electronic-internet-trading-portals-23941

VIII. As regards permitted currency pairs:

i. Currency pairs permitted in cash/tom/spot transactions: As per Para 5 and 6 of the Foreign Exchange Management Act (FEMA), 1999, residents may buy or sell foreign exchange for permitted current and capital account transactions. Therefore, the currency pair of the Forex transaction shall be in line with the currency in which the underlying current/capital account transaction is denominated.

ii. Currency pairs permitted in derivative transactions:

a. In OTC market transactions: As per the Foreign Exchange Management (Foreign exchange derivative contracts) Regulations, 2000 [Notification no. FEMA 25/2000-RB dated May 3, 2000] read with Master Direction-Risk Management and Inter-Bank Dealings dated July 05, 2016 (as updated from time to time), residents may undertake foreign exchange derivative transactions involving INR for the purpose of hedging exchange rate risk on transactions permissible under the FEMA, 1999. Foreign exchange derivative transactions not involving INR can be undertaken for purpose other than hedging. There is no restriction on currency pair in both these cases. Please refer to the following link: https://www.rbi.org.in/web/rbi/-/master-direction-risk-management-and-inter-bank-dealings-updated-as-on-september-01-2020-10485

b. In exchange traded derivative transactions: As per the Foreign Exchange Management (Foreign exchange derivative contracts) Regulations, 2000 [Notification no. FEMA 25/2000-RB dated May 3, 2000] read with Currency Futures (Reserve Bank) Directions, 2008 [Notification No. FED.1/DG(SG)-2008] dated August 6, 2008, as amended from time to time, and the Exchange Traded Currency Options (Reserve Bank) Directions, 2010 [Notification No. FED.01 / ED (HRK) - 2010] dated July 30, 2010, as amended from time to time, residents are permitted to enter into currency futures and options contracts in USD-INR, EUR-INR, GBP-INR, JPY-INR, EUR-USD, GBP-USD and USD-JPY on the stock exchanges recognised by the Securities and Exchange Board of India (SEBI) in India. Please refer to the following links:
https://rbi.org.in/Scripts/web/rbi/-/guidelines-on-trading-of-currency-futures-in-recognised-stock-new-exchanges-4410
https://rbi.org.in/web/rbi/-/guidelines-on-trading-of-currency-options-on-recognised-stock-new-exchanges-5913
https://www.rbi.org.in/web/rbi/-/guidelines-on-trading-of-currency-futures-and-exchange-traded-currency-options-in-recognized-stock-exchanges-introduction-of-cross-currency-futures-and-exchange-traded-option-contracts-10172

i. Resident persons are permitted to undertake forex transactions only with authorised persons and for permitted purposes, in terms of the Foreign Exchange Management Act, 1999 (FEMA). List of authorised persons is available on the following link: https://www.rbi.org.in/scripts/category.aspx.

ii. Further, as per Para 3 (1) of the Electronic Trading Platforms (ETP) (Reserve Bank) Directions, 2018 [ Notification No.FMRD.FMID.07/2018-19, dated October 05, 2018], no entity shall operate an ETP without obtaining prior authorisation of the RBI under these directions. List of ETPs authorised by the RBI is available on the following link: https://rbi.org.in/scripts/bs_viewcontent.aspx?Id=4080.

iii. Also, please refer to RBI Press Release (2021-2022/1660) dated February 03, 2022 and Press Release (2022-2023/835) dated Sep 07, 2022 available on the RBI website at https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=53216 and https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=54333 respectively.  You may also refer to Frequently Asked Questions (FAQs) on forex transactions available on the RBI website at  https://rbi.org.in/Scripts/FAQView.aspx?Id=146 for guidance.

Why citizen of India in Indian Territory allowed to use app and website of Binary transaction in foreign exchange and contract for deference?

In terms of circular RPCD.CO.MSME & NFS.BC.40/06.02.31/2012-2013 dated November 1, 2012 all Scheduled Commercial banks were advised to put in place a Non-discretionary One Time Settlement scheme for recovery of non-performing loans for the MSE sector, duly approved by the Board of Directors. The circular is available on our website www.rbi.org.in.

Reserve Bank of India vide its Circular RPCD.PLNFS.BC.N. 83/ 06.12.05/2000-01 dated April 28, 2001 on ‘Educational Loan Scheme’ had forwarded the Model Education Loan Scheme prepared by Indian Banks’ Association (IBA), for implementation by all Scheduled Commercial Banks (SCBs). The scheme has since been modified by IBA from time to time. The Scheme provides broad guidelines to the banks and implementing bank will have the discretion to make changes suiting to the convenience of students/parents etc. The scheme can be accessed at IBA’s website.

