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.

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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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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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How to get the benefit?

Experts of the Fintech sector say that banks are planning to make small loans available directly on the UPI platform. For this, apps like PhonePe, Paytm, BharatPe and Navi will be used. Big and small banks like ICICI Bank and Karnataka Bank are preparing to adopt it. The customer’s credit account will be directly linked to the UPI app, through which products like gold loan, loan against fixed deposit, consumer loan and personal loan can be used directly.

RBI’s green signal

Banks had asked RBI many questions for this new product, such as interest-free period, reporting of outstanding amount and method of sending information to credit bureau. RBI has now issued clear guidelines on all issues. After this, its testing has started at the initial level and it will be gradually taken to the customers by the banks.

Role of NPCI

The National Payments Corporation of India (NPCI), which runs the UPI platform, launched the facility of pre-sanctioned credit line in September 2023. Due to technical difficulties, it was not launched by most of the banks earlier. Now the situation has changed and banks have started adopting it. NPCI issued a notification to banks in July 2025 that the credit should be used only for the purpose for which it has been approved.

Importance of Credit UPI

Industry experts say that this move signals the next big phase of UPI. UPI has about 30 crore users, of which 15-20 crore are active. The introduction of credit line is expected to increase the usage of UPI and give it a new momentum. Fintech company Zeta estimates that by 2030, transactions worth up to $1 trillion could take place on UPI.

Risks also exist

A senior bank official says that if credit is not implemented carefully, defaults can increase. Recovering small loans can be challenging, so banks will have to pay special attention to security and monitoring.

This facility will not only provide easy and fast loans to customers, but will also strengthen the digital payment ecosystem. There is news of relief for customers taking small loans. The Reserve Bank of India (RBI) has issued guidelines, so that now customers will be able to avail small credit lines directly through UPI apps. This facility will be especially beneficial for those who do not have a bank account or for whom it is difficult to reach bank branches.

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How will the new system work?

RBI said that the existing Cheque Truncation System will now be changed from batch process to “Continuous Clearing and Settlement on Realization”. This means that as soon as the cheque is deposited in the bank, its scanned copy will be immediately sent to the clearing house and then sent to the paying bank. From there, the bank will have to approve or reject the cheque within the stipulated time.

Due to this, the time taken for cheque clearance in the bank will be reduced from two days to just a few hours. This step has been taken by the central bank to speed up the cheque clearing system.

The new system will be implemented in two phases

First phase: From 4 October 2025 to 3 January 2026, the bank has to give confirmation by 7 pm after receiving the cheque. If the bank does not give confirmation, the cheque will be considered automatically accepted.

Second step: From January 3, 2026, the bank will have to clear the cheque within just 3 hours of receiving it. For example, if the cheque is deposited between 10 am and 11 am, then it will have to be approved or rejected by 2 pm.

Presentation and Confirmation Session

There will be a cheque presentation session for all banks from 10 am to 4 pm, in which cheques will be continuously scanned and sent. The confirmation session will run from 10 am to 7 pm. In the first phase, the “item expiry time” will be 7 pm, while in the second phase it will be reduced to just 3 hours.

Customers will get benefit

After this change, customers will not have to wait long to get money. The bank will have to put the money in the customer’s account within a maximum of 1 hour after settlement. This will reduce the time taken in check clearing and your money will be available quickly.

Preparation to create a framework for the use of AI

RBI has also presented a report on creating a framework for the safe and responsible use of Artificial Intelligence (AI) in the financial sector. It gives 26 suggestions under 7 principles and 6 strategic pillars regarding the use of AI so that it is used in a safe and effective manner.

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The Reserve Bank of India ( RBI) has given relief to crores of bank customers who make payments by cheque . Till now , it takes 2 to 3 days for the money to come into the account on payment by cheque. But now this will happen in just a few hours. RBI has changed the rules and process of cheque payment. These new rules will come into effect from 4 October 2025. That is, after Dussehra and before Diwali, it will take just a few hours instead of three days for crores of bank customers to make and receive payment by cheque. That is, the money will come into the account on the day the cheque is deposited in the bank.

How much time does it take for a check to be cleared now?

At present, it takes T+1 i.e. the next working day for a cheque to be cleared. If the cheque is from another bank, it can take up to three days. Now this system will be reduced to a few hours instead of days.

What will change?

Currently, in the Check Truncation System ( CTS), cheques are processed in batches, which takes one to two days for clearing. In the new system, the cheque will be scanned and sent electronically immediately and will be processed continuously throughout the day ( Continuous Clearing) . That is, cheque clearing will continue continuously during banking hours .

What is CTS

CTS is an electronic system that eliminates the need to carry a physical copy of the cheque . Instead , the image and details of the cheque are sent electronically to the paying bank . This speeds up the process and also reduces the chances of fraud .​​​

The system will be implemented in two phases

RBI said that this change will be implemented in two phases . The first phase will run from October 4, 2025 to January 2 , 2026. During this period , banks will have to verify (positive or negative) all the cheques received till 7 pm . If the bank does not verify on time, then the cheque will be considered accepted and included in the settlement count.

The second phase will start from January 3, 2026. In this, the rules will become more strict. Verification of every check will have to be done within 3 hours of receiving it . For example, if a bank receives a check between 10 am and 11 am, then it will have to verify it by 2 pm. If verification is not done within this time limit, then it will be considered accepted .

What will be the benefit to the customers?

Under the new rule, as soon as the process is completed, the bank presenting the cheque will immediately issue the payment to the customer. This will be done within an hour of settlement of the payment, provided all security checks are completed. That is, if you deposit a cheque in the morning, it is possible that the money will reach your bank account by the same afternoon or evening.

What should the bank do?

