FD was Update: Happy news for FD holders! New rules apply, so they won't have any trouble withdrawing money

 FD was Update: Happy news for FD holders! New rules apply, so they won't have any trouble withdrawing money

All banks have received guidelines from the RBI stating that FDs up to Rs 1 crore must provide a premature withdrawal option. In addition, the RBI has directed banks to take strict measures against recovery agents.

Delhi, New. We have excellent news for you if your FD is large. The RBI has requested that plans be made for the early withdrawal of FDs valued at more than Rs 1 crore. On Thursday, the RBI issued directives to banks requiring them to provide an early withdrawal option on all fixed-rate deposits (FDs) up to Rs 1 crore. This cap is currently set at Rs 15 lakh.

The Reserve Bank claims that after evaluation, it was determined to raise non-withdrawable foreign direct investment (FD) from Rs 15 lakh to Rs 1 crore. The RBI has instructed the banks to raise the pre-maturity withdrawal limit and has also given them the authority to adjust interest rates in line with that increase. All commercial banks and cooperative banks must immediately comply with these guidelines. In addition, the RBI raised the Regional Rural Banks' (RRB) "bulk deposit" ceiling from Rs 15 lakh to more than Rs 1 crore.

guidelines for credit firms

The Reserve Bank of India (RBI) has directed Credit Information Companies (CICs) to charge its customers Rs 100 per day for each day that credit information is delayed. Six months have been allocated to credit information companies (CICs) and credit institutions (CIs) for the purpose of implementing the new system.

Agents are going to be managed.

On Thursday, the Reserve Bank of India (RBI) announced plans to increase the requirements for recovering past-due loans. This prohibits calls to debtors from financial institutions and their recovery agents before 8 a.m. and after 7 p.m. Key management responsibilities should not be outsourced by regulated enterprises (REs), such as banks and NBFCs, according to the RBI's "Draft Instructions on Risk Management and Code of Conduct."

These responsibilities also include creating policies, assessing loan approval, and determining if KYC requirements are being met. According to RBI, REs must make sure that outsourcing agreements do not lessen their obligations to consumers. The proposal states that a code of conduct for direct selling agents (DSAs), direct marketing agents (DMAs), as well as collecting agents should be framed by banks and non-banking financial corporations (NBFCs).