What are the guidelines pertaining to PMEGP scheme?

The PMEGP Scheme was formulated by Government of India and circulated by Reserve Bank of India. Vide its circular RPCD.PLNFS.BC.41/09.04.01/2008-2009 dated October 10, 2008, which is available on our website www.rbi.org.in.

• Hypothecation of crops: For KCC limit upto ₹1.00 lakh banks are to waive margin/security requirements.

• With tie-up for recovery: Banks may consider sanctioning loans on hypothecation of crops up to card limit of ₹3.00 lakh without insisting on collateral security.

• Collateral security: Collateral security may be obtained at the discretion of Bank for loan limits above ₹1.00 lakh in case of non-tie-up and above ₹3.00 lakh in case of tie-up advances.

• In states where banks have the facility of on-line creation of charge on the land records, the same shall be ensured.

• List of the Money Lending private financial organization of A.P. (exclusive for Scheduled Areas)
• Rate of Interest for those loans
• Maximum - Minimum Tenure and Mode of EMI
• Rate of Interest for the loan

1. As per para 4.1, banks are mandated not to accept collateral security in the case of loans up to ₹10 lakh extended to units in the Micro and Small Enterprises sector.
2. And as per para 4.7.(ii), banks have been advised to furnish the MSME borrowers with an indicative checklist of documents required for processing the loan application at the time of applying for the loan.

• List of the Money Lending private financial organization of A.P. (exclusive for Scheduled Areas)
• Rate of Interest for those loans
• Maximum - Minimum Tenure and Mode of EMI
• Rate of Interest for the loan

Why the inflation rate in India is too high? Why is the government not focused on this? Everything is now a days too expensive and on some items the rate changes on daily, weekly, or monthly basis. The common man is facing too much trouble from this. What can a man who is hit by the pandemic can do in this expensive society?

Average CPI inflation was elevated at 6.1 per cent in 2020-21 (The average pertains to June 2020 to March 2021. The imputed CPI prints for April and May 2020 have been regarded as a break in the CPI series). Since then, inflation has softened to 5.3 per cent in 2021-22 (up to January 2022). The Monetary Policy Committee (MPC) in its February 2022 resolution noted that going forward “vegetables prices are expected to ease further on fresh winter crop arrivals. The softening in pulses and edible oil prices is likely to continue in response to strong supply-side interventions by the Government and increase in domestic production. Prospects of a good Rabi harvest add to the optimism on the food price front.”

“While cost-push pressures on core inflation may continue in the near term, the Reserve Bank surveys point to some softening in the pace of increase in selling prices by the manufacturing and services firms going forward, reflecting subdued pass-through.” The MPC’s resolution projected CPI inflation for 2021-22 at 5.3 per cent and for 2022-23 at 4.5 per cent

The February 10, 2022 resolution of the Monetary Policy Committee (MPC) is available at the link given below:

https://website.rbi.org.in/web/rbi/-/press-releases/monetary-policy-statement-2021-22-resolution-of-the-monetary-policy-committee-mpc-february-8-10-2022-53247

Provide the year wise percentage inflation rate in India for last years?

National Statistical Office (NSO), Ministry of Statistics and Programme Implementation releases the data on Consumer Price Index (CPI) and inflation rates based on it. The same is available at:https://www.mospi.gov.in/web/mospi/home

1. Please provide information (including copies of documents/ study conducted by the RBI) on the effect of monetary policy on rural wage in India.

2. Between FY20 and FY23, please provide information (including copies of documents/study/memo) re: the relationship between rising interest rates and rural wage growth and national per capita income growth.

3. In regard to (2), please provide information on whether the RBI has conducted any assessment/study of the impact of rising interest rates on rural wage growth in India. If yes, please provide all relevant information.

