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Can a Bank Lock Your Phone After Loan Default? RBI Sets Strict Rules

Chandani — Sat, 08 Aug 2026 13:25:36 +0000

Can a Bank Lock Your Phone After Loan Default? RBI Sets Strict Rules

The Reserve Bank of India (RBI) has drawn a clear line on how banks and other regulated lenders can use technology to recover overdue loans.

Under the final loan recovery directions issued on August 6, lenders will not be allowed to remotely lock or disable a phone, tablet or laptop if the loan was not taken to finance that particular device. The new framework will come into force on January 1, 2027.

Even when a device was financed by the lender, restrictions will have to follow strict conditions and cannot be imposed immediately after an EMI is missed.

When Can a Lender Restrict Your Device?

The RBI allows remote device restrictions only when the loan was specifically used to purchase the device in question.

The loan agreement must clearly state that such technology may be used and explain how restrictions could be imposed. Borrowers must also receive advance information about the possible restrictions.

Importantly, lenders cannot use a normal personal loan as a reason to remotely disable a borrower’s existing smartphone or computer.

No Device Restrictions During the First 30 Days

The RBI has introduced a phased system for device restrictions.

A lender cannot restrict any function of a financed device until the associated loan has remained overdue for at least 30 days, provided the borrower has also received the required notices.

After 30 days, lenders may begin restricting non-essential functions in stages.

The full range of restrictions permitted under the loan agreement can only be applied once the loan becomes 60 days past due. Outgoing calls also cannot be restricted before this 60-day point.

This means a lender cannot completely disable a financed phone immediately after a borrower misses an EMI.

Calls, SMS and Emergency Services Must Continue

The new RBI framework protects several essential functions regardless of the level of restriction imposed.

Lenders cannot block:

Incoming calls
SMS messages
Emergency SOS functions
Functions required for work or employment

Borrowers must also be able to see the status of restrictions placed on their device.

Banks and their technology providers will need appropriate certification for the restriction mechanism from the device manufacturer or operating-system platform wherever such certification is available.

Lenders Cannot Access Personal Data

The RBI has also placed restrictions on how lenders can use information stored on a device.

Recovery technology cannot be used to access or exploit personal information such as:

Contacts
Messages
Call logs
Photographs
Location history

The restrictions are intended to facilitate recovery of legitimate dues without giving lenders unrestricted access to a borrower’s private data.

Device Must Be Restored Within One Hour

Once the borrower pays the outstanding dues, the lender must restore all restricted functions within one hour.

The same one-hour requirement applies where restrictions were imposed wrongly or restoration is delayed for reasons attributable to the lender.

In such cases, the borrower can receive compensation of ₹250 for every hour of delay, subject to a maximum amount equal to the loan originally disbursed.

Once the loan has been completely repaid, the lender must also give up access to the device-restriction technology. If borrowers need to remove associated software themselves, the lender must provide instructions.

Borrowers will continue to have the right to make partial or full prepayments at any stage.

RBI Tightens Rules for Recovery Agents

The new framework also introduces stricter rules for calls and visits by recovery agents.

Banks and recovery agents can ordinarily contact or visit borrowers or guarantors only between 8 AM and 7 PM. Communication outside this period is allowed only when the borrower or guarantor has specifically requested or authorised it.

Borrowers can also request that calls or visits be avoided at particular times, and such requests should ordinarily be respected.

Before the first physical recovery visit, lenders must provide at least one day’s notice and inform the borrower about the recovery agency involved.

Recovery agents must carry proper identification and authorisation documents.

Recovery Calls Must Be Recorded

Lenders will also have to maintain stronger records of recovery activity.

Recovery-related calls must be logged and recorded, with records generally preserved for six months. Borrowers must be informed that their conversation is being recorded.

The RBI has prohibited recovery agents from using:

Threatening or abusive language
Excessive or repeated calls
Public humiliation
False claims about debts or consequences of non-payment
Social media posts exposing borrowers’ personal information

The rules are designed to prevent aggressive recovery practices while allowing regulated lenders to pursue legitimate unpaid dues.

Which Lenders Will Have to Follow the Rules?

The final directions apply across a broad range of regulated financial institutions, including commercial banks, small finance banks, regional rural and co-operative banks, NBFCs, housing finance companies and other RBI-regulated entities.

The new framework follows feedback received by the central bank on its revised draft issued in May.

Bottom Line

A bank cannot simply lock your personal phone because you defaulted on a normal loan.

From January 1, 2027, remote restrictions will be permitted only in specific circumstances where the lender financed the device itself and the loan agreement provides for such action. Even then, restrictions must be phased, essential services must remain available, personal data must be protected and the device must be restored promptly after payment.

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India’s Forex Reserves May Hit Record $730 Billion Soon

Chandani — Fri, 07 Aug 2026 16:34:17 +0000

India’s Forex Reserves May Reach Record High Soon as RBI Measures Boost Capital Inflows

India’s foreign exchange reserves are expected to climb close to a record high in the coming weeks, supported by strong capital inflows following a series of measures introduced by the Reserve Bank of India (RBI), according to analysts.

The country’s forex reserves increased by $10.5 billion to $692.9 billion for the week ended July 31, marking the biggest weekly jump since late January. The current reserve level is now approaching the all-time high of $728.5 billion, which was recorded in February.

RBI Measures Drive Strong Capital Inflows

India’s foreign exchange reserves have now increased for five consecutive weeks after the RBI introduced several initiatives to attract overseas capital.

Since early June, these measures have brought in approximately $40.8 billion through:

Foreign currency deposits from the Indian diaspora
Overseas borrowings
Other foreign capital inflows

The higher reserve levels provide the RBI with additional resources to stabilize the rupee during periods of market volatility.

Analysts Expect Reserves to Touch $730 Billion

Gaura Sen Gupta, Chief Economist at IDFC First Bank, believes India’s forex reserves could reach around $730 billion by September, provided there are no major valuation losses on gold or non-dollar reserve assets.

She estimates that the RBI’s initiatives could ultimately attract between $90 billion and $100 billion in total capital inflows.

Challenges Could Limit Further Growth

Despite the positive outlook, analysts caution that forex reserves may not necessarily surpass their previous record.

According to Sakshi Gupta, Chief Economist at HDFC Bank, the RBI continues to utilize part of its reserves to:

Support the Indian rupee through market intervention.
Deliver dollars against forward contracts as they mature.

These activities could offset some of the reserve gains in the coming months.

Why Rising Forex Reserves Matter

A larger foreign exchange reserve strengthens India’s financial position by:

Supporting the Indian rupee during periods of volatility.
Improving investor confidence.
Helping meet external payment obligations.
Providing a cushion against global economic uncertainties.

With capital inflows continuing to improve, analysts believe India is well positioned to maintain healthy reserve levels over the coming months.

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Lok Sabha Passes Bill Allowing Government to Permit Charges on UPI Transactions

Chandani — Fri, 07 Aug 2026 16:13:46 +0000

The amendment to the Payment and Settlement Systems Act empowers the Centre to allow banks and payment service providers to levy charges on UPI and other notified digital payment modes in the future.

The Lok Sabha has passed the Taxation and Other Laws (Amendment) Bill, 2026, paving the way for the government to permit banks and payment service providers to levy charges on Unified Payments Interface (UPI) transactions and other notified electronic payment systems.

The legislation amends the Payment and Settlement Systems Act, 2007, removing the legal restriction that currently prevents banks and payment service providers from charging Merchant Discount Rate (MDR) on notified digital payment modes.

What Does the New Bill Change?

The amendment authorises the Central Government to decide whether charges can be imposed on specific electronic payment modes through future notifications.

Importantly, the Bill does not immediately introduce any UPI charges. Instead, it creates the legal framework that allows the government to permit such charges at a later stage.

Why Is the Government Making This Change?

According to the government’s approach, the objective is to create a sustainable revenue model for:

Banks
Payment Service Providers (PSPs)
Digital payment infrastructure companies

The proposal seeks to ensure that the ecosystem supporting India’s rapidly growing digital payments network remains financially viable while keeping costs reasonable for consumers and small businesses.

Merchant Discount Rate (MDR) Explained

Merchant Discount Rate (MDR) is the fee paid by merchants to banks and payment service providers for processing digital transactions.

While payment systems such as:

RTGS
NEFT

already involve service charges, UPI transactions have remained exempt from MDR since 2020.

The amendment removes the statutory barrier that prevented the government from allowing MDR or similar charges on notified electronic payment systems.

Bill Passed by Voice Vote

The Bill was passed through a voice vote in the Lok Sabha after the House resumed proceedings at 2 PM following an earlier adjournment.

Finance Minister Nirmala Sitharaman moved the Taxation and Other Laws (Amendment) Bill, 2026, which proposes amendments to:

Payment and Settlement Systems Act, 2007
Income Tax Act, 2025
Finance Act, 2026

What Happens Next?

Although the Bill has been passed by the Lok Sabha, UPI transactions will continue under the existing framework until the government issues a notification specifying:

Which electronic payment modes may attract charges.
Whether charges will apply only to merchants or other categories.
The rate and scope of any future fees.

Until such notifications are issued, there is no immediate change in how UPI payments are processed.

Key Highlights

Lok Sabha has passed the Taxation and Other Laws (Amendment) Bill, 2026.
The Bill amends the Payment and Settlement Systems Act, 2007.
The amendment authorises the government to permit charges on UPI and other notified electronic payment modes.
The legal restriction preventing Merchant Discount Rate (MDR) on notified payment systems has been removed.
The Bill does not immediately impose UPI charges.
Future charges, if any, will depend on government notifications.
The proposal aims to support banks, payment service providers and digital payment infrastructure companies with a sustainable revenue model.

FAQs

Has the Lok Sabha approved UPI transaction charges?

The Lok Sabha has passed a Bill that authorises the government to permit charges on UPI and other notified electronic payment modes. It does not immediately impose any charges.

Will users start paying for UPI transactions now?

No. The Bill only provides the legal framework. Any charges will require a separate government notification.

What is Merchant Discount Rate (MDR)?

Merchant Discount Rate (MDR) is a fee paid by merchants to banks and payment service providers for processing digital payments.

Why was the law amended?

The government says the amendment aims to create a sustainable financial model for banks, payment service providers and digital payment infrastructure while supporting continued growth of digital payments.

Which law has been amended?

The amendment modifies the Payment and Settlement Systems Act, 2007 as part of the Taxation and Other Laws (Amendment) Bill, 2026.

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UPI Transaction Charges Coming Soon? RBI Governor Says ‘Costs Have to Be Paid by Someone’

Chandani — Thu, 06 Aug 2026 10:30:50 +0000

RBI Governor Sanjay Malhotra says it is too early to confirm UPI charges but acknowledges that the country’s digital payments infrastructure has ongoing costs that must be funded as Parliament considers amendments to payment laws.

The debate over UPI transaction charges has intensified after RBI Governor Sanjay Malhotra indicated that India’s digital payment infrastructure cannot remain cost-free indefinitely.

Speaking after the Reserve Bank of India’s monetary policy announcement, Malhotra said it is too early to conclude whether charges will be introduced but acknowledged that someone ultimately has to bear the cost of operating the UPI ecosystem.

What Did the RBI Governor Say?

Responding to a question on whether UPI transactions could soon attract charges, RBI Governor Sanjay Malhotra said:

“It is very premature to talk right now. The government is still carrying out the amendment. The costs have to be paid by someone.”

He added that the priority is to ensure India’s digital payments infrastructure continues to grow and remain sustainable.

Malhotra further clarified that the costs already exist but are currently being absorbed elsewhere.

“The cost is already getting passed on. It may not be directly to the user, but someone is paying the cost.”

Why Is MDR Being Discussed Again?

UPI transactions are currently free for consumers as well as merchants because the government removed the Merchant Discount Rate (MDR) on UPI payments in January 2020.

Instead, the government has compensated banks and payment service providers through incentive schemes.

However, with UPI processing billions of transactions every month, the cost of maintaining payment infrastructure has increased substantially, while government subsidies cover only part of these expenses.

This has revived discussions on bringing back MDR for certain transactions.

What Is Being Proposed?

According to reports, amendments to the Payment and Settlement Systems Act, recently tabled in Parliament by Finance Minister Nirmala Sitharaman, could allow MDR on select UPI transactions.

The proposal under discussion includes:

MDR of 0.3% to 0.5%
Applicable only on transactions above ₹2,000
Limited to large merchants crossing a specified turnover threshold

No final decision has been announced.

Will Consumers Have to Pay?

Based on the proposal currently being discussed, ordinary consumers are not expected to pay any fee.

Instead, the MDR would be charged to eligible large businesses accepting UPI payments.

This means:

Paying your neighbourhood grocery or vegetable vendor would likely remain free.
Large retail chains accepting high-value UPI payments could pay a small processing fee.

However, the proposal is still under consideration and no final rules have been notified.

Why Does UPI Need Funding?

Although UPI appears free to users, operating the network involves significant costs, including:

Payment processing infrastructure
Bank settlement systems
Fraud detection and cybersecurity
Technology upgrades
Server maintenance
Customer support

Currently, these expenses are shared between the government, banks and payment service providers.

The RBI Governor indicated that a long-term funding mechanism will be necessary to keep the ecosystem sustainable.

What Happens Next?

At present, no UPI charges have been introduced.

The proposed legal amendments simply create the possibility of reintroducing MDR for specific categories of merchant transactions.

Whether the government ultimately chooses MDR or another funding model remains to be seen.

Until an official notification is issued, UPI payments for consumers continue to remain free.

Key Highlights

RBI Governor Sanjay Malhotra said it is too early to confirm UPI transaction charges.
He stated that someone must ultimately bear the cost of running UPI infrastructure.
Parliament is considering amendments that could permit MDR on certain UPI transactions.
Reports suggest MDR of 0.3%–0.5% may apply only to transactions above ₹2,000 at eligible large merchants.
Everyday consumer UPI payments and small merchants are expected to remain unaffected under the proposal.
No final decision has been announced by the government.

FAQs

Are UPI transactions becoming chargeable?

No. UPI transactions remain free. The government is considering amendments that could allow MDR on certain merchant transactions, but no final decision has been announced.

What did the RBI Governor say about UPI charges?

RBI Governor Sanjay Malhotra said it is premature to discuss charges but noted that maintaining the UPI ecosystem involves costs that “have to be paid by someone.”

What is Merchant Discount Rate (MDR)?

MDR is a fee paid by merchants to banks and payment service providers for processing digital payment transactions.

Will consumers have to pay UPI charges?

Based on the proposal being discussed, consumers are not expected to pay directly. Any MDR, if introduced, would likely apply to eligible large merchants on higher-value transactions.

Will small shopkeepers be affected?

According to the proposal under discussion, small merchants and routine consumer UPI payments are expected to remain outside the scope of MDR.

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Government Approves RBI Pilot for ₹10 and ₹20 Polymer Currency Notes

Chandani — Mon, 27 Jul 2026 14:32:55 +0000

The Finance Ministry has cleared the Reserve Bank of India’s proposal to issue one billion polymer ₹10 and ₹20 notes each for field testing, while confirming that paper currency will continue to remain in circulation.

The Government of India has approved the Reserve Bank of India’s (RBI) proposal to begin field trials of polymer-based ₹10 and ₹20 banknotes, marking the country’s first major step toward testing plastic currency.

The approval was confirmed by Minister of State for Finance Pankaj Chaudhary in a written reply in the Lok Sabha. Under the proposal, the RBI will issue one billion ₹10 notes and one billion ₹20 notes made from polymer for pilot testing across selected regions.

Pilot rollout to assess performance

According to the government, the polymer notes will initially be introduced on a trial basis to evaluate how they perform under India’s climatic and usage conditions.

The RBI will assess factors such as durability, handling and circulation before deciding whether the new notes should be introduced on a larger scale.

Officials have clarified that any nationwide rollout will depend entirely on the outcome of these field trials.

Why is RBI testing polymer notes?

The Reserve Bank has maintained that polymer banknotes generally have a longer lifespan than conventional paper currency.

Based on international experience, polymer notes are considered more resistant to wear and tear, moisture and repeated handling, making them suitable for countries where cash remains widely used.

The central bank believes these characteristics could improve the longevity of lower-denomination notes, which typically change hands more frequently.

Paper currency is not being replaced

The government has emphasized that the pilot does not signal the replacement of existing paper currency.

Instead, polymer notes are expected to circulate alongside traditional paper banknotes if the trials prove successful.

In his written reply, Pankaj Chaudhary stated that there is currently no proposal under consideration to replace paper substrate-based banknotes with polymer-based currency.

Impact on digital payments yet to be assessed

The RBI has also clarified that it is too early to determine whether polymer banknotes will influence the adoption of digital payments.

According to the central bank, any assessment can only be made after the new notes enter regular circulation and sufficient operational data becomes available.

The RBI reiterated that cash and digital payment systems complement each other, and both are expected to continue serving different payment needs across the country.

Next steps

With the Finance Ministry’s approval in place, the RBI is expected to proceed with the pilot issuance of polymer ₹10 and ₹20 notes.

The results of the field trials will help determine whether India expands the use of polymer currency in the future or continues relying primarily on traditional paper banknotes.

FAQ

What has the government approved?

The Finance Ministry has approved the RBI’s proposal to issue one billion ₹10 polymer notes and one billion ₹20 polymer notes for field trials.

Why is the RBI introducing polymer notes?

Polymer banknotes are generally more durable than paper notes and can last longer in circulation, reducing replacement costs over time.

Will paper currency be discontinued?

No. The government has clearly stated that there is no proposal to replace existing paper banknotes with polymer notes. Both could coexist if the pilot succeeds.

Will polymer notes affect digital payments?

The RBI says it is too early to assess any impact on digital payments. Cash and digital payment systems are expected to continue operating alongside each other.

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India to Launch Universal Central KYC 2.0 ID for Banking and Insurance in August

Chandani — Sat, 25 Jul 2026 10:37:50 +0000

The upgraded system introduces data confidence scoring and OTP-based consent, allowing consumers to access banking, insurance, and investment products without repeating document submissions.

Indian consumers will soon be able to access multiple financial services using a single, unified identity record. Starting in August 2026, commercial banks and insurance companies will roll out Central Know-Your-Customer 2.0 (CKYC 2.0), a revamped digital registry that eliminates the need to submit fresh identity documents whenever opening an account or purchasing a policy.

The initiative, jointly managed by the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), and the Insurance Regulatory and Development Authority of India (IRDAI), aims to modernize customer verification across the country’s financial landscape.

Mutual funds, wealth managers, and stock brokerages are expected to integrate into the network within four months following the initial rollout as regulators clear sector-specific guidelines.

FAQ

What is Central KYC 2.0 (CKYC 2.0)?

CKYC 2.0 is India’s upgraded centralized customer identification system that allows banks, insurers, and investment firms to retrieve verified customer data from a central database using OTP-based customer consent.

How does CKYC 2.0 differ from the previous CKYC system?

The original CKYC registry suffered from duplicate and outdated data, forcing institutions to request fresh documents. CKYC 2.0 introduces a confidence score that rates the accuracy and prior verification status of each record, giving financial entities the trust required to skip redundant paperwork.

When will mutual funds and stock brokers join CKYC 2.0?

While banks and insurance providers begin using CKYC 2.0 in August 2026, capital market entities such as mutual funds and brokerages are scheduled to onboard within four months as sector-specific regulatory requirements are finalized.

RBI TRANSFERS RECORD ₹2.87 LAKH CRORE TO GOVERNMENT: DIVIDEND BEATS LAST YEAR BUT MISSES BUDGET TARGET — WHAT IT MEANS FOR YOU

Chandani — Fri, 22 May 2026 17:37:57 +0000

RBI Transfers Record ₹2.87 Lakh Crore to Government: Dividend Beats Last Year but Misses Budget Target — What It Means for You

Central bank RBI ‘s surplus transfer rises 6.7% to ₹2.87 trillion; contingency buffer cut to 6.5% from 7.5%; bond yields spike as fiscal deficit fears grow

🚨 Key Highlights

RBI transfers record ₹2.87 lakh crore to government for FY26
6.7% higher than last year’s ₹2.69 lakh crore
Below budget estimate of ₹3.16 lakh crore
Contingency risk buffer lowered to 6.5% from 7.5%
10-year bond yield rises 3 bps to 7.1%
Fiscal deficit may widen beyond 4.3% target

The cheque’s been cut. But it’s smaller than hoped.

India’s central bank — the Reserve Bank of India — approved a record surplus transfer of ₹2.87 lakh crore ($29.99 billion) to the federal government for fiscal year 2025-26. As a result, this marks the highest payout ever from Mint Road to North Block. However, the figure still falls short of what economists and the Finance Ministry were counting on.

“The RBI surplus transfer is marginally lower than expected, thereby limiting the levers for the government in terms of managing the fiscal slippage risks,” said Upasna Bhardwaj, chief economist at Kotak Mahindra Bank.

In fact, a Reuters poll had pegged the surplus in a range of ₹2.9 trillion to ₹3.2 trillion rupees. Consequently, the miss is likely to squeeze New Delhi’s finances at a time when the Iran war has sent crude prices soaring and subsidy bills are ballooning.

The Numbers: How ₹2.87 Lakh Crore Stacks Up

Let’s break it down. Last year, the RBI transferred ₹2.69 lakh crore — also a record then. This year, the payout is 6.7% higher. Nevertheless, the government had budgeted for ₹3.16 lakh crore in total dividends from the RBI and state-owned financial institutions.

Therefore, the gap matters. Specifically, New Delhi doesn’t split out the RBI portion separately, but analysts say the central bank was expected to chip in the lion’s share. Instead, the lower-than-expected transfer is already rattling bond markets.

India’s benchmark 10-year bond yield rose 3 basis points to 7.1% immediately after the announcement. Meanwhile, the rupee remains under pressure, having weakened nearly 7% this year.

Why the Payout Fell Short: The Contingency Buffer Story

Here’s the thing: the RBI decides how much to keep versus how much to hand over. Under the Bimal Jalan Committee’s Economic Capital Framework, the central bank maintains a Contingent Risk Buffer (CRB) — essentially a rainy-day fund against market shocks.

For FY26, the RBI board lowered the CRB to 6.5% of its balance sheet from 7.5% last year. In other words, they freed up more cash than before. But then, why wasn’t the payout even bigger?

The answer lies in the balance sheet math. The RBI’s balance sheet expanded 20.61% to ₹91.97 lakh crore as of March 31, 2026. Gross income rose 26.42%, but expenditure jumped even higher at 27.60%. Moreover, the central bank transferred ₹1.09 lakh crore to the contingency buffer itself — a hefty provision that ate into the distributable surplus.

“The government is not here to earn from the RBI. The government is here to earn from taxes … At present, they have no other alternative … to generate extra revenue,” said Anil Bhansali, head of treasury at Finrex Treasury Advisors.

Where RBI’s Money Comes From

The central bank earns from four main sources:

Foreign securities interest — The RBI holds billions in US Treasuries and other sovereign bonds. As global rates stayed elevated, this income stream fattened up.
Forex trading gains — The RBI buys and sells dollars to manage rupee volatility. When it sells at a rate higher than its historical acquisition cost, the difference books as profit. In FY26, the rupee depreciated sharply, making these trades lucrative.
Domestic lending spread — The gap between what RBI charges banks (repo) and pays them (reverse repo) generates steady income.
Gold revaluation — Gold prices surged roughly 60% during FY26. Since the RBI holds significant gold reserves, this translated into substantial accounting gains.

Furthermore, the central bank purchased about ₹9 lakh crore worth of bonds to inject liquidity, expanding the balance sheet and boosting earnings potential.

What This Means for the Common Taxpayer

So why should you care? After all, this is central bank accounting, not your household budget.

Here’s why it matters: the RBI’s transfer is non-tax revenue for the government. In other words, it reduces how much New Delhi needs to borrow from the market. Less government borrowing typically means lower interest rates for everyone — home loans, car loans, business credit.

But this year, the math isn’t working out. The Reuters poll pegs the fiscal deficit at 4.7% of GDP for FY27, above the government’s 4.3% target. Some economists warn it could hit 5%.

As a result, the government faces tough choices. Specifically, it has already cut federal fuel taxes to shield consumers from the Iran war’s energy shock. Similarly, fertiliser subsidies are expected to rise. Therefore, without the extra RBI cushion, New Delhi may need to either borrow more, cut spending, or miss its deficit target.

“While we do not see extra borrowing risks for now, we continue to monitor the extent of subsidy and tax growth slowdown,” Bhardwaj added.

RBI Balance Sheet: The Big Picture

The central bank’s financial health is robust — at least on paper. The balance sheet crossed $960 billion (₹91.97 lakh crore), making it one of the largest among emerging market central banks.

Under the revised Economic Capital Framework, the CRB can float between 4.5% and 7.5% of the balance sheet. By setting it at 6.5% this year, the RBI board chose a middle path — neither hoarding excessively nor emptying the chest.

However, the full picture will emerge only when the RBI releases its annual report later this year. That document will detail the exact income sources, expenditure breakdown, and the rationale behind the buffer decision.

The Bottom Line

Two things are clear. First: ₹2.87 lakh crore is a record, and the government will take it. Second: it’s not enough to plug the fiscal hole opened by war, subsidies, and slowing tax growth.

For bond markets, the message is sobering. Yields have already ticked up. For taxpayers, the implication is indirect but real — if the government borrows more, your EMIs could eventually feel it.

We will keep tracking RBI updates as the FY27 budget takes shape and the Iran war’s economic fallout unfolds.

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Rupee Breaches 96 Mark: Why Indian Currency Hit Record Low

Chandani — Fri, 15 May 2026 17:14:37 +0000

Rupee Breaches 96 Mark: Why Indian Currency Hit Record Low

Now a historic financial shift has occurred in India. Specifically, the Indian Rupee hit a fresh all-time low of 96.14 today. Indeed, this marks the first time the currency hit the 96 level. Actually, the Rupee fell by 50 paise during Friday’s trade. Therefore, the domestic markets are feeling significant pressure. In fact, rising crude oil and global war are the main causes. Actually, the West Asia conflict continues to drive these market fears. Simple as that.

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At a Glance: Currency Market Status — Friday, May 15, 2026

Now you can see the scale of today’s currency drop. Actually, the Rupee has become the worst-performing currency in Asia this year. In fact, here are the key figures from today’s trade.

Market Metric	Current Value	Change/Impact
USD/INR Rate	96.14	Record All-Time Low
Brent Crude Oil	$108.27	Up 2.4% Today
Dollar Index	99.05	Up 0.24%
Opening Rate	95.86	Dropped 50 Paise
Forex Reserves	$696 Billion	Up $6.2B (Weekly)

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1. Why the Rupee Breaches 96 Mark Today

Now several global factors have pushed the Indian currency to this low. Actually, the local economy is facing a “triple threat” from oil, war, and a strong dollar.

