Banks across several key cities in India, including Mumbai, Delhi, and Chennai, will remain closed on February 26, 2025, for Mahashivratri, as per the Reserve Bank of India's holiday list.
The Reserve Bank of India increases the small value loan ceiling to Rs 3 crore for Urban Co-operative Banks, revises loan definitions, and sets exposure limits to enhance prudential norms.
Shivalik Small Finance Bank's new FD interest rates offered by the small savings bank now range from 3.50% to 8.55% for general citizens and from 4% to 9.05% for senior citizens.
Many banks have revised its loan rates after the Reserve Bank of India's (RBI) recent cut in the repo rate by 25 basis points (bps) from 6.50% to 6.25% during its MPC meeting last week.
Debadatta Chand also said banks along with regulator are working on CBDC to create the ease of doing transaction that can be far better as compared to any other mode of transaction.
New India Co-op Bank: As per the RBI's announcement, the bank is required to restrict all withdrawals from savings, current, and other account types due to its current liquidity constraints.
Bank Holidays in Feb: Next month, February 3, 11, 12, 15, 19, 20, 26, and 28 have been declared as bank holidays under the Negotiable Instruments Act by the Reserve Bank of India (RBI).
In order to prevent unnecessary difficulties for the survivors or family members of deceased depositors, the RBI has directed banks to ensure that nomination details are obtained for all current and new customers with fixed deposit accounts, savings accounts, and safety lockers.
The bank explained that the digital on-boarding process eliminates the need for physical paperwork, enabling quicker account openings at branches and during customer visits through digital document verification.
The RBI is yet to release its official list of bank holidays for 2025, but as per news reports, on January 1, 2025, the majority of banks throughout the nation will be closed.
A prepaid payment instrument (PPI) is a financial tool that allows users to store funds on a card or digital wallet for future transactions. Now, the interface of any third-party app can be used to transfer and receive money in the wallet.
The finance ministry has released a draft bill titled the Banning of Unregulated Lending Activities (Draft) Bill for public feedback, with comments being accepted until February 2025.
Unlike specific loans for education or home purchases, personal loans offer flexibility in how you use the funds. Payday loans may provide assistance during a financial crisis.
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