Reserve Bank of India(RBI) Related All News: Covered March to December 2019

Dear Aspirants, ambitiousbaba.com Presenting the most demanding topic  which includes RBI related all news 2019. This topic is intended towards helping the aspirants throughout the country know the ins and outs of the general awareness with the help of important key points that are asked in the examinations.

RBI releases “Guidelines for ‘on tap’ Licensing of SFB in the Private Sector”

The Reserve Bank of India released guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector. Now payments banks willing to convert themselves into small finance banks (SFBs) can apply for such a licence only after 5 years of operations.

The licensing window will be open on-tap. The minimum capital for setting up an SFB has been mandated at ₹200 crores, adding for primary (urban) co-operative banks (UCBs), which wish to become SFBs, the initial requirement of net worth will be ₹100 crores, which will have to be increased to ₹200 crores within five years from the date of commencement of business. SFBs will be given scheduled bank status immediately upon commencement of operations.

NEFT transactions to be available 24×7 from 16 December

In a bid to promote digital transactions, the RBI on 6th December said round-the-clock transactions will be allowed under the National Electronic Funds Transfer (NEFT) system from December 16.

The 24X7 NEFT system will be available on all days of the year, including holidays.

RBI caps aggregate exposure limit for lending on P2P platforms at Rs 50 lakh

To protect consumers interest, the Reserve Bank on December 23 said that on a peer-to-peer lending (P2P) platform the permissible exposure of a lender to all borrowers should not exceed Rs 50 lakh at any given point of time.

The lender investing more than Rs 10 lakh across P2P platforms will produce a certificate to P2P platforms from a practising Chartered Accountant certifying minimum net-worth of Rs 50 lakh.

RBI introduces new prepaid payment tool for transactions upto Rs 10,000 a month

The Reserve Bank has introduced a new type of prepaid payment instrument (PPI) which could be used only for purchase of goods and services up to a limit of Rs 10,000 per month.

“To give impetus to small value digital payments and for enhanced user experience, it has been decided to introduce a new type of semi-closed PPI.

PPIs are financial instruments that facilitate the purchase of goods and services against the value stored on such instruments.

“The amount loaded in such PPIs during any month shall not exceed Rs 10,000 and the total amount loaded during the financial year shall not exceed Rs 1,20,000”.

RBI Raises Limit For Borrowing From Microfinance Institutions

The Reserve Bank of India increased the household income limits for borrowers of non-banking finance companies-microfinance institutions from Rs 1 lakh to Rs 1.25 lakh for the rural areas

Similarly, the limit has been increased from Rs 1.6 lakh for urban or semi-urban areas to Rs 2 lakh.

 Aim: Strengthen credit to those in the bottom of the economic pyramid.

No NEFT charges for savings account holders from January 2020: RBI

The Reserve Bank of India (RBI) has directed banks not to charge savings account holders for NEFT with effect from January 2020.

RBI sets up 3-member panel to assist DHFL administrator

The Reserve Bank has constituted a three-member Advisory Committee to assist the Administrator of DHFL in discharge of his duties. The members of the Advisory Committee are Rajiv Lall, Non-Executive Chairman, IDFC First Bank Ltd; N S Kannan, Managing Director and CEO, ICICI Prudential Life Insurance Co; and NS Venkatesh, Chief Executive, Association of Mutual Funds in India.

The decision “owing to governance concerns and defaults by DHFL in meeting various payment obligations”.

RBI revises framework on currency swap arrangement for SAARC nations

Strengthen financial stability and economic cooperation, the Reserve Bank of India on 26th November revised the framework on currency swap arrangement for SAARC countries till 2022.

A currency swap between countries is an agreement to exchange currencies with predetermined terms and conditions.

Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka are part of SAARC grouping.

Under the framework for 2019-22, the central bank will continue to offer swap arrangement within the overall corpus of $2 billion.

RBI increases lending limit of MFIs to ₹1.25 lakh

The Reserve Bank of India has raised the lending cap for microfinance institutions to ₹1.25 lakh, against the earlier limit of ₹1 lakh, to improve credit availability in rural and semi-urban areas.

It has also been decided to “increase the household income limit for borrowers of non-banking financial companies-micro finance institutions (NBFC-MFIs) from the current level of ₹1 lakh for rural areas and ₹1.60 lakh for urban/semi urban areas to ₹1.25 lakh and ₹2 lakh, respectively.”

