WEEKLY FINANCIAL SNIPPETS- 11/02/2017
1. CASH WITHDRAWAL CAP TO GO FROM MARCH 13th
: The Reserve Bank of India has
announced that restrictions on cash withdrawals from savings bank account would be
lifted by March 13, in two phases considering the current pace of remonetisation and
infusion of currency in the market. In the first phase from February 20, the limits on cash
withdrawals from savings bank accounts would be increased to Rs 50,000/- a week, and
from March 13, there will not be any ceiling on withdrawals. From February 1St
onwards
the RBI has lifted the cap on cash withdrawals from ATMs provided it is within the
weekly limit.
2. RESERVE BANK OF INDIA TO SET PANEL TO STRENGTHEN CYBER SECURITY: The
Reserve Bank of India on Wednesday decided to set up an inter-disciplinary panel on
cyber security in a bid to strengthen cyber security system, examine various threats and
suggest measures to deal with it. The panel will review the threats inherent in the
existing or emerging technology on an on-going basis. RBI has issued guidelines to banks,
mandating cyber security preparedness for addressing cyber risks.
3. RESERVE BANK OF INDIA WANTS MORE TIME TO TALLY OLD NOTES: The Reserve Bank
of India has still not divulged the details about how much in demonetized currency had
been deposited with banks after the general window for depositing old notes got closed
on December 30. RBI said that the cash received was still being checked with the
accounts. A window to deposit old notes is still open with the RBI. So in all probability it
will be somewhere in June that the RBI will tally all the notes and will be in a position to
declare the exact amount of deposit of old notes.
4. RESERVE BANK SAYS “BAD BANK” CONCEPT COULD HELP IF DESIGNED RIGHT: The
Reserve Bank of India Deputy Governor Mr. Viral Acharya has said that creating a so
called “Bad Bank” to handle record NPA ( bad) loans in the banks’ could help if designed
properly.In its Economic survey released on January 31ST
, the Finance Ministry had
suggested setting up a “Bad Bank” which would buyNPA (bad) loans from banks’ and
deal with them separately through methods including conversion of debt to equity.
5. HDFC BANK SAVINGS ACCOUNT HOLDERS WILL HAVE TO PAY EXTRA FOR CASH
TRANSACTIONS: In a bid to discourage cash transactions, HDFC Bank has decided to
increase the fees for savings bank account holders on activities involving cash
transactions. This is a move to encourage its customers to shift to cash-less or less-cash
regime and use digital mode for transactions.
6. RESERVE BANK OF INDIA TO PUT NEW Rs 100 BANK NOTES IN CIRCULATION: The
Reserve Bank of India will shortly announce Rs 100 denomination notes in Mahatma
Gandhi series -2005, with the inset R in both the numberpanels and will bear the
signature of Dr. Urjit Patel, Governor, RBI.
7. DEMONETIZATION IRREGULARITIES---156 SENIOR PUBLIC SECTOR BANK OFFICIALS
SUSPENDED:As many as 156 senior bank officials of various public sector banks have
been suspended and 41 officers have been transferred. These officers have been found

involved in irregularities relating to demonetization. On the basis of prima facie
involvement in the irregularities, these many officials have been placed under
suspension.