rbi
By Srijit Das A message has recently gone viral on WhatsApp falsely claiming that the Reserve Bank of India (RBI) has imposed a deadline to exchange the old 100-rupee banknote till March, 2024, declaring it invalid as legal tender. The message is being shared along with a photo of an old 100-rupee banknote stating the deadline to exchange it as March 31, 2024. BOOM found the claim to be false. We reached out to Yogesh Dayal, the spokesperson for RBI, who confirmed that no such directive has been issued by the banking regulator regarding the old 100-rupee banknotes. The message is being shared ...
BOOM Live
By Srijit Das A message has recently gone viral on WhatsApp falsely claiming that the Reserve Bank of India (RBI) has imposed a deadline to exchange the old 100-rupee banknote till March, 2024, declaring it invalid as legal tender thereafter. The message is being shared along with a photo of an old 100-rupee banknote stating the deadline to exchange it as March 31, 2024. BOOM found the claim to be false. We reached out to Yogesh Dayal, the spokesperson for RBI, who confirmed that no such directive has been issued by the banking regulator regarding the old 100-rupee banknotes. The message is be...
BOOM Live
By Sista Mukherjee
BOOM Live
By Srijit Das A notification purportedly issued by the Reserve Bank of India (RBI) is being shared online to falsely claim that the central bank has decided to revoke the licence of Abhyudaya Co-operative Bank on October 12 this year. The false claims are being disseminated alongside an alleged screenshot of RBI's website and a news bulletin from Hindi mainstream news channel AajTak. The notification, falsely attributed to the RBI spokesperson Yogesh Dayal, states, "Today, the Reserve Bank of India (RBI), vide order dated October 12, 2023, has cancelled the licence of Abhyudaya Co-operative Ba...
BOOM Live
By Mohammed Kudrati A viral message, stating that the State Bank of India will charge ₹57.50 per transaction exceeding 40 transactions through a savings bank account a year, is false, as there is no evidence in the bank's schedule of charges to indicate this. This transaction limit of 40 encompass all mediums - cards, cheques or standing instructions - according to the message. Further, the message states that this policy of the bank is in cahoots with the Reserve Bank of India to raise money for the government and urges people to transact in cash and no to go through the bank. An additional c...
BOOM Live
By Mohammed Kudrati The Reserve Bank of India [RBI] today kept its benchmark policy repo rate unchanged at 6.5% for the second time, after it first announced a pause on its rates in its April statement. The pause in April came after six bi-monthly rate hikes since May 2022. There was unanimous voting for the move at the bi-monthly meeting by the six-member Monetary Policy Committee on the back of easing retail inflation, which hit an 18-month low. The consumer price inflation (CPI) has eased to 4.7% in April. However, Governor Shaktikanta Das said that headline inflation remains above the tole...
BOOM Live
By Mohammed Kudrati The Indian economy grew 7.2% in the previous financial year ending March 31 this year, with quarterly growth coming in at 6.1% in last quarter (Q4) of the financial year (January to March 2023), data released by the Ministry of Statistics and Programme Implementation (MOSPI) shows. These yearly numbers have come in marginally above expectations. The official estimate by the government for the full year stood at 7%. Economists told Reuters that the growth rate for the full year would be around 6.8%. However, these economists were only expecting growth in Q4 to be around 5%, ...
BOOM Live
By Ritika Jain The Delhi High Court on Monday observed the Centre’s policy to withdraw Rs. 2000 denomination banknotes came after its purpose for issuing them in the aftermath of the denomination of Rs. 1000 and Rs. 500 banknotes in November 2016 had been achieved. The Rs 2000 banknotes were issued to after the Centre’s denomination exercise to ensure an adequate supply of money to meet the day-to-day requirements of the people, the high court said. Six years later “the Government has now decided to withdraw Rs.2000 denomination banknotes from circulation which is not being used commonly,” it ...
BOOM Live
By Sk Badiruddin
BOOM Live
By Mohammed Kudrati The Reserve Bank of India on Friday said that it was withdrawing the ₹2000 banknote from circulation in an exercise it says its aims to get completed by September 30. This is being done under its 'Clean Notes Policy', citing the notes' near seven-year lifespan. In the interim, however, the banknote will continue to be legal tender. This means that the banknote would be able to be used in all transactions. The public can, however, deposit these notes in their bank account or get it exchanged for fresh one of other denomination. Depositing them: A holder of these notes can de...
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