RBI has instructed all banks to give complete information about this change to their customers . Also , they have to keep their technical and operational processes ready so that the work of clearing cheques can be done continuously from the due date .

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Extent and conditions of approval

This approval is limited to PA functions only. Transactions outside the scope of PA guidelines (such as ‘payments-out’ to merchants) cannot be done through escrow accounts created for PA functions.

RBI has directed PPSL to conduct a comprehensive systems audit, including a cybersecurity audit. This audit should be conducted by a CERT-In accredited auditor, a qualified Certified Information Systems Auditor (CISA) or a DISA-certified professional.

The audit will also check compliance with the Master Guidelines on Cyber Resilience and Digital Payments Security Controls for Non-Bank Payment System Operators and the RBI circular on ‘Storage of Payment System Data’.

The audit report has to be submitted to RBI within six months from the date of the letter, failing which the original approval will automatically expire.

PPSL has also been directed to seek prior approval of RBI in case of any change in shareholding or ownership.

I said earlier that it won’t have any effect

When this ban was imposed in 2022, Paytm management had said that it would not have any significant impact on the business as it was applicable only on adding new online merchants.

The burden of Chinese investors has also been removed

The pressure of the presence of Chinese company Antfin on Paytm has also ended recently. Antfin also sold its remaining stake in the company through a block deal. Like Warren Buffett’s Berkshire Hathaway, Antfin also sold its stake in Paytm at a loss.

Citi Group: Buy with a target of ₹1,215

Citi Group has maintained a ‘buy’ rating on Paytm and set a target price of ₹1,215. Citi says that getting the license after almost three years is positive for sentiment as it removes a major regulatory restriction on the business. Now Paytm can take advantage of its size and product development capability to become more competitive.

Bernstein: ‘Outperform’ with target price ₹1,100

Bernstein has an ‘outperform’ rating and a target price of Rs 1,100 (lower than Tuesday’s close). Bernstein calls this an important and positive development. He says the immediate impact will be limited, but it is still a big relief. “Over time, this should improve payment margins, as it can now add a long queue of smaller merchants who typically offer much higher margins than large corporate customers,” he said.

Buy, Sell or Hold Paytm

Overall, out of the 19 analysts tracking Paytm, 10 have a ‘buy’, five have a ‘hold’ and four have a ‘sell’ opinion. The highest target is set by Dolat Capital at ₹1,400.

Performance of stocks

Today, i.e. Wednesday, Paytm shares opened at ₹ 1,167.90, which is 4.3% higher than the previous closing price. The stock has risen 15% in the last one month and has registered a gain of about 50% in the last six months.

The stock hit a new 52-week high on Wednesday morning, but is still below its IPO price of ₹ 2,150.

( Disclaimer: Experts’ recommendations, suggestions, views and opinions are their own and not of Rights Of Employes. Investing in the stock market is subject to risks and consult your advisor before investing.)

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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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Reserve Bank of India has approved the merger of two more banks. After getting the green signal from RBI, New India Co-operative Bank Limited and Saraswat Co-operative Bank Limited will be merged. On August 1, the Reserve Bank approved the merger of these banks. After which the voluntary merger of New India Co-operative Bank Limited will take place in Saraswat Co-operative Bank Limited Mumbai. Actually, a scam of 122 crores was revealed in New India Co-operative Bank, after which it came on the radar of investigation agencies. After the investigation, the bank was locked and now it has been merged with Saraswat Bank.

Which two banks will be merged

After the approval of RBI, there has been a voluntary merger of New India Co-operative Bank Limited and Saraswat Co-operative Bank Limited. This merger has come into effect from 4 August 2025. The special thing is that these two banks of Mumbai are considered better banks in cooperative banking. Both the banks have been working in the cooperative banking sector for a long time, but now due to increasing pressure on the banks, the path of merger is being adopted. After this merger, i.e. from today, all the branches of New India Co-operative Bank Limited will function as branches of Saraswat Co-operative Bank Limited.

Why the decision was taken to merge the banks

Actually, New India Co-operative Bank was under regulatory supervision since February 2025. The bank officials were accused of embezzling Rs 122 crore. In view of the financial irregularities going on within the bank and the safety of the account holders, the Reserve Bank dissolved the board of New India Co-operative on February 14 itself. Many restrictions were imposed on the bank, withdrawal limits were set from the bank account, the bank accounts were being investigated. Now RBI has approved the merger of the bank.

How big is New India Co-operative Bank

Let us tell you that New India Co-operative Bank was doing better work in the cooperative sector. The bank has a long history. By March 2025, the total assets of New India Co-operative Bank were more than Rs 1100 crore. It had 27 branches, most of which were located in Mumbai. Due to the irregularities going on in the bank, RBI has now decided to merge the bank while protecting the interests of the account holders.

What will be the impact on account holders after the merger of banks

After the merger of the bank, there will be no effect on the deposits of the account holders, their accounts, loans and FDs, that is, the money deposited in the bank will remain the same. After this merger, the account holders will get better services, strong banking network and technologically advanced facilities. New India Co-operative Bank has been merged with Saraswat Bank, which is the largest bank in the cooperative sector. However, due to the merger of the bank, some paperwork may increase for the account holders of New India Co-operative Bank. There may be changes from passbook to new checkbook, new IFSC code.

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The Reserve Bank of India (RBI) is now going to implement a new system, which will completely change the way banks lend, assess risk and make provisioning. If you are also thinking of taking a loan from a bank, then this news is very important for you. Because in the coming days, banks will now think ten times before giving a loan.

According to information received from sources, RBI is soon going to issue final guidelines on ECL i.e. ‘Expected Credit Loss’ model. This new rule will be applicable to all banks from April 1, 2026 and is aimed at making the banking system more secure and transparent.