RBI Steps In To Raise Deposit Insurance Cover For Customers From Rs 100,000

The Reserve Bank of India (RBI) has told its subsidiary Deposit Insurance and Credit Guarantee Corporation (DICGC) to create a risk-based system for collecting premiums from banks to cover the deposit insurance of customers.

The RBI feels that a move to charge banks, depending upon how risky they are, is a prerequisite for hiking the bank deposit insurance limit of customers from Rs 1 lakh at present, a central bank executive said. According to sources, the central board of the RBI, which met in Chandigarh on October 11, had a detailed deliberation on the proposal to hike the deposit.

RBI increased the loan sanction limit for small exporters to Rs 40 crore per borrower from Rs 25 crore
The Reserve Bank of India (RBI) increased the loan sanction limit for small exporters as priority sector lending (PSL) by banks to Rs 40 crore per borrower from Rs 25 crore in order to boost credit to the export sector.

RBI granted Bank of China to offer regular banking services in India
India’s central banking institution, RBI(Reserve Bank of India) has allowed Bank of China (BoC) to provide regular bank services in India. BoC will be included in the Second Schedule of the Reserve Bank of India Act, 1934.

RBI’s Money Museum in central Kolkata boost people’s knowledge of banking system
India’s central bank, RBI’s (Reserve Bank of India) Money Museum.

Aims:  improving people’s knowledge of the banking system with the help of interactive displays at Council House Street in Central Kolkata, West Bengal has been drawing a lot of attention for its special initiative.

RBI Board Approves Surplus Transfer of Rs 1.76 Lakh Crore to Govt as it Accepts Bimal Jalan Panel Recommendation
The Reserve Bank of India(RBI)’s Governor Shaktikanta Das-led RBI central board in its 578th meeting (held in Mumbai, Maharashtra) has accepted the recommendation of high-level 6-member panel headed by its former Governor Bimal Jalan on transfer of Rs 1,76,051 crore to the government comprising of Rs 1,23,414 crore of surplus for the year 2018-19 and Rs 52,637 crore of excess provisions as per the revised Economic Capital Framework (ECF).

RBI’s Central Board of Directors’ 577th  meeting held in New Delhi
The 577th  meeting of the Central Board of Directors of Reserve Bank of India(RBI) was held at New Delhi. Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman, addressed the Directors of Central Board.

RBI board has finalized a three- year roadmap ‘Utkarsh 2022’ to improve regulation & supervision
India’s central bank, Reserve Bank of India(RBI) has finalized a three-year road map for medium-term objective named “Utkarsh 2022” for strengthening regulation, supervision of the central bank in a meeting in New Delhi.

RBI gets the power to regulate housing finance companies instead of NHB
Finance Minister Nirmala Sitharaman stated that India’s central bank, Reserve Bank of India(RBI) will now be given power to takes over as the regulator of Housing Finance Firms(HFFs) instead of NHB(National Housing Bank).

RBI panel recommends an increase in collateral-free lending, MUDRA loan limit to Rs 20 lakh: Nitin Gadkari

The Union Minister for MSMEs(Micro, Small and Medium Enterprises), Nitin Gadkari stated that a panel of RBI(Reserve Bank of India) has recommended an increase in the collateral-free lending limit to Rs 20 lakh for MSMEs and self-help groups(SHG). The panel also recommended revision of loan limit sanctioned under MUDRA (Micro Units Development and Refinance Agency) to Rs 20 lakh from Rs 10 lakh. (Updated-  July 25, 2019).

RBI removed charges for RTGS and NEFT transactions
The Reserve Bank of India(RBI) has removed the charges levied on Real Time Gross Settlement (RTGS)and National Electronic Funds Transfer (NEFT)  transactions to boost digital payments.

RBI to create foreign exchange trading platform for retail participants
The Reserve Bank of India (RBI) announced to set up a foreign exchange trading platform for retail participants. This is to create a market infrastructure that ensures fair and transparent pricing for users of foreign exchange like Small and Medium Enterprises (SME) exporters & importers and individuals.

RBI relaxed leverage ratio for banks to 3.5%
The Reserve Bank of India (RBI) relaxed the Leverage Ratio (LR) for banks to 3.5%. This is done to help them in order to expand their lending activities. The LR is reduced to 4% for Domestic Systemically Important Banks (D-SIBs).

