The Reserve Bank of India raised the threshold for bulk fixed deposits to Rs 3 crore from the previous Rs 2 crore, announced RBI Governor Shaktikanta Das during the bi-monthly policy release on Friday.
Bulk fixed deposits, which typically yield slightly higher interest rates than retail term deposits, will now include single rupee term deposits of up to Rs 2 crore with Scheduled Commercial Banks (excluding Regional Rural Banks) and Small Finance Banks.
Governor Das stated that the definition of bulk deposits for SCBs (excluding RRBs) and SFBs will now be 'Single Rupee term deposit of Rs 3 crore and above'. Additionally, for Local Area Banks, the bulk deposit limit will be defined as ‘Single Rupee term deposits of Rs 1 crore and above'.
In a bid to streamline guidelines for export and import under the Foreign Exchange Management Act (FEMA) 1999, the RBI proposed rationalising existing FEMA guidelines.
Das mentioned that this move aims to enhance ease of doing business and provide greater operational flexibility to authorized dealer banks. Draft guidelines for stakeholder feedback will be issued shortly.
To address the rising instances of digital payment frauds, the RBI proposed establishing a Digital Payments Intelligence Platform. This platform will facilitate network-level intelligence and real-time data sharing across the digital payments ecosystem. Das mentioned that a committee has been formed to examine various aspects of setting up this platform.
Governor Das highlighted the Reserve Bank's efforts to encourage innovation in the fintech sector, mentioning the global hackathon initiative, 'HaRBInger - Innovation for Transformation'. The third edition of the hackathon, 'HaRBInger 2024', focusing on 'Zero Financial Frauds' and 'Being Divyang Friendly', will be launched shortly.
Follow us
