Round off all transactions to nearest rupee: RBI to NBFCs

Tags: News
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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Regional parties that brought diversity to Indian democracy are at a dead end

    In the two decades, which began in 1989, when the paradigm of coalition politics came to dominate central governments, it would have sounded far-fetch

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Sustainable model for rural sanitation

Prime minister Narendra Modi has promised to build a toilet ...

Kuruvilla Pandikattu SJ

What we can learn from agnosticism

As an agnostic, the American writer David Breeden is aware ...

Shona Adhikari

When women to birds become a painter’s muses

This week the focus is on renowned artist Amitabha Banerjee, ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture