Today was a tough day for the stock market as Sensex dropped by 3,900 points and Nifty by 1,400 points. It turned out to be a Black Monday. Usually, when the market crashes, gold prices go up—but this time, gold prices also declined. At the same time, due to the Reserve Bank of India (RBI) … Read more
Punjab & Sind Bank has reduced the interest rates on its fixed deposits (FDs), following the Reserve Bank of India’s decision to lower the repo rate. This change affects many of its FD schemes. Compared to the rates on January 1, 2025, the interest has been cut by up to 0.15%. However, there’s good news … Read more
If you’re looking for a safe way to earn more returns on your investment, IDBI Bank has some good news. The bank has extended the deadline for its special fixed deposit scheme called Utsav Callable FD. Now, customers can invest in this scheme until April 30. It offers an attractive interest rate of up to … Read more
In recent years, banks have rapidly increased interest rates on Fixed Deposits (FDs). Special FD schemes offering higher interest rates have become attractive to investors, especially senior citizens. These limited-period schemes provide better returns than regular FDs. The rise in repo rates by the Reserve Bank of India (RBI) after the COVID-19 pandemic has influenced … Read more
The Reserve Bank of India (RBI) has lowered the risk weight on bank finance, bringing significant relief to non-banking financial companies (NBFCs) and small loan lending institutions. This decision will free up more money for banks, allowing them to provide more loans. Lowering the risk weight means banks need to keep aside less money as … Read more
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