The RBI has also already advised the banks to accept coins for transactions and exchange at all their branches.
The decision of the Reserve Bank to initiate a 'prompt corrective action' (PCA) against large state-owned lender Bank of India led to rumours that the government may close down some banks.
Inter-disciplinary standing committee on cyber security has been constituted by the RBI comprising of academia, information security audit, forensic and cyber security experts.
The gold reserves remained unchanged at USD 20.703 billion, unlike in the last reporting week when it had risen by a tad.
RBI also clarified that no merchant will at any level will charge MDRs to consumers and the new rates are applicable only on debit card transactions and not credit cards.
RBI had on December 6 revised the MDR for debit card transactions at large format retail stores from 0.5 percent per transaction to 0.9 percent (not exceeding Rs 1,000).
These 28 accounts together account for 40 percent of the system wide bad loans or worth around Rs 4 trillion.
Prices of food and fuel, which affect the cost of living conditions, saw a rise in November. There was also an increase of housing inflation which took place after the implementation of higher house rent allowances for central government employees under the 7th Central Pay Commission award.
The monetary policy committee (MPC) decided to keep policy repo rate unchanged at 6 percent and reverse repo rate at 5.75 percent.
The government, in consultation with the Reserve Bank, has decided to offer a discount of Rs 50 per gram to investors applying online and making payments digitally.
The Reserve Bank had early July transferred Rs 30,659 crore as surplus to government for fiscal 2017, which was almost 50 percent lower than the previous year. The payout plunged due to the huge expenses incurred towards printing new banknotes and paying bank interest by way of reverse repo after the demonetisation last November.
According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 85.3371 and 56.85 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon.
Those having an exposure between Rs 500 crore and Rs 1,000 crore have to obtain the LEI code by June 30 and those having between Rs 100 crore and Rs 500 crore by March 31, 2019.
The RBI said at least 66 Sophisticated Currency Verification and Processing (CVPS) machines were being used for counting of junked Rs 500 and Rs 1,000 note
Yes Bank on our radar this morning. Reserve Bank of India (RBI) inspection for FY17 has not been done yet.
Banks will be subvented to the extent of difference between the Weighted Average Interest Charged and 7 percent subject to the maximum limit of 5.5 percent for the year 2017-18.
Further, the RBI said the investment limit by NRIs has gone up to 24 percent from the existing 10 percent.
Wholesale inflation fell to 2.60 percent in September as prices of food articles, led by vegetables, softened.
The government had on November 8 last year banned the use of old Rs 500 and Rs 1,000 notes but allowed holders to deposit them with banks or use them with certain notified utilities. The notes deposited or collected are being counted by the central bank at its offices to establish the total number of currency returned and to weed out fake notes.
Debroy also said that the members of the PMEAC had reached consensus about "the various reasons that have contributed to the slowdown in the growth rate".
When it came to "one year ahead expectation", more than 50 percent respondents said the situation "will improve", as compared to 66.3 percent respondents in December 2016.
Goyal was speaking on the sidelines of the India Economic Summit of the World Economic Forum (WEF).
RBI also reduced the statutory liquidity ratio (SLR) by 50 basis points from 20 percent to 19.50 of banks' net demand and time liabilities from the fortnight beginning October 14.
House of Hiranandani chairman Surendra Hiranandani said if continuous price pressures are going to limit the room for further rate cuts then the government will have to boost spending that may impact its budget deficit target.
The Monetary Policy Committee (MPC) reduced the outlook for the GVA growth to 6.7 percent for this fiscal year from the August projection of 7.3 percent, citing uncertainty around the implementation of Goods and Services Tax.