RBI Governor Shaktikanta Das addresses issues relating to withdrawal of Rs 2,000 notes, including legal tender status and impact on economy; he says there is no proposal right now to reintroduce Rs 1,000 bank notes.
NCLAT upholds insolvency resolution proceedings against Go First; derails aircraft lessors’ efforts to take back planes from struggling Wadia group firm.
The Rs 2,000 notes are finding an outlet in petrol pumps as customers are using the withdrawn currency to make even small purchases.
No form or requisition slip or identity proof is required for exchange of Rs 2,000 notes up to a limit of Rs 20,000 at a time as part of exercise to withdraw high-value currency notes from circulation, SBI clarified.
Former Chief Economic Advisor Krishnamurthy Subramanian says use of Rs 2,000 note has declined significantly and is being used primarily to hoard money, as seen in several raids.
RBI says Rs 2,000 denomination banknotes will be withdrawn from circulation and asks all to exchange or deposit them by 30 September 2023.
This is nearly triple of what RBI paid to Centre a year ago, with the dividend payout being at Rs 30,307 crore in FY22.
SBI's net profit stands at Rs 50,232 crore in FY23, up 59% YoY; HDFC Bank, most profitable lender for several years, posts net profit of Rs 44,108 crore for FY23, up 19% from Rs 36,961 crore in FY22.
SBI Funds Management must ensure that its aggregate holding remains below 10% of paid-up share capital or voting rights of HDFC Bank.
RBI imposes penalty of Rs 2.92 crore on Canara Bank for violation of various norms, including opening savings accounts of ineligible entities and linking interest rates to external benchmark.
This is second consecutive month that CPI inflation remained below RBI’s upper tolerance limit of 6%.
NCLT appoints Abhilash Lal as interim resolution professional to run Go First as a going concern and not to retrench any employee; lessor SMBC Aviation Capital moves NCLAT.
RBI has said that fees and charges payable in India on forex prepaid cards, store value cards and travel cards have to be denominated and settled in rupees only.
RBI imposes fine of Rs 1.74 crore on HSBC for violation of rules relating to submission of information to the country’s credit information bureaux.
Union Bank of India posts 93.3% YoY rise in Q4 net profit to Rs 2,782 crore, following healthy growth in net interest income and improvement in asset quality.