The Main Drivers

First, crude oil prices spiked today due to supply fears.
Next, the Iran-Israel conflict creates massive global uncertainty.
Thus, investors are rushing to the US dollar for safety.
Furthermore, foreign institutional investors are selling Indian stocks.
Specifically, the Strait of Hormuz conflict threatens oil shipments.
Therefore, India must pay more for its energy imports. Period.

2. The Crude Oil Spike and Energy Stress

Now Brent crude oil has traded above $108 per barrel today. Actually, India imports over 85 per cent of its crude oil requirements.

The Energy Impact

First, a weaker Rupee makes every barrel of oil cost more.
Next, the government raised petrol and diesel by ₹3 this morning.
Thus, household budgets are feeling a direct hit from inflation.
Additionally, transportation and logistics costs will likely rise soon.
Moreover, higher oil prices widen the current account deficit.
Consequently, the Rupee remains under heavy pressure. Period.

3. RBI Intervention and Forex Reserves Status

Now the Reserve Bank of India is acting to manage the volatility. Actually, the RBI has a record $696 billion in forex reserves to use.

The Central Bank Response

First, traders reported state-run banks selling dollars today.
Next, this move helps prevent a total freefall of the Rupee.
Thus, the RBI manages the speed of the decline.
Additionally, India’s gold reserves jumped to $120 billion recently.
Moreover, the Governor says they do not target a specific rate.
Consequently, the focus is on keeping the market stable. Period.

4. Outlook for the Rest of Q2 2026

Now experts are watching the 97 mark very closely. Actually, the sentiment depends entirely on geopolitical developments this month.

What to Watch

First, check the daily movement of the US Dollar Index.
Next, monitor any ceasefire talks in the West Asia region.
Thus, you can predict if the currency will recover soon.
Furthermore, the IT and Pharma sectors might see higher earnings.
Specifically, these companies earn revenue in US dollars.
Therefore, their stocks might provide a hedge for investors. Period.

Frequently Asked Questions

Q: Why did the Rupee breach 96 for the first time?

Now, the main reason is the rising cost of crude oil. Thus, the Iran war has caused investors to flee to the US dollar. Actually, this created a historic low of 96.14 today.

Q: How does a weak Rupee affect common citizens?

Actually, it makes imports like electronics and fuel more expensive. Therefore, your monthly expenses on petrol and diesel go up instantly.

Q: Is the Indian economy in trouble?

Actually, India still has strong forex reserves of $696 billion. Therefore, while the currency is low, the national balance sheet remains stable.

Q: Will the Rupee fall to 100?

Since the market is volatile, it is hard to say. Therefore, analysts say it depends on whether oil stays above $100 per barrel.

The Bottom Line

Now the fact that the Rupee Breaches 96 Mark is a wake-up call. While the global crisis is outside our control, India is using its reserves well.

Overall, the goal is to navigate this energy shock without high inflation. Therefore, consider using public transport or working from home to save fuel. Thus, you can help reduce the national demand for oil. Meanwhile, stay updated on the latest forex rates! Lastly, stay wise with your investments as the market shifts!

Currency is low. Oil is high. Period.

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Rupee Hits 95.74: All-Time Low as Oil Crisis Hits Economy

Chandani — Wed, 13 May 2026 14:01:36 +0000

Rupee at 95.74: Hits All-Time Low as Oil Prices Pressure Economy

Now the Indian rupee has hit a new low. Specifically, it reached 95.74 against the US dollar this Wednesday. Indeed, the currency continues its long losing streak. Actually, high oil prices are hurting the state economy. Furthermore, debt payments and high importer demand add more pressure. Therefore, the rupee fell past its old record of 95.73. In fact, the US-Iran conflict is the main cause. Simple as that.

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Rupee vs. Oil: The 2026 Crisis Data

Now you can see how the war impacts our money. Actually, global crude prices have jumped nearly 50% since February. In fact, here is the data on the currency shock.

Metric	February 2026	May 2026 (Today)	Change %
USD/INR Rate	~91.00	95.74	5%+ Weakness
Brent Crude Oil	~$80/barrel	~$120/barrel	50% Increase
Gold Import Duty	Lower	Hiked (New Rule)	Policy Shift
Growth Forecast	High	Lowered	Negative

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1. How the Oil Shock Hurts India

Now high energy costs are a big risk. Actually, India imports most of its oil from abroad.

The Economic Impact

First, the US-Iran war started on February 28.
Next, this war pushed up global fuel costs fast.
Thus, India’s growth forecasts are now lower.
Furthermore, economists expect inflation to rise soon.
Specifically, the RBI must step in to stop the fall.
Therefore, the state needs oil prices to drop. Period.

2. Government and RBI Response to the Low

Now Prime Minister Modi wants to save forex reserves. Actually, the state is taking big steps to help the rupee.

The Action Plan

First, the government hiked duties on precious metals.
Next, this move aims to cut down on gold imports.
Thus, less dollars leave the country for trade.
Additionally, the RBI intervenes in the market daily.
Moreover, RBI Governor Sanjay Malhotra spoke in Switzerland.
Consequently, the bank may hike rates to fight inflation. Period.

3. What Happens if Tensions Continue?

Now global markets stay very cautious today. Actually, the conflict in the Middle East shows no signs of ending.

The Future Risk

First, domestic fuel prices may rise very soon.
Next, this will lead to higher costs for all goods.
Thus, the RBI is watching supply shocks closely.
Additionally, technology stocks stay strong due to AI news.
Moreover, forex markets stay stuck in a tight range.
Consequently, the rupee needs more than just bank help.

Frequently Asked Questions

Q: Why is the rupee at an all-time low today?

Now, the main reason is the US-Iran war. Thus, rising oil prices make the dollar more expensive for India.

Q: Will petrol and diesel prices go up?

Actually, yes, price hikes may happen soon. Therefore, the RBI Governor warned that supply shocks are becoming persistent.

Q: How is the RBI trying to save the rupee?

Actually, the RBI sells dollars from its reserves. Therefore, they also consider raising interest rates to keep investors happy.

Q: Is the Indian economy still growing?

Since oil is costly, growth is slowing down. Therefore, economists have lowered the 2026 growth outlook for the country.

The Bottom Line

Now the Rupee Record Low of 95.74 is a major wake-up call. While the RBI is helping, global wars drive the trend.

Overall, the goal is to keep the economy stable. Therefore, the state wants everyone to save on fuel use. Thus, expect more news on rate hikes this month. Meanwhile, keep an eye on your import costs! Lastly, stay safe and stay informed as the markets shift!

Strong dollar. Weak rupee. Period.

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‘Lunch Break’ Excuses? Know Your Rights as a Bank Customer

Chandani — Mon, 11 May 2026 17:41:47 +0000

Bank Customer Rights: “It’s Lunch, Come Later…” How to Take Action

Now many bank customers face long wait times at branches. Specifically, staff often use “lunch breaks” as an excuse to stop work. Indeed, this causes a lot of frustration for busy citizens. Actually, the Reserve Bank of India (RBI) has very strict rules about this. Therefore, you do not have to wait for hours anymore. In fact, you have the right to get service during all business hours. Actually, the RBI says that lunch breaks must be taken in batches. Simple as that.

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RBI 2026: Bank Customer Rights at a Glance

Now you can see exactly what the law says about your bank visit. Actually, these rules are designed to protect your time and dignity. In fact, here is the data on your rights as a customer.

Situation	Your Legal Right	Action You Can Take
Lunch Break	Work must continue in batches	Ask for a Duty Officer
Long Queues	Service must be provided to all inside	Report to Bank Manager
Bad Behavior	Right to fair and polite treatment	File a Nodal Officer Complaint
No Response	30-day resolution deadline	Go to Banking Ombudsman
Delayed Work	Time-bound service for all tasks	Call RBI Helpline 14448

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1. The Truth About Bank Lunch Breaks

Now many staff tell customers to “come back after lunch.” Actually, the RBI Master Circular clearly states that counters cannot be closed for lunch.

The Official Policy

First, bank staff must take their lunch in rotating batches.
Next, at least one person must stay at the counter to work.
Thus, the “lunch time” sign cannot be used to stop all service.
Furthermore, the bank must ensure that work flow stays smooth.
Specifically, customers should not be asked to wait for the whole staff.
Therefore, you can politely ask for the officer on duty. Period.

2. Steps to Take if You Face Delays

Now you do not need to sit quietly if a staff member is lazy. Actually, there is a clear chain of command for your complaints.

How to Escalate

First, speak directly to the Branch Manager or Nodal Officer.
Next, every bank has a local “Grievance Redressal” number you can call.
Thus, you can also record your complaint in the “Complaint Register.”
Additionally, you can file an online complaint on the bank’s portal.
Moreover, most banks have a toll-free number for instant help.
Consequently, the bank must give you a response within a set time. Period.

3. How to Reach the Banking Ombudsman

Now if the bank manager does not help you, do not worry. Actually, the RBI has a powerful system called the Integrated Ombudsman Scheme.

The Final Solution

First, visit the official portal at https://cms.rbi.org.in.
Next, click on “File A Complaint” and follow the easy steps.
Thus, you can also send an email to CRPC@rbi.org.in.
Additionally, the RBI has a 24×7 toll-free helpline at 14448.
Moreover, you can track the status of your case online.
Consequently, the RBI can fine the bank for poor service.

Frequently Asked Questions

Q: Can a bank close all counters during lunch?

Now, the answer is a firm no. Thus, the RBI mandates that counters remain open during all business hours through batch breaks.

Q: What if the manager refuses to take my complaint?

Actually, you can skip the manager and go straight to the RBI CMS portal. Therefore, the bank cannot hide its poor service from the regulator.

Q: Is there any cost to file a complaint with the Ombudsman?

Actually, no. The Banking Ombudsman service is completely free for all citizens. Therefore, you should use it if you feel ignored by your bank.

Q: How long does the bank have to solve my issue?

Since the rules are strict, the bank usually has 30 days to reply. Therefore, if they fail, the Ombudsman will take over the case for you.

The Bottom Line

Now the RBI Customer Rights of 2026 are there to make your life easier. While many staff may try to delay your work, the law is on your side.

Overall, the goal is to have a fast and fair banking system in India. Therefore, do not be afraid to stand up for your rights at the branch. Thus, you can help improve the system for everyone in your city. Meanwhile, keep the RBI helpline number saved on your phone! Lastly, stay informed and stay empowered during your next bank visit!

Your time. Your right. Period.

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Paytm Crisis: RBI Cancels Payments Bank Licence, Orders Winding Up

Chandani — Mon, 27 Apr 2026 04:24:39 +0000

End of an Era: RBI Cancels Paytm Payments Bank Licence

Now the most high-profile experiment in Indian digital banking has come to a final halt. Specifically, the Reserve Bank of India (RBI) cancelled the banking licence of Paytm Payments Bank on April 24, 2026. Indeed, this move marks the end of a long struggle between the fintech giant and the national regulator. Actually, the RBI stated that the bank’s management acted in a manner “prejudicial to public interest.” Therefore, the central bank has already moved to start the winding-up process in the High Court. In fact, the regulator believes that allowing the bank to continue would serve “no useful purpose.” Simple as that.

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Paytm Payments Bank: Final Status (April 2026)

Now you can see the official timeline of the regulatory crackdown. Actually, the bank had been under a “runoff” phase for over two years before this final order. In fact, here is the data on the current state of the entity.

Milestone	Date	Status / Action
New Customer Ban	March 11, 2022	Stopped Onboarding
Deposit Freeze	January 31, 2024	No Fresh Credits
Licence Cancellation	April 24, 2026	Banking Business Barred
Liquidity Status	April 2026	Enough to Repay Deposits

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1. What Happens to Your Money?

Now many of the 30 million account holders are worried about their hard-earned savings. Actually, the RBI has offered a very strong assurance to all depositors today.

The Safety Net

First, the regulator confirmed that the bank has “enough liquidity” to repay everyone. Next, you can still withdraw your existing balances without any new hurdles. Thus, your funds remain safe even as the bank prepares to close its doors. Furthermore, the RBI has asked the High Court to appoint a liquidator to oversee the final payouts. Specifically, they want to ensure a smooth exit for every single customer. Therefore, you should wait for official alerts before trying to close your account manually. Period.

2. Is the Paytm App Still Working?

Now there is a lot of confusion about whether the famous “Paytm” app will stop working. Actually, the parent company, One97 Communications, has cleared the air immediately.

App vs. Bank

First, the Paytm app and the Payments Bank are two separate legal entities. Next, the app now uses partner banks like Axis, Yes Bank, and SBI for UPI. Thus, your QR code payments and Soundbox devices will continue to work perfectly. Additionally, services like Paytm Gold, Insurance, and Movie Tickets remain fully active. Moreover, the company had already written off its investment in the bank back in 2024. Consequently, this final closure does not change the way you pay at your local kirana store. Period.

3. Why the RBI Took This Extreme Step

Now experts are analyzing the sharp language used by the central bank in its final order. Actually, the RBI cited “persistent non-compliance” over a four-year period.

The Compliance Gap

First, the bank failed to meet several conditions of its original 2015 licence. Next, the regulator found major flaws in customer due diligence and fund usage. Thus, the “general character” of the management was seen as a risk to the public. Additionally, earlier warnings in 2022 and 2024 did not lead to enough improvement. Moreover, the RBI wants to send a clear message to the entire fintech industry in 2026. Specifically, they believe that innovation must never come at the cost of strict regulation.

Frequently Asked Questions

Q: Can I still use my Paytm Wallet?

Now, you can use your existing balance, but you cannot add fresh money. Thus, you should plan to spend your wallet balance or transfer it to a bank account soon.

Q: Will my FASTag stop working?

Actually, if your FASTag is linked specifically to Paytm Payments Bank, it will eventually become inactive. Therefore, you should switch to a different provider to avoid highway delays.

Q: What happened to Paytm stock after the news?

Actually, the shares closed slightly lower at ₹1,153 on Friday. Therefore, investors seem to have already priced in this long-expected news.

Q: Who will manage the winding-up process?

Since the RBI has applied to the High Court, an official liquidator will likely take over soon. Therefore, follow the official RBI website for the next set of instructions.

The Bottom Line

Now the Paytm Bank Closure of 2026 is a landmark event for Indian finance. While the bank is gone, the Paytm app lives on through new banking partnerships.

Overall, the goal of the RBI is to protect the integrity of the national payment system. Therefore, users should stay calm and transition their recurring payments to other banks. Thus, you can continue to enjoy digital payments without any financial risk. Meanwhile, keep checking our blog for more updates on the “Winding Up” timeline! Lastly, we hope this leads to a more transparent fintech era for all Indians!

Licence gone. App stays. Period.

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RBI New Digital Payment Rules 2026: 2FA Mandatory from April 1

Chandani — Mon, 30 Mar 2026 16:12:29 +0000

No More OTPs for UPI? RBI’s New Digital Payment Rules Start April 1

Now the Indian digital payment world faces a massive security shift. Specifically, the Reserve Bank of India (RBI) is enforcing new rules starting April 1, 2026. Therefore, every UPI user and cardholder must now follow a strict Two-Factor Authentication (2FA) process. In fact, these changes aim to kill phishing and SIM-swap scams forever. Simple as that.

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Quick Summary: The April 1 Changes

Mandatory 2FA: All UPI and card deals need two check steps.
Dynamic Factors: At least one step must change every time.
No More Static PINs: Banks must move beyond old, weak passwords.
Bank Liability: Banks pay for losses if they skip these rules.

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The End of OTP-Only Payments

Now banks can no longer rely on a single SMS code to keep you safe. Indeed, the RBI “Authentication Directions 2025” forces all payment apps to upgrade their tech.

The Three Pillars of Proof

First, you might use “something you know,” like a PIN. Next, you add “something you have,” like your registered phone. Finally, you use “something you are,” such as a fingerprint or face scan. Thus, the system creates a multi-layer shield around your money. Furthermore, at least one of these must be a dynamic factor. Therefore, a hacker cannot reuse your old data to steal from you. Period.

Introducing Risk-Based Security

Now your bank will act like a smart bodyguard. Actually, the new framework uses “Risk-Based Authentication” to track your spending habits.

How It Works

First, the system checks your current location and device. Next, it compares this to your usual patterns. Thus, if you try a big payment from a new city, the app will ask for extra proof. However, for small daily tea payments on your own phone, the process stays fast. Overall, this balance keeps your money safe without slowing down your life.

Banks Are Now Liable for Fraud

Now the RBI has shifted the burden of security onto the big financial firms. In fact, this is a huge win for every Indian consumer.

New Accountability Rules

First, banks must prove they used the latest 2FA standards for every deal. Next, if a fraud happens because the bank skipped a step, the bank must pay you back. Thus, you no longer have to fight alone to recover lost funds. Consequently, payment platforms now have a massive reason to build the strongest walls possible.

Changes for International Shopping

Now travelers and online shoppers get an extra layer of safety too. While the domestic rules start tomorrow, global rules have a longer timeline.

The October Deadline

First, card companies have until October 1, 2026, to fix international checks. Next, every foreign purchase must meet the same 2FA benchmarks. Thus, your Indian credit card stays safe even on global websites. Therefore, you can shop across borders with total peace of mind.

Frequently Asked Questions

Q: Will UPI payments take longer now?

Now, while there is an extra step, biometrics like Face ID make it very fast. Thus, you will likely only spend an extra second on your screen.

Q: Do these rules apply to small shops?

Actually, yes. Every digital payment in India must follow the new 2FA mandate starting April 1. Therefore, update your apps to the latest version today.

Q: Can I still use my old PIN?

Yes, but the app will now ask for a second factor too. Consequently, you might need to scan your finger or use an in-app prompt.

Q: What if I don’t have a smartphone?

Actually, the RBI has special rules for basic phones to ensure everyone stays included. Thus, look for specific SMS or IVR prompts from your bank.

The Bottom Line

Now the RBI’s new digital payment rules mark the end of the “easy fraud” era. While the transition might feel new, it makes India the safest place for digital cash.

Overall, your fingerprint is now your best defense. Therefore, check your bank app settings and turn on all security features tonight. Thus, you can start the new financial year with a secure wallet. Meanwhile, keep an eye on your bank’s alerts for any new verification steps.

Stay secure. Pay smart. Period.

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RBI Proposes 4 Big Changes to Kisan Credit Card Scheme

Chandani — Sat, 14 Feb 2026 16:03:03 +0000

The Reserve Bank of India (RBI) has released a new plan to update the Kisan Credit Card (KCC). Specifically, these changes aim to help farmers get more money and more time to pay it back. Therefore, it is important for all cardholders to understand these new rules. Currently, the RBI is asking the public for feedback on these ideas until March 6, 2026.

1. Longer Loan Tenure

The most significant change is the extension of the loan period. Specifically, the RBI wants to increase the KCC tenure to six years. Previously, the validity was shorter. Therefore, this change gives farmers more breathing space to manage their debts. Actually, a longer term helps reduce the stress of repaying loans during a bad harvest year.

2. Standard Crop Cycles

The RBI also wants to fix how we define crop seasons. Specifically, it proposes a 12-month cycle for short crops like wheat. Meanwhile, long crops like sugarcane will get an 18-month cycle. Therefore, every bank in India will follow the same timing for loan repayments. In fact, this move brings much-needed uniformity to the rural banking system.

3. Credit Linked to Actual Costs

Under the new rules, loan limits will match the real cost of farming. Specifically, banks must look at the current price of seeds and labor in your area. Therefore, you will get enough cash to cover your full costs instead of an outdated fixed amount. Now, this ensures that farmers do not have to borrow from private moneylenders at high rates.

4. Loans for New Technology

Finally, the RBI is adding tech-related costs to the KCC scheme. Specifically, you can now use your loan for soil testing and weather alerts. Also, the cost of getting organic farming certificates is now covered. Therefore, you can use modern tools to grow better crops without paying from your own pocket. Actually, these expenses fit within the existing 20% limit for farm maintenance.

Quick Summary of Proposed Changes

Feature	Current Rule	Proposed Rule (2026)
Loan Tenure	Usually 5 Years	6 Years
Short Crops	Varies by Bank	12-Month Cycle
Long Crops	Varies by Bank	18-Month Cycle
Tech Costs	Not Included	Included (Soil testing, etc.)
Credit Limit	Standard Amount	Linked to Actual Local Costs

What’s Next

First, check with your local bank to see if they are running the pilot for e-Rupee or UPI-based KCC payments. Then, prepare your feedback for the RBI if you have suggestions for further improvement. Since the draft is open until March, you should stay tuned for the final notification expected in April 2026, officials said.

LATEST :-

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How to Claim Unclaimed Bank Deposits in India (2026 Guide)

Chandani — Wed, 28 Jan 2026 15:07:08 +0000

How to Recover Your Forgotten Bank Money in 2026

Right now, Indian banks hold a staggering ₹67,000 crore in accounts that people simply forgot. Specifically, many people leave their old savings or Fixed Deposits (FDs) untouched for years. Consequently, if you do not use your account for a decade, the bank must move your cash to the RBI’s DEA Fund.

Also Read | Nipah Virus 2026: Outbreak in West Bengal Triggers Asia Travel Alerts

However, you should not worry about losing your wealth. Actually, the Reserve Bank of India (RBI) makes it very easy for you to reclaim every rupee with full interest.

Start Your Search on the UDGAM Portal

To begin with, you should not waste time visiting every bank branch in person. Instead, you can use the UDGAM Portal (udgam.rbi.org.in) from your home. Basically, the RBI built this central search engine to help you find “lost” money across 30 major banks.

First, you must register on the site with your mobile number. Next, you enter the account holder’s name and a document number, like your PAN or Aadhaar. Then, the portal searches through millions of records in seconds. If the system finds a match, it displays a UDRN (Unclaimed Deposit Reference Number). Therefore, you should save this number immediately because you will need it for your claim.

Also Read | Nipah Virus 2026: Outbreak in West Bengal Triggers Asia Travel Alerts

Reclaim Your Cash (The 2026 Shortcut)

Fortunately, the RBI currently runs a special campaign called “Your Money, Your Right.” Because this program ends on September 30, 2026, banks are now settling claims faster than ever.

Visit a Branch: Actually, you can walk into any branch of the specific bank. Similarly, you do not have to travel to the original city where you opened the account.
Present Your ID: Next, you fill out a simple claim form and show your KYC documents. Furthermore, if you are claiming for a deceased relative, you just bring their death certificate.
Receive Your Funds: Finally, the bank verifies your UDRN and releases the cash. In addition, they pay you all the interest that the money earned over the years.

Check These Common “Money Traps”

While most people focus on savings accounts, money often hides in other places. For instance, you should check for:

Matured FDs: People often forget these after they change their phone numbers.
Old Pay Orders: Specifically, security deposits or refunds often sit as uncashed “banker’s cheques.”
Prepaid Cards: Also, check old travel or gift cards for leftover balances.

Also Read | Nipah Virus 2026: Outbreak in West Bengal Triggers Asia Travel Alerts

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RBI Reports 98% Digital Payments: New Security Rules for 2026

Chandani — Mon, 29 Dec 2025 17:10:17 +0000

A new report from the Reserve Bank of India (RBI) confirms that India has achieved near-total digital saturation in its financial ecosystem, with digital transactions now accounting for 97.6% of total payment value in 2024–25. As paper-based instruments like cheques dwindle to just 2.4%, the central bank is shifting its focus from “promotion” to “protection” through a series of aggressive regulatory mandates.

Also Read | 7th Pay Commission Ends Dec 31: 55% Salary Growth in 10 Years (2025)

1. The Digital Surge: Volume vs. Value

While digital adoption is universal, the RBI report highlights a clear divide in how different platforms are used:

The “Small-Ticket” Revolution: Digital payment volumes grew by 35%, largely driven by UPI. The average value of a retail digital transaction dropped to ₹3,830 (down from ₹4,382), indicating that Indians are now using digital modes for even the smallest daily purchases.
UPI vs. RTGS: UPI dominates 85% of transaction volume, making it the king of retail. However, RTGS remains the backbone of the economy by value, handling 69% of the total transaction value despite accounting for only 0.1% of the volume.
The Card Shift: Credit card usage continues a steady climb, while debit card transactions have entered a consistent decline as users migrate to UPI-linked bank accounts.

Also Read | 7th Pay Commission Ends Dec 31: 55% Salary Growth in 10 Years (2025)

2. Payment Aggregators: New “Infrastructure” Status

On September 15, 2025, the RBI issued a landmark Master Direction that reclassifies Payment Aggregators (PAs) from mere “pipes” to critical financial infrastructure.

Three Categories: PAs are now formally split into PA-Online, PA-Physical (for POS terminals), and PA-Cross Border (for international trade).
Capital & Governance: Non-bank PAs must maintain a net worth of ₹15 crore at the application stage, rising to ₹25 crore within three years. Promoters must also meet “fit and proper” criteria similar to bank directors.

3. AePS Security: Stricter Norms from Jan 1, 2026

To combat rising biometric fraud, the RBI’s June 27, 2025 directive introduces “bank-grade” security to the Aadhaar Enabled Payment System (AePS), effective this week:

Mandatory Re-KYC: Any AePS Touchpoint Operator (ATO) who remains inactive for three consecutive months must undergo fresh KYC before resuming operations.
Real-Time Monitoring: Acquiring banks must now monitor operators for “velocity” (too many transactions in a short time) and location-based risks to prevent identity theft.

Also Read | 7th Pay Commission Ends Dec 31: 55% Salary Growth in 10 Years (2025)

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Bank Holiday: Banks will remain closed tomorrow, Tuesday, know why RBI has declared a holiday

Pravesh Maurya — Mon, 22 Sep 2025 10:59:15 +0000

Bank Holiday: Banks will be closed tomorrow, Tuesday. Banks will be closed only in some states. Banks will remain open in all other states. Banks will be closed tomorrow on the occasion of Maharaja Hari Singh Ji’s birthday. Banks will be closed in Jammu and Kashmir on this occasion. All government offices, banks, schools, colleges, and institutions will be closed on this day.

Banks will remain closed on Tuesday, September 23

Tuesday, September 23rd will be closed on account of the birthday of Maharaja Hari Singh Ji. Maharaja Hari Singh Ji was the last ruler of Jammu and Kashmir, remembered for his vision and modern thinking. He was born on September 23rd, 1895, and ascended the throne of the state in 1925. He was a great supporter of education, social reform, and the advancement of women.

Holidays in the month of September

September 3 (Wednesday): Karma Puja in Ranchi.
September 4 (Thursday): Onam in Kochi and Thiruvananthapuram.
September 5 (Friday): Eid-e-Milad/Thiruvonam in several cities including Ahmedabad, Mumbai, Delhi, Hyderabad.
September 6 (Saturday): Eid-e-Milad/Indra Jatra in Gangtok, Jammu, Raipur and Srinagar.
September 12 (Friday): Friday after Eid-e-Milad in Jammu and Srinagar.
September 22 (Monday): Navratri establishment in Jaipur.
September 23 (Tuesday): Maharaja Hari Singh Jayanti in Jammu and Srinagar.
September 29 (Monday): Maha Saptami/Durga Puja in Agartala, Gangtok and Kolkata.
September 30 (Tuesday): Maha Ashtami/Durga Ashtami in several cities including Agartala, Bhubaneswar, Guwahati, Kolkata, Patna and Ranchi.

