SEBI has increased the limit of cash investment from Rs20,000 to Rs50,000 per investor, per scheme, per financial year, subject to compliance with applicable Acts, Rules and Regulations, according to a SEBI press release. Presently, cash transactions in mutual funds are allowed up to Rs20,000 per investor, per mutual fund, per financial year. However, repayment in the form of redemptions, dividend, etc, with respect such investments shall continue to be paid only through banking channels.
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.
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.