How does the system work now?

Currently, when banks in India give a loan to someone, they do not consider it a significant risk until that person defaults on their EMI for 90 days. As soon as 90 days pass and the payment is not made, the bank declares that loan as an NPA (non-performing asset). After this, the bank sets aside some money from its earnings to cover the loss, which is called provisioning. This current system is called ICL i.e. incurred credit loss model.

What will change now? What is the ECL model?

RBI’s new ‘Expected Credit Loss’ (ECL) model is a forward-looking approach. This means that now banks will assess from the very first day of lending how much risk there is of that loan going bad. Looking at the customer’s financial condition, credit score, source of income and market conditions, banks will decide how much loss can be incurred in the future. Based on this estimate, the bank will have to make a small provision from the beginning, so that if the loan goes bad in the future, the bank is already prepared.

What will be the impact on the common man?

Banks will be stronger

With this model, the banking system will become more stable and robust. In times of economic crisis or recession, banks will be able to compete better, so that the money of the common people will also be safe.

Getting a loan can be a bit difficult.

Now banks will have to assess the potential risk with every loan, so they will be more careful before granting loans. People who have a bad credit history or unstable income may have difficulty getting loans.

Interest rates may be affected.

Increasing provisioning may increase the cost of banks, which may also affect the interest rates on loans. However, the extent of this impact will be clear only after the final guidelines from the RBI.

Why is this change necessary?

This model has already been implemented in the US, UK, Europe and many developed countries. Its aim is to make banks more risk-aware and prevent the problem of NPA at an early stage. RBI had released its draft on 16 January 2023 and now it is being finalized soon.

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Two thousand rupee banknotes are still legal tender. RBI had announced the withdrawal of Rs 2,000 banknotes from circulation on 19 May 2023.

RBI said in a statement that the total value of Rs 2,000 bank notes in circulation as of May 19, 2023 was Rs 3.56 lakh crore, which has come down to Rs 6,017 crore by July 31, 2025. In this way, 98.31 percent of the Rs 2,000 bank notes in circulation as of May 19, 2023 have been returned. The facility of exchanging two thousand rupees bank note is available in 19 issue offices of the Reserve Bank from May 19, 2023.

This is how you can deposit 2,000 rupee notes\

From 9 October 2023, the issue offices of the Reserve Bank are also accepting Rs 2,000 bank notes from individuals / institutions for depositing them in their bank accounts. Apart from this, people are sending Rs 2,000 notes through Indian Post from any post office in the country to any issue office of RBI to deposit them in their bank accounts. These issue offices are in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram.

2,000 note was introduced in 2016

The ₹2000 note was introduced in November 2016 under Section 24(1) of the Reserve Bank of India Act, 1934. Its main purpose was to quickly meet the country’s currency needs when old ₹500 and ₹1000 notes were demonetised. When this purpose was achieved and sufficient number of notes of other denominations became available, printing of ₹2000 notes was discontinued in 2018-19. Most of the ₹2000 notes were issued before March 2017 and have now reached the end of their expected life (4-5 years). It has also been observed that ₹2000 notes are not commonly used in transactions.

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The Reserve Bank of India (RBI) has cancelled the licenses of a total of 12 cooperative banks in the last one year (from July 2024 to July 2025) to maintain discipline in the banking sector. Most of these are small urban cooperative banks, which closed due to their poor financial condition and inability to comply with the rules. Which banks have been affected?

See the full list here …

1. Banaras Mercantile Sahakari Bank Varanasi, UP July 2024

2. City Co-operative Bank Mumbai, Maharashtra 2024

3. Purvanchal Cooperative Bank Ghazipur, UP 2024

4. Sumerpur Mercantile Urban Co-operative Bank Rajasthan 2024

5. Jai Prakash Narayan Nagari Sahakari Bank Bihar 2024

6. Sri Mahalakshmi Mercantile Co-operative Bank Tamil Nadu 2024

7. Hiriyur Urban Co-operative Bank Karnataka 2024

8. Anjana Urban Co-operative Bank Aurangabad, Maharashtra 22 April 2025

9. Colour Merchants Co-operative Bank Ahmedabad, Gujarat 16 April 2025

10. Imperial Urban Co-operative Bank Jalandhar, Punjab 25 April 2025

11. Shankarrao Mohite Patil Co-operative Bank Akluj, Maharashtra 11 April 2025

12. Karwar Urban Co-operative Bank Karnataka 22 July 2025

Of the 7 banks that closed in 2024, most of them closed between January-July 2024. 4 banks closed in April 2025, and Karwar Bank lost its licence in July 2025.

Why did RBI cancel the licenses?

Lack of capital: All the closed banks did not have sufficient capital and were unable to generate future earnings.

Danger to depositors: RBI says that the continuation of these banks was detrimental to the depositors as they were not able to repay the money.

Ignoring rules: Some banks were not following rules like KYC or were breaking the exposure limits, for which RBI also imposed fines.

How safe are customers’ money?

DICGC Insurance: Every depositor gets a maximum of ₹5 lakh back from DICGC (Deposit Insurance and Credit Guarantee Corporation), whether in savings, current or FD account.

Karwar Bank example: Here 92.9% of the account holders had deposits less than ₹5 lakh, so they will get the full amount. DICGC has already paid ₹37.79 crore.

Warning: If you have more than ₹5 lakh in your account, the remaining amount may be lost. Therefore, RBI advises that while choosing a bank, definitely check its financial condition.

Strict policy of RBI

RBI Deputy Governor Swaminathan J. has recently warned all cooperative banks to improve risk management and transparency, otherwise strict action will be taken. Apart from cancelling the license, RBI has also imposed fines on 8 big banks including Citi Bank, Punjab National Bank and Kotak Mahindra Bank for violating the rules in the last one year.

