Kotak Mahindra Bank has introduced significant changes to its credit card fee structure, effective from June 1, 2025. These updates include charges on auto-debit failures, dynamic currency conversion (DCC), utility bill payments, education fees, wallet loading, online gaming, and fuel transactions. Additionally, the calculation method for the Minimum Amount Due (MAD) has been revised. Charges … Read more
The Reserve Bank of India (RBI) is planning to tighten the rules for personal loans that are given without any security, such as credit cards and unsecured personal loans. The risk of people not repaying these loans is increasing, which has raised concerns for the RBI. In November 2023, the RBI had already raised the … Read more
Banks will be closed for three consecutive days in many states of India. Amid the current situation where tensions have risen between India and Pakistan, people are wondering whether banks will stay closed or operate normally. In most states, banks will not function for three days. Here’s the full reason. Banks to Remain Closed for … Read more
The Reserve Bank of India (RBI) has issued the bank holiday schedule for May 2025. As per the RBI calendar, there will be a total of 13 bank holidays in May. These include both national holidays and regional government holidays. Bank holidays in India are decided according to the guidelines set by the Reserve Bank … Read more
The Reserve Bank of India (RBI) reduced the repo rate by 0.25% (25 basis points) on 9 April 2025. This is part of a total 0.50% cut since February 2025. This change is affecting fixed deposit (FD) interest rates, with most banks lowering their FD rates. This has surprised many low-risk investors, especially senior citizens, … Read more
The Reserve Bank of India (RBI) has taken action against several banks for not following its rules. After earlier penalizing banks like SBI, HDFC Bank, and ICICI Bank, RBI has now fined Kotak Mahindra Bank, IDFC First Bank, and Punjab National Bank (PNB) due to certain rule violations. RBI made it clear that these penalties … Read more
On Wednesday, the Reserve Bank of India (RBI) canceled the license of Ahmedabad’s Color Merchants Co-operative Bank. According to the RBI, the bank lacked sufficient capital and had no earning prospects. In addition to this, the bank failed to comply with several essential regulations under the Banking Regulation Act. As a result, this major action … Read more
Following the Reserve Bank of India’s decision to cut the repo rate, many public and private banks have started lowering their interest rates on fixed deposits (FDs) and savings accounts. ICICI Bank, the second-largest private sector bank, has also joined this trend by reducing the interest rate on savings account deposits by 0.25%. According to … Read more
Bank of India (BOI) has recently updated its fixed deposit (FD) interest rates and discontinued its special 400-day FD scheme. These changes came into effect on 15 April 2025. BOI, a public sector bank, has reduced interest rates on several of its FD schemes, impacting deposits under Rs 3 crore. Closure of 400-Day Special FD … Read more
Bank of Baroda, a public sector bank, announced a reduction in interest rates for retail customers and micro, small, and medium enterprises (MSMEs) on Thursday. This decision follows the Reserve Bank of India (RBI)’s move to cut the repo rate by 25 basis points to 6 percent on Wednesday. The bank stated that the rate … Read more
Starting May 1, 2025, each state in India will have only one Regional Rural Bank (RRB). The Finance Ministry has issued a notification announcing the merger of 15 RRBs in 11 states as part of the fourth phase of the consolidation process. This move will reduce the total number of RRBs in the country from … Read more