Weekly Holidays

Apart from festivals, like every month, this time too there will be holidays on weekends.

September 7 (Sunday)
September 13 (second Saturday)
September 14 (Sunday)
September 21 (Sunday)
September 27 (fourth Saturday)
September 28 (Sunday)

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Bank Holiday: Banks will remain closed on Thursday, know why RBI has declared holiday on 4th September

Pravesh Maurya — Wed, 03 Sep 2025 09:50:26 +0000

Bank Holiday: Banks are going to remain closed tomorrow on Thursday. All public and private sector banks will remain closed in this state of the country.

If you are also planning to go to the bank tomorrow to get your work done, then first know where the banks are going to remain closed. Know here as per the RBI list, in which states of the country, when and where the banks will remain closed. Check the complete list.

Banks will remain closed on Thursday, September 4

Banks are going to be closed on Thursday, September 4. Banks will remain closed in Kerala due to Onam. Banks will remain open in all other states. Onam is considered to be the biggest and special festival of Kerala, which is celebrated with great pomp every year. This festival is celebrated in the memory of King Mahabali. On the occasion of Onam, people decorate their houses with flowers.

Holidays in the month of September

September 3 (Wednesday): Karma Puja in Ranchi.

September 4 (Thursday): Onam in Kochi and Thiruvananthapuram.

September 5 (Friday): Eid-e-Milad/Thiruvonam in many cities including Ahmedabad, Mumbai, Delhi, Hyderabad.

September 6 (Saturday): Eid-e-Milad/Indrajatra in Gangtok, Jammu, Raipur and Srinagar.

September 12 (Friday): Friday after Eid-e-Milad in Jammu and Srinagar.

September 22 (Monday): Navratri establishment in Jaipur.

September 23 (Tuesday): Maharaja Hari Singh Jayanti in Jammu and Srinagar.

September 29 (Monday): Maha Saptami/Durga Puja in Agartala, Gangtok and Kolkata.

September 30 (Tuesday): Maha Ashtami/Durga Ashtami in several cities including Agartala, Bhubaneswar, Guwahati, Kolkata, Patna and Ranchi.

Weekly Holidays

Apart from festivals, like every month, this time too there will be holidays on weekends.

September 7 (Sunday)

September 13 (second Saturday)

September 14 (Sunday)

September 21 (Sunday)

September 27 (Fourth Saturday)

September 28 (Sunday)

Banking services will not be offline across the country on these dates.

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RBI made new rules for ATM, know the new charges of banks here

Pravesh Maurya — Sat, 23 Aug 2025 07:14:56 +0000

RBI: The Reserve Bank of India (RBI) has implemented new rules regarding ATM transactions. These include the limit of free transactions, rules for cash deposit-withdrawal and extra charges. Know what these charges are..

RBI’s new ATM rules: What is changing?

RBI has clarified the rules related to ATM transactions, cash limit and bank charges.

Free ATM Transactions (in metro cities)

Customers get the facility of 3 free ATM transactions. This includes both cash withdrawal and balance check.

Free ATM Transactions (in Non-Metro Cities)

Customers in non-metro cities are offered 5 free transactions.

What happens after the free limit?

If you transact more than the set limit, the bank will levy a charge.
Maximum Rs 23 + GST per transaction.
For non-financial (like balance check) some banks charge Rs 11.

Banks’ charges

PNB: Rs 23 (financial), Rs 11 (non-financial)
HDFC: Rs 23 flat charge
SBI: Old rates are applicable now.

Cash Deposit and Withdrawal

There is usually no charge on cash deposit (Cash Recycler Machines).
Charges are levied as per the bank for withdrawals exceeding the limit.

Annual limit of cash transactions:

It is mandatory to provide PAN and Aadhaar for depositing/withdrawing cash of Rs 20 lakh or more in a year.
This rule is to prevent black money.

How to avoid unnecessary charges?

Use your own bank’s ATM.
Use netbanking/mobile banking for balance check and statement.
Keep track of ATM usage every month.

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Bank Holiday on 19th August: Know Why RBI Has Announced a Holiday on Tuesday

Pravesh Maurya — Mon, 18 Aug 2025 05:03:10 +0000

Bank Holiday on 19 August 2025 : Banks will remain closed tomorrow, Tuesday 19 August. You are planning to go to the bank tomorrow on Tuesday and get your work done.

So first know whether the banks are open in your state tomorrow, Tuesday 19 August or not? Tomorrow all private and public sector banks will remain closed only in this one state. Otherwise, bank branches will remain open in all the states. Know why RBI has given a holiday.

Banks will remain closed on Tuesday 19 August 2025

Banks will remain closed in Tripura state on Tuesday 19th August. In all other states, banks will remain open and work will be done like regular days. Banks in Tripura will remain closed due to the birth anniversary of Maharaja Bir Bikram Kishore Manikya Bahadur. He was born on 19th August 1908. He contributed significantly to the development of education, administration and infrastructure in Tripura. His birthday is still celebrated with respect and reverence.

Online banking service will be available

During bank holidays, you will be able to transact through net banking, mobile banking, UPI and ATM. But services like check clearing and draft making will remain closed. If you have to settle any important bank work, then plan before or after these dates. Digital transactions will be possible during the holidays, but the service available in the branch will not be available.

19 August (Tuesday) – Birth anniversary of Maharaja Bir Bikram Kishore Manikya Bahadur – Holiday in Agartala only

25 August (Monday) – Srimanta Sankardeva Tirubhav Tithi – Holiday in Guwahati only

27 August (Wednesday) – Ganesh Chaturthi / Samvatsari / Ganesh Puja – Holiday in cities like Mumbai, Nagpur, Chennai, Hyderabad etc.

28 August (Thursday) – Ganesh Chaturthi (2nd Day) / Nuakhai – Holiday in Bhubaneswar and Panaji

Stock market holiday

BSE and NSE will also remain closed on 15th August 2025 on the occasion of Independence Day.

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RBI Mandates 15-Day Settlement for Deceased Customers’ Claims — Banks Face Penalties for Delays

Pravesh Maurya — Sun, 10 Aug 2025 16:01:49 +0000

The Reserve Bank of India (RBI) has taken a special initiative to settle claims related to bank accounts and lockers of deceased customers within 15 days.

The central bank plans to standardize the forms to settle such cases within the stipulated time frame and compensate the nominees for any delay. RBI has proposed to bring standard procedures for settlement of claims related to items kept in bank accounts and safe deposit lockers of deceased bank customers. The aim is to make the settlement more convenient and simple.

Comments sought by August 27

In this direction, the central bank has issued a draft circular – ‘Reserve Bank of India (Settlement of Claims in respect of Deceased Customers of Banks) Directions, 2025’ and sought comments on it by August 27. “The bank will use standardized forms for receiving claims and other documents,” the draft said. It also provides for compensation in case of delay in settlement of claims. The draft states that if a person is nominated for deposit accounts or lockers, he must submit the claim form, death certificate (deceased customer) and officially valid document of the nominee (nominee) for verification of identity and address.

Emphasis on adopting simple process

According to the draft, the bank should adopt a simplified procedure for settlement of claims in deposit accounts where the deceased depositor has not made any nomination, so as to avoid inconvenience to the claimant or legal heir. The bank should fix a minimum limit of Rs 15 lakh for settlement of such claims based on its risk management systems.

Currently, all banks have their own systems and procedures in respect of claims made by the ‘nominee’ of the deceased in respect of account and locker. Similarly, there may be some variation in the procedures of banks for accounts without a ‘nominee’. This move will standardise and simplify the process. As per the existing instructions, banks are required to adopt a simplified procedure to facilitate prompt and hassle-free settlement of claims made by ‘nominee’ persons/legal heirs.

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RBI Simplifies Process to Claim Deceased’s Bank Accounts and Lockers — No More Hassles!

Pravesh Maurya — Wed, 06 Aug 2025 18:03:50 +0000

Reserve Bank of India (RBI) Governor Sanjay Malhotra on Wednesday said the central bank will streamline and standardize the process for settlement of claims of bank accounts, lockers of the deceased.

The initiative aims to simplify the process of settlement of claims in favor of nominees of deceased customers. Malhotra said that apart from this, the central bank is planning to expand the functionality of the RBI ‘Retail-Direct’ platform so that retail investors can invest in treasury bills (government securities) through systematic investment plans (SIPs).

Giving information about the third bi-monthly monetary policy review of the current financial year, he said that we are taking steps to standardize the process of settlement of claims related to the items kept in the bank accounts and lockers of the deceased. This is expected to make the settlement more convenient and smooth.

Its objective is to settle claims promptly

Under the provisions of the Banking Regulation Act, 1949, the facility of ‘nominee’ is available in respect of articles kept in deposit accounts, lockers. According to RBI’s statement on developmental and regulatory policies, it is aimed at facilitating prompt settlement of claims or return of articles or safe deposit locker contents on the death of the customer and to minimise hardship to family members.

As per the existing instructions, banks are required to adopt a simplified procedure to facilitate prompt and hassle-free settlement of claims made by ‘nominee’ persons/legal heirs. At present, these procedures vary in different banks. According to RBI, with a view to improving customer service standards, it has been decided to streamline the procedures and standardise the documents to be submitted to banks.

The draft will be released soon

A draft circular in this regard will be issued for public consultation soon.” Currently, all banks have their own systems and procedures in respect of claims relating to account and locker by the ‘nominee’ of the deceased person. Similarly, there may be some variation in the procedures of banks for accounts without a ‘nominee’. This move will standardise and simplify the process.

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Are ₹500 notes going to be discontinued, RBI gave instructions to banks ?

Pravesh Maurya — Tue, 15 Jul 2025 06:28:44 +0000

The Government of India had decided to ban Rs 500 and Rs 1000 notes by announcing demonetization on November 8, 2016. After banning Rs 500 and Rs 1000 notes, the government had issued new notes of Rs 500 and Rs 2000.

However, later the government announced the ban of Rs 2000 notes as well. Now only Rs 500 notes are in circulation in India. Meanwhile, there are talks among the people that the government is now going to ban Rs 500 notes as well. It is being said that RBI will stop issuing Rs 500 notes by September 30, 2025.

The message is getting viral rapidly on Whatsapp

Actually, a message is becoming increasingly viral on the social media platform WhatsApp. This message claims that RBI has forbidden all banks to give Rs 500 notes through ATM till September 30, 2025. The message further states that RBI’s target is to stop the disbursement of Rs 500 notes from 75 percent of ATMs initially and then stop the disbursement of Rs 500 notes from 90 percent of ATMs by March 31, 2026. The message claims that later only Rs 200 and Rs 100 notes will be dispensed from ATMs.

Has RBI really given instructions to banks

This message being forwarded on WhatsApp on a large scale has raised many questions in the minds of common people. However, PIB Fact Check itself has taken cognizance of this viral message and has told the whole truth. PIB Fact Check said that the claim made in the message going viral on WhatsApp is completely false. According to PIB Fact Check, RBI has not given any such instructions to banks and 500 rupee notes will remain legal tender. PIB Fact Check has appealed to the people not to trust such false news and know the truth from the official source before trusting or forwarding such messages.

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Gold Loans Latest Rules: Good news from RBI for those taking gold loans.. Rules have changed from now on…

Pravesh Maurya — Mon, 14 Jul 2025 04:28:26 +0000

The country’s central bank, the Reserve Bank of India (RBI), has recently amended these gold loan rules. Let’s know what they are. The Reserve Bank has allowed voluntary pledging of gold or silver jewellery for agricultural and small business loans under a collateral-free limit.

Borrowers can avail voluntary loans by pledging gold or silver up to the collateral-free limit. Banks can sanction loans to them. This clarification refers to the previous instructions on credit to agriculture issued in December 2024 and the Master Guidelines on credit to MSMEs.

In a circular issued on Friday, the RBI said, “If borrowers voluntarily pledge gold and silver, banks may sanction loans without any collateral under the existing circulars/guidelines. These loans will not be treated as a violation of the above guidelines.” The central bank said the new rules will be applicable to all commercial banks, regional rural banks, small finance banks and all state and district cooperative banks.

According to RBI guidelines, banks should not take collateral for loans up to Rs 10 lakh in the micro and small enterprise (MSE) sector. It has also ordered that loans up to Rs 10 lakh given under the Prime Minister Employment Generation Programme (PMEGP) scheme should be given without collateral. Besides, it has been advised that banks should closely examine the financial condition of the MSE unit and its track record of financial transactions. If the appropriate authority gives approval, it has disclosed that mortgage loans up to Rs 25 lakh can be provided. RBI has ordered that mortgage security and margin be waived for loans up to Rs 2 lakh in the concerned sectors.

In terms of valuation, RBI has stated that the value of gold or silver accepted as collateral shall be determined on the basis of a reference price as per its actual purity (caratage). For this purpose (a) the average closing price of the last 30 days for gold or silver of that particular purity, or (b) the closing price of the previous day for gold or silver of that particular purity published by the India Bullion and Jewellers Association Limited (IBJA) or a commodity exchange regulated by the Securities and Exchange Board of India (SEBI) shall be used.

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Bank Holiday: Banks will be closed tomorrow on Monday! Check why RBI has declared a holiday

Pravesh Maurya — Sun, 13 Jul 2025 05:49:41 +0000

Bank Holiday Monday 14 July 2025: Tomorrow is the first Monday of the month of Sawan. In the month of Sawan, most people keep fast on Monday. This is the reason why most people are confused whether banks will be closed on the first Monday of Sawan? Let us tell you here that banks will be closed on Monday but the first Monday of Sawan is not the reason for this. Banks are going to be closed in one state of the country on Monday 14th July. Know the reason here.

Will banks remain closed on July 14, the first Monday of Shravan?

Will the banks remain closed on the first Monday of the month of Sawan, 14 July 2025? Most people are confused about this. Here, let us tell you that according to the RBI list, Monday 14 July is a holiday. This holiday is only in the state of Meghalaya. Otherwise, banks will remain open in all states. Banks in Meghalaya will remain closed due to Beh Denkhlam festival. Beh Denkhlam festival is a traditional and religious festival celebrated by the Jaintia community of Meghalaya state, which means a festival of driving away disease and evil.

When and where will banks remain closed in July 2025

July 14 (Monday) – Meghalaya: Banks will remain closed on Beh Dekhlam festival.

July 16 (Wednesday) – Uttarakhand: Banks will remain closed on the occasion of Harela festival.

July 17 (Thursday) – Meghalaya: Banks will remain closed on the death anniversary of U Tirot Singh.

July 19 (Saturday) – Tripura: Banks will remain closed due to Ker Puja.

July 28 (Monday) – Sikkim: Banks will remain closed on account of Drukpa Chhe-ji festival.

Complete list of weekend holidays – These holidays are applicable for all banks across the country.

July 12 – Second Saturday

13 July (Sunday)

20 July (Sunday)

26 July – Saturday – Fourth Saturday

27 July (Sunday)

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₹2000 Note: You still have ₹ 2000 note, so can you go to jail?, RBI Governor clears up confusion!

Jyoti — Fri, 11 Jul 2025 08:20:03 +0000

The Reserve Bank of India had withdrawn the Rs 2000 currency notes from circulation on May 19, 2023. However, based on the latest data from the RBI, it was revealed that as of June 30, 2025, Rs 6,099 crore worth of Rs 2000 notes were still in the market.

The question on the minds of many people is whether the Rs 2000 notes they have now become illegal? Can any legal action be taken against them due to the notes they have? These questions and the confusion surrounding the Rs 2000 notes have now been cleared by RBI Governor Sanjay Malhotra. Malhotra told the Parliamentary Standing Committee on Finance on Thursday that the Rs 2000 notes are no longer in circulation, that is, they are not being issued from banks, but they are still legal tender. He also clarified that the Reserve Bank has not declared these notes illegal.

This means that you can still keep the Rs 2000 note with you and no legal action will be taken against you for doing so. Being a legal tender means that if you have these notes, you can deposit them in banks or exchange them at the regional offices of the RBI. You can also send the Rs 2000 note through the post office to any issuing office of the RBI.

Indian economy is strong…

RBI Governor Sanjay Malhotra gave a detailed briefing on the state of the Indian economy and financial system before the Parliament Standing Committee on Finance. He assured the members that despite the global economic volatility, the country’s economy is in a strong position and is performing well. Committee chairman Bharatruhari Mehtab, who chaired the meeting, described the discussion as “very meaningful” and said that several important issues were discussed in detail. The main focus of the discussion was on the ₹ 2000 notes, the status of which was a source of confusion among the people.

The issue of fake notes also came up…

The issue of fake currency also came up during the meeting. An MP said that a large number of fake Rs 500 notes have been seized recently. However, he also said that this number is very less compared to the total notes in circulation. Responding to this, Governor Malhotra said that both the RBI and the government are taking this challenge seriously and strict steps are being taken to check fake notes.

The MPs also asked questions about the regulation of cryptocurrency in India and its current status. The Governor also gave detailed information to the committee on this subject and informed that the government and the concerned institutions are continuously working on it. Sanjay Malhotra will appear before the committee again at the end of July and this time the Insolvency and Bankruptcy Code (IBC) will be discussed specifically.

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Bank Holiday: Banks will remain closed tomorrow, know why RBI has declared holiday on 5th July

Jyoti — Fri, 04 Jul 2025 04:29:21 +0000

Bank Holiday on 5 July 2025: Banks are going to be closed tomorrow on Saturday. 5th July is the first Saturday of the month. Banks are open on the first Saturday but this time the banks will be closed.

If customers want to go to the bank on Saturday and get their work done, they will not be able to do so. They will have to go next week or today on Friday and get their work done. Let us tell you that banks are closed in one state tomorrow. Rest, banks will remain open in all the states. Know here why RBI has given a holiday on Saturday 5th July.

Banks will remain closed on Saturday 5th July

According to the RBI calendar, all banks will remain closed on Saturday, July 5. Banks will remain closed only in Jammu and Srinagar due to the birthday of Guru Hargobind Ji. The Sikh community celebrates this festival with great devotion and enthusiasm. However, banks will remain open in all other states on Saturday, July 5. Banks will remain open in all states like Delhi, UP, Punjab, Haryana.

When and where will banks remain closed in July 2025

July 5 (Saturday) – Jammu and Srinagar: Banks will remain closed on account of Guru Hargobind Ji’s birthday.

July 14 (Monday) – Meghalaya: Banks will remain closed on Beh Dekhlam festival.

July 16 (Wednesday) – Uttarakhand: Banks will remain closed on the occasion of Harela festival.

July 17 (Thursday) – Meghalaya: Banks will remain closed on the death anniversary of U Tirot Singh.

July 19 (Saturday) – Tripura: Banks will remain closed due to Ker Puja.

July 28 (Monday) – Sikkim: Banks will remain closed on account of Drukpa Chhe-ji festival.

Apart from this, all the banks will remain closed across the country on 13th July, the second Saturday and 27th July, the fourth Saturday.

You can finish your work online

Nowadays, with the help of net banking and mobile banking, it has become easy to transfer money, check balance, pay bills and even apply for a loan. Still, there are some important tasks for which you have to go to the bank branch – such as updating KYC, depositing or withdrawing cash, availing locker facility, complaining about failed transactions, opening a joint account or closing an account, etc. If you want to do any of these tasks in July 2025, then it is important to know in advance on which day and in which state the banks will remain closed.

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Bank Holiday: All banks will remain closed today, know why RBI has declared a holiday

Jyoti — Mon, 30 Jun 2025 06:25:39 +0000

Bank holiday today: All government and private sector banks will remain closed on Monday (30 June). In such a situation, if you have any bank related work, then this is important news for you. Before going to the bank, find out if there is a bank holiday in your city. However, banks will not remain closed in all states. Let us know why RBI has declared a holiday on 30 June.

Government and private sector banks will remain closed

According to the Reserve Bank of India (RBI), banks will remain closed in Aizawl, Mizoram today due to Ramna Ni. If you live in Aizawl and want to go to the bank to settle any of your work, you will not be able to do it. Banks are going to remain closed in one state. Otherwise, banks will remain open in all the states.

Bank Holidays in July 2025:

July 3, 2025: Banks in Agartala zone will remain closed on account of Kharchi Puja.

July 5, 2025: Banks will remain closed in Jammu and Kashmir on account of Guru Hargobind Ji’s birthday.

July 6, 2025: Banks will remain closed for weekly Sunday holiday.

July 12, 2025: Banks will remain closed for second Saturday of the month.

July 13, 2025: Banks will remain closed for weekly Sunday holiday.

July 14, 2025: Banks in Shillong zone will remain closed on account of Behdienkhlam.

July 16, 2025: Banks in Dehradun zone will remain closed on account of Harela festival.

July 17, 2025: Banks in Shillong will remain closed on account of death anniversary of U Tirot Singh.

July 19, 2025: Banks in Agartala zone will remain closed on account of Ker Puja.

July 20, 2025: Banks will remain closed on account of weekly Sunday holiday.

26 July 2025: Banks will be closed due to fourth Saturday of the month.

27 July 2025: Banks will be closed due to weekly Sunday holiday.

28 July 2025: Banks in Gangtok zone will be closed on the occasion of Drukpa Tshe-Zhi.

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Bank Holiday: All banks will be closed tomorrow on Friday, know why RBI has declared holiday on 27th June

Jyoti — Thu, 26 Jun 2025 04:54:39 +0000

Bank Holiday On 27 June 2025 : Banks are going to remain closed tomorrow on Friday. All government and private sector banks will remain closed on Friday 27 June.

That is, if customers want to go to the bank on Friday and settle any of their work, they will not be able to do it. Let us tell you that banks are going to remain closed in two states tomorrow. Otherwise, banks will remain open in all the states. Know here why RBI has given a holiday on Friday 27 June.

Why will banks remain closed on Friday 27 June 2025?

Banks will remain closed in Odisha and Manipur on the occasion of Rath Yatra on June 27. Banks will remain closed in Odisha and Manipur on the occasion of Rath Yatra. This festival is celebrated with great pomp in the form of Rath Yatra of Lord Jagannath in Puri, Odisha, in which lakhs of devotees participate. In Manipur, it is known as Kang and there too this festival is celebrated with religious faith and cultural traditions. All public and private banks in these states will remain closed on this day due to government holiday.

When will the banks remain closed in June 2025?

June 27 (Friday): Rath Yatra / Kang (Rathajatra) – Banks closed in Odisha and Manipur.

June 30 (Monday): Remna Ni – Banks closed in Mizoram.

Weekend holidays (applicable across the country)

28 June (Saturday – Fourth Saturday)

29 June (Sunday)

Digital banking service will remain operational

During the holidays, all your digital services like net banking, mobile app, UPI, wallet and ATM will continue to work as before. That means you can do online transactions without any problem. But if you have to deposit a cheque, get a draft made, open an account or do any kind of work by visiting a bank branch, then it would be better if you finish these tasks before the holidays. Also, get the correct and latest information about the holidays from the bank branch in your area, so that you do not face any kind of problem.

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Bank locker users should immediately go to their bank and sign, otherwise their bank locker will be sealed

Jyoti — Tue, 24 Jun 2025 04:59:17 +0000

Bank Locker: If you use a bank locker, go to your bank immediately. The Reserve Bank of India (RBI) has implemented new rules related to bank lockers. If you do not go to the branch and sign, your bank locker may be sealed.

Under the new rules of RBI, it is mandatory for all existing locker holders to sign a new updated rental agreement. If you have not completed this process yet, then your bank locker can also be sealed. That is, if you have not signed a new locker agreement yet, then settle it as soon as possible, otherwise your locker may be sealed.

What is the whole matter?

RBI had changed the bank locker rules in August 2021 to ensure the safety of customers and make transactions more transparent. Under these rules, customers who have taken a locker before January 2023 are required to sign a new locker agreement.

However, many customers were not able to complete this process on time, so RBI first extended the deadline from January 2023 to December 2023, then to March 2024. There are still lakhs of customers left, so banks have asked RBI and the Finance Ministry to extend the new deadline to December 2025.

What is written in the new agreement?

Limited liability of the bank: If the locker is damaged due to theft, fire or natural calamity, the bank will not be solely responsible. The locker rent, usage rules and complaint redressal procedure are clearly stated. Also, the bank has to explain all the terms and conditions related to the locker service to the customer.

Stamp Paper : The agreement must be signed on non-judicial stamp paper.

Who all have to sign?

Customers who took lockers before January 2023
joint locker holder
Nominee should be added.
You are renewing your locker or shifting your branch.
NRI and senior citizen customers may face problems in getting access to stamp paper or bank branch, hence special facilities have been provided for them.

How to know whether you signed the agreement or not?

If you are not sure whether you have signed a new agreement or not, then go to your bank branch and get the information. If you have not done it, then complete the process immediately. Also, if you have not added a nominee yet, then do add him too. This can avoid any legal problems in the future.

Which documents will be required?

PAN card
Aadhar card
Passport (if available)
Old locker agreement or related document

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RBI New Rules: Banks must send three reminders before account freeze

Jyoti — Sat, 14 Jun 2025 05:50:03 +0000

RBI New Rules : It will be necessary for customers to update KYC on time. Now banks will have to send reminders to customers 3 times before freezing the bank account. To increase the security of customers and improve banking services, the Reserve Bank of India (RBI) has issued a new directive. Under this, now all banks and regulated institutions will have to give information to customers several times to update KYC (Know Your Customer) on time.

These new instructions have been issued under RBI KYC (Amendment) Directions 2025. Will be applicable from January 1, 2026. These will be applicable to all customers, including accounts linked to Jan Dhan Yojana, Direct Benefit Transfer (DBT) and Electronic Benefit Transfer (EBT).

What all will change?

RBI found that there is a lot of delay in KYC update, especially in government related schemes. Therefore, now banks will have to play a more active role.

These will be the changes

Before the KYC due date, the bank will have to send notifications at least 3 times before the KYC date, out of which one physical letter must be sent from the post office. The rest of the notifications can be sent via SMS, email or mobile app.

If the KYC is still not updated after the KYC due date, the bank will have to send 3 more reminders, out of which one more physical letter will be required.

It is necessary to provide clear information

Every notification should have simple instructions, methods of help and the consequences of not getting KYC done. All these things should be clear.

Audit trail mandatory

The bank will have to keep a record of every notification, so that it can be audited later.

Relief for rural customers

Keeping in mind the people of rural and remote areas, now the Business Correspondents (BC) of the bank will also be able to help in KYC update.

If the customer’s information is the same as before, or only the address has changed, then he can get his KYC updated by giving a declaration himself. The BC will enter it digitally in the bank system.

