Mumbai: The Reserve Bank of India on Friday increased the bulk fixed deposit limit to Rs 3 crore from the existing Rs 2 crore.
Wholesale fixed deposits command slightly higher interest rates than retail fixed deposits because banks offer different rates as part of their liquidity management practice.
Now single rupee fixed deposits up to Rs 2 crore in scheduled commercial banks (except regional rural banks) and small finance banks will be part of retail fixed deposits.
RBI Governor Shaktikanta Das made the bilateral announcement saying that on review of bulk deposit limit, the definition of bulk deposit for SCBs (except RRBs) and SFBs has been revised as 'single rupee fixed deposits of Rs 3 crore and above'. It is proposed to do. -Monthly policy on Friday.Further, it is also proposed to define the bulk deposit limit for local area banks as 'single rupee fixed deposits of Rs 1 crore and above', as applicable in the case of RRBs.
To promote ease of doing business, RBI has proposed to rationalize the guidelines for export and import of goods and services under the Foreign Exchange Management Act (FEMA), 1999.
Das said, in view of the changing dynamics of international trade and in line with the progressive liberalization of foreign exchange regulations, it is proposed to rationalize the existing FEMA guidelines on export and import of goods and services.
“This will boost ease of doing business and provide greater operational flexibility to authorized dealer banks,” he said. Draft guidelines will be issued soon for feedback from stakeholders.,
With regard to deepening digital payments, Das said it is proposed to set up a Digital Payment Intelligence Platform to share network level intelligence and real-time data across the digital payments ecosystem.
He said that the Reserve Bank has taken several measures over the last few years to deepen digital payments as well as ensure their security and these measures have increased consumer confidence.
He said, however, that the increasing cases of digital payment fraud highlights the need for a system-wide approach to prevent and reduce such fraud.
“Therefore, it is proposed to set up a Digital Payment Intelligence Platform for sharing network level information and real-time data across the digital payments ecosystem. To take this initiative forward, the Reserve Bank has decided to examine various aspects of setting up A committee has been formed for this till the platform,” he said.He said, the Reserve Bank has taken several pioneering initiatives in recent years to encourage innovation in the FinTech sector, one such major initiative is the global hackathon: 'HaRBInger – Innovation for Change'.
The first two editions of the hackathon were to be completed in the year 2022 and 2023 respectively, he said.
The third edition of the global hackathon, 'HaRBInger 2024' will be launched soon with two themes, 'Zero Financial Fraud' and 'Being Divyang Friendly', he said.
Wholesale fixed deposits command slightly higher interest rates than retail fixed deposits because banks offer different rates as part of their liquidity management practice.
Now single rupee fixed deposits up to Rs 2 crore in scheduled commercial banks (except regional rural banks) and small finance banks will be part of retail fixed deposits.
RBI Governor Shaktikanta Das made the bilateral announcement saying that on review of bulk deposit limit, the definition of bulk deposit for SCBs (except RRBs) and SFBs has been revised as 'single rupee fixed deposits of Rs 3 crore and above'. It is proposed to do. -Monthly policy on Friday.Further, it is also proposed to define the bulk deposit limit for local area banks as 'single rupee fixed deposits of Rs 1 crore and above', as applicable in the case of RRBs.
To promote ease of doing business, RBI has proposed to rationalize the guidelines for export and import of goods and services under the Foreign Exchange Management Act (FEMA), 1999.
Das said, in view of the changing dynamics of international trade and in line with the progressive liberalization of foreign exchange regulations, it is proposed to rationalize the existing FEMA guidelines on export and import of goods and services.
“This will boost ease of doing business and provide greater operational flexibility to authorized dealer banks,” he said. Draft guidelines will be issued soon for feedback from stakeholders.,
With regard to deepening digital payments, Das said it is proposed to set up a Digital Payment Intelligence Platform to share network level intelligence and real-time data across the digital payments ecosystem.
He said that the Reserve Bank has taken several measures over the last few years to deepen digital payments as well as ensure their security and these measures have increased consumer confidence.
He said, however, that the increasing cases of digital payment fraud highlights the need for a system-wide approach to prevent and reduce such fraud.
“Therefore, it is proposed to set up a Digital Payment Intelligence Platform for sharing network level information and real-time data across the digital payments ecosystem. To take this initiative forward, the Reserve Bank has decided to examine various aspects of setting up A committee has been formed for this till the platform,” he said.He said, the Reserve Bank has taken several pioneering initiatives in recent years to encourage innovation in the FinTech sector, one such major initiative is the global hackathon: 'HaRBInger – Innovation for Change'.
The first two editions of the hackathon were to be completed in the year 2022 and 2023 respectively, he said.
The third edition of the global hackathon, 'HaRBInger 2024' will be launched soon with two themes, 'Zero Financial Fraud' and 'Being Divyang Friendly', he said.