LR is defined under Basel-III norms, Tier 1 Capital as a percentage of the bank’s exposure. It was introduced for banks post-financial crisis of 2008. The minimum requirement for LR set by the Basel Committee on Banking Supervision (BCBS) is 3%. Banks have been required to publicly disclose their Basel III leverage ratio on a consolidated basis from 1 April 2015 quarterly. LR is one of the 4 indicators under the RBI’s Prompt Corrective Action (PCA) framework and an important supplement to the risk-based capital requirements.

RBI eased regulations for BSBD Accounts
Nation’s apex bank Reserve Bank of India (RBI) has relaxed the regulations for Basic Savings Bank Deposit (BSBD) Accounts aka “no-frills” accounts as a part of the financial inclusion drive.

Now, the BSBD account holders will get a cheque book and certain minimum facilitiesfree of charge by the bank. Also, there will be no requirement of maintaining a minimum balance in lieu of such additional facilities. Previously additional facilities for these accounts attract the requirement of maintaining a minimum balance and other charges.

RBI recommends Commercial Banks to adopt Education Loan Scheme
India’s central banking institution, The Reserve Bank of India (RBI) has advised all Scheduled Commercial Banks to adopt Education Loan Scheme which is formulated by Indian Banks’ Association (IBA).
Model Education Loan Scheme: The IBA scheme circulated to all member Banks including State Bank of India (SBI) for providing financial support to meritorious students for pursuing higher education in India and abroad.
Note
i.
 Loan up to Rs 10 lakh for study in India and upto Rs 20 lakh for study abroad.
ii. Collateral free loans upto Rs 7.5 Lakh under the Credit Guarantee Fund Scheme for Education Loans (CGFSEL).
iii. No Margin for a loan up to Rs 7.50 Lakh.
iv. Repayment period of 15 years.

RBI directs banks to enhance housing loan limits for eligibility under priority sector lending

To include the RRBs (Regional Rural Banks) and SFBs (Small Finance Banks) in the same level as the

other Scheduled Commercial Banks, (RBI) Reserve Bank of India has notified them to enhance housing loan limitsto individuals up to Rs 35 lakh in metropolitan centres (which would have a population of over 10 lakhs) and Rs 25 lakh in other centres, under Priority sector Lending (PSL).

RBI has published ‘Payment and Settlement Systems in India: Vision 2019 – 2021’ to promote innovation, cyber-security, financial inclusion

The Reserve Bank of India (RBI) released its statement on ‘Payment and Settlement Systems in India: Vision 2019–2021’, which notifies the steps that RBI will take to promote innovation, cyber-security, financial inclusion, customer protection, and competition through which the vision looks forward to achieve a ‘highly digital’ and ‘cash-lite’ society.

The report consists of 36 specific action points with 12 specific outcomes, based on different inputs from stakeholders and guidance of the Board for Regulation and Supervision of Payment and Settlement Systems.

RBI publicized draft circular on “liquidity risk management for NBFCs “

The Reserve Bank of India (RBI) has introduced the “Liquidity Risk Management Framework for Non- Banking Financial Companies and Core Investment Companies” for public comments by June 14, 2019. The eligible entities for this draft framework are all deposit-taking NBFCs; non-deposit taking non-banking financial companies (NBFCs) with an asset size of over Rs 100 crore and all core investment companies (CICs) registered with RBI.

RBI modified the norms on VRR investment by FPIs

Reserve Bank of India has modified the norms on Voluntary Retention Route (VRR) investment by Foreign Portfolio Investors (FPIs) by fixing the investment limit at Rs. 54,606.55 crores. Now FPIs can invest up to Rs 54,606.55 crore under the VRR, which allows parking funds in both government securities as well as corporate debt.

SC gave ultimatum to RBI to disclose information under RTI Act

Recently, Supreme Court bench headed by Justice L Nageswara Rao has directed the Reserve Bank of India (RBI) to disclose information related to its annual inspection report of banks under the Right to Information (RTI) Act until and unless they are exempted under law. The bench has also directed the RBI to review its policy to disclose information relating to banks under RTI.

RBI  is going to issue new Rs 20 denomination banknote with greenish-yellow colour
The Reserve Bank of India (RBI) will issue new Rs 20 denomination banknotes having a base colour of greenish -yellow with size of 63 X 129 mm. The first Rs 20 notes were issued in the Mahatma Gandhi Series in August 2001.