Relief to low-risk customers

For low-risk customers, RBI has instructed that

Even if their KYC is pending, the banks will not stop the transaction facility, provided the KYC is updated by June 30, 2026 or within one year of the KYC due date.

Awareness campaign in rural areas

RBI also said that KYC pendency is high in rural and semi-urban areas. Therefore, banks have been instructed to conduct KYC camps and awareness campaigns so that people can get KYC done on time. Rules related to active account and unclaimed deposit have also been added in this revision, but RBI will give more information about them later.

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Bank Holiday: Banks will remain closed today on Wednesday, know why RBI has declared holiday on 11 June

Jyoti — Wed, 11 Jun 2025 04:29:16 +0000

Bank Holiday On 11 June 2025 : Banks are going to be closed today on Wednesday. All government and private sector banks will remain closed on 11 June.

That is, if customers want to go to the bank on Friday and settle any of their work, then they will not be able to do it today. Customers can settle a lot of their work online. Let us tell you that banks are closed in only 2 states today. Otherwise, banks will remain open in all the states. Know here why RBI has given a holiday to banks on Wednesday, June 11.

Why will banks remain closed on Wednesday, June 11, 2025?

Today, Wednesday, June 11, banks will remain closed in Himachal Pradesh and Gangtok on account of Sant Kabir Jayanti and Saga Dawa. Banks will remain open in all other states. Sant Kabir Jayanti is celebrated every year on Jyeshtha Purnima. This day is celebrated with reverence and devotion as the birth anniversary of Sant Kabir Das Ji. Sant Kabir was a great social reformer, poet and prominent saint of the Bhakti movement. Saga Dawa is dedicated to the birth, enlightenment and Mahaparinirvana of Lord Buddha. This day is considered extremely sacred for Buddhist followers.

When will the banks remain closed in June 2025?

public holiday list

June 11 (Wednesday): Sant Guru Kabir Jayanti / Saga Dawa – Banks closed in Sikkim and Himachal Pradesh.

June 27 (Friday): Rath Yatra / Kang (Rathajatra) – Banks closed in Odisha and Manipur.

June 30 (Monday): Remna Ni – Banks closed in Mizoram.

Weekend holidays (applicable across the country)

14 June (Saturday – Second Saturday)

15 June (Sunday)

22 June (Sunday)

28 June (Saturday – Fourth Saturday)

29 June (Sunday)

All these services of the bank will be available today

If you want to do any important bank related work during the holidays, then know that digital services like net banking, mobile app, UPI, wallet and ATM will continue to work as before. Meaning, you can easily do online work like sending or withdrawing money. But if you have to deposit a cheque, get a draft made, open an account or any kind of branch related work, then try to finish these tasks before the holidays. Also, get the correct information about the holidays from the bank branch in your area, so that there is no problem.

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500 rupee notes: Will 500 rupee notes be discontinued by 2026? Are the government and RBI planning for this?

Jyoti — Tue, 10 Jun 2025 08:52:17 +0000

A video is going viral on YouTube claiming that ₹ 500 notes will be banned by 2026. This video has created confusion and panic among the people. However, the central government has rejected this ‘fake’ claim and said that the Reserve Bank of India (RBI) has not made any such announcement.

This video was posted on June 2 by a YouTube channel named ‘Capital TV’, which said that ₹ 500 notes will be gradually banned from March next year. This video of about 12 minutes has been viewed more than five lakh times.

“₹500 notes have not been Demonetised and will continue to be legal tender,” the Fact Check Division of the Press Information Bureau (PIB) — the official fact-checking agency of the Government of India — wrote in a post on X. It also advised citizens to avoid misinformation. It said to always verify any news from official sources before believing or sharing it.

Currently, ₹500 notes were issued after demonetisation in 2016. The size of this note is 66mm x 150mm. The colour of the note is stone grey and its theme is ‘Indian Heritage Site – Red Fort’. Like other Indian rupee notes, the ₹500 note also has the denomination in 17 languages - English, Hindi, Assamese, Bengali, Gujarati, Kannada, Kashmiri, Konkani, Malayalam, Marathi, Nepali, Oriya, Punjabi, Sanskrit, Tamil, Telugu and Urdu.

Prime Minister Narendra Modi announced the demonetization of old Rs 500 notes on 8 November 2016. This step was taken to fight corruption and address the problem of counterfeit notes in the country. New notes were issued two days later. The RBI also introduced new ₹2,000 notes during demonetization. Although these notes were discontinued in May 2023, they are still legal tender.

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Bank License Cancelled: RBI canceled the license of this bank, do you have an account in it?

Jyoti — Fri, 06 Jun 2025 09:29:03 +0000

The Reserve Bank of India (RBI) has cancelled the license of Lucknow’s HCBL Co-operative Bank. The central bank said that the bank does not have sufficient capital and earning prospects, due to which its license has been cancelled.

RBI said that the bank has stopped functioning from the evening of 19 May. The Cooperative Commissioner and Registrar of Uttar Pradesh has also been requested to issue an order to close the bank and appoint a liquidator for the bank. On liquidation, every depositor will be entitled to receive deposit insurance claim amount on his deposits up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

RBI said that as per the bank’s data, 98.69 per cent of the depositors are entitled to receive the full amount of their deposits from DICGC. DICGC has already paid Rs 21.24 crore out of the total insured deposits as on January 31, 2025.

RBI said that the cooperative bank has failed to comply with the requirements of certain sections of the Banking Regulation Act, 1949 and the continuation of the bank is not in the interest of its depositors. As a result of the cancellation of the license, HCBL Cooperative Bank has been prohibited from bank operations including deposits and withdrawals with immediate effect.

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Bank Holiday: All banks will remain closed tomorrow on Friday, know why RBI has declared holiday

Jyoti — Thu, 05 Jun 2025 05:00:24 +0000

Bank Holiday On 6 June 2025 : Banks are going to be closed tomorrow on Friday. All government and private sector banks will be closed on Friday 6 June. That is, if customers want to go to the bank on Friday and settle any of their work, they will not be able to do it.

Let us tell you that banks are going to be closed only in one state tomorrow. Otherwise, banks will remain open in all the states. Know here why RBI has given a holiday on Friday 6 June.

Why will banks remain closed on Friday 6 June 2025?

Eid-ul-Azha will be celebrated on June 6. It is also known as Bakrid. Banks will remain closed in one state of the country due to Eid-ul-Azha. All government and private banks like SBI, PNB, HDFC will remain closed in Kerala. Eid-ul-Azha, also known as Bakrid, is an important festival of Islam which symbolizes the spirit of renunciation and sacrifice. This festival is celebrated in memory of the obedience and dedication of Hazrat Ibrahim (Alaihissalam) to Allah. On this day, Muslims offer special prayers and sacrifice animals in the name of Allah.

When will the banks remain closed in June 2025?

June 6 (Friday): Eid-ul-Adha (Bakrid) – Banks will remain closed in many states of the country.

June 7 (Saturday): Bakri Eid (Id-ul-Adha) – Banks will remain closed in most states.

June 11 (Wednesday): Sant Guru Kabir Jayanti / Saga Dawa – Banks closed in Sikkim and Himachal Pradesh.

June 27 (Friday): Rath Yatra / Kang (Rathajatra) – Banks closed in Odisha and Manipur.

June 30 (Monday): Remna Ni – Banks closed in Mizoram.

Weekend holidays (applicable across the country)

8 June (Sunday)

14 June (Saturday – Second Saturday)

15 June (Sunday)

June 22 (Sunday)

28 June (Saturday – Fourth Saturday)

29 June (Sunday)

Digital banking service will remain operational

During these holidays, digital services like net banking, mobile banking app, UPI, wallet and ATM will work as before. That means you can transact money online. If you have to deposit a cheque, get a draft made, open an account or go to the branch for any other work, then try to complete this work before the holidays. Also, contact the bank branch in your area and get the correct and updated information about the holidays.

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₹100-₹200 Notes: RBI took a big decision on ₹100-₹200 notes, 30 September set as the deadline

Jyoti — Wed, 04 Jun 2025 10:00:00 +0000

The Reserve Bank of India (RBI) has issued an important order to make withdrawing money from ATM more convenient. Now banks and white label ATM operators will have to ensure that ₹ 100 or ₹ 200 notes are regularly available in at least one cassette in their ATM. This step will prove to be a great relief for the general public as it will make it easier to withdraw money in small notes and increase convenience in everyday transactions.

Mandatory small notes in ATM

According to RBI’s monthly bulletin, by March 2025, about 2.20 lakh bank ATMs and 36 thousand white label ATMs are operational in the country. All these ATMs have four cassettes, out of which the instruction to keep ₹ 100 or ₹ 200 notes in at least one cassette has now been made mandatory. Earlier, people often used to get notes of large denominations from ATMs, due to which there was a shortage of small notes.

By when will this have to be followed?

The Reserve Bank has set a target to implement this system in 75% of ATMs by 30 September 2025. After this, by 31 March 2026, 90% of ATMs will have to provide ₹ 100 or ₹ 200 notes in at least one cassette. 500 rupee notes will also continue with this system, so that the diversity of notes will be maintained.

What will be the benefit for the general public?

Banking experts believe that this step will make cash transactions simple and quick. With the availability of small notes, people will be able to easily withdraw money even for small expenses, especially in those areas where the expansion of digital payments is still limited. Also, this will reduce the hassle of changing notes.

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2000 rupee notes: RBI issued a new notification regarding 2000 rupee note, know here

Jyoti — Tue, 03 Jun 2025 06:28:17 +0000

RBI said in the statement, the total value of Rs 2000 notes in circulation at the close of business on May 19, 2023 was Rs 3.56 lakh crore, which came down to Rs 6,181 crore at the close of business on May 31, 2025.

The Reserve Bank of India had discontinued the 2000 rupee notes two years ago. Despite this, notes worth Rs 6,181 crore are still in circulation today. This information was found in the official data released on Monday. These 2000 rupee notes are still legal tender. The RBI had announced the withdrawal of the 2000 rupee bank note from circulation on 19 May 2023.

RBI said in the statement, the total value of Rs 2000 notes in circulation at the close of business on May 19, 2023 was Rs 3.56 lakh crore, which came down to Rs 6,181 crore at the close of business on May 31, 2025.

98.26 percent of 2000 rupee notes returned

The central bank said, “Thus, 98.26 percent of the Rs 2000 bank notes in circulation till May 19, 2023 have been returned.”

The facility to deposit and/or exchange these bank notes was available in all bank branches till October 7, 2023. Now this facility is available only in 19 issue offices of the Reserve Bank of India.

These notes are still being accepted here

RBI’s issue offices are accepting Rs 2000 banknotes from individuals and institutions for depositing them in their bank accounts from October 9, 2023.

Apart from this, people can send Rs 2,000 notes from any post office in the country to any RBI office through Indian Post to deposit them in their bank accounts.

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Sarkari Naukri: RBI has announced recruitment for the post of Medical Consultant. apply quickly

Jyoti — Wed, 28 May 2025 10:25:56 +0000

Sarkari Naukri, Jobs in RBI, MBBS Jobs: If you are a doctor and looking for a government job, then the Reserve Bank of India (RBI) has brought a great opportunity for you.

Recruitment has been announced for the post of Medical Consultant in RBI, that too on contract basis. The special thing is that there is no written exam for this, just pass the interview and the job becomes permanent. As far as the salary is concerned, it is Rs 1000 per hour.

What qualifications are required?

For this job, you must have an MBBS or MD degree from a recognized university. If you have done post graduation in General Medicine, then you are a perfect fit. Along with this, at least two years of work experience is also necessary. That is, if you have practiced in a hospital or clinic for two years, then this opportunity is for you.

Salary and selection process

Selected candidates will get a salary of Rs 1000 per hour, which will be on a contractual basis. The selection process is also very simple – first your documents will be checked, then there will be an interview. If you perform well in the interview, the job is yours. The special thing is that there is no age limit, that is, if you fit the qualification and experience, there is no need to worry about age.

How to apply?

Visit the official website of RBI, rbi.org.in. There, go to the recruitment section on the homepage and find the link for Medical Consultant Recruitment 2025. Download the form and take a printout of it. Attach the necessary documents like degree certificate, experience letter, photograph and signature with it. After this, send this form to the following address – Regional Director, Human Resource Management Department, Recruitment Section, Reserve Bank of India, Mumbai Regional Office, Shaheed Bhagat Singh Road, Fort Mumbai-400001. Fill the form correctly and check all the documents.

Why is this opportunity special?

Not everyone gets a chance to work in a prestigious organization like RBI. Selection through direct interview without any exam and salary of Rs 1000 per hour makes it attractive. If you are MBBS or MD and have two years of experience, then don’t delay. Apply soon. Check the full notification here.

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RBI imposed a huge fine on this big bank, understand why this happened

Jyoti — Sat, 24 May 2025 07:00:16 +0000

The Reserve Bank of India (RBI) has taken major action against Union Bank of India (UBI). A fine of Rs 63.60 lakh has been imposed on this bank for violating regulatory instructions. RBI said on Friday that it had inspected the financial position of the bank as on March 31, 2023 and March 31, 2024. During this, the bank found that the required amount was not transferred within the stipulated time limit to the Depositor Education and Awareness Fund (DEAF) in UBI. In violation of the guidelines for mortgage-free agri loans, the bank sought mortgage on agri loans up to Rs 1.60 lakh in some cases.

In view of these violations, RBI had issued a show cause notice to the bank. After considering the bank’s reply, additional clarification and arguments given in personal hearing, it was decided that the rules have been violated. After this, this fine has been imposed on Union Bank of India. Earlier last week, a fine of Rs 1.66 lakh was imposed on the bank on issues related to sending dirty notes and discrepancies in withdrawing cash from ATMs.

Share status

Talking about the bank’s stock, it is at Rs 140.40. As compared to last Thursday, this stock closed 0.25% higher. In June 2024, this stock had gone up to Rs 172.45. At the same time, in January 2025, this stock remained at the level of Rs 100.75. This is the 52-week high and low of the stock. Talking about the market capital of this government bank, it was Rs 1,07,175.82 crore.

Bank results

Union Bank of India’s net profit increased by 50 percent to Rs 4,985 crore in the January-March quarter of the previous financial year. The bank’s profit was Rs 3,311 crore in the same quarter of the financial year 2023-24. The total income of the bank increased to Rs 33,254 crore in the March quarter of the last financial year 2024-25, as against Rs 31,058 crore in the same quarter a year ago.

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Bank Name Change: RBI changed the name of this bank, official notification released

Jyoti — Sat, 24 May 2025 06:28:33 +0000

The name of North East Small Finance Bank has been changed to ‘Slice Small Finance Bank Limited’. The Reserve Bank of India had approved it on 21 May 2025.

The name of North East Small Finance Bank has been changed to ‘Slice Small Finance Bank Limited’. The Reserve Bank of India approved it on 21 May 2025. It has got approval under the rules of Reserve Bank of India 1934. But now the question is arising in the minds of the customers of this bank that what will happen to the check book, IFSC code? Let’s know..

What impact will this change have on customers?

According to the rules of the Reserve Bank of India, even after changing the name of the bank, customers will be able to transact through their old passbooks, debit cards and cheque books. At the same time, there will be no change in the IFSC code until a separate notification is issued.

However, this change will not happen immediately. It will take some time. The bank will share information about the customers getting new passbooks, checkbooks, debit cards etc. Customers can visit their nearest branch for any assistance. Until any notification is issued by the bank, customers will continue to transact with old checkbooks, passbooks and debit cards.

The change of bank name will not have an immediate effect on your documents. In such a situation, customers should not take any action without getting instructions from the bank.

What did the Slice spokesperson say?

On this name change, a Slice spokesperson said, “We are on the path to build India’s most loved bank. Our mission is to take care of customers’ time and money. Which will improve their banking experience. The bank will run under the brand name Slice. We want to tell all stakeholders including all customers that this change will be completed with complete ease and simplicity. We are expanding across the country. But we are also making sure that we are who we are. We are expanding while keeping our Northeast roots at the center.”

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20 Rupee New Note: RBI has announced that a new 20 rupee note will be issued soon. check details

Jyoti — Sun, 18 May 2025 08:00:56 +0000

Reserve Bank of India to soon issue new Rs 20 notes. The Reserve Bank of India (RBI) has said that the bank will soon issue Rs 20 banknotes in the Mahatma Gandhi (New) Series bearing the signature of Governor Sanjay Malhotra.

The design of these notes is similar in all respects to the Rs 20 banknotes in the Mahatma Gandhi (New) Series. All Rs 20 banknotes issued by the Reserve Bank in the past will continue to be legal tender.

RBI has issued a notification which says, ‘The Reserve Bank of India will soon issue Rs 20 banknotes in the Mahatma Gandhi (New) series bearing the signature of Governor Sanjay Malhotra. The design of these notes is similar to the Rs 20 banknotes of the Mahatma Gandhi (New) series.’ This means that the new note will look similar to the old note and the old notes will also remain in circulation as before.

Old 20 rupee notes will be valid

RBI has clearly stated that all the 20 rupee notes issued earlier will remain valid for transactions as they were. Irrespective of the signature of any governor on them. Issuing new notes with the signature of the new governor is a normal process, which happens after the change in the top leadership of RBI and this change and the issuance of new notes does not affect the utility or value of the old notes.

Let us tell you that the Reserve Bank of India, RBI keeps changing the notes from time to time. These changes are made for security reasons and to improve the notes. But, the old notes are always valid. Therefore, you do not need to worry. The 20 rupee notes you have will be used in the same transactions as you have been doing.

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Bank Holiday: Banks will remain closed tomorrow, know why RBI has declared a holiday on 9 May

Jyoti — Thu, 08 May 2025 04:36:34 +0000

Bank Holiday On 9 May 2025 : Banks are going to be closed tomorrow on Friday. On May 9, all banks will be closed only in West Bengal. That means customers cannot go to the bank on Friday and get their work done. Know here why RBI has given a holiday on Friday. Know the complete list here.

Why will banks remain closed on Friday 9 May?

Banks are going to remain closed in West Bengal on Friday, May 9. Banks are closed in many parts of West Bengal including Kolkata on the occasion of Rabindranath Tagore’s birth anniversary. The birth anniversary of Tagore, a great poet, writer and thinker who was awarded the Nobel Prize, is celebrated as a cultural pride and tradition in the state. On this occasion, all government and many private banking institutions are closed due to the state government declaring a holiday.

List of State-wise Bank Holidays in May 2025

May 9 (Friday) : Rabindranath Tagore Jayanti – Banks closed in Kolkata.

May 12 (Monday): Buddha Purnima – Banks closed in Agartala, Aizawl, Belapur, Bhopal, Dehradun, Itanagar, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Raipur, Ranchi, Shimla and Srinagar.

May 16 (Friday): State Day – Banks closed in Gangtok.

May 26 (Monday): Birth anniversary of Kazi Nazrul Islam – Banks closed in Agartala.

May 29 (Thursday): Maharana Pratap Jayanti – Banks closed in Shimla.

Apart from this, banks will remain closed in May due to regular weekly holidays. These holidays will be closed on all Sundays i.e. 4, 11, 18 and 25 May. Apart from this, banks will remain closed on second and fourth Saturdays i.e. 10 and 24 May.

Will online banking service be available?

Yes, during these holidays, customers can still transact money, make bill payments and use other digital services through UPI, IMPS, net banking and mobile banking apps. However, bank branches will not be functioning, so customers are advised to complete important work in advance so that there is no problem.

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Bank alert..! RBI has imposed heavy penalty on 4 banks simultaneously, check details

Jyoti — Sat, 03 May 2025 05:17:41 +0000

4 Bank Penalty Update: This action comes at a time when the RBI is constantly monitoring banks amid growing concerns about digital banking, cyber security and customer protection. This clearly indicates that any kind of laxity will not be tolerated by financial institutions in following the rules.

The Reserve Bank of India (RBI) has imposed a fine of millions of rupees on four major banks of the country due to lapses in regulatory compliance. In official statements issued on Friday, the central bank said that this action does not affect the validity of transactions related to customers, but it is only based on the disregard of regulatory instructions.

ICICI Bank fined ₹97.80 lakh

RBI has imposed a fine of ₹97.80 lakh on private sector ICICI Bank. This fine has been imposed due to violation of cyber security framework, Know Your Customer (KYC) norms and guidelines related to issuance of credit and debit cards by the bank. Apart from this, a fine of ₹61.40 lakh has been imposed on public sector Bank of Baroda. According to RBI, this fine has been imposed due to failure to comply with regulatory instructions in the matter of banking services and services being provided to customers.

IDBI Bank also came under siege

In the same sequence, IDBI Bank Limited and Bank of Maharashtra have also been fined ₹ 31.80 lakh each. This action has been taken against both the banks due to deficiencies found in regulatory compliance. RBI clarified that this punitive action is not against any particular customer or transaction of the concerned banks, but its purpose is to warn the banks to ensure full compliance with regulatory instructions in future.

Experts believe that this step is part of RBI’s policy of transparency and strict enforcement of rules, which aims to maintain discipline in the banking system and ensure customer safety. This action has come at a time when RBI is constantly monitoring banks amid growing concerns about digital banking, cyber security and customer protection. This clearly indicates that any kind of laxity will not be tolerated by financial institutions in following the rules.

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2000 rupee notes: RBI released a new update regarding 2000 rupee note, check details

Jyoti — Sat, 03 May 2025 04:22:59 +0000

RBI data on Rs 2000 Note: According to the information received from RBI data, even after two years of withdrawal of these notes, notes worth Rs 6,266 crore are still in circulation. RBI has decided to withdraw Rs 2,000 notes on May 19, 2023…

The Reserve Bank of India (RBI) has given an update on the Rs 2000 note which has been withdrawn from circulation. The Reserve Bank said that even after two years of withdrawal of these notes, notes worth Rs 6,266 crore are still in circulation. This information was received from RBI data. Two thousand rupee bank notes remain legal tender. RBI had announced the removal of Rs 2,000 bank notes from circulation on May 19, 2023. RBI said in a statement on Friday that as of April 30, 2025, a total of Rs 6,266 crore worth of two thousand rupees notes are currently in circulation.

As of May 19, 2023, the total value of Rs 2,000 banknotes in circulation at that time was Rs 3.56 lakh crore. The central bank said, “Thus, 98.24 percent of the Rs 2,000 banknotes in circulation as of May 19, 2023 have been returned.”

The return date was till October 2023

The facility of depositing or exchanging two thousand rupees bank note was available in all bank branches of the country till October 7, 2023. The facility of exchanging the Rs 2,000 bank note withdrawn from circulation is available in 19 issue offices of the Reserve Bank from May 19, 2023.

RBI’s issue offices are also accepting Rs 2,000 banknotes from people and entities for depositing them in their bank accounts from October 9, 2023. Apart from this, people can also send Rs 2,000 notes to any RBI issue office through Indian Post within the country. This money gets deposited in their bank account.

According to RBI, the usage of ₹2000 notes was decreasing in the market. These notes were being used for depositing or hiding large amounts. Due to these reasons, the Reserve Bank discontinued the 2000 notes.

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RBI’s big order regarding 100 and 200 rupee notes, check details

Jyoti — Wed, 30 Apr 2025 04:27:28 +0000

RBI has also issued a circular to all the banks. Let us also tell you what kind of circular has been issued by RBI regarding 100 and 200 rupee notes.

The country’s banking regulator, Reserve Bank of India, has issued a major order regarding Rs 100 and Rs 200 notes. Due to which there is an atmosphere of panic in all the banks of the country. The instructions issued by RBI regarding both the notes have been asked to be implemented as soon as possible. Therefore, RBI has also issued a circular to all the banks. Let us also tell you what kind of circular has been issued by RBI regarding Rs 100 and Rs 200 notes.

RBI instructions to banks

The Reserve Bank of India on Monday asked banks to ensure that 100 and 200 rupee notes also come out of ATMs. The central bank said that this is necessary to increase the availability of these notes to the public. Banks and white label ATM operators (WLAOs) will have to implement this directive in a phased manner. ATMs run by non-banking institutions are called ‘white label ATMs’ (WLA). After these instructions, there has been a stir in all the banks of the country. Now all the banks will have to work harder in ATMs to get 100 and 200 rupee notes.

RBI issued a circular

The Reserve Bank of India (RBI) has said in a circular that to increase the public’s access to frequently used denominations, it has been decided that all banks and White Label ATM Operators (WLAOs) will ensure that their ATMs also regularly dispense Rs 100 and Rs 200 notes. According to the circular, by September 30, 2025, 75 percent of ATMs (automated teller machines) should have at least one cassette dispensing Rs 100 or Rs 200 banknotes. Thereafter, by March 31, 2026, 90 percent of ATMs should dispense Rs 100 or Rs 200 banknotes from at least one cassette.

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RBI asks all banks to disburse Rs 100 and Rs 200 notes from ATMs by 2025

Jyoti — Tue, 29 Apr 2025 10:53:32 +0000

If you withdraw cash from ATM but often do not get 100 and 200 rupee notes, then your problem is going to end in the coming days. Actually, the Reserve Bank of India (RBI) on Monday ordered banks to increase the availability of these currency notes.

According to PTI news, RBI asked banks to withdraw 100 and 200 rupee notes from ATMs. Banks and White Label ATM Operators (WLAO) will have to implement this instruction in a phased manner.

Instructions to all banks and white label ATM operators

According to the news, the Reserve Bank of India (RBI) said in a circular that in an effort to increase people’s access to frequently used denomination banknotes, it has been decided that all banks and White Label ATM Operators (WLAO) will ensure that their ATMs dispense Rs 100 and Rs 200 notes on a regular basis. According to the circular, by September 30, 2025, 75 percent of all ATMs (Automated Teller Machines) will dispense at least one cassette of Rs 100 or Rs 200 denomination banknotes.

There have been complaints from customers

By March 31, 2026, 90 percent of all ATMs will dispense bank notes of Rs 100 or Rs 200 denomination from at least one cassette. Customers have often complained that ATMs dispense less or no Rs 100 and Rs 200 notes. Mostly Rs 500 notes come out. After this new circular from RBI, such complaints will be reduced.

ATM fee rules will change from May 1

From May 1, 2025, the updated infrastructure for ATM transaction charges by the Reserve Bank of India will come into effect. This will change the free transaction limit, charges for additional transactions and interchange fee structure across the country. From May 1, customers will be entitled to a certain number of free ATM transactions every month. Under this, three transactions will be free in metropolitan areas and five in non-metropolitan areas. These transactions include both financial and non-financial activities.

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Wednesday Bank Holiday: Banks will remain closed tomorrow, Wednesday, know why RBI has declared holiday on 30th April

Jyoti — Tue, 29 Apr 2025 08:15:09 +0000

Bank Holiday Wednesday 30 April 2025: Banks are going to remain closed tomorrow on Wednesday. Banks are going to remain closed in some states of the country on 30 April.

