RBI Launched FY21 Round of Survey on ITES Exports, Foreign Liabilities

In June 2021, the Reserve  of bank india  (RBI )launched the FY21 round of its annual Survey on ‘ Computer Software and Information Technology Enabled Services (ITES) Exports’

• The survey was started initially in 2002 -03 And the annual survey collects data on Various aspects of computer services exports And exports of information technology- Enabled services (1TES) and business process Outsourcing (BPO).

• The results will be used for the compilation of Balance of payments(BoP) statistics.

RBI has also launched the FY21 round of its Annual survey on ‘Foreign Liabilities and Assets Of Mutual Funds and Asset Management Companies Under the survey, the information from Mutual fund companies and asset Management companies.’

 on their external Financial liabilities and assets for FY21 were

Collected.

• The results will be used for the compilation of India’s external sector statistics.

About Reserve Bank of India (RBI):

1.RBI was established in 1935 and nationalised in 1949

2.The 1st headquarters of RBI was located in Kolkata

3.The cash reserve Ratio (CRR) is the amount of funds that the banks have to keep with the RBI.

4.Reverse Repo rate is the rate at which the RBI borrows money from commercial banks. V.Repo rate is the rate at which the RBI lends Money to commercial banks.

RBI Penalises 3 Maharashtra-Based Co- Operative Banks

The Reserve Bank of India (RBI) imposed a total Penalty of Rs 8 lakh on 3 Maharashtra-based co Operative banks for contravention of directions

Issued by RBI over ‘Maintenance of Deposit Accounts’ and ‘Know Your Customer (KYC).

• A penalty of Rs 4 lakh was imposed on

Excellent Co-operative Bank, Mumbai – and Rs 2 lakh penalty each on Janseva Sahakari Bank Limited, Pune and The Ajara Urban Co- Operative Bank, Ajara.

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