Some recent studies on the rural wage-price dynamics are as mentioned below:

1. "An Examination of the Rural Prices and Wages Dynamics in India", published in Monetary Policy Report (MPR), September 2022

(https://website.rbi.org.in/web/rbi/-/publications/monetary-policy-report-september-2022-21343)

2."Relationship among Rural Wages, Inflation and Economic Activity: Recent Evidence" published in MPR, April 2018

(https://website.rbi.org.in/web/rbi/-/publications/monetary-policy-report-april-2018-18110)

3."Wage Growth and Rural Inflation — Are They Related?" published in Annual Report, 2014-15

(https://website.rbi.org.in/web/rbi/-/publications/reports/annual_report/ii.-economic-review-1148)

4.Working paper titled "Rural Wage Dynamics in India: What Role does Inflation Play?" published in April 2018 (https://website.rbi.org.in/web/rbi/-/publications/rbi-wps-depr-03-2018-rural-wage-dynamics-in-india-what-role-does-inflation-play-18117)

5.RBI Occasional Paper titled "Recent Trends in Rural Wages: An Analysis of Inflationary Expectations", published in 2012

(https://website.rbi.org.in/en/web/rbi/-/recent-trends-in-rural-wages-an-analysis-of-inflationary-implications-2846)

6."Impact of Supply Chain Disruptions on GDP Growth and Labour Markets amidst the COVID-19 Shock", published in Annual Report, 2021-22

(https://website.rbi.org.in/web/rbi/publications/reports/annual_report/annual_report_chapterwise?&publishDateFrom=2022-01-01&publishDateTo=2022-12-31)

According to Reserve Bank of India Act, the primary objective of the monetary policy is to maintain price stability while keeping in mind the objective of growth. The Central Government, in consultation with the Bank, determines the inflation target in terms of the Consumer Price Index (CPI), once in every five years. The inflation target has been set at 4 per cent with a tolerance band of +/- 2 per cent around it. A monetary policy committee has been constituted which determines the policy rate required to achieve the inflation target.

The current policy repo rate is available at RBI's website (www.rbi.org.in) home page under 'Current Rates' —> 'Policy Rates'. The historical data on Repo rate including the period mentioned, i.e., from April 2013 to December 2022 are available on the Reserve Bank of India's website at https://data.rbi.org.in/#/dbie/reports/Statistics/Financial%20Sector/Key%20Rates under the tab 'Key Rates'.

With effect from October 18, 1994, the Reserve Bank of India has deregulated interest rates on rupee advances above Rs.2 lakh of scheduled commercial banks. Further, effective July 1, 2010, lending rates on advances up to Rs.2 lakh were also deregulated. Effective October 1, 2019, the Reserve Bank mandated that scheduled commercial banks (excluding regional rural banks) should link all new floating rate personal loans (including home loans) and floating rate loans to micro and small enterprises (MSEs) to an external benchmark, viz, the policy repo rate or 3-month T-bill rate or 6-month T-bill rate or any other benchmark market interest rate published by Financial Benchmarks India Private Ltd. (FBIL). Effective April 1, 2020, loans to medium enterprises have also been linked to an external benchmark. Interest rates on all types of advances (fixed and floating interest rates) are decided by banks based on their commercial judgment subject to the general guidelines that banks should follow for setting interest rates.

The detailed guidelines regarding loans and advances are available on RBI's website at the link provided below,

https://website.rbi.org.in/web/rbi/-/notifications/master-direction-reserve-bank-of-india-interest-rate-on-advances-directions-2016-updated-as-on-june-10-2021-10295

Frequently Asked Questions (FAQs)

Time frame prescribed by the Reserve Bank of India to different banks for clearance of local and outstation cheques.

Prescription of penalty by the Reserve Bank of India for non-clearance of cheques in the prescribed time frame

Definition and explanation of terms 'local' and 'outstation' in the context of cheque clearance by the Reserve Bank of India.

The Reserve Bank of India(RBI) has advised banks to frame their own Cheque Collection Policies (CCPs) in respect of local and outstation cheques which should include explicit mention of time frame for collection of both local and outstation cheques.

Banks have been further advised vie our circular DPSS.CO.(CHD)No.873/03.09.01/2008-09 dated November 24, 2008 to modify their CCPs in accordance with orders of the National Consumer Disputes Redressal Commission in the case No.82 of 2006 on Delays in Cheque Clearing.

Accordingly, for local cheques debit and credit shall be given on the same day or at the most the next day of their presentation in clearing. Timeframe for collection of outstation cheques drawn on state capitals/major cities/ other locations should be 7/10/14 days respectively. This timeframe is the outer limit and credit shall be afforded if the process gets completed earlier.

