Banking Policy: RBI Keeps Key Rates Unchanged

The Reserve Bank of India (RBI), in its first bi-monthly credit policy review, has kept the repo rate unchanged at 8%, reverse repo, cash reserve ratio (CRR) and bank rate unchanged at 7%, 4% and 7%, respectively while reducing the statutory liquidity ratio (SLR) of scheduled commercial banks by 50bps (basis points) to 22.5% of their net demand and time liabilities. RBI also increased the eligibility limit for foreign exchange remittances to $125,000 and decided to allow non-residents to take out Indian currency notes of up to Rs25,000 while leaving the country. At present, only Indian residents are allowed to take Indian currency notes up to Rs10,000 out of the country.
Non-residents visiting India are not permitted to take out any Indian currency notes while leaving the country.
 

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ATM: ATM Kiosks To Have Electronic Surveillance

Electronic surveillance will be in place at ATM kiosks within the next six months in order to further enhance security, State Bank group chairman Arundhati Bhattacharya said.

“We are looking at new initiatives to improve ATM security and have already started working out an electronic security surveillance system,” Ms Bhattacharya told reporters after attending State Bank of Travancore’s CSR function.

Stating that a number of vendors had already made presentations, she said, “We would be able to put this in place in next six months.”

Basically, it was to ensure security inside and outside ATM kiosks with a flip signal by which one could remotely either lock the centre or switch off the ATM, she said.

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Relief for Residents of Illegally Built Flats?

Members from ruling and opposition benches in the Maharashtra Legislative Council asked the government to provide relief to residents of the Campa Cola Society in Mumbai, who have been directed to vacate their illegally built flats. Deputy chief minister Ajit Pawar signalled the Cabinet’s involvement and assured the Council that he would convey members’ sentiments to the chief minister Prithviraj Chavan. Leader of the Opposition, Vinod Tawde (BJP), raised the issue; BJP MLC Ashish Shelar suggested that government seek the help of the newly-appointed attorney general Mukul Rohatgi.

The residents are hopeful that they will be able to save their houses from demolition even though the deadline for vacating flats has passed.

The Brihanmumbai Municipal Corporation, the local civic body, has said it would move the Supreme Court if the residents of 96 illegal flats did not vacate.

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