Lessons for the common man

1. Be cautious in small banks: Before depositing money in cooperative banks, do check their financial condition, RBI rating and credit history.

2. ₹5 lakh rule: Do not keep more than ₹5 lakh in a single bank, so that you can get full DICGC cover.

3. Be alert: If your bank is continuously incurring losses or getting fined by RBI, then immediately shift your account to another bank.

According to RBI, in the banks whose license is cancelled, more than 90% of the account holders get their entire money back because their deposit amount is less than ₹ 5 lakh.

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The Reserve Bank of India (RBI) has cancelled the license of Karnataka-based Karwar Urban Co-operative Bank as it does not have adequate capital and earning prospects. With this, the bank will stop banking activity from the close of business on 23 July 2025. At the same time, the Central Reserve Bank said in the statement that the Registrar of Cooperative Societies, Karnataka has also been requested to issue an order to close the bank and appoint a liquidator for the bank.

What will happen to the customers?

On liquidation, every depositor will be entitled to receive the deposit insurance claim amount of his deposits up to a limit of Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC). RBI said that as per the data submitted by the bank, 92.9 per cent of the depositors are entitled to receive the full amount of their deposits from DICGC. Let us tell you that DICGC has paid Rs 37.79 crore out of the total insured deposits till June 30, 2025. RBI said that the cooperative society does not have adequate capital and earning prospects.

Advice given to urban co-operative banks

Let us tell you that recently Reserve Bank of India Deputy Governor Swaminathan J. asked the directors of Urban Cooperative Banks (UCBs) to focus on improving functioning and risk management and adopting safe technology. He said, “The working operations of banks should be even better. Understand and manage risks better. Technology should be adopted thoughtfully and safely. Most importantly, the trust of your depositors should be unwavering.”

Swaminathan said urban cooperative banks represent a model that is based not just on profits, but on purpose. The deputy governor said this reflects the essence of the cooperative model which is based on banking relationships, local knowledge and grassroots engagement.

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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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The new interest rates will be applicable from July 1, 2025 and will be valid till September 30, 2025. At present, Sukanya Samridhi Yojana is getting an annual interest of 8.2%, which has remained stable for some time. But now it is expected that the government may reduce the interest rate on Sukanya Samriddhi Yojana.

Sukanya Samriddhi Yojana interest rate will decrease

A major reason for this is that the Reserve Bank of India (RBI) has cut the repo rate by a total of 1% since February 2025. The effect of this was that almost all the banks in the country have reduced the interest rates on their fixed deposits and savings accounts. In such a situation, it is possible that the government may also reduce the interest rate of small savings schemes, especially schemes like Sukanya Yojana. Although the final decision will be taken on June 30, a slight reduction in the interest rate is expected.

Interest Rate on Small Savings Scheme

The interest being received on small savings schemes of the government from April to June, the first quarter of the financial year 2025-26, is something like this.

4% interest is being given on Post Office Savings Account.

The interest rate on 1 year fixed deposit (Time Deposit) is 6.9%.

7% interest is being given on 2 year FD and 7.1% interest is being given on 3 year FD.

The maximum interest rate being offered on 5-year FD is 7.5%.

6.7% interest is being given on 5 year Recurring Deposit.

A good interest of 8.2% is being given in Senior Citizens Savings Scheme.

There is 7.4% interest on Monthly Income Scheme.

National Savings Certificate (NSC) is giving 7.7% interest.

Public Provident Fund (PPF) is giving 7.1% interest.

Sukanya Samriddhi Account is also giving a good interest of 8.2%.

The interest rate on Kisan Vikas Patra is fixed at 7.5% and it will mature in 115 months.

Now the interest rates for the July to September quarter will be decided on 30 June 2025. It remains to be seen whether there is any change in these or not.

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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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Almost everyone has an account in some bank, where people keep their hard earned money. At the same time, many people also have more than one bank account. For example, the company opens salary accounts of those who are employed. Along with this, they also open their personal bank account. On

the other hand, even after many things are online, people have to go to the bank for many different works. But is the bank open when you are going to the bank or planning to go? Because apart from the bank holidays, there are many other holidays every month due to which the bank remains closed. For example, take the month of July. There are many bank holidays this month too. So let’s know how many days the bank will remain closed in the month of July.

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Banks remain open on the first and third Saturdays and all work is normal. If you are thinking of completing some important work related to the bank, then today is the right day for you. Today is 21st June and all banks across the country will remain open as usual. In India, people are often confused about the banking schedule as to which day the banks will be closed and which day they will be open.

Therefore, it is important to know that Indian banks have weekly holidays only on the second and fourth Saturdays of every month. Apart from this, all banks are closed on Sundays as well. On the rest of the days, banks work at normal time. The special thing is that today is the third Saturday, so all the services of the bank will remain operational.

In such a situation, if you want to deposit money, get a draft made or complete any important banking formality, you can do it today without hesitation. However, banks will be closed tomorrow as it is Sunday, so it would be better to complete the important work today itself.

What is the bank’s schedule on International Yoga Day ?

Today is also International Yoga Day. Many people think that banks will remain closed on this day, but it is not so. Reserve Bank of India (RBI) has not included it in the list of bank holidays. Therefore, banks will remain open even on Yoga Day.

Normal working hours of banks

The opening and closing time of different banks may vary slightly. Usually

SBI, PNB, Bank of India: 10 am to 4 pm

ICICI, HDFC, Axis, Yes Bank: 9:30 am to 4:30 pm or 3:30 pm in some branches

Bank of Baroda: 9:45 am to 4:45 pm or in some places 10 am to 5 pm

Canara Bank: 10 am to 3:30 pm

Before going to the bank, definitely check the timings of your branch.