If there is any delay in collection beyond the prescribed period, interest at the rate specified in the cheque collection policy of the bank, shall be paid. In case the rate is not spcesified in the CCP, the applicable rate shall be the interest rate on fixed deposits for the corresponding maturity. The link to the CCP of banks has been hosted on our website www.rbi.org.in.

Local cheques are those cheques that are drawn on branches within the jurisdiction of the Local Clearing House. All other cheques would be outstation cheques. However, there are cheques called multicity cheques and at par cheques which are payable in all cities where the drawee bank has a branch irrespective of the city on which it is drawn.

Provide the details of information, guidelines, circulars, notifications and regulations made by Reserve Bank of India in chronological order for scheduled and private banks operating in India, using OTP via phone IVR and mobile phone technology for any kind of financial as well as monetary transactions to make it more convenient and secured as a system.

RBI has issued the following guidelines to make card transactions more secured:

(i) Requirement of additional factor of authentication for online transactions except Interactive Voice Response (IVR) transactions was enabled, vide, circular RBI / DPSS NO. 1501 / 02.14.003 / 2008 - 2009 dated February 18, 2009. This circular has been placed on RBI website at the link
http://www.rbi.org.in/web/rbi/-/credit-debit-card-transactions-security-issues-and-risk-mitigation-measures-4844

(ii) Requirement of additional factor of authentication/validation extended to IVR transaction with effect from February 1, 2011 vide, circular DPSS .CO. NO. 1503 / 02.14.003 / 2010 - 2011 dated December 31, 2010. This circular has been placed on the RBI website at the link
http://www.rbi.org.in/web/rbi/-/security-issues-and-risk-mitigation-measures-related-to-card-not-present-transactions-6185

(iii) Requirement of online alerts to customers for all types of card transaction at all channels irrespective of the amount was made applicable, vide, circular DPSS. CO. PD. 2224 / 02.14.003 / 2010 - 2011 dated March 29, 2011. This circular has been placed on the RBI website at the link
http://www.rbi.org.in/web/rbi/-/security-issues-and-risk-mitigation-measures-online-alerts-to-the-cardholder-for-usage-of-credit-debit-cards-6309

ATM transaction is failed due to technical/network problem. Amount is not dispensed but account is debited in such circumstances. What are the rules for refund/credit of such amount? Such refund should be made within how many days?

Banks have been advised by the Reserve Bank of India, vide, circular DPSS. PD. No. 2632 / 02.10.002 / 2010 - 2011 dated May 27, 2011 that:

1. Effective from July 1, 2011, banks have to reimburse the customers, the amount wrongfully debited on account of failed ATM transactions within a maximum period of 7 working days from the receipt of the customer complaint.

2. Banks have to pay customers Rs. 100/- per day for delays beyond 7 working days from the date of receipt of the complaint.

If the complaint is not lodged within 30 days of transaction, the customer is not entitled for any compensation for delay in resolving his / her complaint.

1. The date of implement of new cheques with printed name and account of cheque owner in the recognized Banks.

Reserve Bank of India vide its circular DPSS.CO.CHD.No./ 1112 / 04.07.05 / 2011-12 dated December 27, 2011 advised all banks providing cheque facility to their customers to issue only 'CTS-2010' standard cheques across the country by September 30, 2012. Account number in such cheques should be pre-printed for current account holders and corporate customers and as far as possible to other category of customers.

However, printing the name of the account holder was not mandated by Reserve Bank of India. RBI circular issued in this regard (DPSS.CO.CHD.No. 1832 / 04.07.05 / 2009-10 dated February 22, 2010) may be referred for the purpose.

Copies of the circulars referred to above are available on the website of Reserve Bank of India under the following links :
http://www.rbi.org.in/web/rbi/-/standardisation-and-enhancement-of-security-features-in-cheque-forms-implementation-of-cts-2010-standard-6901

2. The old cheques got issued prior to the date of implement of new cheques (i.e. during the year 2006) from the recognized Banks are applicable or not after the date of implement of new cheques.

Reserve Bank of India vide its circular DPSS.CO.CHD.No.133/04.07.05/2013-14 dated July 16, 2013 notified that cheques which are not complying with CTS-2010 standards would continue to be valid but will be cleared at less frequent intervals from January 1, 2014 as detailed in paragraph 2(a) of the above referred circular.

Copy of the circular referred to above is available on the website of Reserve Bank of India under the following link:

3. If not applicable, kindly arrange to intimate the date of disapplicable / disimplement of old cheques along with instruction, if any.