RBI sets WMA Limit for Government at Rs 75000 crore for the first half of the FY 2019-20

The Reserve Bank of India has set the limits for Ways and Means Advances (WMA) to Rs. 75000 crore for the first half of the financial year 2019-20 (April 2019 to September 2019). As and when the government of India utilises 75% of the WMA limit, the central bank would activate fresh floatation of market loans.

The rate of interest issued on the Ways and Means Advances (WMA) will be Repo Rate while the overdraft will exceed the Repo Rate by flat 2%. The WMA needs to be vacated after 90 days.

The RBI issued Rs. 50 denomination bank notes in Mahatma Gandhi (New) Series bearing the Governor’s signature

The Reserve Bank of India (RBI) issued Rs. 50 denomination banknotes in Mahatma Gandhi (New) Series that bore Shri Shaktikanta Das’ (Governor of RBI) signature.

i)The design of these notes is exactly similar to the ‘Rs 50 banknotes’ in Mahatma Gandhi (New) Series.

ii)The RBI notified that all bank notes in the denomination of Rs. 50 issued by the Central Bank in the past will continue to be legal tender.

RBI gives HDFC’s proposal for holding 9.9% stake in Bandhan Bank

The RBI (Reserve Bank of India) has granted approval to HDFC Ltd for holding up to 9.9% stake in Bandhan Bank following the Gruh Finance deal.

Gruh Finance is the housing finance arm of HDFC Ltd and was taken over in January by Bandhan Bank in a share-swap deal.

RBI becomes the first APAC (Asia-Pacific) central bank to begin interest rate easing cycle

The Fitch ratings notified that the Reserve Bank of India (RBI) becomes the first central bank in the Asia-Pacific region (APAC) to begin an interest rate easing cycle floated by benign food inflation and easier global financial condition.

RBI gives approval for e-mandates to facilitate Internet Banking, Debit Cards to NPCI

The National Payments Corporation of India (NPCI) has received approval from the Reserve Bank of India (RBI) to implement e-mandates (electronic mandates) for internet banking and debit cards, which will allow the users to automatically deal with their recurring payments.

The limit for each mandate is set at Rs 1 Lakh, and depending on the usage, the organisation will review the limit from time to time.

RBI extends the previous ombudsman scheme to non-deposit taking NBFCs having asset size of Rs.100 crore or higher

The Reserve Bank of India (RBI) extended the ombudsman scheme coverage to non-deposit taking (NBFCs) Non-banking Financial Companies having an asset size of Rs.100 crore or higher.

This was notified in the Statement of Developmental and Regulatory Policies under the Monetary Policy statement.

The Reserve Bank of India (RBI) has proposed strict rules on opening and running of current accounts of corporate borrowers in order to tackle fund diversion.

India’s Central Bank, the Reserve Bank of India (RBI) would tighten rules on opening and operating current accounts of corporate borrowers to prevent the diversion of funds.

RBI had notified that the banks with collection accounts will have to transfer funds to the current account and the current accounts could be opened only with the lead bank of a lending association.

Reserve Bank of India received a huge response for introducing a $5-billion swap facilityfor the banks to facilitate permanent liquidity

To ease the liquidity crunch, Reserve Bank of India will buy dollars from banks for three years and offer them rupees in return, which will bulk up the central bank’s foreign-exchange reserves while injecting cash into the banking system.

Banks offered $16.31 billion at the auction against the notified amount of $5 billion for the rupee-dollar swaps and out of this $16.31 billion received via 240 offers by market participants, the RBI accepted $5.02 billion via 89 offers.

RBI notifies 2% interest subsidy through “Interest subvention scheme” for short-term crop loans

The Reserve Bank of India notified a 2% interest subvention or Subsidy for short-term crop loans during 2018-19 and 2019-20.

RBI has given its approval to Bandhan Bank to acquire Gruh Finance
Reserve Bank of India provided a no objection to Kolkata headquartered Bandhan Bank for the proposed acquisition of Gruh Finance.

Gruh Finance Limited,a Ahmedabad headquartered Subsidiary of HDFC Limited, is a Housing Finance Company (HFC) recognized by the National Housing Bank (NHB) and it was taken over in January by Kolkata-based Bandhan Bank in a share-swap deal.