What to do if the bank is closed ?

Don’t panic if the bank is closed. You can withdraw cash from ATM. Apart from this, with the help of net banking and mobile banking, you can do money transactions, bill payments and other work from home.

Important Advice

Before going to the bank, do check the holiday list.

Carry the necessary documents with you so that you do not have to go to the bank again and again.

Adopt online banking services, it will save both time and effort.

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Almost everyone has an account in some bank, where people keep their hard earned money. At the same time, many people also have more than one bank account. For example, the company opens salary accounts of those who are employed. Along with this, they also open their personal bank account. On

the other hand, even after many things are online, people have to go to the bank for many different works. But is the bank open when you are going to the bank or planning to go? Because apart from the bank holidays, there are many other holidays every month due to which the bank remains closed. For example, take the month of July. There are many bank holidays this month too. So let’s know how many days the bank will remain closed in the month of July.

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Will banks be open or closed on Saturday 21st June?

Banks will be open on June 21, the third Saturday of the month. As per the RBI calendar, banks are usually closed on the second and fourth Saturdays of the month, while they are open on the first and third Saturdays of every month.

When are banks closed?

Apart from weekends, bank holidays in India vary from state to state and are based on national, regional and religious festivals.

June 2025 — Region Wise Bank Holiday List

In June 2025, banks are expected to remain closed for four days, excluding weekends.

Here is the list of state-wise bank holidays for this month.

June 7 (Saturday) — Bakrid (Eid-uz-Zuha) — All banks will remain closed across India.

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

June 27 (Friday) — Rath Yatra / Kang (Rathajatra) — Banks will remain closed in Odisha and Manipur.

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

Can I avail online banking services?

Online banking will be available nationwide during bank holidays, allowing customers to carry out financial transactions with ease. Requests for fund transfer can be submitted using NEFT/RTGS transfer forms, demand draft request forms and chequebook forms. Credit cards, debit cards and ATM cards are available through card services. Additional services such as account maintenance forms, setting up standing instructions and applying for lockers are also provided.

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On one hand, this has reduced the EMI of the loan, on the other hand, the return on FD has also decreased. Senior citizens have suffered the most due to the reduction in interest on FD. In such a situation, if you are also troubled by the low interest on FD, then there is no need to take tension. We are telling you about a great saving scheme of Post Office. The name of that scheme is Post Office Time Deposit (TD). By investing in this scheme, you can get more interest than bank FD. Let’s know about this special scheme.

What is Post Office Time Deposit (TD) Scheme?

This is a fixed deposit scheme run by the post office. You can invest in it for 1,2,3 and 5 years. This scheme is backed by the government, so it is completely safe and reliable.

Interest Rates on Post Office Time Deposit Scheme 

Who can invest? 

Any adult citizen of the country can invest in this scheme. At the same time, 3 adults can invest in it together by opening a joint account. Parents can invest in this investment scheme in the name of their children. 

How much can you start investing with? 

You can start investing in this saving scheme with ₹1000. You can increase the amount as per your wish in multiples. There is no maximum investment limit. Interest is paid annually. Investing in 5-year TD is eligible for tax exemption under Section 80C of the Income Tax Act.

The account can be extended within the prescribed time from the date of maturity:

• 1 year TD: in 6 months
• 2 year TD: in 12 months
• TD for 3 and 5 years: in 18 months

Extension can be requested at the time of opening the account itself. The application form and passbook for extension has to be submitted to the concerned post office. The original interest rate which was applicable on the day of maturity will be applicable for the extension period.

Premature withdrawal of money 

Withdrawal cannot be made before 6 months from the date of opening the account. If the account is closed between 6 months to 1 year, the Post Office Savings Account interest rate is applicable. 

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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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When was the repo rate reduced before this

Today was the last day of the meeting of the Reserve Bank’s Monetary Policy Committee (MPC) which began on Wednesday, June 4. In this important meeting held under the leadership of Reserve Bank of India Governor Sanjay Malhotra, it was decided to reduce the repo rate. Let us tell you that many experts had predicted a 0.25 percent cut in the repo rate. RBI has cut the repo rate 3 times in a row this year. Earlier on February 7, RBI had cut the repo rate by 0.25 percent, reducing it from 6.50 percent to 6.25 percent. After this, the Reserve Bank also cut the repo rate by 0.25 percent on April 9, due to which the repo rate was reduced from 6.25 percent to 6.00 percent.

After 5 years, the repo rate was cut in February 2025

Let us tell you that in February 2025, the repo rate was reduced for the first time in a long period of about 5 years. Before February 2025, RBI had cut the repo rate in May 2020. At that time, the Reserve Bank of India had cut the repo rate by 0.40 percent (40 basis points) to boost the country’s economy during Covid. RBI had increased the repo rate to 6.5 percent in June 2023. After June 2023, there was any change in the repo rate for the first time in February 2025.

Know what will be the benefit to common people

This decision of RBI will provide great relief to crores of common people of the country. Due to reduction in repo rate, they will now get home loans, car loans, personal loans at comparatively cheaper interest rates. Due to cheaper loans, people’s EMIs will also decrease and they will now be able to save more. Not only this, common people will be able to fulfill their other needs or spend more on other things with the savings in EMI. Let us tell you that the country’s economy becomes stronger due to increased demand and consumption.

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In this connection, private sector HDFC Bank has reduced the interest rates of some selected tenure FD schemes. HDFC Bank has reduced the interest rates by 20 basis points i.e. up to 0.20 percent. Let us tell you that the largest private bank has made this change for FDs of less than Rs 3 crore. The new interest rates of the bank will be effective from May 23, 2025. Earlier, HDFC Bank had also reduced the FD rates by 50 basis points in April 2025.

