Home, Auto loan to become cheapest in 6 years as SBI, other banks slash rates
shadow

Home, Auto loan to become cheapest in 6 years as SBI, other banks slash rates

Just a day after PM Modi’s New Year’s Eve speech, the country’s largest lender State Bank of India and other banks have cut down their home loan lending rates.  The country’s largest lender, SBI, has reduced marginal cost of funds based lending rate (MCLR) by 0.9 percent from 8.90 percent to 8 percent for …

 ATM withdrawal limit raised to Rs 4,500/day from  Jan 1
shadow

 ATM withdrawal limit raised to Rs 4,500/day from  Jan 1

The Reserve Bank on Friday late night increased the withdrawal limit from ATMs to Rs 4,500 per day from the current Rs 2,500 from January 1.  However, there has been no change in the weekly withdrawal limit, which stands at Rs 24,000, including from ATM, for individuals (Rs 50,000 in case of small traders). …

RBI’s new Deputy  Governor Acharya to take charge on Jan 20
shadow

RBI’s new Deputy  Governor Acharya to take charge on Jan 20

The government on Wednesday appointed Viral V. Acharya, a professor of economics at New York University, as one of the Reserve Bank of India’s four deputy governors for a term of three years, according to a statement on Wednesday.  “The Central Government has through notification dated December 28, 2016, …

RBI says Rs 12.44 lakh crore of old notes deposited in banks till Dec 10
shadow

RBI says Rs 12.44 lakh crore of old notes deposited in banks till Dec 10

The amount of demonetized currency that has been deposited in banks has crossed Rs 12.44 lakh crore on December 10, while they have issued Rs 4.61 trillion to them since the demonetisation drive began 35 days ago. “The old notes of Rs 500 and Rs 1,000, which have been returned to the Reserve Bank and the …