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
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