RBI vide its notification dated 7th June 2018 inform all the Scheduled Commercial Banks (including RRBs), Local Area Banks (LABs), Urban Co-operative Banks / State Co-operative Banks /District Central Co-operative Banks and Small Finance Banks/Payment Banks that wef 1st July 2018 the rate of interest has since been reviewed and it was decided that the rate of interest payable…
Summary of the important announcement regarding Banning of 500 & 1000 Rupee Note : 1. Black money issue, 500 rupees and 1000 rupees banned from Midnight. 2. ATM’s wouldn’t wouldn’t work on 9th and 10th November. Rather the withdrawal limit is Rs. 2000 only. 3. All Residents have option till 30th December 2016, to deposit…
What is Negative Interest Rate?DEFINITION of ‘Negative Interest Rate Policy (NIRP)’ A negative interest rate policy (NIRP) is an unconventional monetary policy tool whereby nominal target interest rates are set with a negative value, below the theoretical lower bound of zero percent.A negative interest rate means the Central Bank and perhaps private banks will charge…
Experts believe that the transmission will be more in the coming months. “We expect the 10-year yield falls to around 7% by December because RBI may cut 50 to 75 bps before December,” said Sivakumar. And since small savings rates are linked to market rates now, it is also expected to come down further in…