The Reserve Bank of India has advised that members of public can exchange soiled and mutilated notes with any branch of any public sector banks. The Reserve Bank of India has stated that it has authorised all the branches of public sector banks, as also certain private sector banks maintaining currency chests to accept and exchange all types of soiled/mutilated notes which are payable under the Reserve Bank of India (Note Refund) Rules. The bank branches will pay the

The Reserve Bank of India has appointed three new Banking Ombudsmen with effect from February 1, 1999 - S/Shri C. Harikumar, former Executive Director of the Reserve Bank of India, Dr. M.C. Bhandari, former Executive Director of the National Bank for Agriculture and Rural Development and Shri S.A. Rahman, former Banking Ombudsman, Tiruvanthapuram.As Banking Ombudsman the appointees will have jurisdiction and authority over complaints against branches and offices of ba

The Reserve Bank of India has appointed Shri S. A. Hussain, former Executive Director, Reserve Bank of India as Banking Ombudsman at Hyderabad with effect from November 2, 1998. Shri R. K. Ragala, the earlier Banking Ombudsman, has completed his tenure as Banking Ombudsman from the close of business on October 31, 1998. As Banking Ombudsman, Shri Hussain would have his office at Reserve Bank of India Building, 6-1-56, Secretariat Road, Saifabad, Hyderabad-500 004 and

The Reserve Bank of India has directed all commercial banks, including Regional Rural Banks to keep their branches open for customers/public for two hours on the day declared as Half-yearly Closing Day. Normally, banks are closed for public dealings on September 30 for their half-yearly closing of accounts. However, this year, the day for banks' half-yearly closing of accounts falls on different dates between September 26 and September 30 due to holidays declared by d

The Reserve Bank of India has advised all banks including commercial banks, regional rural banks and primary co-operative banks to keep their branches open for the full day on Sunday, April 12, 1998. This will be in addition to the advice of the Reserve Bank asking banks to keep their branches open for full day on Saturday, April 11, 1998. The Reserve Bank will also keep open all its department having public contact on both. The departments having public contact in th

The Reserve Bank of India has appointed Shri S.L.Bose, IAS (Retd.), formerly Member, Board of Revenue and Secretary, Land Reforms, Government of West Bengal, as the Banking Ombudsman for the States of West Bengal and Sikkim, with effect from May 12, 1997. Shri Bose will be based at the Reserve Bank of India, 15, Netaji Subhas Road, Calcutta 700 001. It may be recalled that the Banking Ombudsman Scheme, 1995 was introduced by the Reserve Bank in June 1995. The Scheme,

To facilitate Indian overseas investment in Nepal in Indian Rupees, Government of India, Ministry of Commerce have announced certain relaxations in the existing norms vide their notification issued on March 26, 1997. The relaxations are: Proposals for Indian Rupee investments in Nepal not exceeding Rs.25 crore will now be considered by the Reserve Bank of India under the Fast Track Route. Such proposals will be considered without any linkage to export/foreign exchange