Reserve Bank of India, in its quarterly review, announced a cut in the Statutory Liquidity Ratio (SLR) for banks by one percentage point, to 23% from 24%. The cut in SLR, which is essentially the proportion of deposits that banks invest in government bonds, will enable banks to shift moneyContinue Reading
What is a “star series” banknote? Fresh banknotes issued by Reserve Bank of India till August 2006 were serially numbered. Each banknote bears a distinctive serial number along with a prefix. The prefix consists of numeral and letter/s. The banknotes are issued in packets containing 100 pieces. The Bank hasContinue Reading
IndiaPay is India’s first indigenous payment gateway and is scheduled to be launched in mid-2011. The National Payments Corporation of India (NPCI) is the owner of IndiaPay and will make its first move by cutting charges levied to merchant establishments by half, compared with what MasterCard and Visa charge. IndiaPay’sContinue Reading
In order to check misuse of ATM cards by unauthorised people, RBI(Reserve Bank of India) has asked banks to allow only one transaction at ATM machines for one entry of PIN (Personal Identification Number) which acts like a password for ATM transactions). The transactions that a bank customer can conductContinue Reading
The RBI (Reserve Bank of India ) revealed its plan to introduce plastic Indian currency in the market to address the fake currency issue. Amarendra Sahu, Regional Director of RBI, Lucknow said that stung by the increasing menace of Fake Indian Currency Notes (FICN), the RBI is contemplating to introduceContinue Reading
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