That is, customers cannot go to the bank on Wednesday and get their work done. Know here why RBI has given a holiday tomorrow, Wednesday 30 April and in which states the banks are going to remain closed.

Why will banks remain closed on 30 April?

Banks are going to remain closed in Karnataka on Wednesday, April 30. Banks are going to remain closed in Karnataka due to Basava Jayanti and Akshaya Tritiya.

Basava Jayanti

Basava Jayanti is celebrated as the birth anniversary of the great social reformer and saint of Karnataka, Basaveshwara. He was a saint who lived in the 12th century and talked about a discrimination-free society and equality. He laid the foundation of Lingayat religion and gave importance to karma, bhakti and true life values. Basaveshwara raised his voice against casteism, hypocrisy and superstition and through his words inspired people to follow the true path.

Paragraph on Akshaya Tritiya

Akshaya Tritiya is celebrated on the Tritiya Tithi of Shukla Paksha of Vaishakh month according to the Hindu calendar, which is considered extremely auspicious and fruitful. Whatever work, donation or investment is done on this day, it gives ‘Akshaya’ i.e. never-destroying fruit. It is believed that Lord Parshuram was born on this day and Treta Yuga also started on this day. People buy gold, silver and property on this day, perform puja and give donations to the poor.

Digital banking service will continue

Despite the bank branches being closed, net banking, mobile banking, UPI and ATM services will continue. Customers can send money online, pay bills and do other digital banking work.

When will the banks remain closed in April 2025?

April 29 (Tuesday) – Banks will remain closed in Himachal Pradesh as Lord Parshuram Jayanti will be celebrated on this day.

April 30 (Wednesday) – Banks will remain closed in Karnataka as Basava Jayanti and Akshaya Tritiya will be celebrated on this day.

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RBI to new rule for banks, instructed them to keep 2.5% extra amount on these deposits

Jyoti — Tue, 22 Apr 2025 05:58:40 +0000

The Reserve Bank of India (RBI) on Monday directed banks to set aside 2.5 per cent of additional cash as a buffer on deposits of retail and small business customers with internet and mobile banking facilities from April 1 next year to avoid any potential risks during times of stress.

In July last year, the RBI had proposed an additional five percent ‘run-off factor’. This means the percentage of deposits that the bank expects to be withdrawn in times of stress. In some countries, it was found that in a situation of financial stress, depositors withdrew their money immediately using digital banking.

The revised framework has been brought keeping that in mind. RBI said in a circular that from April 1, 2026, banks will have to allocate an additional 2.5 percent ‘run-off factor’ for retail deposits with internet and mobile banking facilities (IMB).

RBI said the decision was taken following feedback from various stakeholders on the draft guidelines on ‘Basel-III framework on liquidity standards – review of liquidity coverage ratio (LCR) – cut-off on high quality liquid assets (HQLA) and ‘run-off rates’ on certain categories of deposits’ released last July.

According to the latest guidelines, “The bank will have to set an additional ‘run-off factor’ of 2.5 per cent for retail deposits with internet and mobile banking facilities (IMB). This means that there will be a 7.5 per cent ‘run-off factor’ for stable retail deposits with IMB facility and a 12.5 per cent run-off factor for less stable deposits with IMB. Currently it is five per cent and 10 per cent respectively. ”

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Bank Holiday: All banks will remain closed tomorrow on Monday, know why RBI has declared holiday

Jyoti — Sun, 20 Apr 2025 09:25:55 +0000

Bank Holiday Monday 21 April 2025 : All banks are going to remain closed tomorrow on Monday as well. Banks are going to remain closed in some states of the country on 21st April.

That means customers cannot go to the bank on Monday and get their work done. Know here why RBI has declared a holiday tomorrow. Also in which states the banks are going to remain closed.

Why will banks remain closed on 21 April?

Banks are going to remain closed in Tripura on Monday, 21 April due to local festival. However, banks will remain open in all other states except Tripura. Despite the bank branches being closed, net banking, mobile banking, UPI and ATM services will continue. Customers can send money online, pay bills and do other digital banking work.

Garia Puja

Garia Puja is a traditional and famous festival of Tripura state, which is celebrated with great devotion and enthusiasm especially by the tribal community. This puja is performed every year in the month of Baishakh and is dedicated to Goddess Garia, who is considered the goddess of prosperity, harvest and happiness. Things like bamboo, flowers, chicken and liquor are offered in the puja.

When will the banks remain closed in April 2025?

April 21 (Monday) – Banks will remain closed in Tripura. Garia Puja, a tribal festival, will be celebrated on this day.

April 29 (Tuesday) – Banks will remain closed in Himachal Pradesh as Lord Parshuram Jayanti will be celebrated on this day.

April 30 (Wednesday) – Banks will remain closed in Karnataka as Basava Jayanti and Akshaya Tritiya will be celebrated on this day.

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Bank Holiday: Banks will remain open tomorrow on Saturday, know the complete list of RBI here

Jyoti — Fri, 18 Apr 2025 11:22:37 +0000

Bank Holiday: Today, on the occasion of Good Friday, banks remained closed in many states of the country on 18 April 2025. But the news of relief is that banks will remain open as usual on Saturday, 19 April.

There is no holiday on Saturday. Common people will get all banking services. However, customers are still advised to check with their local branch whether the banks will be open or not.

Customers will be able to complete this work

Banks being open means that customers will be able to deposit or withdraw cash, check clearing, passbook update and avail other banking services. This is a good opportunity especially for those who could not do important work due to Friday’s holiday. Apart from bank branches, digital services like ATM, net banking, mobile banking and UPI will also remain fully operational.

When will the banks remain closed in April 2025? See the full list here

The Reserve Bank of India (RBI) releases a state-specific bank holiday calendar every year, which contains the official bank holidays for the entire year. This month, banks will be closed in different states on festivals like Mahavir Jayanti, Ambedkar Jayanti, Good Friday, Bohag Bihu, Basava Jayanti and Akshaya Tritiya. Apart from this, Babu Jagjivan Ram Jayanti, Sarhul, Tamil New Year, Himachal Day, Vishu, Cheiraoba, Garia Puja, and Parashuram Jayanti are also included.

When will the banks remain closed in April 2025?

April 18 (Friday) – Banks will be closed in Tripura, Assam, Rajasthan, Jammu, Himachal Pradesh and Srinagar on account of Good Friday.

April 21 (Monday) – Banks will remain closed in Tripura. Garia Puja, a tribal festival, will be celebrated on this day.

April 29 (Tuesday) – Banks will remain closed in Himachal Pradesh as Lord Parshuram Jayanti will be celebrated on this day.

April 30 (Wednesday) – Banks will remain closed in Karnataka as Basava Jayanti and Akshaya Tritiya will be celebrated on this day.

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RBI issued special instructions regarding bank accounts and deposits, know the whole matter

Jyoti — Fri, 18 Apr 2025 04:47:49 +0000

The Reserve Bank of India (RBI) said that banks can open/close rupee accounts (non-interest bearing) in the name of their overseas branches or correspondents without informing the central bank.

However, in a ‘master’ direction issued on deposits and accounts, the RBI said that opening rupee accounts in the name of branches of Pakistani banks operating outside Pakistan will require special approval of the Reserve Bank. It said that deposit in an account of a non-resident bank is an approved mode of payment to non-residents and, therefore, is subject to the rules applicable to transfer in foreign currency.

RBI said that withdrawal from a non-resident bank account is actually a remittance of foreign currency. On funding of non-resident bank accounts, RBI said that banks may freely purchase foreign currency from their overseas correspondents/branches at current market rates for holding funds in their accounts to meet their actual needs in India.

However, transactions in the accounts should be strictly monitored to ensure that foreign banks do not adopt a speculative approach to the Indian rupee. Any such cases should be reported to the Reserve Bank.

Earlier, the Reserve Bank of India had said something important about strengthening the banking system of the country. RBI said that a buffer capital i.e. CCYB has been maintained to deal with emergency situations and difficulties. However, it will be used according to the circumstances.

RBI said on Tuesday that the ‘countercyclical’ capital buffer (CCyB) designed to deal with recessionary situations will not be used at present as we believe that it is not needed in the current situation.

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Bank Holiday: All banks will remain closed tomorrow, Wednesday, know why RBI has declared holiday

Jyoti — Tue, 15 Apr 2025 11:05:36 +0000

Bank Holiday Wednesday 16 April 2025 : All banks are going to remain closed tomorrow on Wednesday as well. Banks are going to remain closed in some states of the country on 16 April. That means customers cannot go to the bank on Wednesday and get their work done. Know here why RBI has declared a holiday tomorrow. In which states the banks are going to remain closed.

Why will banks remain closed on April 16?

Banks will remain closed in Assam on Wednesday, April 16 due to Bohag Bihu. Banks will remain open in all other states. This festival is the biggest and traditional New Year festival of Assam, which is celebrated with great pomp throughout the state. For this reason, this day is an official holiday in Assam and all banking services will not be available on that day. Therefore, if there is any important work related to the bank, it would be better to finish it in advance.

Digital banking service will continue

Despite the bank branches being closed, net banking, mobile banking, UPI and ATM services will continue. Customers can send money online, pay bills and do other digital banking work.

When will the banks remain closed in April 2025?

April 15 (Tuesday ) – Banks will remain closed in Assam, West Bengal, Arunachal Pradesh and Himachal Pradesh on account of Bengali New Year, Himachal Day and Bohag Bihu.

April 16 (Wednesday ) – Banks will remain closed in Assam due to Bohag Bihu.

April 18 (Friday) – Banks will be closed in Tripura, Assam, Rajasthan, Jammu, Himachal Pradesh and Srinagar on account of Good Friday.

April 21 (Monday) – Banks will remain closed in Tripura. Garia Puja, a tribal festival, will be celebrated on this day.

April 29 (Tuesday) – Banks will remain closed in Himachal Pradesh as Lord Parshuram Jayanti will be celebrated on this day.

April 30 (Wednesday) – Banks will remain closed in Karnataka as Basava Jayanti and Akshaya Tritiya will be celebrated on this day.

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Bank Holiday: All banks will remain closed tomorrow, Tuesday, know why RBI has declared holiday

Jyoti — Mon, 14 Apr 2025 10:37:38 +0000

Bank Holiday Tuesday 15 April 2025 : All banks are going to remain closed tomorrow on Tuesday as well. Banks are going to remain closed in some states of the country on 15th April.

That means customers cannot go to the bank on Tuesday and get their work done. Know here why RBI has declared a holiday tomorrow. In which states the banks are going to remain closed.

Why will banks remain closed on 15 April?

On Tuesday, April 15, banks will remain closed in Assam, West Bengal, Arunachal Pradesh and Himachal Pradesh due to local festivals. Banks will remain closed on the occasion of Bohag Bihu in Assam, Bengali New Year (Poila Boishakh) in West Bengal, cultural festival in Arunachal Pradesh and Himachal Day in Himachal Pradesh. However, apart from these, banks will remain open in all other states.

Digital banking service will continue

Despite the bank branches being closed, net banking, mobile banking, UPI and ATM services will continue. Customers can send money online, pay bills and do other digital banking work.

When will the banks remain closed in April 2025?

April 14 (Monday) – Banks will remain closed in Mizoram, Madhya Pradesh, Chandigarh, Arunachal Pradesh, Nagaland, Delhi, Chhattisgarh, Meghalaya and Himachal Pradesh due to Ambedkar Jayanti and New Year festivals of some states (Vishu, Bihu, Tamil New Year).

April 15 (Tuesday ) – Banks will remain closed in Assam, West Bengal, Arunachal Pradesh and Himachal Pradesh on account of Bengali New Year, Himachal Day and Bohag Bihu.

April 18 (Friday) – Banks will be closed in Tripura, Assam, Rajasthan, Jammu, Himachal Pradesh and Srinagar on account of Good Friday.

April 21 (Monday) – Banks will remain closed in Tripura. Garia Puja, a tribal festival, will be celebrated on this day.

April 29 (Tuesday) – Banks will remain closed in Himachal Pradesh as Lord Parshuram Jayanti will be celebrated on this day.

April 30 (Wednesday) – Banks will remain closed in Karnataka as Basava Jayanti and Akshaya Tritiya will be celebrated on this day.

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Cash Deposit Limit: How much cash can you deposit in a savings account? know this rule of RBI

Jyoti — Mon, 14 Apr 2025 09:26:20 +0000

RBI Cash Deposit Rules: Bank account has become a necessity for everyone these days. Most people in India keep a savings account in the bank because the money kept in the bank is considered more secure.

Whether a person is employed, a student or a businessman, they have one or more savings accounts. Depositing cash in savings accounts (Savings Accounts Cash Deposit Limit) is very common, especially for those who deal in cash.

How much cash is right to keep in a savings account?

But do you know how much cash is safe to deposit in these accounts? Most people keep depositing money on a daily basis, but are unaware of some important rules of RBI and Income Tax. It is possible that they unknowingly deposit such cash which may lead to an Income Tax notice.

Do you know the limit of keeping cash in a savings account?

Let us tell you that frequent deposits or large cash amounts can attract the attention of the Income Tax Department. By knowing the RBI’s fixed limit and the related tax rules, you can avoid investigation or penalty. So, let us tell you those important rules related to savings account which are very important for you to know.

Savings account limit

The Reserve Bank of India (RBI) and the Income Tax Department keep an eye on high value transactions. If you deposit more than Rs 10 lakh in your savings account in a financial year, your bank is required to report it to the tax authorities under the Annual Information Return (AIR). Let us tell you that this does not mean that you will be taxed for this, but if the transaction is more than your declared income, then it may come under investigation.

Current Account Limit?

Let us tell you that the limit for depositing cash in a current account is higher. You can deposit up to Rs 50 lakh in a current account in a financial year.

For which transactions is PAN required?

If a person deposits cash of Rs 50,000 or more in a single transaction, then a PAN number (permanent account number) is required. Even if the amount deposited each time is less than Rs 50,000, if the transaction amount exceeds the fixed limit of one year, then it may come under the radar of the tax department, especially if the amount is more than the declared income.

What happens if the limit is exceeded?

If you deposit a large amount of cash without any legitimate source, the income department may question you under sections 131, 142(1) or 148. If you are unable to give a satisfactory answer about where the money came from, the amount can be treated as unexplained income and taxed at a flat rate of 60% under section 68, along with surcharge and cess.

Cash deposits and your Form 26AS or AIS

All high value transactions reported by your bank are reflected in your Form 26AS or the new AIS (Annual Information Statement). Tax officials use these records to match your filed income tax returns. If there is a mismatch, you may be sent a notice.

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RBI launched its WhatsApp channel, you will get every update directly; know how to join

Jyoti — Sun, 13 Apr 2025 08:44:08 +0000

RBI WhatsApp channel: Reserve Bank of India (RBI) has recently launched a WhatsApp channel, through which you can get the latest information and updates of the bank directly. If you also want to join this channel, then know the method here…

The Reserve Bank of India has recently launched an official WhatsApp channel to make financial information more accessible to people. Actually, through this, RBI wants to share important banking updates and financial news directly to the people in an easy way. So that people in remote areas can be reached. People across the country can join the channel by scanning the QR code shared by the central bank.

The Reserve Bank of India (RBI) through its verified account on WhatsApp has tried to ensure that important financial information is easily accessible to everyone, no matter where they live.

According to RBI, in the past too, it has used various mediums like text messages, television and digital advertisements to create awareness among the public .

The central bank will use this channel to give awareness messages about safe digital transactions and fraud prevention. Along with this, it will also be used to remind people of their banking rights and inform them about changes in policies. RBI hopes that the WhatsApp channel will become an effective tool in the fight against misinformation, which will reduce the financial misconceptions spreading on social media and help consumers make the right decisions.

How to join?

1. Scan the QR code shared by RBI on its official website or social media handles.

2. The QR code will take you directly to the RBI WhatsApp channel.
3. Click on “Join” to subscribe to the channel.
4. Once you join, you will start receiving updates from RBI’s verified WhatsApp account.

The official WhatsApp account of RBI is operated through business number 9999 041 935. Users are advised to check for the verified symbol next to the account name to ensure that they are following the right channel.

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Bank Closed Alert: All banks will remain closed for 3 days after today, this is the complete list of RBI

Jyoti — Fri, 11 Apr 2025 06:30:35 +0000

Bank Holiday : If you have some important bank related work left, then complete it by today, Friday 11 April 2025. After this, banks will remain closed for three days as there will be a long bank holiday weekend from 12 to 14 April.

This holiday is due to second Saturday, Sunday and local festival. If you want to do some important work in the bank, then the only chance is on Friday 11 April. Banks will remain closed for three days ahead. Do check the holiday list of your nearest bank branch and complete the work on time.

Bank Holiday List

April 11 (Friday):

Banks will remain open in all states. This will be the last working day before the holidays. Customers should complete important tasks like cash withdrawal, cheque clearance and branch visits on this day.

April 12 (Saturday):

Second Saturday of the month, as per RBI guidelines banks will be closed on this day in all states.

April 13 (Sunday):

All banks across the country will remain completely closed.

April 14 (Monday):

In most states, banks will remain closed on account of Dr. Bhimrao Ambedkar Jayanti and local festivals like Vishu (Kerala), Bihu (Assam) and Tamil New Year (Tamil Nadu).

In which states will banks remain open on April 14?

Banks will remain open in Madhya Pradesh, Chandigarh, Arunachal Pradesh, Nagaland, New Delhi, Chhattisgarh, Meghalaya and Himachal Pradesh.

Customers should keep these things in mind

Due to this long holiday, banking services such as check clearance, DD and in-branch transactions may be affected. In such a situation, business houses, salary processing units and general customers are advised to complete their important banking work by April 11 so that they do not face any inconvenience later.

When will the banks remain closed in April 2025?

April 15 (Tuesday ) – Banks will remain closed in Assam, West Bengal, Arunachal Pradesh and Himachal Pradesh on account of Bengali New Year, Himachal Day and Bohag Bihu.

April 18 (Friday) – Banks will be closed in Tripura, Assam, Rajasthan, Jammu, Himachal Pradesh and Srinagar on account of Good Friday.

April 21 (Monday) – Banks will remain closed in Tripura. Garia Puja, a tribal festival, will be celebrated on this day.

April 29 (Tuesday) – Banks will remain closed in Himachal Pradesh as Lord Parshuram Jayanti will be celebrated on this day.

April 30 (Wednesday) – Banks will remain closed in Karnataka as Basava Jayanti and Akshaya Tritiya will be celebrated on this day.

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Gold Loans Rules: RBI to Issue New gold Loan Guidelines for NBFCs and Banks amid rising irregularities

Jyoti — Wed, 09 Apr 2025 09:28:36 +0000

New Rules for Gold Loans: If you have ever taken a loan by pledging gold when you needed money or are thinking of taking one, then this news is useful for you. RBI is now going to bring new rules regarding gold loan.

The purpose of these guidelines is to make the gold loan system more transparent and secure.

There will be a big change in the rules of gold loan

RBI has said that new rules will soon be issued for banks and NBFCs (non-banking financial companies) giving gold loans. Their aim is to ensure that there is no irregularity in the loans given on gold jewellery. The special thing is that these rules will be in the interest of the loan takers and will increase the responsibility of the loan giving companies.

Why are new guidelines necessary?

RBI recently found that some companies were lax in the rules for giving gold loans. The report said that there were many flaws in the loan giving process like not setting the correct value of gold, not using the loan amount properly and negligence in outsourcing. In view of this, RBI is now going to bring strict and uniform guidelines.

Opinion sought on draft guidelines

RBI has released a draft in this regard on which suggestions have been sought from the public. That means final guidelines will be made in the coming days, which banks and NBFCs will have to follow.

Impact on the market, shares of many companies fell

This announcement of RBI had a direct impact on the stock market. Shares of companies like Muthoot Finance, Manappuram Finance and IIFL Finance fell by up to 7%. The reason for this is that a large part of the income of these companies comes from gold loans and the new rules can be strict for them.

Huge jump in demand for gold loan

According to the RBI report, the demand for gold loans is increasing rapidly across the country. As of March 2024, about 60% of the gold loans given were from NBFCs alone. This shows that even today many people use their gold first when they need money.

With the new rules, RBI wants to ensure that the gold loan system is not only profitable but also reliable. Also, the loan giving institutions should also carry out their process more professionally and responsibly.

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RBI’s big decision regarding 10 and 500 rupee notes, what will happen to the old notes?

Pravesh Maurya — Sat, 05 Apr 2025 07:05:48 +0000

RBI will soon introduce new notes of Rs 10 and Rs 500. These notes will have changes in color, size and design. The old notes will remain valid.

If you have old Rs 10 notes, then this news is important for you. RBI has taken an important decision regarding old notes and it will have a direct impact on you. The Reserve Bank of India (RBI) will soon introduce new Rs 10 and Rs 500 notes in the market. Along with this, there will be major changes in the color, size and design of these notes. Earlier, after demonetization, RBI had issued a small size note of Rs 500. Now, these notes are going to be changed once again.

Notes bearing the signature of new Governor Sanjay Malhotra

The RBI has clarified that these new notes will be under the Mahatma Gandhi (New) series and will bear the signature of the new Governor Sanjay Malhotra. In terms of design, these new notes will be similar to the existing Rs 10 and Rs 500 notes. That is, except for some minor changes, the basic concept will remain the same.

What will happen to the old notes?

Although new notes are coming, the currently circulating Rs 10 and Rs 500 notes will not be discontinued. The RBI has clearly stated that the previously issued notes will also remain valid and will continue to be in circulation. Last month, the RBI had announced the introduction of new Rs 100 and Rs 200 notes. Now, Rs 10 and Rs 500 notes have also been included in it. So, soon you will see new notes in the market and they will be signed by Sanjay Malhotra.

There will be a big change in color, size and design.

The current Rs 500 notes are stone grey in colour. However, the new notes will see radical changes in colour, size, theme, security features and their location. The size of the new Rs 500 note will be 66 x 150 mm, which will be different from the current notes. This new form of note is just a currency reform, it does not cancel the old notes. Therefore, the RBI has said that there is no reason for citizens to panic.

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2000 rupee notes: RBI released the latest update on 2000 rupee notes, Check Details

Jyoti — Wed, 02 Apr 2025 07:21:24 +0000

The Reserve Bank of India (RBI) on Tuesday said that 98.21 per cent of the Rs 2000 notes have returned to the banking system. However, such notes worth Rs 6,366 crore are still with the public.

The Reserve Bank of India had announced the withdrawal of Rs 2000 denomination banknotes from circulation on May 19, 2023. The total value of Rs 2000 banknotes in circulation was Rs 3.56 lakh crore at the close of business on May 19, 2023, the RBI said.

Now their total value will come down to Rs 6,366 crore at the close of business on March 31, 2025. RBI said in the statement, “Thus, 98.21 percent of the Rs 2000 banknotes in circulation as on May 19, 2023 have been returned.”

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Available in all bank branches by 2023

The facility of depositing and/or exchanging Rs 2,000 banknotes was available in all bank branches till October 7, 2023. However, this facility is still available in 19 issue offices of the Reserve Bank. From October 9, 2023, RBI issue offices are also accepting Rs 2,000 banknotes from individuals and institutions for depositing them in their bank accounts. Apart from this, common people can send Rs 2,000 notes through India Post from any post office in the country to any RBI office for depositing them in their bank account. Rs 2,000 notes will continue to be legal tender.

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RBI gave this special order to banks for Monday, it is mandatory for everyone

Jyoti — Fri, 28 Mar 2025 10:02:00 +0000

The Reserve Bank of India (RBI) on Friday asked all banks to necessarily participate in special clearing operations on March 31 to facilitate accounting of all government transactions for 2024-25.

India follows a financial year from April 1 to March 31. Despite the weekend and Eid-ul-Fitr, which may fall on Monday, income tax offices and CGST offices across the country will remain open from March 29 to March 31, PTI reported.

The accounting should be done within the same financial year

According to the news, earlier, the RBI had said that all government transactions done by agency banks for 2024-25 should be accounted for within the same financial year. It had asked all agency banks to keep all branches dealing with government receipts and payments open for over-the-counter transactions related to government transactions till normal working hours on March 31, 2025. In a circular on Friday, the Reserve Bank of India also said that the normal clearing time under the Check Truncation System i.e. CTS, as applicable on any working day Monday, will also be applicable on March 31, 2025.

Presentation and return session times

The circular said that also in order to facilitate accounting of all government transactions for the current financial year (2024-25) up to March 31, 2025, it has been decided to conduct special clearing under CTS exclusively for government cheques on March 31. Further, it is mandatory for all banks to participate in the special clearing operation on March 31, 2025. Under the special clearing operation under CTS, the presentation time will be from 17:00 hrs to 17:30 hrs and the withdrawal session will be from 19:00 hrs to 19:30 hrs.

All CTS member banks have been asked to keep their inward clearing processing infrastructure open during the special clearing hours and maintain adequate balance in their clearing settlement accounts to meet settlement obligations arising out of the special clearing.

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Bank Holiday: Banks will remain closed tomorrow, know why RBI has declared holiday on 28th March

Jyoti — Thu, 27 Mar 2025 10:11:23 +0000

Bank Holiday : All banks are going to remain closed tomorrow, Friday 28 March. All government and private sector banks will remain closed. Most bank customers have the same question in their mind that why will the banks remain closed on Friday.

Banks will remain closed in some states on Friday. Here we are telling you why RBI has given a holiday to the banks on Friday 28 March.

Banks will remain closed on Friday, February 28

Banks will remain closed in Jammu and Srinagar on 27 March 2025 on the occasion of Jumat-ul-Vida. Jumat-ul-Vida is the last Friday of the month of Ramadan, which is considered very special and sacred in the Muslim community. On this day, special prayers are offered in mosques, the Quran is recited, and prayers are offered to Allah. It is celebrated as a farewell to the last Friday of Ramadan, where people increase their prayers and pray to Allah for mercy and forgiveness.

Banks will remain closed in Jammu and Kashmir

This is why it has been declared a state level bank holiday in Jammu and Kashmir. Apart from Jammu and Kashmir, banks will remain open in all other states of the country. However, online banking services like UPI, internet banking and mobile banking will continue to be available as before. So that customers can do their financial transactions without any hassle.

When will the banks be closed

March 27 (Thursday): Shab-e-Qadr – Banks closed in Jammu

March 28 (Friday): Jumat-ul-Vida – Banks closed in Jammu and Kashmir

30 March (Sunday) – Weekly Holiday

March 31 (Monday): Ramzan-Eid (Eid-ul-Fitr) (Shawwal-1), Khutub-e-Ramzan – Holiday in most states except Mizoram and Himachal Pradesh.

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RBI imposed a fine of Rs 75 lakh on HDFC Bank and Rs 68.20 lakh on Punjab & Sind Bank

Jyoti — Thu, 27 Mar 2025 05:28:30 +0000

The Reserve Bank of India (RBI) has imposed a fine of Rs 75 lakh on HDFC Bank citing non-compliance of KYC guidelines. Apart from this, a fine of Rs 68.20 lakh has been imposed on Punjab and Sindh Bank.

