The Reserve Bank of India (RBI) has taken a major step against New India Co-operative Bank by imposing strict restrictions on its operations. Due to this action, the bank is now prohibited from carrying out any business activities. This means the bank cannot issue new loans, accept deposits, make new investments, or pay off any … Read more
The Reserve Bank of India (RBI) will soon release a ₹50 banknote featuring the signature of its new governor, Sanjay Malhotra. He is set to take over as RBI Governor in December 2024, replacing Shaktikanta Das, who completed his extended term. Design of the New ₹50 Note According to an RBI statement, the new ₹50 … Read more
ICICI Bank, India’s second-largest private sector bank, has revised its Fixed Deposit (FD) interest rates. These updated rates apply to FDs of up to Rs 3 crore and are effective from February 5, 2025. Senior citizens can enjoy a maximum interest rate of 7.80%. For senior citizens, the bank offers a maximum interest rate of … Read more
February 1, 2025, is going to be a special day as Finance Minister Nirmala Sitharaman will present the Union Budget. Alongside this, some new banking rules will come into effect. These changes, implemented by the Reserve Bank of India, aim to improve digital banking and enhance security against fraud. Account holders in major banks like … Read more
Deposit (FD) scheme for super senior citizens aged 80 years and above. This is part of the SBI Patrons Fixed Deposit Scheme, where investments range from ₹1,000 to ₹3 crore, and the term can be anywhere from 7 days to 10 years. Senior citizens above 80 years will receive an interest rate that is 0.01% … Read more
The Reserve Bank of India (RBI) has taken strong action against non-banking financial companies (NBFCs) due to issues in their digital loan operations. The RBI has canceled the registration of X10 Financial Services Ltd., a company based in Mumbai. This company had been offering loans through multiple mobile apps. This action is part of RBI’s … Read more
The Reserve Bank of India (RBI) has directed banks to use the ‘1600’ phone number series for calling customers regarding transactions. For promotional purposes, banks and other regulated entities should use the ‘140’ phone number series. This move is aimed at reducing the risk of financial fraud. Actions to Improve Customer Data and Prevent Fraud … Read more
ICICI Prudential Mutual Fund has launched the CRISIL-IBX AAA Bond Financial Services Index – December 2026 Fund. This open-ended target maturity index fund will invest in the components of the CRISIL-IBX AAA Financial Services Index – December 2026. It carries a moderate interest rate risk and low credit risk. The New Fund Offer (NFO) for … Read more
Bank of Baroda, the largest public sector bank in India, has introduced a new fixed deposit (FD) scheme called BOB Liquid Fixed Deposit. This scheme offers secure returns like traditional FDs but also allows partial withdrawals anytime, just like a savings account. This means you can access your money whenever you need it without closing … Read more
On Friday, the Reserve Bank of India (RBI) announced that all banks must offer fixed interest rate products for personal loans that are paid in monthly installments. This was clarified through a set of Frequently Asked Questions (FAQs) released in response to an August 2023 circular. The circular focused on how banks should handle floating … Read more
Every day, banks handle large transactions, and many customers visit them for financial tasks. But what happens if the banks are closed for several days? It’s helpful to know in advance when banks are closed in your area so you can plan your financial work accordingly. From January 11th to January 15th, there will be … Read more