RBI issues this order to banks

Mumbai, Oct 17: The Reserve Bank of India (RBI) on Tuesday advised commercial banks to "immediately" pay interest due on the Gold Monetisation Scheme (GMS), 2015.

"It has been decided that reimbursement of payments made by banks, relating to Medium and Long Term Government Deposit (MLTGD), will be made by Central Account Section (CAS), Nagpur, RBI. Accordingly, banks are advised to pay immediately the interest amount already due to the depositors," the central bank said in a statement here.

As per the notification, after making payments, the banks can raise the claim to government through the central bank.

Under the Gold Monetisation Scheme, launched by the government in 2015 to curb imports, the yellow metal can be deposited with a designated bank in the account of the central government either for a medium term of 5-7 years, or a long term period of 12-15 years.

The annual rate of interest on medium term deposits is 2.25 per cent, and on long term deposits is 2.50 per cent.



Related news

Don’t Miss

US-S.Korea annual military drills to begin from this date
Sexual harassment..Delay in Prof's arrest,JNU students-police clash
Meet Shanaz Khan..Youngest, first MBBS Sarpanch
What Karthik said after hitting famous last ball 6
Not music to BJP ears: Sena says THIS on no-confidence motion
Sidhu apologises to Manmohan for past remarks
Congress plenary authorises Rahul to constitute CWC
Shocking..Cheating mafia created 600 Munnabhais in UP
Zabrdast..Rekha writes emotional letter to Amitabh Bachchan's bahu, don't miss
Baby Donald Trump is setting internet on fire..In PICS
Congress blows the bugle: Will go for coalition in 2019
HURRY: Now buy Samsung Galaxy S9, S9 Plus in just Rs 9900
Why Amit Shah is ready to meet Om Prakash Rajbhar finally
Jailed AIADMK leader Sasikala's husband passes away
Shami's Pak woman friend admits meeting pacer, denies money deal
Angry India summons Pak HC on border firing
Yashwant Sinha compares Modi to Tughlaq for note ban
2G spectrum case: ED moves Delhi HC against acquittal of A Raja, Kanimozhi
Modi calls Putin on phone, congratulates on victory
Trouble for Raja, Kanimozhi? ED moves HC against 2G acquittal
Sunny Leone's hot lip lock with Daniel goes VIRAL...In Pics
Market gets tight bear hug..Sensex falls below 33000
10 reasons why Putin's re election will escalate tensions with West
Priyanka justifies women slapping men when...
Amitabh Bachchan furious...Fears Big 'Loss'
Mamata meets Chandrashekhar Rao: Is Third Front imminent?
Aamir 'throws' out Ranveer...In Pics
Bumper job opportunity for engineers, salary nearly 1.5 lakh per month
Baaghi 2: Jacqueline Fernandez steps into Madhuri Dixit's shoes in the song 'Ek Do Teen'
Fans will see a different side of Swara Bhasker in 'The Story'

Most Recent

Most Popular