New Delhi. The Reserve Bank of India (RBI) monitors the operations of all the banks in the country. Whenever a bank ignores the rules and acts arbitrarily, the RBI can impose a fine on it. In this connection, the RBI said on Wednesday that it has imposed a fine on HDFC Bank and Punjab and Sind Bank for lack of compliance with the rules.

The central bank said in a statement that HDFC Bank has been fined Rs 75 lakh for not following certain RBI instructions on ‘Know Your Customer’ (KYC). RBI said that Punjab and Sind Bank has been fined Rs 68.20 lakh for not following certain instructions on ‘Creation of a Central ‘Repository’ of Major Common Risks in Banks’ and ‘Financial Inclusion – Access to Banking Services – Basic Savings Bank Deposit Account (BSBDA)’.

The Reserve Bank has also imposed a fine of Rs 10 lakh on KLM Exiva Finvest
for not complying with the requirements related to the declaration of dividend.

Now what will happen to the customers’ money?

However, RBI said that this fine is based on deficiencies in regulatory compliance. Its purpose is not to decide on the validity of any transaction or agreement made by the bank with its customers.

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ATM Cash Withdrawal: RBI has approved the increase in ATM interchange charges. check details

Jyoti — Wed, 26 Mar 2025 10:03:34 +0000

ATM Cash Withdrawal Charges 2025: If you withdraw money from ATM then this news is important for you. The Reserve Bank of India (RBI) has approved an increase in ATM interchange fees.

Due to this, from May 1, customers will have to pay additional charges on cash withdrawal and other transactions from ATM. This change will especially affect those who depend more on cash transactions rather than digital payments.

What is ATM interchange fee?

ATM interchange fee is the amount that a bank pays when its customer uses another bank’s ATM. This charge is also often levied on customers, especially when they transact beyond the free transaction limit.

Change in fees as per new rules

According to the notification issued by RBI, the following changes will be made on ATM transactions from May 1, 2025. After the free limit is exhausted, every cash withdrawal transaction will now be charged Rs 19, which was Rs 17 earlier. For balance inquiry or other non-cash transactions, customers will have to pay a fee of Rs 7, which was Rs 6 earlier.

Reason for fee hike

This change has been made following the demand of white-label ATM operators. These operators had appealed to RBI to increase the interchange fee due to increasing work cost so that their business can remain stable.

What will be the impact for customers?

There will be no additional charges on transactions within the free transaction limit. After the prescribed free limit, Rs 19 will be charged on each cash withdrawal and Rs 7 for other services.

So if you do more cash transactions, then this change can affect your pocket. Customers are advised to understand the free transaction limit of their bank and pay more attention to digital payment options.

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RBI Governor told this to the banks regarding submission of KYC documents of customers, said- this will benefit everyone

Jyoti — Tue, 18 Mar 2025 11:28:01 +0000

Reserve Bank of India (RBI) Governor Sanjay Malhotra has given a special advice to the banks. In this, he has said that avoid calling your customers repeatedly for KYC (Know Your Customer) documents.

According to PTI news, the RBI Governor said that we need to ensure that once the customer has submitted the documents to the financial institution, we do not insist on getting the same documents again. The Governor reminded of the competition in the industry and said that banks need to improve customer service, not only because it is their duty to do so, but also because it is in their own interest.

Calling repeatedly was described as an unavoidable inconvenience

According to the news, the governor clarified that submitting documents to a financial regulator’s overseeing entity makes it possible for other people to access them from the same database. He described repeated requests as an inevitable inconvenience. He regretted that most banks and NBFCs have not allowed their branches or offices to access information from the central database, due to which customers have to face inevitable inconvenience. This can be facilitated in advance. It will be in the interest of all.

Bank customers are constantly complaining

This comment from the central bank comes at a time when bank customers are complaining of inconvenience due to repeated requests to re-submit KYC. Such complaints are constantly coming on social media platforms. Malhotra warned banks against miscategorizing customer complaints. He said that doing so is a gross regulatory violation. He said that banks received 1 crore customer complaints in FY 2024 and if complaints against other regulated entities are included, this number will increase further. The governor said that 57 percent of these required mediation or intervention by the RBI Ombudsman. He said that you all will agree that this is a highly unsatisfactory situation and we need to pay immediate attention to it.

Banks need to improve their customer service

He advised the leadership of banks, from managing directors to branch managers, to take out time every week for grievance redressal. Malhotra said this is a must for all banks. He said if such issues are left unresolved, they can undermine consumer confidence and spoil the entire ecosystem. He emphasised that complaints should not be seen as a nuisance. It is important to avoid repeated complaints as they highlight systemic flaws.

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Bank Holiday: Banks will remain open in these states on Holi, Friday, know why RBI did this

Jyoti — Thu, 13 Mar 2025 04:55:11 +0000

Bank Holiday : Most people must be thinking that banks will remain closed in all states on Holi. But this is not the case. Banks will not remain closed in all states on Friday 14th March due to Holi.

Here we are telling you about the complete list of RBI that in which states banks will remain closed. Also in which states banks will remain open on the day of Rangwali Holi. Know the complete list of RBI here.

Banks are closed for 3 days in the country due to Holi

Banks are going to remain closed for three consecutive days due to Holi. The main reason for this is that Holi is being celebrated on different dates in different states of India. Due to Holi in the country, banks are going to remain closed on March 13, March 14 and March 15 in some states.

Banks are closed in these states today, Thursday 13 March

On this day, banks will remain closed in Uttarakhand, Uttar Pradesh, Jharkhand and Kerala on the occasion of Holika Dahan. However, banks will remain open in Delhi, Mumbai and other states.

Banks will remain closed here on 14 March 2025, the day of Rangwali Holi

Holi of colors will be celebrated on March 14 in most states of India. Banks will remain closed on this day. Banks will remain closed in all states like Delhi, UP, Punjab, Haryana, Maharashtra, Rajasthan, Madhya Pradesh, Himachal Pradesh. Also, banks will remain open in Karnataka, Odisha, Manipur, Tamil Nadu, Tripura, Kerala and Nagaland. If you have to do some important work by going to the bank branch, then finish it before time. So that, you do not have to face any inconvenience during Holi holidays.

March 15, 2025 (Saturday) – Holi festival will continue

In some states, Holi celebrations will continue on March 15 as well. Due to this, banks will remain closed in Tripura, Odisha, Manipur and Bihar. However, this is the third Saturday, which is not a compulsory holiday, so banks will remain open in other states.

Complete list of holidays for March 2025

Sunday, March 16 – Banks will remain closed in all states.

Saturday, March 22 – Banks will remain closed as it is the fourth Saturday.

Sunday, March 23 – Banks will be closed across India.

Saturday, March 22 – Banks will remain closed in Bihar on the occasion of Bihar Day.

Thursday, March 27 – Banks will remain closed in Jammu and Kashmir on account of Shab-e-Qadr.

Friday, March 28 – Banks will remain closed in Jammu and Kashmir on account of Jumma-tul-Vida.

Sunday, March 30 – Banks will be closed across India.

Monday, March 31 – Banks will remain closed in most states of India due to Eid-ul-Fitr, but banks will remain open in Mizoram and Himachal Pradesh.

Bank holidays are different according to the states

It is important to note that every state has its own separate bank holiday list. The Reserve Bank of India (RBI) releases the list of bank holidays according to each state on its official website. If you have to go to the bank branch to get some work done, then first check the list of holidays of your state.

Online banking service will remain operational

Even though banks will remain closed, customers should not face any inconvenience. For this, net banking, mobile banking and ATM services will remain operational. Fund transfer, bill payment and other online services will also remain operational.

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RBI imposed a fine of 66 lakhs on this bank, know what is the matter

Jyoti — Sat, 01 Mar 2025 08:14:08 +0000

RBI: The central bank RBI has imposed a fine of more than 66 lakhs on Hong Kong and Shanghai Banking Corporation Limited i.e. HSBC Bank.

The Reserve Bank of India said on Friday that it has imposed a fine of Rs 66.6 lakh on HSBC Bank for not following the instructions related to ‘Know Your Customer’ and ‘Interest Rate on Deposits’.

Apart from this, IIFL Samasta Finance Limited has also been fined Rs 33.1 lakh for non-compliance of certain provisions of the ‘Non-Banking Financial Company – Systemically Important Non-Deposit Taking Company and Deposit Taking Company (Reserve Bank) Directions, 2016’ and Know Your Customer (KYC) directions.

In both cases, the RBI said the penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

Slowdown in demand for personal loans

According to RBI, personal loan growth slowed to 14.2 percent in the fortnight ended January 24, 2025. The main reason for this slowdown is the weak disbursement of vehicle loans and credit card dues. RBI has prepared the report based on data collected from 41 selected commercial banks regarding sectoral allocation of bank loans.

RBI said that non-food bank credit grew by 12.5 per cent on an annual basis till the fortnight ended January 24, 2025, as against 16.2 per cent in the same fortnight last year. According to the report, “The personal loan section recorded a growth of 14.2 per cent in loans till the fortnight ended January 24, 2025, as against 18.2 per cent a year ago.

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Bank Holiday Alert! All banks will remain closed on Wednesday, know why RBI has declared holiday on 26 February

Jyoti — Tue, 25 Feb 2025 09:28:22 +0000

Bank Holiday: All banks are going to remain closed on Wednesday, 26 February. Most bank customers have the same question in their mind that why banks will remain closed on Wednesday.

Here we are telling you that banks are going to remain closed on Wednesday in most of the states of the country. Here we are telling you why RBI has given a holiday to banks on Wednesday.

Banks will remain closed on Wednesday, February 26

The holy festival of Mahashivratri will be celebrated on 26 February, which is a special day of worship of Lord Shiva. On this day, devotees observe fast, worship Bholenath by offering water and Bel leaves and recite Mahamrityunjaya Mantra and Shiv Chalisa by staying awake all night. It is believed that the holy marriage of Shiva-Parvati took place on this day, hence it is an extremely auspicious occasion for Shiva devotees. RBI has given Shivratri holiday to many states.

In which states will banks remain closed on 26 February

Wednesday, February 26: Banks will be closed on the occasion of Mahashivratri in Ahmedabad, Aizawl, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Dehradun, Hyderabad, Jaipur, Jammu, Kanpur, Kochi, Lucknow, Mumbai, Nagpur, Raipur, Ranchi, Shimla, Srinagar and Thiruvananthapuram.

Bank weekend holidays (Saturday and Sunday)

Sunday, February 16: Weekly holiday.

Saturday-Sunday, 22nd and 23rd February : Fourth Saturday and weekly holiday. Banks are closed on all national and local festivals, anniversaries, Sundays, second Saturdays and fourth Saturdays of every month. All bank branches are open on first, third and fifth Saturdays.

RBI allows withdrawal of up to ₹25,000 per depositor of THIS Bank from February 27

Jyoti — Tue, 25 Feb 2025 07:28:20 +0000

New India Co-Operative Bank: Reserve Bank of India (RBI) recently relaxed the conditions a few days after imposing several bans on New India Co-operative Bank. Under the relief given by RBI, the bank’s account holders will be able to withdraw up to Rs 25,000 from their savings account from February 27. RBI had imposed several bans on the cooperative bank citing supervisory concerns. The central bank had dissolved the bank’s board of directors for one year.

Most of the 28 branches of the cooperative bank are in Mumbai

Apart from this, former Chief General Manager of State Bank of India (SBI) Shrikant was appointed as the administrator to manage the operations. Most of the 28 branches of this cooperative bank are in Mumbai metropolis. It has two branches in Surat, Gujarat and one in Pune. The Reserve Bank said in a statement that after reviewing the cash position of the bank in consultation with the administrator, it has decided to allow withdrawal of up to Rs 25,000 per depositor from February 27.

With this exemption, more than 50 percent of all depositors will be able to withdraw
their entire outstanding amount. According to the ban imposed by RBI, the bank’s account holders could not withdraw money from their accounts. At that time it was told that these orders will remain in force for the next six months. However, the Reserve Bank has already given some relief in this. While imposing the ban, RBI had said that this ban has been imposed due to concerns about the monitoring of the bank and its cash shortage.

Three accused related to New India Cooperative Bank scam have been arrested. EOW had arrested the bank’s former CEO Abhinay Bhoan in connection with the fraud of Rs 122 crore. Earlier, accused Hitesh Mehta and Dharmesh Paun were also taken into custody. Both were sent to police custody till 28 February. Avinash Bhoan’s role has come to light in the case of missing cash in the preliminary investigation. He was the immediate supervisory officer of Hitesh Mehta.

Bank Holidays in March 2025: Banks will remain closed on THESE 13 days; check list here

Jyoti — Sat, 22 Feb 2025 05:33:09 +0000

RBI has released the list of March bank holidays. There is also a notification with it. There will be no bank holiday on March 31, the day of Eid. It is bank closing day. Banks have to close all their books on that day. Let us also tell you on which days banks will remain closed in the month of March.

Even though the Reserve Bank of India has cancelled the holiday on Eid i.e. on March 31 due to bank closing, you should still plan for bank related work in March. There is a reason for this. Banks are going to remain closed for 13 days in the month of March. There is no dearth of festivals in the month of March. A big festival like Holi will also be coming in this month. There are many occasions like Bihar Day, Shab-e-Qadr, Jamaat ul Vida, when banks will remain closed in different states of the country. Apart from this, banks will remain closed on the second and fourth Saturdays. This time there are also 5 Sundays. In such a situation, if you have to get any work related to banks done before the date of bank closing, then make a plan from now itself. Let us also tell you that on which date banks are going to remain closed in which state.

List of bank holidays in the month of March

March 2, Sunday: Sunday Holiday: All banks in the country will remain closed on this day.
March 7, Friday: Chapchar Kut Festival: On this day banks will remain closed in Aizawl.
March 8, Friday: Chapchar Kut Festival: On this day banks will remain closed in Aizawl.
March 9, Saturday: Second Saturday: All banks in the country will remain closed on this day.
March 13, Thursday: Holika Dahan: Banks will remain closed in Dehradun, Kanpur, Lucknow and Ranchi and Thiruvangapuram.
14th March, Friday: It will be a colourful day: Banks will remain closed across the country.
March 15, Saturday: Yaoseng Day: Banks will remain closed on this day in Agartala, Bhubaneswar, Imphal, Patna.
March 16, Sunday: Sunday Holiday: All banks in the country will remain closed on this day.
22nd March, Saturday: Fourth Saturday and Bihar Day: Since this day is fourth Saturday, there will be a holiday in the whole country. But since it is Bihar Day, there will be a special holiday for banks in Bihar.
March 23, Sunday: Sunday Holiday: All banks in the country will remain closed on this day.
March 27, Thursday: Shab-e-Qadr: Banks will remain closed in Jammu and Srinagar on this day.
March 28, Friday: Jamaat ul Vida: Banks will remain closed on this day in Jammu and Srinagar.
March 30, Sunday: Sunday Holiday: All banks in the country will remain closed on this day.

31st march holiday got cancelled

RBI holiday calendar still mentions holiday on 31st March i.e. Eid, but about a week ago RBI has issued a new notification saying that 31st March is a bank closing day. In such a situation, there will be no holiday for banks. All the banks of the country will remain open. However, on the day of Eid, banks are closed in all the states except Mizoram and Himachal Pradesh.

Bank a/c Holders ALERT! RBI has imposed a ban on withdrawing money from this bank, do you also have an account there ?

Jyoti — Fri, 14 Feb 2025 07:02:44 +0000

RBI in Action: RBI has imposed restrictions on withdrawal of money from savings, current or any other deposit account in Mumbai’s New India Co-operative Bank.

The Reserve Bank of India (RBI) has imposed restrictions on withdrawal of money from savings, current or any other deposit account of a cooperative bank. Under this ban imposed on Mumbai’s New India Co-operative Bank, the bank will not be allowed to issue new loans or withdraw deposits. This step has been taken due to concerns related to the supervision of the bank.

2436 crore rupees deposited in the bank

According to the Economic Times report, depositors have the right to claim insurance up to Rs 5 lakh under the Deposit Insurance Scheme. Depositors have been asked to deposit their claims in the bank. As of the end of March 2024, this cooperative bank had deposits of Rs 2436 crore.

Why did RBI take action

The action comes after concerns over the bank’s liquidity position led the RBI to impose restrictions on withdrawals from savings, current or any other deposit accounts. The regulator has stressed that these measures have been implemented to protect the interests of depositors.

RBI will monitor the condition of the bank

RBI will monitor the situation of the bank and amend these directions to ensure the protection of depositors’ interests. These restrictions will remain in force for a period of six months starting February 13, 2025.

Kotak Bank got relief a day before

A day earlier, the Reserve Bank of India (RBI) has lifted the ban imposed on Kotak Mahindra Bank for more than nine months. With the removal of the ban, the bank can add new customers through its online and mobile banking platforms. Apart from this, the central bank has also approved Kotak Mahindra Bank to issue new credit cards. The ban on the bank was effective from April 2024. Under this, the RBI had banned the bank from digitally onboarding new customers and issuing new credit cards. HDFC Bank, the largest private sector lender, was banned for about 15 months till March 2022.

Kotak Mahindra Bank gets relief, permission to issue credit cards, RBI removes ban

Jyoti — Thu, 13 Feb 2025 08:02:29 +0000

New Delhi. Private sector Kotak Mahindra Bank has got a big relief. The Reserve Bank of India (RBI) has lifted the restrictions imposed on the bank on February 12. Kotak Mahindra Bank can now issue credit cards to new customers. Apart from this, the bank will now be able to add new customers through online channels.

The Reserve Bank of India had imposed these restrictions on Kotak Mahindra Bank on 24 April 2024. Shares of Kotak Mahindra Bank closed at Rs 1943.30 on the Bombay Stock Exchange on Wednesday with a gain of 1.35 per cent.

What did RBI say on lifting the ban?

The central bank had instructed Kotak Mahindra Bank to stop adding new customers and issuing new credit cards through its online and mobile banking channels. Now the Reserve Bank has said that the bank took necessary steps to rectify its shortcomings and followed all the rules. Apart from this, an external audit was also conducted with the approval of the central bank so that these improvements could be confirmed.

Why did RBI impose restrictions?

RBI imposed restrictions on Kotak Mahindra Bank because deficiencies were found in the technical and security systems of the bank during the IT examinations of 2022 and 2023. The bank was repeatedly asked to rectify these problems, but timely and complete solutions were not provided. For this reason, restrictions were imposed on the bank.

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New 50 Rupee Note: Big update on ₹50 note, RBI will issue new note, know details

Jyoti — Thu, 13 Feb 2025 05:39:29 +0000

New Delhi- A big update has come regarding the Rs 50 note. Soon a new Rs 50 note will be seen in the market. In fact, the Reserve Bank of India (RBI) said on Wednesday that it will soon issue new Rs 50 notes with the signature of Governor Sanjay Malhotra.

Malhotra will succeed Shaktikanta Das in December 2024, who resigned after completing his extended term. “The design of these notes is similar to the Rs 50 notes of the Mahatma Gandhi (New) series,” the RBI said in a statement.

All Rs 50 notes will remain legal tender.

All Rs 50 notes previously issued by the Reserve Bank of India will remain legal tender.

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RBI’s instructions regarding FD, savings account and locker – Key Details Inside

Jyoti — Wed, 05 Feb 2025 11:00:47 +0000

RBI has issued a directive to banks. The central bank has said that banks should ensure nominees in deposit accounts and safety lockers of new and all existing customers. The nomination facility is aimed at reducing the hardships of family members on the death of depositors and speedy settlement of claims.

The Reserve Bank of India (RBI) has issued instructions to banks and NBFCs (non-banking financial companies) regarding nominee (legal heir). According to this, nomination is now necessary for every Fixed Deposit (FD), savings account and locker. RBI has ordered all banks to get nomination from every old and new customer. The purpose of the nomination facility is to reduce the difficulties of family members on the death of the depositor / depositors and to settle claims quickly. The central bank circular states that nominees are not available in a large number of deposit accounts. Know why nomination is necessary…

What is the reason?

According to the Economic Times report, RBI has found that many accounts do not have nomination. In such a situation, if the account holder dies, his family members have to face a lot of problems. With nomination, if any family member passes away, the nominee will easily get the money from his savings account, FD or locker without any delay or legal hassle.

What are the instructions?

According to the RBI circular of Friday, the instructions for nomination for scheduled commercial banks (SCBs – except RRBs), primary (urban) co-operative banks (UCBs) and deposit taking NBFCs have been included in the master circular. In these rules, banks have also been told to explain the benefits of nomination to the people and provide information about it everywhere.

How will monitoring be done?

According to the new RBI directive, the Customer Service Committee (CSC) or the Board of Directors will regularly review the nomination status. From March 31, the progress report will be given every quarter through the DAKSH portal. Changes will also be made in the account opening form so that the customer can choose a nominee or refuse nomination. RBI has said that campaigns should be run from time to time.

Who is a nominee?

A nominee in an account or investment is a person whom the account holder wants to receive his money after his death. When you open an account or add a nominee’s name later, it ensures that the account holder’s assets are passed on to that person. This person can be a family member or a friend or an acquaintance. The account holder can change the nominee’s name in his account whenever he wants.

Why is it necessary?

By having a nomination, the family can avoid legal hassles. If there is no nominee, then the family members or legal heirs have to go through a long and tedious process to get the property. If there is a nominee, then he just has to show his address, bank details and identity card and the money will be transferred in his name.

Essential to avoid hassle

Due to the absence of a nominee, the family of the deceased may face legal hurdles in getting money from the bank/insurance company. Sometimes a distant relative or an unknown person also declares himself as the heir. In such a situation, the matter becomes more complicated. If there is a dispute among the family members, then the matter goes to the court. It may take 6 months or several years to decide. To avoid this problem, get the name of a nominee registered in your account today itself.

Bank Closed on Monday: Banks will remain closed on Monday, know why RBI has declared holiday on 3 February

Jyoti — Sun, 02 Feb 2025 16:16:39 +0000

Bank Holiday on Monday 3 February 2025: Banks will remain closed on Monday 3 February 2025. Most bank customers have this question in their minds whether banks will remain closed on Monday due to Saraswati Puja. Here we are telling you that banks will remain closed due to Basant Panchami and Saraswati Puja. However, banks will remain closed only in some states instead of all the states. Check the complete list of RBI.

Banks will remain closed on February 3

All banks will remain closed on Monday, February 3, on the occasion of Saraswati Puja in Agartala. This festival is dedicated to the worship of Maa Saraswati, the goddess of learning and knowledge, which is celebrated with devotion and gaiety throughout the country including Tripura. Banks will remain closed in Tripura. Otherwise, banks will remain open in all states. Even when banks are closed on holidays, customers can work through ATMs, cash deposits, online banking and mobile banking on bank holidays.

List of Bank Holidays in February 2025 – State Wise

Banks remain closed on all national and local festivals, anniversaries, Sundays, second Saturdays and fourth Saturdays of every month. All bank branches remain open on first, third and fifth Saturdays. Now in the month of February, banks will remain closed for 14 days.

RBI has announced holidays – Bank holidays in February 2025 according to city and state

Monday, February 3: Banks will remain closed on the occasion of Saraswati Puja in Agartala.

Tuesday, February 11: Banks will remain closed in Chennai on the occasion of Thaipusam.

Wednesday, February 12: Banks will remain closed on Sant Ravidas Jayanti in Shimla.

Saturday, February 15: Banks will remain closed on the occasion of Loi-Ngai-Ni in Imphal.

Wednesday, February 19: Banks will be closed in Belapur, Mumbai, and Nagpur on the occasion of Chhatrapati Shivaji Maharaj Jayanti.

Thursday, February 20: Banks will remain closed in Aizawl and Itanagar on the occasion of State Day.

Bank weekend holidays (Saturday and Sunday)

Sunday, February 2: Weekly holiday.

Saturday-Sunday, 8th and 9th February : Second Saturday and weekly holiday.

Sunday, February 16: Weekly holiday.

Saturday-Sunday, 22nd and 23rd February : Fourth Saturday and weekly holiday.

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Bank Holidays Feb 2025: RBI has released the complete list of bank holidays in the month of February, See list here

Jyoti — Sat, 25 Jan 2025 11:29:21 +0000

Bank Holidays in February : There is less than a week left for the month of February 2025 to begin. In such a situation, it is important to know about the holidays coming in this month in advance, especially if you have any banking related work.

RBI has released the complete list of bank holidays falling in February. Banks will remain closed for a total of 14 days this month, in which the services of banks will be affected due to weekly holidays (Saturday and Sunday) and some regional festivals.

Some of these holidays will be national holidays, while in some states banking services will remain closed due to different festivals. Therefore, if you have to settle banking work in the month of February, then it is important to take care of these holidays in advance.

List of Bank Holidays in February 2025

February 2: All banks across the country will remain closed due to Sunday.
February 3: Banks will remain closed in Agartala on the occasion of Saraswati Puja .
February 8: Being the second Saturday of the month, there will be a bank holiday across the country.
February 9: Banks will remain closed across the country due to Sunday.
February 11: Banks will remain closed in Chennai due to Thai Poosam.
February 12: Banks will remain closed in Shimla on the occasion of Guru Ravidas Jayanti.
February 15: Banks will remain closed in Imphal on account of Lui-Ngai-Ni.
February 16: Banks across the country will remain closed due to Sunday.
February 19: Banks will remain closed in Belapur, Mumbai and Nagpur on account of Chhatrapati Shivaji Maharaj Jayanti.
February 20: Banks will remain closed in Aizawl and Itanagar on account of State Day.
February 22: All banks across the country will remain closed as it is the fourth Saturday of the month.
February 23: All banks across the country will remain closed due to Sunday.
February 26: Most banks across the country will remain closed due to Mahashivratri.
February 28: Banks will remain closed on the occasion of Losar in Gangtok.

Before doing any banking related work, get information about these holidays so that you do not face any problem.

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Bank Holidays: Know when banks will be closed from January 25 to 30…

Jyoti — Sat, 25 Jan 2025 04:14:25 +0000

New Delhi- The Reserve Bank of India (RBI) releases the list of bank holidays at the beginning of every month. Sometimes there are changes in the holidays due to special days in the middle of the month or for any other reason. This time in January 2025, the bank holidays will be for 3 days. Let’s know when and where banks will be closed from January 25 to 31.

Are banks closed on January 25 or not?

According to the Reserve Bank of India, all banks in the country remain closed on the second and fourth Saturday of every month. January 25, 2025 is the fourth Saturday of the month and all banks across the country will remain closed. You will not be able to get any work done by going to the bank.

Banks will remain closed on January 26 as well.

