Reserve Bank of India Current Affairs - 2020

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RBI signs an information sharing agreement with US banking regulators

Reserve Bank of India (RBI) has signed an information sharing agreement with United States (US) banking regulators for better coordination with them in supervising financial institutions.

Earlier in December 2014, RBI had concluded a Statement of Co-operation (SoC) on “Supervisory Cooperation and Exchange of Supervisory Information” with the US banking regulators  like Board of Governors of the Federal Reserve System(FRB), Office of the Comptroller of Currency (OCC) and Federal Deposit Insurance Corporation (FDIC).

SoC was signed by Michael S Gibson- Director, FRB; Martin Pfinsgraff, Senior Deputy Comptroller-OCC; Doreen R Eberley, Director-FDIC and Indian counterpart P R Ravi Mohan, Chief General Manager-in-Charge, Department of Banking Supervision, RBI.

  • RBI by signing such MoU/SoC with supervisors of other countries is seeking to promote greater co-operation and share supervisory information among the authorities.
  • In this regard, RBI in total has signed 22 such MoUs, one Letter for Supervisory Co-operation and one SoC, with overseas regulators/supervisors.

Background

In September 2014, during Prime Minister Narendra Modi’s visit to the US, both countries had issued a joint statement to boost the efforts of the RBI and American banking regulators and supervisors for exchange of information to enhance the effectiveness of cross border supervision.

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RBI extends deadline for withdrawal of pre-2005 currency notes till 30 June 2015

Reserve Bank of India (RBI) has extended the deadline for withdrawal of pre-2005 of various denominations including Rs 500 and Rs 1,000 by six months till 30th June 2015.

RBI also has clarified that all such notes will continue to remain a legal tender and can be exchanged for their full value.

Pre-2005 currency notes:  They do not have the year of printing on the reverse side of note. While the currency notes issued after 2005, have year of printing is visible at the bottom of the reverse side.

Background

  • Previously in March 2014, RBI had notified that all currency notes issued prior to 2005 will be withdrawn from circulation and had set a deadline of July 1 for exchanging the notes.
  • In this regard, all banks were told to exchange any number of notes for both customers and non-customers.
  • After the deadline, banks were notified to exchange the notes only for their customers and non-customers after they furnish proof of identity and residence.
  • But this July deadline was extended to 1st January 2015.

Thus by withdrawing all pre-2005 notes, RBI is seeking to curb the menace of fake currency in the country as post-2005 notes have added additional security features.

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