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RBI allows banks to fix interest rates on gold deposit scheme

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October 2015

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October 23, 2015

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Reserve Bank of India (RBI) has allowed banks to fix their own
interest rates on gold deposits under the Gold Monetisation
Scheme.

September 2015 |
August 2015 |

In this regard RBI has issued guidelines mentioning

July 2015 |

Banks are free to set interest rate such as principal and interest

June 2015 |

on the deposit denominated in gold.

May 2015 |

Designated banks will accept gold deposits under the Short Term Bank Deposit (1-3

years), Medium (5-7 years) and Long term (12-15 years) Government Deposit

April 2015 |

Schemes.

March 2015 |

The interest on the gold deposits will be credited in the accounts on the respective due
dates and will be periodically withdrawable i.e. at maturity of the deposits.

February 2015 |

Short term bank deposits will be applicable cash reserve ratio (CRR) and statutory

January 2015 |

liquidity ratio (SLR).

Current Affairs 2014

There is no bar for maximum gold deposit but the minimum deposit at one time
should be raw gold equivalent to 30 grams of 995 fineness standard.

Current Affairs 2013

The raw gold should be in the form of coins, bars, jewellery excluding stones and other

Current Affairs 2012

metals

Current Affairs 2011

Individual banks will determine the provision for premature withdrawal subject to a
minimum lock-in period and along with the penalty.

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The designated banks may sell or lend the gold accepted under the deposit to Metals

CURRENTAFFAIRSCATEGORY

and Minerals Trading Corporation (MMTC) of India for minting India Gold Coins (IGC)

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and to jewellers or sell it to other designated banks.

Earlier, Union Government had given its approval to Gold Deposit and Monetisation
Scheme in order to mobilize a part of an estimated 20,000 tonnes of precious metal
lying idle with households and institutions into the banking system.
Tags: Banking Business Economy Government Schemes RBI

RBI, UAE Central Bank ink MoU for supervisory information exchange
|

October 19, 2015

Bills and Acts

Defence Current Affairs

It was signed at Abu Dhabi, UAE by Saeed Abdulla Al Hamiz,

Assistant Governor of Central Bank of UAE and Meena
Hemchandra, Executive Director of RBI.

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The Reserve Bank of India (RBI) has signed a Memorandum of

Understanding (MoU) with the Central Bank of United Arab
Emirates (UAE) on Supervisory Cooperation and Exchange of
Supervisory Information.

Environment Current Affairs |

Awards & Honours

No comments

By signing the MoU, RBI is seeking to promote greater co-operation and share
supervisory information among the authorities. So far RBI has signed 29 such MoUs, one
Letter for Supervisory Co-operation (LSC) and one Statement of Co-operation (SoC) in
this regard.
Tags: Banking RBI UAE

RBI formed Financial Inclusion Fund with Rs. 2000 crore corpus
|

October 16, 2015

No comments

Reserve Bank of India (RBI) has established Financial Inclusion

Fund (FIF) with Rs. 2000 crore corpus expanding reach of
banking services.
This fund will support the developmental and promotional
activities covered under the financial inclusion initiatives.
Key facts
FIF has been established as a single entity (fund) by merging Financial Inclusion Fund
(FIF) and Financial Inclusion Technology Fund (FITF).
It will provide support for funding the setting up and operational cost for running
financial inclusion and Literacy Centres.
One of its major objective will be enhanced investment in Green Information and
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Communication Technology (ICT) solution.

It will be administered by the reconstituted Advisory Board constituted by Union
Government and will be maintained by NABARD.
Contribution to FIF would be from the interest differential in excess of 0.5 per cent on
Rural Infrastructure Development Fund (RIDF) and Short-Term Cooperative Rural
Credit (STCRC) deposits.
These deposits are held on account of shortfall in priority sector lending kept with
NABARD by banks.
Tags: Banking Financial Inclusion NABARD RBI

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