Ordinary citizens will now get up to 6.85% interest on FD

After the reduction in FD interest rates, now general citizens will get interest ranging from 3% to 6.85% on FD. While senior citizens will be given interest ranging from 3.5% to 7.35%. Before this latest change, HDFC Bank was offering interest ranging from 3% to 7.10% on FD to general citizens and 3.5% to 7.55% to senior citizens. HDFC Bank has not reduced interest rates on FDs of all tenures. This reduction has been done only for FDs of certain tenures.

Interest rates for FDs with tenures of more than 1 year and less than 15 months reduced
HDFC Bank has reduced the interest rate given to ordinary citizens on FDs of more than 1 year and less than 15 months by 0.10 percent. Now ordinary citizens will get 6.50 percent interest on FDs of this duration, which was 6.60% earlier. Apart from this, the bank has reduced the interest rate by 0.20 percent for FDs maturing in a period of 18 months to less than 21 months, which has come down from 7.05% to 6.85%.

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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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The new note will be of light green and yellow colour

According to RBI, the new note will be of light green and yellow colour. Its size will be 63mm x 129mm. But now you will not see the picture of Konark Sun Temple on the back of the note, instead you will see the photo of Ellora caves. Which is a UNESCO World Heritage Site and shows the rich cultural heritage of India. Apart from this, you will see 20 rupees written in a floral pattern on both sides. The most special thing in this is that it will also be shown in Devanagari script. Words like RBI, Bharat, India and 20 will also be added to this note.

What will be on the front side of the note

The 20 rupee note will have Mahatma Gandhi’s picture on the front, Ashoka Pillar symbol, Swachh Bharat Abhiyan logo. Along with this, RBI governor’s signature, guarantee clause and RBI logo will be included as before along with the value of the note in Indian languages. On this, RBI has clearly said that the old 20 rupee notes will remain valid. They will not be withdrawn. They will continue to be valid along with the new notes.

The problem of fake notes can be reduced

Now you must be wondering what is the purpose of RBI behind introducing this note. The purpose of RBI behind this is to bring notes of safety and quality in circulation, so that the problem of fake notes can be reduced. At the same time, Indian culture should also be brought forward along with the design. The new 20 rupee note will be brought in the market soon. Earlier also, a change was made in the 20 rupee note, then the new 20 rupee note was made smaller in size.

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Another bank customer is in big trouble. The Reserve Bank of India (RBI) has taken a big action. The RBI has announced the cancellation of the license of a cooperative bank. In fact, the 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 potential, due to which its license has been cancelled. The RBI said in a statement on Monday (May 19) that the HCBL Co-operative Bank has stopped functioning from the evening of May 19.

The Cooperative Commissioner and Registrar, Uttar Pradesh has also been requested to issue an order to close the bank and appoint a liquidator for the bank. On liquidation, each depositor will be entitled to receive the deposit insurance claim amount on their deposits up to Rs 5 lakh from DICGC. RBI said that as per the bank’s data, 98.69 per cent 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.

Bank failed to comply with rules

RBI said that the bank has failed to comply with the requirements of certain sections of the Cooperative 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 license, HCBL Cooperative Bank has been stopped from carrying on banking operations including deposits and withdrawals with immediate effect.

If a bank collapses, up to Rs 5 lakh is safe

Let us tell you that in the event of a bank collapse or bankruptcy, the only relief available to the depositor is the insurance cover provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC). Under DICGC, insurance cover up to Rs 5 lakh is available. No matter how much money is deposited in all your accounts with the same bank, you will get insurance cover of only Rs 5 lakh. This amount includes both principal and interest.

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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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These banks are giving the highest interest to senior citizens on 1 year FD

• Private sector Bandhan Bank is offering 8.25 per cent interest on 1-year term FDs to senior citizens above 60 years of age.
• Hinduja Group’s IndusInd Bank is offering 8.00 per cent interest to senior citizens on 1 year term FDs.
• Private sector RBL Bank is also offering 8.00 percent interest to senior citizens on 1 year term FD.
• Apart from these, Tamilnadu Mercantile Bank is offering 7.75 per cent interest to senior citizens on 1-year term FDs.

How much interest are SBI, PNB, HDFC banks paying

Let us tell you that these banks are giving the highest interest to senior citizens on 1 year FD. Talking about State Bank of India, the country’s largest government bank is giving only 7.20 percent interest to senior citizens on 1 year FD. Apart from this, Punjab National Bank is also giving 7.20 percent interest to senior citizens on 1 year FD. Whereas, Bank of Baroda is offering 7.30 percent interest, ICICI Bank 7.20 percent, HDFC Bank 7.10 percent interest to senior citizens on 1 year FD.

Disclaimer: This article is written for informational purposes only. Consult your financial advisor before making any kind of investment or taking any financial risk. Rights Of Employees will not be responsible for any kind of risk.

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Many such fake notes have been caught which look exactly like the real ones. In view of this, the government has appealed to the public to be a little careful in every cash transaction and check the note.

The biggest problem with these fake notes is that they are often very close copies and may look real in a hurry. However, RBI and many cyber-crime branches have told many such points by which the note can be correctly identified and you can use many of these methods from your smartphone as well.

1. Check Mahatma Gandhi’s photo and watermark

Mahatma Gandhi’s picture on a genuine Rs 500 note is sharp and clear. When viewed under light, you will see Gandhiji’s image and the words ‘500’ written in the watermark. In fake notes, this part is often light or blurred.

2. Color changing numbers

Tilt the note slightly and if the number ‘500’ is not changing from green to blue, then the note may be fake. This ink is used only in real notes.