As my bank (Dakshin Bihar Gramin Bank) charged me for the UPI transaction charges of Rs. 597.

So that I want to know that, is there any charges for UPI transactions that can be charged by banks for the number of transactions through UPI and the amount of a single transaction done by UPI.

With effect from January 1, 2020, in terms of section 10A of the Payment and Settlement Systems Act, 2007 (PSS Act) – inserted vide the Finance Act, 2019 – no bank or system provider shall impose, whether directly or indirectly, any charge upon a person making or receiving a payment using the electronic modes of payment prescribed under section 269-SU of the Income Tax Act, 1961 (43 of 1961). 

Central Board of Direct Taxes (CBDT) vide notification no. 105/2019-Income Tax dated December 30, 2019, notified Unified Payments Interface (UPI) (BHIM-UPI) as one of the prescribed electronic modes.

Can a merchant take extra charge of 3% on the payment by credit cards or 2.5% on the payment by debit cards from the customer? because merchants are taking the extra charge of 3 to 4% on the payment by the credit cards or debit cards on POS machines.

Reserve Bank of India (RBI) has not issued any instructions on levy of charges on Credit Card transactions. 

However, you may refer to the circular on “Rationalisation of Merchant Discount Rate (MDR) for Debit Card Transactions” dated December 06, 2017 available on the RBI website under the link:
https://website.rbi.org.in/en/web/rbi/-/notifications/rationalisation-of-merchant-discount-rate-mdr-for-debit-card-transactions-11183

An account holder may raise his / her grievance with the card issuer. In case, the account holder is not satisfied with the response or the response is not received within a month’s time, he / she may lodge his / her grievance under Reserve Bank - Integrated Ombudsman Scheme, through the Complaint Management System (CMS) portal (https://cms.rbi.org.in) or by e-mail at crpc@rbi.org.in or in physical mode at the ‘Centralised Receipt and Processing Centre’ (CRPC) set up at RBI, 4th Floor, Sector 17, Chandigarh - 160017.

State Bank of India was granted extension for validity of old MICR cheque books of erstwhile State Bank of Bikaner and Jaipur and State Bank of Hyderabad up to June 30, 2018.

2. Union Bank of India was granted extension for validity of old MICR cheque books of erstwhile Andhra Bank up to June 30, 2021.

1

The list of commercial bank branches/ offices functioning in India.

List of all the commercial bank branches/offices functioning in India, having details like bank name, branch name, state, district, center, address, population group classification, Open date, License No, License date etc., are available on the Reserve Bank of India (RBI) CIMS website (https://data.rbi.org.in/) under the link ‘Banking Outlet’. You may search/download as per your requirement.

For the terms/definitions, please refer to the ‘Notes on Tables’ on Central Information System for Banking Infrastructure (CISBI) portal available at the above-mentioned link.

2

Number of functioning branches/ offices of commercial banks in India, as at end-quarter – as per region/ state/ district/ population group/ population tier/ bank group/ bank.

Requested information are available on the Reserve Bank of India (RBI) website may be accessed at the below mentioned link-

Quarterly: -

https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Bank Branch Statistics -> Quarterly -> Functioning Offices

3

Number of branches/ offices opened by commercial banks in India – as per region/ state/ district/ population group/ bank group/ bank.

Requested information are available on the Reserve Bank of India (RBI) website may be accessed at the below mentioned link-

Annual / Quarterly: -

https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Bank Branch Statistics -> Quarterly / Annual -> Offices Opened during Quarter / Offices Opened during Year  

4

Number of branches/ offices closed by commercial banks in India – as per region/ state/ district/ population group/ bank group/ bank.

Requested information are available on the Reserve Bank of India (RBI) website may be accessed at the below mentioned link-

Annual / Quarterly: -

https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Bank Branch Statistics -> Quarterly / Annual -> Offices Closed during Quarter / Offices Closed during Year

5

Information on (a) number of credit accounts and the amount of outstanding credit with scheduled commercial banks (SCBs) as per bank group/ population group/ state/ occupation/ size of credit limit/ interest rate range/ type of account/ organization;

(b) outstanding credit of small borrower accounts of SCBs.

