This relaxation is available to entities running working capital accounts with any bank with the sanctioned limit of Rs 1 crore or less
The RBI 'assured people' that enough cash in small denominations is also available at banks.
India's gold reserves were also up by $297.7 million to $19.33 billion
Bankers have decided to fight back against 'arbitrary arrests' and 'harassment' by probe agencies.
India's foreign exchange reserves declined by $685.1 million to $274.81 billion in the week ended August 30 due to a dip in the foreign currency assets, the Reserve Bank said.
Remittances by artists and for advertisements, royalty payments, purchase of trademarks, commission to real estate agents and health insurance from abroad would no longer require RBI clearance.
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While the measures are aimed at moderating outflows, RBI added that genuine requirement beyond these limits will continue to be considered under the approval route.
Stamp duty, registration to be included in loan calculation
The bank, however, maintained that the incremental benefit from the MCLR based lending rates introduced in April 2016 as an alternative to the earlier system of base rate, was positive.
With the slack season credit policy due to be announced on April 28, bankers are waiting to see how the Reserve Bank of India reacts to the budgetary proposals on freeing caps on statutory liquidity ratio and cash reserve ratio.
Gross domestic savings as a proportion to GDP fell from a high of 36.8 per cent in FY08 to 30.8 per cent in FY13, according to the Reserve Bank.
In February last year, it was (-)2.17 per cent.
Securities and Exchange Board of India may soon launch a full-fledged investigation into the alleged violation of mutual funds regulations by JM Mutual Fund while dealing in government securities.
RBI may also be open to injecting liquidity through open market purchases of bonds but is resisting relaxing capital buffers for banks.
India's foreign exchange reserves rose from $91,315 million to $91,892 million in the week ended October 24, according to the Reserve Bank of India's weekly statistical supplement released in Mumbai on Saturday.
The Reserve Bank of India has convened a meeting of bank chairmen and managing directors on September 16 to discuss ways to formulate the benchmark prime lending rate, which is expected to be introduced by this month-end.
The Reserve Bank of India has received applications from 3,491 employees so far for the ongoing optional early retirement scheme, which is intended to rationalise its staff strength.
Reserve Bank of India Governor Bimal Jalan on Wednesday said the apex bank's stance on soft interest rate environment will continue while it will remain flexible for repo rate.\n\n\n\n
The Reserve Bank said it will launch inflation-indexed national savings securities for retail investors by mid-December.
The move may release funds locked in government securities and add to liquidity. With inflation expectations lowered, this should not impact bond sentiment in the short run
Reserve Bank of India is to introduce a voluntary early retirement scheme for its employees.
Current account deficit is expected to narrow to 1 per cent.
RBI Governor Bimal Jalan on Thursday ruled out the possibility of a change in Repo rate, but hoped that inflation would turn soft from the second quarter of the current fiscal.
The Reserve Bank of India on Tuesday cut the bank rate by 0.25 per cent to 6 per cent with effect from close of business hours.
Close on the heels of one per cent cut in interest rate on small savings scheme and PPF in the Union Budget, the Reserve Bank of India announced on Friday a 0.5 per cent reduction in interest rate on savings account to 3.5 per cent effective Saturday
Spot gold was bid lower at $ 1,298 an ounce in early European trade.
The regulator said that it is vested within its purview to regulate the bank account for payment systems and the settlement systems are finally posted in the books of account of banks with the RBI to attain settlement finality.
Manufacturing production growth eased in May, which combined with the slowdown in services resulted in a weaker increase in private sector output, the survey said.
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