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The new version of the note has a depiction of Hampi with Chariot on the reverse, depicting the country's cultural heritage. The base colour of the note is Light Green . The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse. [ 6 ]
The purposes for which the RBI has been established as India’s central bank has been spelt out in the preamble to the RBI Act: [66] i) "to regulate the issue of banknotes and the keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage; and
Cheque Truncation System (CTS) or Image-based Clearing System (ICS), in India, is a project of the Reserve Bank of India (RBI), commenced in 2010, for faster clearing of cheques. [1] CTS is based on a cheque truncation or online image-based cheque clearing system where cheque images and magnetic ink character recognition (MICR) data are ...
Detailed process of NEFT is as follows: [4] [5] The customer fills up an application form providing details of the beneficiary (like name, bank, branch name, IFSC, account type and account number) and the amount to be remitted. The remitter authorizes his/her bank branch to debit his account and remit the specified amount to the beneficiary.
The Mahatma Gandhi New Series of banknotes are issued by the Reserve Bank of India (RBI) as the legal tender of the Indian rupee (₹), intended to replace the Mahatma Gandhi Series of banknotes. Announced on 8 November 2016, it followed the demonetisation of ₹ 500 and ₹ 1000 banknotes of the original Mahatma Gandhi Series.
As of 2011, the new ₹ sign had been incorporated into banknotes of ₹ 1000. [3] In January 2014, RBI announced that it would be withdrawing from circulation all banknotes printed prior to 2005 by 31 March 2014. The deadline was later extended to 1 January 2015, and then again to 30 June 2016. [4] Denomination of ₹ 1,000 notes cost was ...
The functions of the subsidiary are governed by the provisions of The Deposit Insurance and Credit Guarantee Corporation Act, 1961 (DICGC Act) and The Deposit Insurance and Credit Guarantee Corporation General Regulations, 1961 framed by the Reserve Bank of India in exercise of the powers conferred by sub-section (3) of Section 50 of the Act.
Due to RBI efforts and the Board for Regulation and Supervision of Payment and Settlement Systems (BPSS), now over 75% of all transaction volume is electronic, including both large-value and retail payments. Out of this 75%, 98% come from the RTGS (large-value payments) whereas a meager 2% come from retail payments.