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what is the full form of REPO rate of rbi and what will
happened with the deposit money of a person if the any bank
becomes insolvent
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Answer Posted / r mathur
Repo rate is the rate at which banks can borrow money from
RBI, by offering a security of central Government
securities. The agreement is that RBI will sell back the
securities to the bank at a future date (and get its money
back from the bank), at a price which will include the repo
rate i.e. banks will pay RBI an amount at a future date
which will include the amount borrowed and the interest thereon.
Repo rate sets a floor level for interbank borrowings as the
call money rate will normally be higher than repo rate. So
RBI can signal a hardening of interest rates by increasing
the repo rate.
As regards the second part of the question, if a bank
becomes insolvent,depositors are insured upto Rs. 1 lakh per
person (not per account) by DICGC.Provided of course that
the bank has been paying regular premium.
| Is This Answer Correct ? | 29 Yes | 8 No |
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