                         Committee

Reserve Bank of India (RBI) has appointed a five-member committee under the chairmanship of Nandan Nilekhani to strengthen digital payments 
Reserve Bank of India (RBI) has appointed 5-member committee under the chairmanship of Nandan Nilekani to strengthen digital payments as well as to boost financial inclusion through Financial Technology.It will provide recommendations in 3 months.
i. The decision regarding the formation of committee was taken during the first event of Financial Technology (Fintech) Conclave, which was organized by NITI Aayog in New Delhi.
ii. The purpose of the event was to shape India’s predominance in FinTech, build the future strategy and policy to uplift the financial inclusion.
iii. With the revolution in the FinTech sector India’s aim is to emerge as a 10 trillion dollar economy

RBI constituted a panel under Usha Thorat on Offshore Rupee markets

Reserve Bank of India has constituted a task force which will be headed by its former deputy governor, Usha Thorat to examine issues related to offshore rupee markets and recommend policy measures.

The 8-member task force will aim to ensure stability of the external value of the domestic currency.
The motive behind this is to develop deep and liquid on-shore financial markets that will act as a price setter of the Rupee globally.

State Bank of India- Rs. crore for delaying the implementation of the daily reconciliation of Swift transaction logs with effect from February 20, 2018 at 226 “low intensity branches” of the bank.

RBI formed two separate 6 member panels to strengthen the sale of stressed corporate assets and housing loan portfolios

Reserve Bank of India(RBI) has formed two separate 6 member panels to strengthen the sale of stressed corporate assets and housing loan portfolios. The six-member task force on the development of the secondary market is headed by its chairperson, T. N. Manoharan, Chairman of Canara Bank and will submit its report by the end of August 2019. Panel for housing loan securitization is headed by Bains and Co. advisor, Harsh Vardhan.

RBI panel on MSMEs headed by U K Sinha recommended to double collateral-free loans limit to Rs 20 lakh

The 8 member panel on Micro, Small and Medium Enterprises (MSMEs), constituted by the Reserve Bank of India (RBI) in January 2019, headed by the former Securities and Exchange Board of India (SEBI) Chairman U K Sinha submitted its report to RBI Governor Shaktikanta Das on June 17, 2019. The panel was formed to suggest long-term measures for the economic and financial sustainability of the MSME sector.

The Committee suggested doubling collateral-free loans for MSMEs to Rs 20 lakh from Rs 10 lakh. This is also applicable to Micro Units Development and Refinance Agency (Mudra) and Self-Help Groups (SHGs).

RBI panel led by U.K. Sinha suggests Rs.5,000 crore stressed asset fund for MSMEs
The Reserve Bank released the report of the expert committee under former SEBI (Securities and Exchange Board of India) chairman U K Sinha on measures for the economic and financial sustainability of the MSMEs (Micro, Small and Medium Enterprises).

RBI formed a committee headed by VG Kannan, IBA Chief to review ATM pricing
The Reserve Bank of India (RBI) constituted 6-member committee headed by VG Kannan, Chief Executive of Indian Banks’ Association (IBA) to review ATM pricing.
It will review the existing interchange fee and pricing structures to reduce prices for customers on Automated Teller Machines (ATM) transactions with a broader objective to improve rural penetration of teller machines.

RBI formed panel led by Nandan Nilekani recommended to rope in local retailers to act as cash points
The Reserve bank of India(RBI) formed panel led by Nandan Nilekani has recommended to rope in local retailers and business correspondents to act as cash points in semi-urban centers. These will act as the primary source of cash in semi-urban centers and will replace ATMs (Automated Teller Machines).

RBI released the report on the Economic Capital Framework submitted by the panel headed by Bimal Jalan
The Reserve Bank of India (RBI) released the report submitted by the panel headed by Bimal Jalan, former RBI governor, which was formed to review the Economic Capital Framework (ECF) of the RBI.
The committee recommended to maintain RBI’s Contingency Risk Buffer (CRB). It is India’s fund to handle a financial stability. It was recommended to be maintained at a range of 5.5% to 6.5% of the RBI’s balance sheet, which is above the available level of 2.4% of balance sheet as on June 30, 2018.

RBI forms Working group under Tapan Ray to review the regulatory guidelines on core investment companies
The Reserve Bank of India (RBI) has constituted a six-member working group to review the regulatory and supervisory framework for core investment companies (CIC).

