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