HDFC Bank has also started sending messages and information to its customers to start depositing Rs 2000 notes. HDFC Bank has said in an email sent to its customers that we would like to update you about the 2000 rupee notes issued by the Reserve Bank of India (RBI).

HDFC Bank has said in the email that Rs 2000 note will remain legal tender. You can use it for all your transactions. It can also be used as payment. Customers can conveniently deposit Rs 2000 notes into their HDFC Bank account at any branch till 30 September 2023. Banks can exchange their money from any branch of HDFC Bank from 23 May 2023 to 30 September 2023.

Apart from this, SBI has said that no ID or slip slip is required to deposit up to Rs 20,000 at a time. In its circular dated May 22, the RBI also advised banks to provide over the counter exchange of Rs 2,000 notes to customers. The central bank said that keeping in view the summer season, banks are advised to provide basic facilities like waiting area, drinking water in the branch. RBI has fixed September 30 as the deadline for depositing or exchanging Rs 2,000 notes in banks.

RBI Governor Shaktikanta Das said on Monday that the RBI is withdrawing Rs 2000 notes from circulation, but it will continue as leger tender. He said that there is no need to panic. He said that the purpose for which Rs 2000 notes were introduced has been fulfilled.

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RBI (RBI Repo Rate Hike) has announced to increase the repo rate by 25 basis points on this Wednesday to control the inflation rate. After this the repo rate has increased from 6.25% to 6.5%. This is directly affecting the loans given by the banks to the customers.

Announcement of reduction instead of increasing interest

After the announcement of RBI, the interest rates of home loans, car loans and personal loans given to customers by government and private banks have been increased. But in the meantime, there is also a bank, which instead of increasing the interest rate has announced a reduction to please the customers. Yes, Canara Bank has reduced the loan interest rate by 0.15% despite the increase in the repo rate.

The reduction in rates will be applicable from February 12.

In the information sent by the bank to the stock market, it was told that it has reduced the loan rate (RLLR) linked to the repo rate. The rate cut will be applicable from February 12. After this deduction, the new RLLR will come down from 9.40 percent to 9.25 percent. Earlier, Punjab National Bank (PNB) and Bank of Baroda (BoB) have increased the interest on loans by up to 0.25 percent.

PNB has increased the Repo Rate Based Interest Rate (RLLR) by 0.25 percent from 8.75 percent to 9.0 percent. On the other hand, Bank of Baroda has also increased the Marginal Cost Based Interest Rate (MCLR) by 0.05 percent.

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According to the official website of the bank, the new rates have come into effect from January 3, 2023. The bank has increased the interest rates on FDs of less than 2 crores. According to the new rates, now common investors will get interest ranging from 3.25 percent to 7 percent on fixed deposits ranging from 7 days to 120 months. At the same time, senior citizens will get interest ranging from 3.75% to 7.75% on FDs of the same period.

For 8 percent interest, investment will have to be made for 30 months.
Investors will get up to 8 percent return on Yes Bank’s special FD scheme. Common investors will get 7.50 percent interest and senior citizens will get 8 percent interest on 30-month fixed deposits.

Yes Bank FD rates for general investors FDs of

7 to 14 days – 3.25% FDs of
15 to 45 days – 3.70% FDs of
46 to 90 days – 4.10% FDs of
91 to 180 days – 4.75%
181 FDs of 272 to 271 days – 5.75 per cent FDs of
272 to less than 1 year – 6 per cent FDs of 1
year to 120 months – 7 per cent

RBI has increased the repo rate

5 times in the last year Reserve Bank had increased the repo rate 5 times in the last year. With the intention of reducing inflation, the central bank increased the repo rate by another 0.35 percent to 6.25 percent in the bi-monthly monetary policy review on December 7, 2022.

Many banks have increased the rates of fixed deposits.

It is noteworthy that recently SBI, PNB, Kotak Mahindra Bank, HDFC Bank, Suryoday Small Finance Bank, Yes Bank, Jan Small Finance Bank etc. have also increased their FD rates. . This process of increasing FD rates has started after the increase in repo rates by RBI.

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Proposal to fix 30 percent transaction limit for TPAP

At present there is no transaction limit (Volume Cap). In such a situation, the market share of two companies Google Pay and PhonePe has increased to about 80 percent. In November 2022, NPCI had proposed to fix 30 per cent transaction limit for TPAP to avoid monopoly risk.

In this regard, sources said that a meeting was called to comprehensively consider all aspects. According to the news agency PTI, apart from the officials of NPCI, senior officials of Finance Ministry and RBI also participated in this meeting.

Decision on implementation of UPI Market Cap possible by the end of November
Sources said that at present NPCI is evaluating all possibilities and no final decision has been taken on extending the deadline of December 31. He said that NPCI has received requests from the stakeholders of the industry to extend the deadline and they are being examined. According to sources, NPCI may decide on the matter of implementing UPI Market Cap by the end of this month.

What is UPI

Let us tell you that UPI is a real time payment system, which can transfer money to bank account instantly through mobile app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, many bank accounts can be operated through one UPI app. The special thing is that UPI gives you the facility of money transfer even if you have only one of these information like scanner, mobile number, UPI ID.

Now RuPay Credit Card can be linked with BHIM App Recently Rupay Credit Card on UPI facility has been started. Now you will be able to pay with a credit card by scanning the UPI QR Code at the neighborhood grocery store. However, through RuPay Credit Card, you can make payment only to Merchant UPI QR code. At present you can link RuPay credit card of some banks on BHIM app.

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