3. Security thread and intaglio print

The silver line in the middle of the note has ‘Bharat’ and ‘RBI’ written on it, which can be seen when held in light. Also, Gandhiji’s picture and some text are embossed, which can be felt by touching with the hand.

4. Micro lettering and number alignment

“RBI” and “500” are written in very small letters at the bottom of the note, which can be seen by zooming in the camera. Apart from this, the serial number is small on one side and large on the other side, this difference is often not visible in fake notes.

5. Use RBI’s ‘MANI’ app

RBI has launched an app called ‘MANI’ (Mobile Aided Note Identifier) ​​which can scan the note and tell its denomination. This app is specially designed for visually impaired people, but common users can also use it to identify the note. Although, it is not meant for catching fake notes, but if the app is repeatedly failing to identify the note, then it is necessary to be suspicious.

6. Do a quick check with smartphone camera and flash

If you have a smartphone with a high-resolution camera, you can easily zoom into the note to check the micro text, alignment and printing quality. Also, you can check the security thread or some highlighting features by turning on the flash.

7. Compare with gallery

If you are in doubt, compare your note with the original photo of the note given on the RBI website or in the official guide

Most fake notes have some detail missing or different, such as color tone, spacing or font. The government has also said that immediately report any suspicious note to the nearest police station or bank branch. Also, be especially careful while depositing cash from unorganized sources such as local shopkeepers, sidewalk vendors or during cash deposits.

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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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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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Exchange of soiled or dirty notes

Dirty or slightly torn notes, called soiled notes, can be easily exchanged at bank branches. For this, you do not need to have an account in that bank. If the condition of such notes is satisfactory, the bank immediately gives new notes in exchange or deposits the same amount in the account.

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When you go to withdraw money from a bank ATM, it is often seen that small value notes are not dispensed from the ATM and you have to withdraw 500 rupee notes, but now the Reserve Bank of India has taken a big decision on this problem and has given instructions to the banks (RBI to Banks) to ensure that 100 rupee and 200 rupee notes are also dispensed from the ATM.

It is necessary to increase the availability of 100-200 notes.

The central bank on Monday directed the banks that in order to increase the availability of these notes to the general public, it is necessary to ensure that ATMs dispense currency notes of this value in sufficient quantity. RBI has issued a circular in this regard and it has been said that banks and White Label ATM Operators (WLAO) will have to implement this instruction in a phased manner.

It is worth noting that ‘White Label ATMs’ work like the ATMs of government and private banks. These are installed by private or non-banking financial companies (NBFCs) instead of banks. With these, you can withdraw cash, check balance or use all the facilities that are available in other ATMs through debit card and credit card.

What is in RBI’s circular?

If we look at the circular of Reserve Bank of India (RBI), it says that this decision has been taken to increase the public’s access to these frequently used denomination bank notes. Under which, now all the banks and white label ATM operators of the country are required to ensure that their ATMs also dispense Rs 100 and Rs 200 notes on a regular basis.

It further states that by September 30, 2025, 75 percent of all ATMs (Automated Teller Machines) should dispense at least one cassette of Rs 100 or Rs 200 denomination bank notes. After this, in the next phase, by March 31, 2026, at least one cassette of 90 percent of ATMs should dispense at least one cassette of Rs 100 or Rs 200 denomination bank notes.

ATM will be expensive from May 1!

Let us also tell you here that under the rules changing in the country from May 1, 2025 (Rule Change From 1st May), the rules for cash withdrawal from ATM machines are also going to change. Actually, if any transaction is done from an ATM machine outside the home bank network, or balance is checked, then the user will have to pay more charges.

Let us tell you that at present, charges are applicable for using ATMs outside the home bank network and it is going to increase even more from May 1. This increase is part of the amendment approved by RBI based on the proposal of National Payment Corporation of India (NPCI).

According to the report, till now, if customers used to withdraw money from a bank ATM of another network instead of their home bank’s ATM, then they had to pay a charge of Rs 17 on every transaction, which will increase to Rs 19 from May 1. Apart from this, if you checked the balance from another bank’s ATM, then a charge of Rs 6 was levied on it, which will now be increased to Rs 7.

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According to PTI news, the Reserve Bank of India (RBI) said in a statement that the bank will stop doing banking business from the close of business on Tuesday (April 22, 2025). The Registrar of Cooperative Societies of Maharashtra has also been requested to issue an order to close the bank and appoint a liquidator for the bank.

You can claim up to Rs 5 lakh

According to the news, upon liquidation, every depositor will be entitled to receive the deposit insurance claim amount of his deposits up to the monetary limit of Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICCC). According to the data submitted by the bank, RBI said that 91.55 percent of the depositors are entitled to receive the full amount of their deposits from DICCC. As of April 3, 2025, DICCC has paid Rs 275.22 crore out of the total insured deposits.

detrimental to the interests of depositors

Citing reasons for cancelling the licence of Ajanta Urban Co-operative Bank Limited, it said the bank with its current financial position would be unable to make full payments to its present depositors and public interest would be adversely affected if the lender is allowed to carry on banking business further. Also, the continuance of the bank is detrimental to the interests of its depositors.

Due to the cancellation of licence, Ajanta Urban Co-operative Bank Limited is prohibited from carrying on the business of ‘banking’ with immediate effect, which among other things, includes accepting deposits and repaying deposits.

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The post office also runs a scheme in which your money doubles directly. Today we will learn about the Kisan Vikas Patra (KVP) scheme of the post office, in which your money doubles directly in a fixed period.

7.5 percent interest is being given on KVP scheme

Kisan Vikas Patra is a government scheme in which your money gets doubled directly. Whatever amount you put in this scheme, it gets doubled. Now whether you put 1 lakh rupees or 1 crore rupees in it. Lump sum investment is made in the KVP scheme of the post office. Currently, 7.5 percent interest is being given on this scheme. You can deposit at least 1000 rupees in the Kisan Vikas Patra scheme. There is no limit on maximum investment in this scheme. That is, you can invest as much money as you want in it.

