According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 93.1676 and 61.12 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon.
The exercise of cleaning up bank balance sheets, which started in 2015, and a signal by the Reserve Bank of India to put an end to forbearance — or the easing of rules — will now mean a longer wait for better results.
The RBI said periodic updation should be carried out at least once in every two years for high risk customers, once in every eight years for medium risk customers and once in every ten years for low risk customers.
Till now, an Officially Valid Document for address proof together with PAN issued by the Income Tax department and a recent passport-size photograph were the key KYC documents.
Since April 1, 2017, nearly 48 per cent of the total currency notes supplied are lower denomination notes of Rs 200 and below, according to RBI data until December 31, 2017.
“RBI Governor has made a statement that there is adequate printing of currency notes. Then where have the currency notes gone? Why they are not ensuring that banks have enough cash to meet the requirements of customers,” AIBEA said.
The government feels the RBI’s February 12 circular could pose “serious problem” for industry and banks, and it wants the default timeline at 30 days of payment for principle/interest not being made by the borrowers.
Officials said that re-calibration of ATMs to fit Rs 200 notes has been slow due to inadequate supply of these newly introduced notes.
Cash crunch HIGHLIGHTS: The government today met with Public Sector Banks and assured that nearly 80 per cent of the ATMs will start functioning within 24 hours.
According to a Bank of America Merrill Lynch, normal rains should help to push rural demand, especially after a relatively poor rabi harvest.
Vedanta is acquiring the bankrupt steelmaker for Rs 5,320 crore. Of this, Rs 1,805 crore would be used to subscribe to the company’s equity while Rs 3,515 crore would be provided by “way of debt”.
The Indian Express unpacks the issues around the crunch, and why it may not be that unusual.
Garg said the private banks in India are world class and the public sector banks are fully backed by the government. Therefore, the banking system is fully safe, he said.
RBI Governor Urjit Patel had recently said that the RBI doesn’t have adequate powers to deal with public sector banks.
Arun Jaitley’s comments come in the wake of people from at least six states, including Gujarat, Maharashtra, Madhya Pradesh, complaining that the ATMs have run dry.