Will the RBI’s (Reserve Bank of India) latest decision to allow UPI (Unified Payments Interface) for cash deposits at ATMs (Automated Teller Machines) result in debit cards losing their relevance? The once ubiquitous debit cards are already slowly giving way to UPI. While the share of mobile payments has more than doubled in the last … Read more
In February 2024, the RBI data showed that credit card spending reached Rs. 1.5 lakh crores, a 26% annual growth. Within these spends, the usage of credit cards for payments like rent, tuition fees, vendor payments, society maintenance, etc., to individuals has picked up in the last few years. The RBI is not comfortable with … Read more
Regardless of Reserve Bank of India (RBI) keeping its repo rate constant at 6.5 per cent, Bank of Baroda raised its MCLR across four tenors by 5 basis points with effect from today i.e., April 12, 2024. Bank of Baroda’s base rate is now 9.40 percent with effect from Friday. Additionally, BPLR for all the existing accounts … Read more
The Indian economy has been doing well, with three consecutive quarters of 8%-plus growth so far in FY24. During this period, the banking sector’s credit growth has increased nearly 17% to ₹160 trillion, according to data from the Reserve Bank of India (RBI). Credit card debt has risen by 23% to ₹2.5 trillion, which is … Read more
While the Unified Payments Interface (UPI) has become a part of our everyday life, there’s one limitation that hinders the user experience — not being able to use the money in your online wallet to make UPI transactions to web or mobile application other than that provided by the prepaid payment instrument (PPI) issuer. Thanks … Read more
Indian investors love fixed income, and equity. Bonds, however, have not made the cut yet. The discomfort to invest in bonds is further accentuated due to lack of information and illiquidity. Having twin regulators at the helm— with the Reserve Bank of India (RBI) supervising government bonds and market regulator Sebi overseeing corporate bonds—has not … Read more
However, in March 2024, some banks increased their fixed deposit rates. In the case of most banks, the current fixed deposit interest rates being offered are at a decadal high. So, are these the best interest rates on fixed deposits? And should you lock into these high fixed deposit rates? Let us discuss. Also Read: … Read more
This is believed to be either the last or perhaps second last meeting before the interest rates are eventually slashed after a long hiatus. A Reuters poll predicted that the RBI is expected to cut rates in the Sept quarter. Notably, the banking regulator had raised the repo rates by a cumulative of 250 basis points … Read more
With the Unified Payments Interface (UPI) having gained massive popularity for an array of transactions, depositors will soon be able to use this phone banking interface service to deposit cash at cash deposit machines (CDMs) at ATMs and bank branches. Although it is a natural progression in the continuum of fintech evolution we are all … Read more
According to the latest RBI data, in February 2024, the total number of credit cards issued by banks in India crossed the 100 million milestone, registering an increase of 1.1 million cards from the previous month. While this highlights the increasing popularity of credit cards, it also suggests a potential uptick in credit card fraud … Read more