Requested information are available on the Reserve Bank of India (RBI) website may be accessed at the below mentioned link-

Annual: -

https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Basic Statistical Return (BSR)-1 - (Annual) - Credit by SCBs (including Regional Rural Banks)

Quarterly: -

https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Basic Statistical Return (BSR)-1 - (Quarterly) - Outstanding Credit of Scheduled Commercial Banks (excluding Regional Rural Banks)

6

Information on (a) number of deposits accounts and the amount of deposits outstanding with scheduled commercial banks (SCBs) – as per ownership of deposits and population group/ bank group/ state/ UT/ district, age-wise distribution of individual depositors;

(b) deposits with SCBs as per type of deposits, maturity pattern of term deposits;

(c) distribution of term deposits of SCBs as per interest rate range/ size of deposits and broad ownership category.

Requested information are available on the Reserve Bank of India (RBI) website may be accessed at the below mentioned link-

Annual: -

https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Basic Statistical Return (BSR)-2 - Deposits with SCBs (including Regional Rural Banks)

Quarterly: -

https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Basic Statistical Return (BSR)-2 - Deposits with SCBs (excluding Regional Rural Banks) -> BSR2 Quarterly (Deposit)

7

Number of employees of the scheduled commercial banks as per - bank group/ population group/ state/ employee category.

Requested information are available on the Reserve Bank of India (RBI) website may be accessed at the below mentioned link-

Annual: -

https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Basic Statistical Return (BSR)-2 - Deposits with SCBs -> Basic Statistical Return (BSR)- 2 - Deposits with SCBs -> Section 4: Employee Distribution

Quarterly: -

https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Basic Statistical Return (BSR)-2 - Deposits with SCBs (excluding RRB's) -> BSR2 Quarterly (Deposit) -> Section 4: Employee Distribution

8

Number of employees of the scheduled commercial banks as per bank and/or category.

Requested information are available on the Reserve Bank of India (RBI) website may be accessed at the below mentioned link-

Annual: -

https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Statistical Tables Relating to Banks In India -> Tables Based On Annual Accounts -> Table No. 12 (Bank-wise and Category-wise Employees of Scheduled Commercial Banks)

9

Information on (a) aggregate deposits and bank credit with SCBs (annual and quarterly) – as per state/ district/ center;

(b) type of deposits of SCBs as per state/ district.

Requested information are available on the Reserve Bank of India (RBI) website may be accessed at the below mentioned link-

Annual: -

https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Spatial Distribution of Deposits And Credit (Annual) -> Spatial Distribution of Deposits and Credit

Quarterly: -

https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Spatial Distribution of Deposits and Credit (Quarterly) -> Spatial Distribution of Deposits and Credit

10

Information on (i) liabilities and assets of SCBs;

(ii) earnings and expenses of SCBs;

(iii) bank-wise capital adequacy ratios (CRAR) of SCBs;

(iv) provisions and contingencies of SCBs;

(v) contingent liabilities of SCBs;

(vi) gross non-performing assets (GNPAs), net non-performing assets (NNPA), write-offs, addition/ reduction in GNPAs;

(vii) appropriation of Profit of SCBs;

(viii) ratio of SCBs like cash deposit ratio, credit deposit ratio, investment deposit ratio, capital adequacy ratio, net NPA to net advances etc.

Requested information are available on the Reserve Bank of India (RBI) website may be accessed at the below mentioned link-

Annual: -

https://www.rbi.org.in -> Statistics -> Database on Indian Economy -> Publication -> Time-Series Publications -> Statistical Tables Relating to Banks in India -> Tables Based On Annual Accounts

List of NBFCs registered with RBI is available on
https://rbi.org.in/web/rbi/regulations-non-banking/other-links/list-of-nbfcs

List of HFCs registered with National Housing Bank (NHB) is available on https://nhb.org.in/en/list-of-housing-finance-companies-granted-certificate/

The details of audit firms appointed/reappointed as Statutory Branch Auditors (SBAs) by Public Sector Banks and allocation of branches can be accessed in the following path: https://rbi.org.in  FUNCTIONWISE SITES → Regulation →  Commercial Banking → For Bankers → Appointment of Statutory Auditors.

List of Non-Banking Financial Companies (NBFCs), Scheduled Commercial Banks (SCBs) & Urban Cooperative Banks (UCBs) is available on following link: -

https://rbi.org.in -> Functionwise sites -> Regulation -> Non-Banking -> List of NBFCs and ARCs registered with the RBI.

https://rbi.org.in -> Functionwise sites -> Regulation -> Commercial Banking -> For Bankers -> List of Scheduled Commercial Banks (SCBs)

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