Reserve Bank of India Current Affairs - 2019

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Utkarsh 2022: finalized by RBI board

The Reserve Bank of India (RBI) board has finalised Three Year Roadmap to improve supervision and regulation, among other functions of central bank. This medium term strategy is named as Utkarsh 2022.

Worldwide, all central banks strengthen regulatory and supervisory mechanism and everybody is formulating a medium-term plan and a long-term plan. So, RBI also decided to formulate a pragramme to outline what is to be achieved in the next three years.

About Utkarsh 2022

It is a 3-year road map for medium term objective to be achieved for improving regulation, supervision of RBI.

This medium term strategy is in line with Global central banks’ plan to strengthen regulatory and supervisory mechanism.

An internal committee to identify issues that needed to be addressed over next 3 years was formed, which was anchored by Viral Acharya outgoing Deputy Governor of RBI.

Idea behind Utkarsh 2022 is that central bank plays a proactive role and takes preemptive action to avoid any crisis and can avoid situations like IL&FS debt default issue and crisis of confidence non-banking financial sector faced in aftermath.

Month: Categories: Business, Economy & Banking

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Centre fixes price for Sovereign Gold Bonds at Rs.3,443 per gram

Government of India has fixed the price at Rs.3,443 per gram for the new series of Sovereign Gold Bonds (SGBs) opening July 8.

Key Highlights

Union Finance Ministry recently announced that Centre in consultation with Reserve Bank of India (RBI) has decided to allow a discount of Rs.50 per gram from issue price to those investors who apply online and payment which is made via digital mode. This implies that for such investors, the issue price of gold bond will be Rs.3,393 per gram of gold.

On 30 may 2019 RBI announced calendar for issuance of SGB for 1st half of current financial year (2019-2020).

The SGB’s will be issued every month from June 2019 to September 2019.

About Sovereign Gold Bond Scheme

It was launched by Government of India in November 2015 with the goal of reducing the demand for physical gold and shifting a part of domestic savings, used for purchase of gold, into financial savings.

Under the SGB scheme, bonds are denominated in units of 1 gram of gold and multiples thereof.

Minimum Investment: in bonds is 1 gram and a maximum limit of subscription of 500 gram/person/fiscal year (April-March).

Maximum Limit: of subscription is 4 kg for an individual and Hindu Undivided Family (HUF) and 20 kg maximum subscription limit for trusts and similar entities per fiscal (April-March).

Annual Ceiling: includes bonds subscribed under different tranches during initial issuance by centre and those purchased from secondary market.

Month: Categories: Government Schemes & Projects

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