Page 11 - Banking Finance MAY 2017

RBI CORNER

RESERVE BANK

NEWS
NEWS
NEWS
NEWS
NEWS

RBI keeps lending rate Salary of RBI chief and deputies doubled

unchanged The government has more than doubled the basic salaries of RBI governor Urjit
Patel and his deputies. While the basic salary of
The RBI has left its benchmark lend- Patel has been increased to Rs 2.5 lakh a month,
ing rate un- the salaries of deputy governors has been hiked
changed for
to Rs 2.25 lakh.
the third
monetary The monthly emoluments of the RBI governor
policy review and deputy governors include basic pay, dear-
in a row. However, the reverse repo ness allowance and other payments, which to-
rate, which the RBI pays banks for talled Rs 2,09,500 in case of Patel as on November 30, 2016, according to the
latest information disclosed on the RBI website.
parking funds with it, has been in-
creased by 0.25 per cent. In response to a query under the Right to Information (RTI) Act, the central bank
disclosed that according to a finance ministry communication dated February
Aditya Birla Group gets 21, the basic pay of the governor and the deputy governors had been revised.

RBI nod for payment bank The dearness allowance will be notified by the Centre from time to time while
The Aditya Birla Group has said it has "all other allowances (are) to be paid at existing rates as if the pay has not been
received licence from the Reserve received with effect from January 1, 2016", the RTI reply said.
Bank of India to start payments bank.
Headed by Kumar Mangalam Birla, Reserve Bank of India to issue new Rs 5 and Rs 10 coins
the group's outfit Aditya Birla Nuvo The Reserve Bank will soon bring out new Rs 10 coins minted to commemorate
had set up a 51:49 joint venture - 125th year of National Archives of India. The central
Aditya Birla Idea Payments Bank Ltd bank will also put into circulation new Rs 5 coins to
- with telecom major Idea Cellular to celebrate 150th anniversary of Allahabad High Court.
launch payments bank services in the On the design of new Rs 10 coin, the RBI said that on
country. With the objective of deep- the reverse of the coin, there will be an image of Na-
ening financial inclusion, RBI kicked tional Archives Building in the centre with inscription
off an era of differentiated banking '125 YEARS' below the image. It will also bear logo of 125th anniversary cel-
by allowing SFBs (small finance ebration.
banks) and PBs (payments banks) to
On the design of new Rs 5 coin, the RBI said the coin's face will bear an image
start services. A total of 21 entities
depicting centre facade of Allahabad High Court Building emerging from the
were given in-principle nod, including
book. The year 1866-2016 in English numerals shall be written at the bottom of
11 for payments banks.
the image, the RBI said in a release.
BANKING FINANCE | MAY | 2017 | 11

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