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
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