RBI's big announcement regarding deposit limit in banks, Shaktikanta Das shared details, know will it affect you?
RBI Policy Meeting: RBI Governor Shaktikanta Das said that the bulk deposit limit in banks will be reviewed. The definition of a single rupee term deposit will also be revised in a new way.
RBI Policy Meeting: The Reserve Bank of India's policy (RBI Policy) has been announced. In this policy, the repo rate has been retained at 6.5 percent. The RBI Governor also said many important things regarding inflation and GDP growth, but the biggest thing was about bank bulk deposits. RBI Governor Shaktikanta Das said that the bulk deposit limit in banks will be reviewed. The definition of a single rupee term deposit will also be revised in a new way.
Will you get deposits of Rs 3 crore?
The central bank will review the bulk deposit limit in banks. The central bank will revise the definition of a single rupee term deposit of Rs 3 crore or more in a new way. This will apply to all small finance banks and scheduled commercial banks. In simple words, in the case of term deposits, RBI will review deposits of Rs 3 crore or more. Guidelines for the export and import of goods and services under FEMA will be rationalized.
The limit was increased in January
The Reserve Bank of India (RBI) said on January 1, 2024, that it has decided to increase the bulk deposit limit for scheduled primary (urban) co-operative banks in tier 3 and 4 cities to Rs 1 crore and above. After the review, it was decided to increase the bulk deposit limit for scheduled primary (urban) cooperative banks in tier 3 and 4 to Rs 1 crore or more. RBI said that for urban cooperative banks (except tier 3 and 4 cities), the bulk deposit limit will be Rs 15 lakh and above.
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