India’s 76th Republic Day will be celebrated on January 26. This day will be a government holiday and apart from banks, schools and colleges will also be closed. Since January 26 is also a Sunday, banks will have a weekly holiday on this day. All banks will remain closed on this day.

Banks will remain closed for 2 consecutive days.

Banks will remain closed on 25th January due to the fourth Saturday and 26th January due to Republic Day/Sunday. Due to this, all banks across the country will remain closed for two consecutive days. All banks in the country will remain open on 27th, 28th and 29th January.

Know where banks will be closed on January 30?

After January 26, there is also a holiday on January 30 but it will be applicable only in the state of Sikkim. All banks in Sikkim will be closed on the occasion of Sonam Losar. However, online banking services will be available on this day, so you can do banking work online. Thus, banks will remain closed for three days till the end of January.

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RBI has given relief to crores of users, banking calls will come only from these 2 numbers

Jyoti — Tue, 21 Jan 2025 04:28:04 +0000

New Delhi- These days, getting fraudulent calls has become a common thing. You must also be getting such spam calls. These days, you must have seen news of scamming and fraud on calls.

To put an end to all this, the Reserve Bank of India (RBI) has taken a concrete step. If you are a mobile user, then this news will surely make you happy. The Reserve Bank of India (RBI) has started 2 dedicated phone number series for financial institutions to make transactions and marketing calls to their customers. This new initiative has been taken to protect mobile users from fraud.

The latest RBI notice states that banks will now have to use only phone numbers starting with 1600 for all transaction-related calls. In other words, if you receive a call regarding a transaction or any other financial matter, it should come only from a number starting with 1600. This measure will help people stay away from fraudulent calls.

Similarly , for marketing calls and SMS

, RBI has allotted a number series starting from 1600 for banking services. Similarly, RBI has also allotted a phone number series starting from 140 specifically for marketing calls and SMS notifications to customers. So, if a bank is actually offering you services like personal loans, credit cards or insurance, you can expect numbers starting from 140 from them.

This step will help users avoid fraudsters who falsely claim to provide loans or credit cards from banks.

Let us tell you that in recent times there has been an increase in the incidents of fraud online and through calls. Fraudsters collect large amounts of money from people by claiming to be from the bank. In such a situation, this step of RBI can prove to be a relief to a great extent.

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RBI made a big announcement regarding bank accounts-lockers, all banks will have to do this work

Jyoti — Mon, 20 Jan 2025 10:58:02 +0000

The Reserve Bank of India (RBI) on Friday asked banks to ensure nominees in deposit accounts and safety lockers of new and all existing customers. The central bank said that a large number of accounts do not have nominees.

The nomination facility is intended to reduce the hardship of family members on the death of the depositor / depositors and to settle claims quickly. However, according to the central bank’s circular, based on the assessment of the Reserve Bank, it has been found that nominees are not available in a large number of deposit accounts.

It said, “In order to avoid inconvenience and unnecessary hardship to the family members of the deceased depositors, we emphasize the need to obtain the name of nominee for all existing and new customers holding deposit accounts, safe custody articles and safety lockers.”

RBI said that the Customer Service Committee (CSC) of the Board of Directors should review the achievement of enrollment coverage on a fixed period. The progress report in this regard should be given on the Reserve Bank’s Daksh portal on a quarterly basis starting from March 31, 2025.

Further, the frontline staff at the branches may be suitably trained to receive the nominees as well as settle the claims of the deceased constituents in a proper manner and to deal with the nominees/legal heirs, the circular said.

RBI said that the account opening form may be suitably modified (if not done already) to provide for the customer to avail or opt for the designated facility.

Apart from informing the customers directly, the concerned banks and NBFCs have also been asked to publicise the benefits of using the nomination facility through various media, including launching campaigns from time to time to achieve full coverage of all eligible customer accounts.

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RBI issues notification on nomination in FDs, Lockers and savings account. Key Details Inside

Jyoti — Sat, 18 Jan 2025 12:00:27 +0000

New Delhi: The Reserve Bank of India (RBI) has issued instructions to banks and NBFCs (non-banking financial companies) regarding nominee (legal heir). According to this, nomination is now necessary for every Fixed Deposit (FD), savings account and locker.

RBI has ordered all banks to get nomination from every old and new customer. The purpose of the nomination facility is to reduce the difficulties of family members on the death of the depositor / depositors and to settle claims quickly. The central bank circular states that nominees are not available in a large number of deposit accounts. Know why nomination is necessary…

What is the reason?
According to the Economic Times report, RBI has found that many accounts do not have nomination. In such a situation, if the account holder dies, his family members have to face a lot of problems. With nomination, if any family member passes away, the nominee will easily get the money from his savings account, FD or locker without any delay or legal hassle.
What are the instructions?
According to the RBI circular of Friday, the instructions for nomination for scheduled commercial banks (SCBs – except RRBs), primary (urban) co-operative banks (UCBs) and deposit taking NBFCs have been included in the master circular. In these rules, banks have also been told to explain the benefits of nomination to the people and provide information about it everywhere.
How will monitoring be done?
According to the new RBI directive, the Customer Service Committee (CSC) or the Board of Directors will regularly review the nomination status. From March 31, the progress report will be given every quarter through the DAKSH portal. Changes will also be made in the account opening form so that the customer can choose a nominee or refuse nomination. RBI has said that campaigns should be run from time to time.
Who is a nominee?
A nominee in an account or investment is a person whom the account holder wants to receive his money after his death. When you open an account or add a nominee’s name later, it ensures that the account holder’s assets are passed on to that person. This person can be a family member or a friend or an acquaintance. The account holder can change the nominee’s name in his account whenever he wants.
Why is it necessary?
By having a nomination, the family can avoid legal hassles. If there is no nominee, then the family members or legal heirs have to go through a long and tedious process to get the property. If there is a nominee, then he just has to show his address, bank details and identity card and the money will be transferred in his name.
essential to avoid hassle
Due to the absence of a nominee, the family of the deceased may face legal hurdles in getting money from the bank/insurance company. Sometimes a distant relative or an unknown person also declares himself as the heir. In such a situation, the matter becomes more complicated. If there is a dispute among the family members, then the matter goes to the court. It may take 6 months or several years to decide. To avoid this problem, get the name of a nominee registered in your account today itself.

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RBI Nomination: This rule for your benefit will be applicable in all banks, RBI has issued the order

Jyoti — Sat, 18 Jan 2025 08:28:03 +0000

RBI Nomination Notification: Thousands of crores of rupees are lying in the banks and NBFCs of the country, which have no claimants. Some of these accounts do not even have the details of the nominee.

Having a nominee would have helped the banks in reducing the unclaimed amount. Keeping this in mind, the Reserve Bank of India (RBI) has issued a notification, which states that banks and NBFCs do not have the option of nominee for existing savings accounts. RBI asked the banks to name the nominee in the savings accounts and safety lockers of new and all existing customers.

Nominee not available in a large number of savings accounts

The central bank (RBI) said that no nominee has been appointed in a large number of accounts. The purpose of providing a nominee is to reduce the trouble of family members on the death of the depositor and to settle claims quickly. According to the notification of the central bank, based on the assessment of the Reserve Bank, it was found that nominees are not available in a large number of savings accounts. The central bank said, ‘To avoid inconvenience and difficulty to the family members of the deceased depositor, we insist on naming a nominee for all existing and new customers who have savings accounts, safe custody articles and safety lockers.’

Progress report will have to be updated on the portal every quarter

RBI said that the Customer Service Committee (CSC) of the Board of Directors should review the achievement of nomination coverage at a fixed period. The progress report in this regard should be given on the Reserve Bank’s Daksh portal on a quarterly basis starting from March 31, 2025. The notification also said that in addition, the frontline staff in the branch can be suitably trained to receive the nominee as well as to properly settle the claims of the deceased constituents and deal with the nominees / legal heirs.

RBI said that the account opening form may be suitably modified (if not done so earlier) to provide for customers to avail or opt out of the nominee facility. Apart from informing the customers directly, the concerned banks and NBFCs have also been asked to publicise the benefits of using the nominee facility through various media, including launching campaigns from time to time to achieve full coverage of all eligible customer accounts.

500 Rupee Note: RBI has issued new guidelines regarding Rs 500 notes, read details…

Jyoti — Sat, 18 Jan 2025 06:02:29 +0000

The Rs 500 note is the main medium of exchange in India, but the growing problem of counterfeit notes has raised concerns. Recently, the Reserve Bank of India (RBI) has issued new guidelines to identify and prevent counterfeit Rs 500 notes. If you use cash, it is very important to know these guidelines, otherwise you may get cheated.

The growing threat of fake Rs 500 notes…

According to recent reports, fake Rs 500 notes have reached banks and ATM machines. The surprising thing is that even banks and ATM machines equipped with modern technology are not able to identify these fake notes. In such a situation, it has become very important to identify the notes while making cash transactions.

RBI has recently taken this problem seriously and has shared measures to make the public aware and protect them from fake notes. Let us understand in detail how you can identify real and fake Rs 500 notes.

How to identify a fake Rs 500 note?

According to the new RBI guidelines, here are some of the key features to identify a genuine Rs 500 note:

The number “500” printed on the original note is transparent. To see it, look at the note in dim light.

The number “500” is also printed in Devanagari script on the original note.
The historical monument of India, the Red Fort, is printed on the back of the note. The logo and slogan of the Swachh Bharat Abhiyan are also written below this image. The
signature of the RBI Governor is present on the original note.
The note has “Bharat” written in Hindi and “India” in English in small letters.

Concerns related to the problem of counterfeit notes

According to the data provided by RBI, the number of counterfeit notes is increasing rapidly. The presence of counterfeit notes in the market not only causes financial loss but has also become a big problem for the common people. Due to the inability to identify counterfeit notes, people are falling prey to fraud.

What does the new RBI guideline say?

The RBI has advised the public to be cautious in cash transactions and look for the above features to identify fake notes. Apart from this, the RBI has also directed banks to make their systems more accurate and effective so that fake notes can be detected.

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500 Rupee Note: Govt issued ‘warning’ regarding Rs 500 note, know the new guidelines issued by RBI

Jyoti — Fri, 10 Jan 2025 07:04:29 +0000

500 Rupee Note: Recently a topic has been published about this 500 rupee note. Therefore, it has become very important for the people of the country to know about it in detail. Otherwise you may have to face many problems…

The 500 rupee note is currently the largest note in the country. Earlier there were 1000 and 2000 rupees notes in the Indian currency, but later the government decided to withdraw them.

This time the government has made an important disclosure about this 500 rupee note, which you will also be surprised to know. People should know about it.

The central government has already banned many old notes and issued new notes. This also includes the 500 rupee note, which we are using right now.

Recently a topic has been published about this 500 rupee note. Therefore, it has become very important for the people of the country to know about it in detail. Otherwise you may have to face many problems.

Do you know that the Rs 500 note in your wallet can be fake? This is being asked because a large number of fake Rs 500 notes have come into the market these days.

According to a recent report of the Ministry of Finance, the number of fake Rs 500 notes has increased by 317 percent in the last five years. According to the data presented in Parliament, fake Rs 500 notes increased from 21,865 million pieces (MPC) in FY 2018-19 to 91,110 million pieces in FY 2022-23. In FY 2023-24, it decreased by 15 percent and the number reached 85,711 million pieces.

Recently an incident took place in Kadiri, Andhra Pradesh. Many fake Rs 500 notes were seized. Many people can be cheated by this. Therefore, the government has warned not to forget to check whether the Rs 500 note is real or not. Is the Rs 500 note fake?

Mark:

Any person can fall prey to fake notes. Many times people are not able to differentiate between real and fake notes. As per RBI guidelines, the official size of a real Rs 500 note is 66 mm x 150 mm.

The note will have the denomination of 500 written in Devanagari script.
There will be a picture of Mahatma Gandhi in the middle of the note.
‘INDIA’ and ‘Bharat’ will be written in fine print.

Color-changing security alert with ‘Bharat’ and ‘RBI’ inscriptions:

It should also be noted that when the Rs 500 note is folded, the color of the thread changes from green to blue.

There will be the RBI emblem, terms of guarantee, terms of commitment and the signature of the governor and a picture of Mahatma Gandhi on the right.

The note has a portrait of Mahatma Gandhi and an electrotype (500) watermark.

There is a number panel on the top left and bottom right of the note, in which numbers are written in ascending font.

There is an Ashoka Pillar symbol on the right side of the note.

The year of printing of the note is written on the left side of the Rs 500 note and there is also a logo slogan of Swachh Bharat.

According to government sources, recently fake Rs 500 notes have been caught at many places. Therefore, the government has issued instructions and requested people to be careful in this regard.

The RBI has advised the countrymen to always be careful about their money. Otherwise fraud can happen. A small mistake can completely cheat you. Therefore, do check the currency note in any case.

By the way, ₹ 100, ₹ 200, ₹ 500 notes are issued by the RBI. Currently, the ₹ 500 note is the largest note in India. In such a situation, many times while withdrawing money from the ATM, torn and damaged notes come out of the ATM. And those notes are not used anywhere, no one is ready to take them.

In such a situation, RBI has said that from now on none of you will have to face such trouble because you can easily change such torn notes. RBI said, you can easily change such notes by going to the nearest branch.

Along with this, RBI has also issued new guidelines for the identification of ₹ 500 notes. What are the new guidelines of RBI for identifying 500 rupee notes?

Rules for 500 rupee notes: RBI has suggested a new way to identify notes. In such a situation, if you also get duplicate or damaged notes, then how you can identify them has been explained in detail.

If you have an old note which is very dirty or has dirt on it, then that note will be considered invalid. Apart from this, graphic changes in the 500 rupee note will also be considered unfit. If the color of the note fades, it is considered unfit.

500 rupee note:

According to the rules of the Reserve Bank, if you have old or damaged 500 rupee notes, then now you do not need to worry. Because now you can go to any branch and change your torn 500 rupee note. If any bank wants to change it, then you can complain directly to that bank through the RBI portal.

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Multiple loans Rule: RBI suddenly changed this rule, it is no longer easy to take more than one personal loan!

Jyoti — Fri, 10 Jan 2025 04:58:03 +0000

Now it is going to be difficult for those taking personal loans to take multiple loans. RBI has implemented a new rule, which is going to bring a big change in both taking and giving loans. According to this rule, now lenders will have to update the loan information in the credit bureau within 15 days instead of 1 month.

This will enable lenders to get accurate information about defaults and payment records quickly. This will help in better assessment of borrower’s risk and curbing those taking multiple loans.

Multiple loans will be banned!

These instructions issued in August 2024 have been implemented from January 1, 2025. The Reserve Bank believes that this will help lenders in risk management. Till now, due to different EMI payment dates, reporting once a month could cause a delay of 40 days in the payment record. But now with updating every 15 days, this delay will end and lenders will get information in real time. Overall, now the delay in EMI reporting will be reduced and the correct information about payment-default will be available quickly.

This rule will also curb the habit of taking multiple loans

New loan takers get more loans from many places which is more than their capacity to repay. Banks themselves had suggested updating the records more frequently, so that correct information of the loan takers can be available.

Now if a person takes multiple loans and his EMI is due on different dates, then his financial activities will be visible in the credit bureau system within 15 days. This will give lenders accurate and fresh data about the financial condition of the borrowers.

‘Evergreening’ will be stopped!

Lenders believe that this change will also stop activities like ‘evergreening’. In this, borrowers take a new loan when they are unable to repay the old loan, due to which their real situation remains hidden. By reducing the reporting time, credit bureaus and lenders will get more reliable data and the lending system will be strengthened. This new rule of RBI will make the lending system more transparent and strong and it will be interesting to see what effect this has on the loan takers.

Benefits of Personal Loan

Availing a personal loan has become a unique facility in today’s busy life. Its main advantage is that it can be availed without any guarantee. The specialty of a personal loan is that it can be used for a variety of needs, such as emergency medical expenses, education, marriage, home repairs or other personal needs.

Personal loans are easy to get. Most banks and financial institutions offer online application facility, which saves time and simplifies the documentation process. Apart from this, the loan amount is also transferred to your account within a few days, which helps in meeting your needs quickly.

Negative aspects of Personal Loan

When there is an urgent need of money, most people rush towards personal loan because it is easily available. The biggest negative point of personal loan is that its interest is very high. The tenure of personal loan is very short, and if the payment is not made on time due to any reason, the bank takes advantage of the helplessness. Taking a personal loan without proper planning can lead to financial crisis. Not only this, if you do not pay the EMI on time, it can also spoil your credit score.

RBI issued Master Direction on Credit Information Reporting

Jyoti — Tue, 07 Jan 2025 06:28:59 +0000

The Reserve Bank of India (RBI) issued a master directive on Monday. It integrates various instructions issued by banks and other financial institutions on the credit information of their customers. The Reserve Bank has made many rules in the recent past regarding the customers’ credit report i.e. CIBIL, now all have been consolidated.

As per the master direction, if the Designated Users (SUs) capture the Credit Information Report (CIR) of the customers, the Credit Information Companies (CICs) will inform the customers about the same through SMS or email.

“The CIC shall send an alert only if the CIR enquiry is reflected in the customer’s CIR,” states the master direction – Reserve Bank of India (Credit Information Reporting) Directions, 2025. Also, lending institutions (CIs), including banks and non-banking financial companies (NBFCs), must inform customers why their request for data correction was rejected.

RBI said, “If the complaint is not resolved within 30 days from the date of filing of complaint by the complainant with the CI/CIC, the complainant will be entitled to a compensation of Rs 100 per day.” The purpose of issuing the master direction is to establish a standardized framework for reporting and dissemination of credit information and to protect the confidentiality of sensitive credit data.

FD investors: Big relife…! RBI issued a new guideline regarding premature FD withdrawal, check immediately

Jyoti — Mon, 06 Jan 2025 09:03:14 +0000

Big relief to FD investors: Most people prefer to invest in FD because it is safe. If you are also among such investors then there is good news for you. RBI has issued a new guideline regarding fixed deposits, which you should know about. From January 1, 2025, there will be no penalty on premature withdrawal within 3 months of making FD.

RBI has implemented new rules for Housing Finance Companies (HFC) and Non-Banking Finance Companies (NBFC) keeping in mind the interests of investors. This includes everything from making a nominee to FD premature withdrawal rules. Let’s know about the new rules of RBI.

RBI’s new rule related to FD

According to the new rule of Reserve Bank of India (RBI), you will have the freedom to withdraw money within 3 months of making an FD. You can withdraw the entire amount of small deposits (up to Rs 10,000) within 3 months without any interest. Whereas for large deposits, partial withdrawal of up to 50% of the principal amount or Rs 5 lakh (whichever is less) can be done within three months without interest.

Not only this, in cases of critical illness, the depositor is allowed to withdraw the entire principal amount prematurely without interest, regardless of the deposit term. Also, for more timely updates, now non-bank financial companies (NBFCs) will be required to inform the depositors about the maturity details at least two weeks before the maturity date.

Other changes to be implemented from January 1, 2025

Nominee update: Non-banking financial companies (NBFCs) have been directed to create a proper system to inform about the receipt of the correctly filled nomination form, cancellation or change of nominee. It will be necessary to give this acknowledgement to all customers, whether they have requested it or not.

Withdrawal rules: As per RBI’s directive, individual depositors holding public deposits will be allowed to request premature withdrawal within three months from the date of deposit. Within three months, the depositor can withdraw a maximum of 50% of the principal amount or Rs 5 lakh (whichever is less) without any interest. In this way, he will continue to get interest on the remaining amount.

In case of critical illness: In case of critical illness, depositors have a right to request withdrawal of their entire original deposit amount within three months from the date of deposit. Note that this rule also applies to existing deposit contracts that previously did not allow the right of premature withdrawal within the first three months.

Deposit maturity information: Earlier, NBFCs were required to inform depositors about the maturity date of their deposits at least two months in advance. But now for more timely updates, NBFCs will have to inform the depositors about the maturity date at least 14 days before the maturity date.

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5000 Rupee Note: RBI is going to issue 5,000 rupees note? Big update revealed

Jyoti — Mon, 06 Jan 2025 00:00:38 +0000

5000 Rupee Note: After demonetization, when 1000 rupee notes were banned in the country, 2000 rupee notes were issued after that. However, this note was also banned in a short time.

But, now a news is going viral on social media that the Reserve Bank of India (RBI) is going to issue a 5000 rupee note soon. The biggest thing is that along with the information about this note, a picture of it is also going viral. Let’s know what is the truth of this viral post.

Is 5000 rupee note really going to be issued?

Now the response of the fact check unit of PIB has come on this message going viral on social media. PIB has clarified in its post that RBI is not going to issue any such note. This news is completely false. At present, only notes of 10, 20, 50, 100, 500 and 2000 are legal tender in the country. However, from the year 2023, RBI has stopped printing 2000 notes and has also appealed to the people that if they have 2000 notes, then deposit it in the bank.

What is written in the post that is going viral

In a post going viral on social media, the user has written, ‘5000 New Note. New notes of five thousand rupees are going to be issued. RBI has given this information. RBI will soon issue new notes of 5 thousand rupees.’

However, refuting this post, the fact check team of PIB has informed on X and other social media platforms that this news is completely fake and RBI is not going to issue any such note.

सतर्क रहें ⚠️

सोशल मीडिया पर दावा किया जा रहा है कि भारतीय रिजर्व बैंक द्वारा ₹5000 के नए नोट जारी किए जाएंगे#PIBFactCheck

✅ यह दावा फर्जी है

✅ @RBI द्वारा ऐसा कोई निर्णय नहीं लिया गया है

✅ आधिकारिक वित्तीय जानकारी हेतु वेबसाइट https://t.co/WejSLtVo5O पर विजिट करें pic.twitter.com/CWTBocG62m

— PIB Fact Check (@PIBFactCheck) January 4, 2025

Earlier there used to be 5 thousand rupee notes

It is not that there have never been 5000 rupee notes in India. 5000 rupee notes were first printed in the country in 1938, when the British ruled. Later it was discontinued in 1946. However, after independence, 5000 rupee notes were printed again in the country in 1954 and it was printed by the government of independent India. But, in 1978, 5000, 1000 and 10000 notes were withdrawn.

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ATM New Rules: ATM cash withdrawal rules will be changed – All you need to know

Jyoti — Sat, 04 Jan 2025 11:01:12 +0000

ATM Cash withdrawal rules: This step will be especially beneficial for those customers who are unable to withdraw money due to technical reasons, haste or carelessness. This is an important step taken by RBI keeping in mind the safety of customers.

If you are afraid to withdraw money from ATM, then this news is for you. Actually, the facility of cash refund is being restarted in selected ATMs across the country. Under this facility, if the customer does not take the money withdrawn from the ATM within the stipulated time, then the machine will withdraw that money. This step has been taken by the Reserve Bank of India (RBI) with the aim of protecting customers and preventing fraud. Initially this facility will be implemented at selected ATMs and gradually it will be implemented at all ATMs.

What is cash refund facility?

With the help of cash refund facility in ATM, if the customer does not withdraw his cash within the stipulated time, then this money goes back to the machine. Earlier this facility was misused, due to which RBI had closed this facility in the year 2012.

How will this facility work?

If you withdraw money from an ATM but do not withdraw the money within the stipulated time (usually 30 seconds), the ATM machine will take back the amount. After this, it will be ensured that the same amount is credited to your account again.

Benefits for customers

If a customer accidentally leaves the money, no one else will be able to take it. And this money will be returned to your account. This rule is being brought to make ATM transactions secure, to reduce cases of fraud. Let us tell you that fraudsters used to close the ATM by putting a fake cover in front of the cash-tray, so that the cash gets stuck in the machine and the customer does not see it. Even in such a situation, customers will not suffer any loss and their money will go back to their account.

This step will be especially beneficial for those customers who are unable to withdraw money due to technical reasons, haste or carelessness. This is an important step taken by RBI keeping in mind the safety of customers.

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RBI Did Not Change the Repo Rate in 2024, Everyone’s Eyes are On the New Chief in 2025

Jyoti — Mon, 23 Dec 2024 07:03:36 +0000

The Reserve Bank of India (RBI), under former governor Shaktikanta Das, ignored pressure to cut interest rates in 2024 and kept its main focus on inflation. However, now under a new chief, the central bank will soon have to decide whether it can continue to prioritise inflation at the expense of economic growth. Bureaucrat Das oversaw the entire matter after Prime Minister Narendra Modi’s decision to ban currency in 2016. He has left a lasting legacy.

The economy was revived during the Covid-19 pandemic

Shaktikanta Das efficiently conducted monetary policy for six years. After the completion of Das’s second term at the end of 2024, the government has appointed Revenue Secretary Sanjay Malhotra as the new governor. Das is credited with leading India’s revival from the time of the Kovid-19 pandemic. Another bureaucrat Sanjay Malhotra was appointed Das’ successor later this year. Malhotra was appointed just 24 hours before Das’s second three-year term ends.

Repo rate was kept unchanged, economic growth at seven quarter low

Under Das’ leadership, the RBI kept the key policy rate repo unchanged for almost two years. However, the economic growth rate has come down to a seven-quarter low in the July-September quarter of the current financial year. With the new governor taking charge and growing disagreement in the interest rate setting committee (MPC) in favor of cutting interest rates, all eyes are now on the RBI’s monetary review meeting in February. Everyone is waiting to know what the MPC’s stance is in the February meeting.

The possibility of interest rate cut in February has increased

After the appointment of the new RBI governor, some analysts believed that Malhotra’s arrival had strengthened the possibility of a rate cut in February, but some developments, especially the US Federal Reserve’s indication of a lower rate cut in 2025, have led some to question whether this is the right time for a rate cut. Some observers are also questioning whether a mild rate cut of 0.50 per cent – as is widely expected given inflation projections – would be of any help to economic activity.

Decision to change policy stance to neutral

Das, who joined the central bank after a long career as a bureaucrat, had said that he worked according to the provisions that focus on inflation while being conscious of growth. The six-member Monetary Policy Committee had unanimously decided to change the policy stance to ‘neutral’ in October 2024. In his last policy announcement, Das had said that the growth-inflation dynamics had become unstable, citing economic growth rate of 5.4 percent in the July-September quarter and inflation rising above the satisfactory level of six percent in October.

Shaktikanta Das said in his last press conference after the publication of official GDP growth data that there is no scope for ‘sudden’ reaction in central banking. He said that the ‘credibility’ of the flexible inflation targeting framework has to be protected going forward. The RBI has kept the key rates unchanged for 11 consecutive bi-monthly policy reviews.

RBI imposed a fine of ₹ 27.30 lakh on THSES 2 banks – Check Details

Jyoti — Sat, 21 Dec 2024 05:30:34 +0000

The Reserve Bank of India (RBI) has imposed a fine of Rs 27.30 lakh on private sector IndusInd Bank . This fine has been imposed for non-compliance of certain provisions of the norms related to interest rates on deposits.

