The latest regulations mandate banks, Payment Service Providers (PSPs), and third-party UPI service providers like PhonePe, GPay, and Paytm to adhere to specified measures concerning numeric UPI IDs.
Credit card EMIs allow users to convert hefty credit card purchases into manageable monthly instalments, while personal loans offer a more structured repayment plan, often deemed more suitable for larger expenses.
On Eid-Ul-Fitr, banks will remain open for critical transactions on March 31, 2025, despite being a public holiday. The RBI, Income Tax Department, and IRDAI have issued directives to ensure continuity in financial operations.
Recent data indicates that defaults on retail loans, particularly unsecured personal loans, are on the rise. Small-ticket personal loans—under Rs 10,000 — show higher delinquency rates than larger loans.
Based on the updated guidelines, customers have the privilege of performing up to five free transactions per month at ATMs operated by their own bank. Any transactions exceeding these limits may incur a charge of up to Rs 23 per transaction.
The Finance minister data revealed that SBI has consistently outperformed other PSBs in terms of fee income from ATM transactions over the last five years, leading to losses for the latter. The data was shared by Finance MoS Pankaj Chaudhary in response to a question regarding whether PSBs generate revenue from ATM cash withdrawals exceeding the prescribed limit.
March 31 marks the end of the government's financial year, requiring all government revenue, payments, and settlements to be finalized before the start of the new fiscal year.
According to DownDetector, there were a total of 2,750 complaints regarding the UPI issue as of 7:50 pm. Major digital payment platforms such as Google Pay, Paytm, and PhonePe are reporting widespread issues, leaving millions unable to complete transactions.
The hike is part of an RBI-approved revision based on a proposal by the National Payments Corporation of India (NPCI). White-label ATM operators had been lobbying for an increase, arguing that the old fees were unsustainable given rising operational costs.
The scheme, with an estimated outlay of Rs 1,500 crore, will incentivize low-value BHIM-UPI transactions (P2M) to encourage usage among small merchants.
Explore how credit card reward points can be utilised for bill payments and other redemptions, and understand the value and limitations of these options.
Among the most common charges are joining and annual fees. Opting for lifetime free cards or ensuring eligibility for fee waivers can mitigate these costs effectively.
IndusInd Bank's stock faced a downturn due to a forex error. The recent reports of financial irregularities at the bank have raised depositors' concerns regarding the overall stability of the banking sector.
The State Bank of India (SBI) has encountered technical issues impacting its Unified Payments Interface (UPI) services, leading to service disruptions for its customers.
The Reserve Bank of India plans to implement stricter underwriting processes for gold loans, urging banks to enhance background checks on borrowers and confirm gold ownership.
Gold loans typically do not rely heavily on credit scores, making them suitable for individuals facing short-term financial constraints. Short-term gold loans provide greater flexibility compared to long-term options.
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