Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

Now, get your money rounded off to the nearest rupee

May 27 2014, 19:26 IST
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NBFCs were carrying out such transactions without rounding off to the nearest rupee. (Reuters) NBFCs were carrying out such transactions without rounding off to the nearest rupee. (Reuters)
SummaryCheques and drafts containing fractions of a rupee should not be rejected: RBI

The RBI has directed non-banking financial companies (NBFCs) to round off all transactions to the nearest rupee so as to avoid unnecessary discomfort to public.

"In order to obviate unnecessary discomfort to the public and also to align with the prevalent practice as applicable to banks, NBFCs are advised that all transactions, including payment of interest on deposits/ charging of interest on advances, should be rounded off to the nearest rupee," RBI said in a notification.

The RBI said it was brought to its notice that some NBFCs were carrying out such transactions without rounding off to the nearest rupee.

However, NBFCs should ensure that cheques/ drafts issued by clients containing fractions of a rupee should not be rejected by them, RBI added.

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