In a statement issued by the RBI, it was said that the central bank had conducted an inspection for supervisory evaluation of the bank regarding the financial position of IndusInd Bank as of March 31, 2023. Based on the findings of the inspection, a show cause notice was issued to the bank.

After considering IndusInd Bank’s reply to the notice and additional submissions from it, RBI found that it was justified to impose a monetary penalty on the allegations related to, among other things, opening of certain savings deposit accounts in the name of ineligible entities. However, the Reserve Bank of India has said that the penalty is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by IndusInd Bank with its customers.

In another statement, RBI said that it has also imposed a fine of Rs 20 lakh on Manappuram Finance. This fine has been imposed for non-compliance of certain provisions of the central bank’s KYC guidelines. RBI had conducted an inspection regarding the financial position of Manappuram Finance as of March 31, 2023. After non-compliance of guidelines was found in the inspection and related communication, a show cause notice was issued to the company. After Manappuram Finance’s reply to the notice and oral submissions made in the personal hearing, RBI found that the charges against the company are correct and monetary penalty is imposed.

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Bank Holiday: How many days will banks remain closed in 2025, RBI released the list

Jyoti — Thu, 19 Dec 2024 10:04:51 +0000

Bank Holiday: Public holidays for the year 2025 have been announced. Let us know how many holidays we will get in the new year and on which days they will fall.

Knowing bank holidays in India is very important for planning your financial transactions and bank related activities. There are different types of banks operating in India such as Reserve Bank of India (RBI) , Commercial Banks, Cooperative Banks, Regional Rural Banks (RRB), and Small Finance Banks (SFB).

Bank holidays can be broadly divided into two categories:

National Holidays (Gazetted Holidays): These are valid uniformly throughout the country.
Government holidays: These include holidays declared by the state and central government. State government holidays depend on the specific state while central government holidays are applicable throughout the country.

Apart from this, Indian banks are also closed on the second and fourth Saturdays of every month.

Here is the complete list of bank holidays in India for 2025.

Holiday	date
new Year’s Day	01 January 2025
guru gobind singh ji birth anniversary	06 January 2025
swami vivekananda birth anniversary	12 January 2025
Makar Sankranti / Pongal	14 January 2025
Birthday of Muhammad Hazrat Ali/ Lui-Ngai-Nee	14 January 2025
Republic Day	26 January 2025
Basant Panchami	02 February 2025
guru ravidas ji jayanti	12 February 2025
mahashivaratri	26 February 2025
Holi	14 March 2025
Annual closing of bank accounts	01 April 2025
Birth Anniversary of Babu Jagjivan Ram	05 April 2025
Mahavir Jayanti	10 April 2025
Tamil New Year	14 April 2025
Birthday of Guru Rabindranath Tagore	07 May 2025
Id-ul-Adha (Bakrid)	07 June 2025
buddha purnima	12 May 2025
Martyrdom Day of Shri Guru Arjun Dev Ji	10 June 2025
Rath Yatra	27 June 2025
Muharram	06 July 2025
Raksha Bandhan	09 August 2025
Independence Day	15 August 2025
Janmashtami (Vaishnav)	15 August 2025
Srimanta Sankardev Date	25 August 2025
Vinayagar Chaturthi	26 August 2025
Thiruvonam	05 September 2025
Half-yearly closing of bank accounts	01 October 2025
Mahatma Gandhi Birthday	02 October 2025
Dussehra	02 October 2025
Diwali	20 October 2025
govardhan puja	22 October 2025
chhath puja	28 October 2025
guru nanak jayanti	05 November 2025
christmas day	25 December 2025

The post Bank Holiday: How many days will banks remain closed in 2025, RBI released the list first appeared on Rightsofemployees.com.

Bank Holiday Tomorrow : All banks will remain closed tomorrow on Thursday. know why RBI has declared holiday

Jyoti — Wed, 18 Dec 2024 13:28:44 +0000

Bank Holiday: All banks will remain closed tomorrow on Thursday. According to RBI, banks will remain closed in Goa on Thursday but bank branches will remain open in all other states of the country.

In other states of the country like Delhi, UP, Rajasthan, Punjab, Haryana, Maharashtra, Madhya Pradesh, bank branches will work normally and all branches will work. Know here why RBI has given holiday to the banks of Goa.

Banks will remain closed on Thursday, December 19

Goa Liberation Day will be celebrated on Thursday, December 19. Goa Liberation Day is celebrated every year on December 19. This day is celebrated to commemorate Goa’s independence from Portuguese rule in 1961. Goa was under Portuguese rule for about 450 years, but it gained independence after a long struggle and a military operation under the Indian Army’s ‘Operation Vijay’. In this operation, the Indian Army liberated Goa within 36 hours and ended Portuguese rule. Goa Liberation Day is an opportunity to honor the glorious history of the state and the courage of freedom fighters.

Complete list of bank holidays in December 2024

December 18 (Wednesday) : Banks will remain closed in Shillong on account of death anniversary of U Soso Tham.
December 19 (Thursday): Banks will remain closed only in Goa on account of Goa Liberation Day.
December 22(Sunday): Weekly Holiday
December 24 (Tuesday): Banks will remain closed in Kohima, Aizawl on Christmas Eve.
December 25 (Wednesday): Banks will remain closed in all states due to national holiday of Christmas.
December 26 (Thursday): Banks will remain closed in some states due to Christmas celebrations.
December 27 (Friday): Banks will remain closed in some states due to Christmas celebrations.
December 28 (Saturday): Fourth Saturday
December 29 (Sunday): Weekly Holiday
December 30 (Monday): Banks will remain closed in Shillong on account of U Kiang Nangbah.
December 31 (Tuesday): New Year’s Eve (Banks will be closed in some states due to local holiday)

Bank Holidays 2024: Banks will remain closed on 18 and 19 December! Complete your important work today

Jyoti — Tue, 17 Dec 2024 06:02:35 +0000

Bank Holidays in December: If you have some important work related to the bank in the next one or two days, then this news is of your use. Yes, in the list of holidays from RBI, banks are going to remain closed on 18 and 19 December for some areas.

Bank holidays in the country vary according to the states. Apart from this, in the calendar of RBI, banks have holidays on national holidays, special events and second and fourth Saturdays of every month. The list of bank holidays in the country is issued by RBI.

Why and where are banks closed on 18 December?

Banks will remain closed in Meghalaya on 18 December on the death anniversary of U Soso Tham. Born in 1873 in Sohra or Cherrapunji, Meghalaya, U Soso Tham was a poet. He was the first poet to introduce secular literature with a unique and original vocabulary. He was also the first person to use Khasi idioms in a form mainly taken from English poetry. U Soso Tham is mainly remembered for his beautiful poems. 18 December is a public holiday in Meghalaya State. Due to this, there will be no work in all government offices here on this day. Banks will remain open in other states except Meghalaya on this day.

What is on 19 December?

Banks will remain closed in Goa on 19 December. According to the RBI list, banks will remain closed in the capital Panaji. This is due to Goa Liberation Day. Goa, Daman and Diu Liberation Day is celebrated every year on 19 December in Goa. According to Wikipedia, Goa Liberation Day is celebrated to commemorate the capture of Portuguese-ruled Goa by the Indian Armed Forces in 1961, after which India became free from any European rule. Usually, the list of bank holidays across the country is issued by the RBI.

Let us tell you that services like ATM, Internet Banking and Mobile Banking are available to customers during bank holidays. Bank branches remain closed for payment services or cash deposits or large transactions. Usually, bank holidays in the country vary according to states and cities. However, in the year 2024, many public holidays were implemented across the country. Some of these holidays include Republic Day (26 January), Independence Day (15 August) and Gandhi Jayanti (2 October). Apart from this, there were holidays on festivals like Diwali, Dussehra, Christmas, Eid, Guru Nanak Jayanti, Good Friday, Ganesh Chaturthi, Buddha Purnima etc.

Apart from the above holidays, banks are also closed on the second and fourth Saturdays of every month. The fifth Saturday of a month with five Saturdays is a working day for the bank. Earlier, banks used to open only for half a day on Saturdays.

Agricultural Loan Limit: RBI Increases Collateral-Free Agricultural Loan Limit from ₹1.6 to ₹2 Lakh

Jyoti — Sat, 14 Dec 2024 11:28:43 +0000

Kisan Credit Card: RBI has announced a big relief for crores of farmers of the country. The announcement made by the central bank will come into effect from the new year i.e. January 1. Under this, farmers will now be able to take more guarantee-free loans than before.

The central government is running various schemes to empower farmers economically. Apart from the government’s most ambitious scheme Pradhan Mantri Kisan Samman Nidhi, PM Kisan Crop Insurance Scheme is also included in these. Finance Ministry officials had recently held a meeting with bank heads and asked them to provide maximum loans to farmers and help them in self-employment. Under this, RBI has taken a big step for the farmers. Yes, now farmers across the country will be able to get more loans than before without guarantee.

The limit of unsecured loans for farmers has been increased

The Reserve Bank of India (RBI) has increased the limit of unsecured loans for farmers from January 1, 2025. Yes, from the new year, farmers across the country will be able to take loans up to Rs 2 lakh from banks. Earlier, the limit under this was up to Rs 1.6 lakh. In this way, RBI has increased the loan limit of Rs 40 thousand for farmers. RBI has taken this step with the aim of helping small and marginal farmers amid the rising cost of farming.

More than 86 percent of the country’s farmers will benefit.

The new directive asks banks across the country to waive collateral and margin requirements for agriculture and related loans up to Rs 2 lakh per borrower. According to the Agriculture Ministry, this decision has been taken to improve rising costs and access to credit for farmers. The statement said that this measure will greatly benefit more than 86 percent of small and marginal landholder farmers.

Banks have been ordered to implement the related order quickly and make customers as aware as possible about the new loan rules. This step is expected to facilitate easy access to Kisan Credit Card (KCC) loan and will complement the government’s revised interest subsidy scheme. Under this scheme, the government provides a loan of up to three lakh rupees at an effective interest rate of 4 percent. More than 12 crore farmers of the country will be able to take advantage of the rule being implemented by the RBI.

6000 crore rupees are received every year

Let us tell you that under the PM Kisan Samman Nidhi scheme of the Central Government, about nine and a half crore farmers are given financial help of Rs 6000 annually. This money is given to the farmers in three installments of Rs 2000 each. This money is transferred by the government to the accounts of eligible farmers through DBT.

Good news! RBI took a big decision, now you can get loan from these banks through UPI

Jyoti — Sat, 07 Dec 2024 07:03:53 +0000

Credit Line on UPI: With the aim of increasing economic activities, the Reserve Bank of India has now allowed Small Finance Banks to give loans.

With this decision of RBI, small entrepreneurs and businessmen in villages and towns will also get the facility of loans at affordable interest rates.

New customers will start joining the bank

This is good news for small finance banks and getting loans through UPI (Credit Line on UPI) will open new business avenues for these banks. Many small finance banks (SFBs) like AU Bank have already started giving loans through credit cards. Now new customers will also start joining the banks with this easy method.

Now there is no problem in getting financial help

Loan facility will reach more and more people through UPI. This also makes the transaction between bank and customer very easy. Along with promoting economic development, those deprived communities of the society also get the facility of financial assistance when needed. In such a situation, due to this facility, they will no longer have any problem in starting their work or business on a small scale, which will open new avenues of economic development along with financial activities in the market. New employment opportunities will open up.

These businessmen will get a lot of help

Small Finance Banks in India are a category of banks that have been created to provide basic banking services to small businessmen, small and cottage industries. These banks are governed by the Reserve Bank of India (RBI) under the Banking Regulation Act, 1949. They receive licenses from RBI.

Bank Holiday: All banks are going to remain closed today on Tuesday. see list here

Jyoti — Tue, 03 Dec 2024 05:28:33 +0000

Bank Holiday: All banks are going to remain closed today on Tuesday. All public, private and rural banks are going to remain closed on December 3. Here we are telling you why RBI has given a holiday to the banks today. Banks are going to remain closed in these states of the country on Tuesday. Check the complete list of RBI here.

Banks will remain closed on Tuesday, December 3

December 3 (Tuesday): Banks will remain closed in Goa on account of St. Francis Xavier festival.

RBI has asked to keep banks closed in Goa. On Tuesday, December 3, St. Francis Xavier festival will be celebrated in Goa. It is celebrated every year on December 3, which is a special religious occasion for the Christian community. This festival is celebrated to pay tribute to the life of St. Francis Xavier and his preaching services. Thousands of devotees gather in Goa on this special festival to pray and seek blessings at the holy tomb of St. Francis Xavier. During this time, prayers and processions are taken out in churches.

Full List of Bank Holidays in December 2024

December 3 (Tuesday): Feast of St. Francis Xavier (local holiday)
December 8 (Sunday): Weekly Holiday
December 12 (Thursday): Banks will remain closed in Shillong on account of Pa-togan Nengminja Sangma.
December 14 (Saturday): Second Saturday
December 15(Sunday): Weekly Holiday
December 18 (Wednesday): Banks will remain closed in Shillong on account of death anniversary of U Soso Tham.
December 19 (Thursday): Banks will remain closed only in Goa on account of Goa Liberation Day.
December 22(Sunday): Weekly Holiday
December 24 (Tuesday): Banks will remain closed in Kohima, Aizawl on Christmas Eve.
December 25 (Wednesday): Banks will remain closed in all states due to national holiday of Christmas.
December 26 (Thursday): Banks will remain closed in some states due to Christmas celebrations.
December 27 (Friday): Banks will remain closed in some states due to Christmas celebrations.
December 28 (Saturday): Fourth Saturday
December 29 (Sunday): Weekly Holiday
December 30 (Monday): Banks will remain closed in Shillong on account of U Kiang Nangbah.
December 31 (Tuesday): New Year’s Eve (Banks will be closed in some states due to local holiday)

Top FD Rate: Excellent interest up to 9% on FD of three years, crores of customers are benefiting from THESE banks

Jyoti — Wed, 27 Nov 2024 07:03:01 +0000

FD Interest Rate: If you are also looking for high interest rates on FD, then this news is useful for you. RBI has not changed the repo rate which is running at record levels for a long time.

With the repo rate running at the level of 6.5 percent, banks are also offering good interest rates to customers. Meanwhile, some banks are offering great interest on FD for retail depositors (those depositing less than Rs 3 crore).

Like every bank, these banks are also offering 0.25% to 0.50% more interest to senior citizens on FDs. Let us see the list of those banks which are offering up to 9% interest for three years on FDs of less than Rs 3 crore to depositors below 60 years of age.

North East Small Finance Bank is offering 9% interest on three-year FD to general customers.

Suryoday Small Finance Bank is giving 8.6% interest to common people on its fixed deposit (FD). This FD will mature after three years, that is, after three years you will get your money back along with interest.

Utkarsh Small Finance Bank is giving 8.5% interest to the common man on three-year FD. Apart from this, Jan Small Finance Bank is giving 8.25% interest on three-year FD.

Unity Small Finance Bank is offering 8.15% interest on FDs maturing in three years. Apart from this, Equitos Small Finance Bank is offering 8% interest on three-year FDs. Apart from this, banks are giving separate benefits to senior citizens.

Bank Holiday: Banks will remain closed tomorrow, know why RBI has declared holiday on Wednesday 20 November

Jyoti — Tue, 19 Nov 2024 11:28:34 +0000

Bank Holiday: All banks are going to remain closed tomorrow on Wednesday. All public and private sector banks will remain closed in Maharashtra on 20 November. Here the branches of all banks like SBI, HDFC, ICICI, Bank of Baroda, Punjab National Bank, Axis Bank will remain closed.

Assembly elections are to be held in Maharashtra tomorrow on Wednesday. This holiday has been given so that there is no problem during the elections and all citizens can cast their vote. RBI has given holiday only in Maharashtra in view of the elections. Otherwise, banks will remain open in all states.

Banks will remain closed on Wednesday, November 20

Banks are going to remain closed on Wednesday 20 November. Banks are going to remain closed only in the state of Maharashtra. Regular work will be done in banks in all other states. Due to assembly elections in the state of Maharashtra, the state government has declared a public holiday. Apart from this, the Reserve Bank of India (RBI) has also asked all the banks of the state to keep their branches closed in Maharashtra. Bank branches will remain closed but customers can use digital banking services to complete many bank tasks without any hassle.

Branches will remain closed in these states of the country

November 20 (Wednesday): Banks will remain closed due to assembly elections in Maharashtra.

November 23 (Saturday): Fourth Saturday and Senkut Snei Festival in Meghalaya.

November 24 (Sunday): Banks closed across the country.

The post Bank Holiday: Banks will remain closed tomorrow, know why RBI has declared holiday on Wednesday 20 November first appeared on Rightsofemployees.com.

Bank Holidays: All banks will remain closed on Friday, know why RBI has declared holiday on 15 November

Jyoti — Wed, 13 Nov 2024 07:28:08 +0000

Bank Holidays: All banks in the country will remain closed on Friday. All public and private sector banks will remain closed across the country on November 15. Guru Nanak Jayanti and Kartik Purnima will be celebrated across the country.

Due to this, banks will remain closed in most states of the country. In such a situation, customers will have to complete their work keeping in mind the bank holiday. Here is the list of those states where banks will remain closed on Friday. Check why RBI has given a holiday.

Banks will remain closed on Friday 15 November

Banks will remain closed in Punjab, Delhi and other states on the occasion of Guru Nanak Jayanti on 15 November 2024. This day is extremely important for the Sikh community, as it marks the birth anniversary of the first Sikh Guru, Guru Nanak Dev Ji. Guru Nanak Jayanti, also known as Gurpurab, is celebrated on the day of Kartik Purnima. Most states have a holiday on this occasion. Due to this, banks, schools and government offices will remain closed in most states.

Guru nanak jayanti

Guru Nanak Jayanti is celebrated to commemorate the birth anniversary of the first Guru of Sikhism, Guru Nanak Dev Ji. This holy day falls on Kartik Purnima. Guru Nanak Dev Ji gave the message of unity, brotherhood and truth in the society. The main objective of his teachings was to serve humanity, eradicate social discrimination, and maintain equality towards all religions. On this day, kirtan, prabhatpheri and langar are organized in the Sikh community, especially in gurudwaras, in which people of all religions participate enthusiastically.

Kartik Purnima and Rahas Purnima

The day of Kartik Purnima is considered extremely sacred in Hinduism. This day is also celebrated as ‘Dev Diwali’ and it is believed that on this day Lord Shiva killed Tripurasura, in commemoration of which the gods lit lamps in heaven. Ganga bath on the occasion of Kartik Purnima has special significance, because it destroys sins and leads to the attainment of virtue. Rahas Purnima, on the other hand, has special significance in the state of Odisha. It is dedicated to the special worship of Lord Jagannath and his mysterious form, in which the Lord is adorned with grand decorations and special rituals are performed.

Banks will remain closed on Saturday in these states of the country

November 15 (Friday): Guru Nanak Jayanti/Kartik Purnima – Banks closed in Mizoram, Maharashtra, Madhya Pradesh, Odisha and other states.

November 17 (Sunday): Holiday.

November 18 (Monday): Banks closed in Karnataka for Kanakadasa Jayanti.

November 23 (Saturday) : Fourth Saturday and Senkut Snei Festival in Meghalaya.

November 24 (Sunday): Banks closed across the country.

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RBI’s new KYC rules: RBI makes six amendments to know-your-customer (KYC) rules, Check Details

Jyoti — Fri, 08 Nov 2024 12:29:13 +0000

RBI KYC Rules: The Reserve Bank of India (RBI) has changed the rules related to Know Your Customer (KYC). Through a notification in this regard, RBI has announced changes in the master guidelines.

It was also said that these changes will be implemented with immediate effect. KYC of customers is done by banks from time to time. This is done to ensure that the customer is who he claims to be.

KYC simply means ‘Know Your Customer’. It is a process through which banks and other financial institutions verify the identity of their customers. KYC helps in preventing activities like fraud and money laundering. Now, changes in these were announced by RBI on 6 November. KYC is important for financial institutions to verify the identity of their customers. KYC also helps in preventing wrong activities like money laundering and terrorist funding.

What is ‘Digital KYC’?

‘Digital KYC’ simply means capturing of live photograph of the customer and an officially valid document or valid Aadhaar. Where offline verification cannot be done, the latitude and longitude of the place where such live photograph is being captured. By the authorized officer of RE as per the provisions contained in the Act.

RBI’s recent change

According to the notification issued by the Reserve Bank of India (RBI) on November 6, ‘The Master Guidelines on KYC have been amended to align the guidelines with the amendments made in the Prevention of Money Laundering Rules, 2005 through a gazette notification on July 19, 2024 (b) incorporating instructions as per the amendment issued on April 22, 2024 on the order of the Government of India dated February 2, 2021 ‘Procedure for implementation of section 51A of the Illegal Activities (Prevention) Act, 1967′, and (c) amending some existing instructions’.

Why is KYC necessary?

KYC helps prevent activities like fraud, money laundering and terrorist funding. It ensures that the customer’s money is safe and does not go into the wrong hands. It helps in complying with various financial rules and laws.

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The post RBI’s new KYC rules: RBI makes six amendments to know-your-customer (KYC) rules, Check Details first appeared on Rightsofemployees.com.

Bank Holiday: RBI released the list of holidays, check the closing time of your nearest branch

Jyoti — Tue, 05 Nov 2024 11:28:19 +0000

Bank Holiday: The Reserve Bank of India (RBI) has released the list of bank holidays for November 2024 on its official website.

According to this list, banks will remain closed in different states for a total of 13 days this month, including 4 consecutive days off next week. Let us know when the banks will remain closed in which states.

According to the RBI holiday list, banks will be closed in Bihar, Delhi, Jharkhand and West Bengal on the occasion of Chhath Puja (evening prayer) on November 7. After this, banks will remain closed in Bihar, Jharkhand and Meghalaya on November 8 for morning prayer and Wangala festival. Apart from this, all government and private banks across the country, including State Bank of India (SBI), remain closed on every second and fourth Saturday. Therefore, if you are planning to go for any bank related work, then first make sure whether the bank is open on that day or not, so that you do not face any inconvenience.

Bank holidays in these states

November 7: Banks will remain closed in states like Bengal, Bihar and Jharkhand on the occasion of Chhath (evening Arghya).
November 8: Banks will remain closed in Bihar, Jharkhand and Meghalaya due to Chhath (morning prayer) and Wangala Festival.
November 9 (Saturday): All banks across India will remain closed on second Saturday.
November 10 (Sunday): Banks will remain closed in all states and union territories on Sunday.

How to do banking during the holidays

You can do your banking work online even during holidays. ATM, internet banking and mobile banking services will remain operational, so there will be no problem in transactions. You can complete your banking work using these digital services.

2000 Rupees Note: New update on 2000 rupee note, RBI made this announcement

Jyoti — Tue, 05 Nov 2024 06:29:56 +0000

The Reserve Bank of India (RBI) on Monday said that 98.04 percent of the Rs 2000 banknotes have returned to the banking system and only Rs 6,970 crore worth of such notes are with the public. The RBI had announced the withdrawal of the Rs 2000 banknote from circulation on May 19, 2023.

RBI had announced on this date

RBI said that at the close of business on May 19, 2023, a total of Rs 2000 bank notes worth Rs 3.56 lakh crore were in circulation. The value of the notes in circulation was reduced to Rs 6,970 crore at the close of business on October 31, 2024. The statement said that thus 98.04 percent of the Rs 2000 notes in circulation till May 19, 2023 have been returned. The facility of depositing or exchanging these notes was available in all bank branches till October 7, 2023. This facility is still available in 19 issue offices of the Reserve Bank.

When the central bank took out the 2000 rupee bank notes from circulation, people were given the facility to deposit it in any bank branch near them till 7 October 2023. After this, people were given the facility to exchange notes through 19 regional offices of RBI and post.

This is the detail of RBI’s regional office

The facility to exchange the demonetised Rs 2,000 bank note is available in 19 regional offices of the Reserve Bank from 19 May 2023. However, there has been a rush to exchange notes at these offices after 9 October 2023. Rs 2,000 bank notes are also being accepted for depositing in people’s bank accounts since then.

People within the country are also sending Rs 2,000 notes to RBI offices through Indian Post. This money is deposited in their bank accounts. The work of depositing/exchanging bank notes is being done in RBI’s regional offices. These offices are in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram.

RBI - Rightsofemployees.com

Can a Bank Lock Your Phone After Loan Default? RBI Sets Strict Rules

Can a Bank Lock Your Phone After Loan Default? RBI Sets Strict Rules

When Can a Lender Restrict Your Device?

No Device Restrictions During the First 30 Days

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Calls, SMS and Emergency Services Must Continue

Lenders Cannot Access Personal Data

Device Must Be Restored Within One Hour

RBI Tightens Rules for Recovery Agents

Recovery Calls Must Be Recorded

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Bottom Line

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India’s Forex Reserves May Hit Record $730 Billion Soon

India’s Forex Reserves May Reach Record High Soon as RBI Measures Boost Capital Inflows

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RBI Measures Drive Strong Capital Inflows

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Lok Sabha Passes Bill Allowing Government to Permit Charges on UPI Transactions

The amendment to the Payment and Settlement Systems Act empowers the Centre to allow banks and payment service providers to levy charges on UPI and other notified digital payment modes in the future.

What Does the New Bill Change?

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Why Is the Government Making This Change?

Merchant Discount Rate (MDR) Explained

Bill Passed by Voice Vote

What Happens Next?

Key Highlights

FAQs

Has the Lok Sabha approved UPI transaction charges?

Will users start paying for UPI transactions now?

What is Merchant Discount Rate (MDR)?

Why was the law amended?

Which law has been amended?

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UPI Transaction Charges Coming Soon? RBI Governor Says ‘Costs Have to Be Paid by Someone’

RBI Governor Sanjay Malhotra says it is too early to confirm UPI charges but acknowledges that the country’s digital payments infrastructure has ongoing costs that must be funded as Parliament considers amendments to payment laws.

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What Did the RBI Governor Say?

Why Is MDR Being Discussed Again?

What Is Being Proposed?

Will Consumers Have to Pay?

Why Does UPI Need Funding?

What Happens Next?

Key Highlights

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Are UPI transactions becoming chargeable?

What did the RBI Governor say about UPI charges?

What is Merchant Discount Rate (MDR)?

Will consumers have to pay UPI charges?

Will small shopkeepers be affected?

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Government Approves RBI Pilot for ₹10 and ₹20 Polymer Currency Notes

The Finance Ministry has cleared the Reserve Bank of India’s proposal to issue one billion polymer ₹10 and ₹20 notes each for field testing, while confirming that paper currency will continue to remain in circulation.

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Pilot rollout to assess performance

Why is RBI testing polymer notes?

Paper currency is not being replaced

Impact on digital payments yet to be assessed

Next steps

FAQ

What has the government approved?

Why is the RBI introducing polymer notes?

Will paper currency be discontinued?

Will polymer notes affect digital payments?

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