Banks News

Monish Gosar, a Mumbai-based data scientist, says banks didn’t force anyone—people chose to borrow.

The RBI, under Governor Sanjay Malhotra, has already cut the repo rate twice this year -- from 6.5 per cent to 6 per cent -- and analysts expect another 25 basis point reduction in the upcoming policy.

The proposals further state that the RBI may exempt certain AIFs, in consultation with the government, that have been set up for strategic purposes. 

The government has supported more than 47 patents across textile value chain, which needs to be commercialised. 

Income Tax Slabs Union Budget 2025 For Senior Citizens: Finance Minister Nirmala Sitharaman stated that the limit for tax deduction on interest for senior citizens is being doubled from the present Rs 50,000 to Rs 1 lakh. This revision aims to provide greater relief to depositors by reducing the tax deducted at source on interest income, thereby ensuring higher take-home earnings for individuals, especially senior citizens and small depositors.   

In the Sensex pack, L&T, SBI, Adani Ports, HDFC Bank, ICICI Bank, Power Grid, Reliance, Kotak Mahindra Bank, TCS, HUL, Axis Bank, NTPC, and UltraTech Cement were the top gainers. 

During the meeting, Finance Minister Sitharaman shared updates on the World Bank's Evolution Agenda, which is actively considering 27 of the 30 recommendations put forth by the G20 Independent Expert Group. 

As per the Reserve Bank of India (RBI), banks will remain closed for regional and national holidays but depending on the state of residence.  

There have been instances of representatives of banks even indulging in physical violence while trying to recover loan instalments.

Similarly, the number of cards in use has also jumped by more than 5 million since January and crossed 87.4 million in the reporting month, making this also an all-time high in May, according to the RBI data. Of the new additions, as much as 2 million were used in the first two months of the current fiscal alone.

RBI will launch '100 Days 100 Pays' campaign to remove unclaimed deposits in the banking system. Unclaimed deposits refer to balances in savings or current accounts that have been inactive for a period of 10 years. Beginning on June 1, 2023, banks will commence their participation in the '100 Days 100 Pays' campaign.

RBI has announced to wtihdraw Rs 2000 denomination notes from circulation. It has requested banks to exchange/ deposit Rs 2000 notes from May 23, 2023. 

With the help of a one-time investment and a third-party business opportunity called ATM-Franchise, you can start earning a respectable monthly income.  

For the installation of ATMs in India, the majority of banks have agreements with Tata Indicash, Muthoot ATM, and India One ATM. 

With regard to Kisan Credit Card (KCC), he urged banks, including BoM for expanding the reach of the KCC scheme to more farmers and ensure time-bound saturation.

ATM-Franchise is a third-party business opportunity that gives you an opportunity to earn a handsome monthly income by spending a one-time amount.

Check full RBI list of banks holidays in March. he operations of banks will be affected for 12 days in March 2023. It includes the holidays on Sundays as well.

The government last provided capital support to banks in 2021-22. It had earmarked Rs 20,000 crore for recapitalisation of PSBs through supplementary demands for grants.

Indian govt is allowing banks to verify individual transactions that exceed a certain annual limit using facial recognition and an iris scan in some cases. It is in a bid to reduce fraud and tax evasion. Indian government is allowing banks to verify individual transactions that exceed a certain annual limit using facial recognition and an iris scan in some cases.