Press Releases - RBI - Reserve Bank of India
Press Releases
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
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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
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