The very purpose of nationalisation in India — serving the unbanked and under-banked — is yet to be achieved and financial inclusion cannot afford the luxury of complete privatisation
The applicant should not be below the rank of a Chief General Manager of the Reserve Bank of India or equivalent thereto in other financial institutions or regulatory bodies, it said.
Speaking on the occasion, Shankaram informed that Khammam district was selected on a pilot project basis to achieve 100 digitalisation of banking services
This is because the Reserve Bank of India (RBI) has made it mandatory that every bank should accept soiled, mutilated and any damaged currency note without charging any fee
To help banks tide over the disruption caused by COVID-19, the CRR of all banks was reduced by 100 basis points to 3.0 per cent of net demand and time liabilities (NDTL)
Concerns have been raised about the law, which seeks to "protect and relieve" economically vulnerable groups from usurious interest rates and coercive recovery means
The development follows recent outage in the bank's internet banking and payment system on November 21, 2020 due to a power failure in the primary data centre.