The group is to be headed by Tapan Ray, non-executive chairman, Central Bank of India and former Secretary in the Ministry of Corporate Affairs and it will submit its report by 31 October 2019. The panel tasked with examining the current regulatory framework for CICs in terms of adequacy, efficacy, and effectiveness of every component thereof and suggests changes.

RBI’s Task Force on Offshore Rupee Markets

The Task Force formed by the Reserve Bank of India (RBI) on Offshore Rupee Markets headed by Usha Thorat has recommended the extension of onshore market hours to 9 am to 9 pm, from 9 am to 5 pm, to improve access of overseas users and allow Indian banks to freely offer prices to global clients around the clock.

15th Finance Commission submits its report for 2020-21

The Finance Commission submitted its report for the financial year 2020-21 to President Ram Nath Kovind on 5th December. The Commission headed by N K Singh apprised the President of the recommendations contained therein.
The 15th Finance Commission was constituted by the President of India under Article 280 of the Constitution on November 27, 2017, to make recommendations for a period of five years from April 2020 to March 2025.

Fifth bi-monthly policy review: RBI

Six-member Monetary Policy Committee (MPC), headed by RBI Governor Shaktikanta Das, unanimously voted to hold the key repo rate at 5.15 per cent and reverse repo rate at 4.90 per cent.

Repo Rate 5.15%
Reverse Repo Rate 4.90%
Marginal standing facility (MSF) Rate 5.40%
Bank Rate 5.40%
Cash reserve Ratio (CRR) 4%
Statutory Liquidity Ratio (SLR) 18.50%

                       RBI Annual Report

The RBI’s Annual Report details the apex lender’s working and operations between July-June every year. One of the recommendations of Bimal Jalan committee report is that the central bank should align its accounting year to the Arpil-March fiscal year for better understanding.

  • The Reserve Bank of India’s (RBI) balance sheet expanded by 42 percent to Rs 41.03 lakh crorewhile its income soared by 59 percent to Rs 1.93 lakh crore in 2018-19.
  • The apex bank’s interest income grew 62 percent to Rs 1.06 lakh croreand other income rose to Rs 86,199 crore as on June 30, 2019, from Rs 4,410 crore a year ago.
  • The RBI’s holding of government securities grew by 19 percent, from Rs 6.29 lakh crore to Rs 9.89 lakh crore as on June 30, 2019.“The increase was on account of liquidity management operations conducted by way of net purchase of government securities amounting to Rs 3.31 lakh crore.
  • RBI’s foreign exchange gains rose to Rs 28,998 crore, as compared to a loss of Rs 4,067 crore in the previous year.
  • The balance in contingency fund as on June 30, 2019 was Rs 1.96 lakh crore as compared to Rs 2.32 lakh crore as on June 30, 2018.
  • The transferable surplus to the government for the year 2018-19 came to Rs 1.76 lakh crore,based on adjustments made after the Economic Capital Framework (ECF) was adopted by the bank’s central board earlier this week. The new framework was part of the Bimal Jalan committee recommendations.
  • These factors contributed to unusually high surplus transfer this year. Over the past four years, the surplus ranged between Rs 30,000-65,000 crore.
  • The RBI total assets constituted of 03 percent of domestic assets and 71.97 percentof foreign currency and gold as of June 30, 2019. The share of domestic assets was 18 percent, while foreign currency and gold were at 76.82 percenta year ago.
  • RBI held 16 metric tonnes of gold as compared to 566.23 metric tonnes as on June 30, The increase is on account of addition of 51.93 metric tonnes of gold during the year.
  • The RBI’s expenditure fell by 39.72 percent to Rs 17,045 crore in 2018-19. This includes a provision of Rs 64 crore was made towards Asset Development Fund.
  • The notes issued in 2018-19 increased by 13.43 percent from Rs 19.11 lakh croreas on June 30, 2018 to Rs 21.68 lakh crore as on June 30, 2019.
  • According to RBI annual report, there is a decline of 31.4 percentin counterfeit notes seized over the year, with nearly 60 percent reduction in Rs 500 and Rs 10,00 notes. But there was an increase of 35 percent in counterfeit notes detected in the denomination of Rs 100 and a noticeable increase of 154.3 percent in Rs 50.

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