RBI revises bulk deposit limit to Rs 3 crore and above for SCBs, SFBs
On the review of bulk deposits, RBI has revised to increase its limit higher to Rs 3 crore and above from the current Rs 2 crore and more.
On the sidelines of the monetary policy outcome today, the RBI Governor Shaktikanta Das made a significant announcement concerning bulk deposits and has revised the ambit and scope of the scheme.
Das said on the review of the limit of bulk deposits it is proposed to revise the definition of bulk deposits as ‘Single Rupee term deposits of Rs 3 crore and above’ for SCBs or scheduled commercial banks (excluding Regional Rural Banks or RRBs) and Small Finance Banks or SFBs.
Further, it is also proposed to define the bulk deposit limit for Local Area Banks as ‘Single Rupee term deposits of Rs 1 crore and above’ as applicable in case of RRBs.
Necessary guidelines will be issued shortly, added the RBI’s Statement on Developmental and Regulatory Policies.
Banks have the discretion to offer differential rates of interest on bulk deposits as per their requirements and Asset-Liability Management (ALM) projections.
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