Opposition in the Rajya Sabha today sought to know why the Reserve Bank of India has not yet provided the number of demonetised 500 and 1000 rupee notes returned in the banking system, even after nine months of the note ban decision.
the exchange rates for the pound and the yen against the rupee were 83.8778 and 58.05 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon. the central bank also fixed the rate of rupee at 64.3580 against dollar.
Profits deteriorated sharply in the last two years as NPAs spiked and the RBI-mandated asset quality review forced them to make higher disclosures of non-performing loans.
A few names from the private sector have also been shortlisted, sources said. The central bank has four deputy governors -— two from within the ranks and one commercial banker and another an economist to head the monetary policy department.
The new notes will be bearing inset letter ‘S’ in the number panel and signature of Governor Urjit R Patel, the RBI said in a notification on Wednesday. “All the banknotes in the denomination of Rs 20 issued by the Bank in the past will continue to be legal tender,” the RBI added.
“The number of 1.54 per cent (inflation) is historically low and reflects the firm and ongoing consolidation of macroeconomic stability,” Chief Economic Adviser Arvind Subramanian told reporters after the numbers were released by the Central Statistics Office on Wednesday evening.
The panel members have planned to ask Urjit Patel questions regarding RBI’s preparedness for digital transition. They will also question about how much money has come back into the system after the November 8 decision to place the existing currency notes of Rs 1000.
‘Most severe shock of 15% of restructured standard advances and 10% of standard advances becoming NPAs will eliminate banks’ profits for 2016-17’
RBI Deputy Governor S S Mundra expressed concerns over higher propensity among lenders to focus on resilient retail loans as a way out of current difficulty of slowdown in demand from large corporations, saying “there is a limit” to which it can help.
Trouble: RBI had on June 13 asked banks to refer a dozen troubled firms — with a combined debt of close to Rs 2.4 lakh crore — to the NCLT and said that “such cases will be accorded priority by the NCLT”
Security-breaches are common in bank transactions, where customers are vulnerable to transaction theft. However now, bank customers will have zero-liability — they will no longer be expected to bear the losses for fraudulent, third-party transactions.
The liability will be Rs 10,000 for current accounts/ cash credit/ overdraft accounts of individuals with annual average balance (during 365 days preceding the incidence of fraud)/ limit up to Rs 25 lakh and credit cards with limit up to Rs 5 lakh.
The Supreme Court had asked the government and the RBI whether a window could be provided to people who couldn’t deposit their old Rs 500 and Rs 1000 notes.
As part of its occasional changes to investment rules, the RBI said 75 per cent of the future increases in limits for foreign investors will be allocated to the “long-term” category and 25 percent for “general.”
RBI had refused to exchange the old currency notes deposited with DCCBs till November 14, saying that these banks had failed to carry out 100 per cent KYC verification of its accounts.