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RBI/ BANKING/ BUSINESS NEWS

RBI imposed monetary penalty on ICICI bank and Bank of Baroda for violation of its instructions regarding norms on KYC and AML.

India-Saudi agreed to cooperate in areas of strategic reserves, petrochemical conservation, refineries and energy efficiency programmes. The areas include strategic reserves, petrochemical conservation, research and development, refineries and energy efficiency programmes.

The Reserve Bank of India (RBI) eased gold imports and scrapped 20:80 scheme. The decision to withdraw the 20:80 scheme will cut smuggling of gold and raise legal shipments into India. In 2013, the 20:80 scheme was introduced to bring down inbound shipments, sliding rupee and to combat a huge current account deficit (CAD) along with a hike in import duty to 10 percent.

The objectives of payments banks will be to further financial inclusion by providing small savings accounts and payments or remittance services to migrant labour workforce, low income households, small businesses, other unorganized sector entities and other users.

The Reserve Bank of India on 27 November 2014 issued Guidelines for Licensing of Small Finance Banks in the Private Sector. As per the issued guidelines, the minimum paid-up equity capital for small finance banks shall be 100 crore rupees.

Reserve Bank of India (RBI) decided to sell worth 2000 crore rupees government bonds through Open Market Operations (OMOs) to squeeze the liquidity in the market.

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