The scheme matures in 9 years and 7 months

This scheme of the post office matures in 115 months i.e. 9 years and 7 months. That is, your money deposited in this scheme doubles in 115 months. This is a fixed return scheme and it gives fixed returns with full guarantee. In this scheme, along with a single account, a joint account can also be opened. Names of maximum 3 persons can be added in a joint account. This is a post office scheme and the post office is operated by the central government, which simply means that your money invested in this scheme is completely safe.

Disclaimer: This article is written for informational purposes only. Consult your financial advisor before making any kind of investment or taking any financial risk. Rightsofemployees will not be responsible for any kind of risk

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On Monday, the central bank made this big announcement and issued a circular saying that ‘minor age limit of 10 years or above may be allowed to open and operate savings/term deposit accounts independently.

From ATM to cheque book for minors!

According to PTI, RBI has said that such minors can be allowed to open and operate accounts through their family members or legal guardians. The central bank also said that various banks can provide additional banking facilities to minors’ accounts based on their risk management policy. According to the circular, banks are free to provide necessary facilities including internet banking, ATM/debit card, cheque book to minor account holders.

This is the objective of RBI behind the rule change.

According to the circular issued by the central bank in this regard, now a minor of any age can open a savings or fixed deposit account in his/her name. Minors below the age of 10 years will also be allowed to open such bank accounts by making their mothers the guardian. At the same time, children of 10 years and above can be allowed to operate their accounts independently, although the concerned banks can set limits and conditions according to their policies. These should also be clearly explained to the minor account holders.

Apart from this, when the minor turns 18, the bank will ask for new operating guidelines and sample signature. In such a situation, if the account is being managed by the guardian, the bank will verify the balance. According to RBI, the purpose of these changes (RBI Rule Change) is to promote financial literacy among children under the guidance of parents.

New rules will come into effect from July 1!

Regarding the amendments made by the Reserve Bank of India (RBI) in its guidelines for opening and operating bank accounts for minors and children below the age of 18 years, banks have been advised to make their existing policies in line with the revised norms by July 1, 2025. That is, the existing rules may continue till then.

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This announcement was made on 28 March 2025. Which is now going to be implemented from 1 May 2025. It is worth noting that up to three transactions are free in metro cities right now.

Withdrawing cash from ATM will become expensive from next week. The Reserve Bank of India had announced this on 28 March 2025. Till now the limit for withdrawing cash from ATM machine has been kept at Rs 21 per transaction. But very soon the charge or fee levied on the transaction will increase.

How much will I have to pay now?

According to the announcement made by RBI, now customers will have to pay a charge of Rs 23 instead of Rs 21 for withdrawing cash from ATM. Which means that RBI has increased the withdrawal charge by Rs 2.

However, currently three transactions are free in metro cities like Mumbai, Kolkata, New Delhi etc. However, for more transactions than this, a charge of Rs 21 has to be paid. In simple words, free cash can be withdrawn from ATM up to three times. If you withdraw more than this, a higher charge is levied.

Why is there a withdrawal charge?

If a customer is a customer of Bank X. But uses another bank to withdraw cash. Then such other bank charges interchange fees from Bank X. Bank X will charge this fee from its customer in the name of withdrawal charge.

How to avoid charges or fees?

This charge can be easily avoided. Currently, withdrawing cash from ATM up to three times is free. Or there is no zero or any charge on this. You should decide in advance how much cash you may need this month. Accordingly, withdraw cash from ATM once or twice.

Along with this, you can use UPI app or ATM card for many types of expenses or to buy goods. Nowadays UPI payment is accepted at every small and big shop.

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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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What will change from 1 May 2025

• Cash withdrawal fee: Increased from ₹17 to ₹19 per transaction
• Balance check fee: Increased from ₹6 to ₹7 per transaction
• Free Limit: These new charges will be applicable after 5 free transactions in metro cities and 3 free transactions in non-metro areas.

Why did the charges increase?

ATM network operators and white label ATM companies had demanded an increase in interchange fees, as their maintenance and operation costs have increased. NPCI submitted this demand to RBI, which was approved.

Impact on customers and banks

• If customers transact from an ATM of any other bank instead of their home bank, they will have to pay higher charges.
• Smaller banks, which rely more on other banks’ ATM networks, may see costs increase.
• Banks may also consider increasing account maintenance charges.
• Customers who use ATM frequently should use digital payments or home bank ATM more to avoid extra expenses.

SBI changes ATM transaction rules (effective from 1 February 2025)

State Bank of India (SBI) has also implemented new ATM rules for its customers:

Free limit per month

• From SBI ATM: 5 free transactions
• From other bank ATMs: 10 free transactions (without location or balance limits)
• Those with average monthly balance (AMB) of more than ₹1 lakh will get unlimited free transactions.

Charges after free limit

• At SBI ATM: ₹15 + GST ​​per transaction
• At other bank ATMs: ₹21 + GST
• Balance check/mini statement (at other bank ATM): ₹10 + GST
• Balance check at SBI ATM: Absolutely free

Other services

• Non-cash financial transactions (like donations etc.): Free at SBI ATMs
• This facility is not available at other bank ATMs

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After which all the banks of the country started reducing the interest rates of loans as well as deposit rates. In this series, State Bank of India also reduced the interest given on its savings schemes. However, even after this reduction, SBI’s FD schemes are getting excellent interest. Today we will tell you about a scheme of SBI, in which a fixed interest of Rs 24,604 can be obtained by depositing only Rs 1 lakh.

SBI is offering interest ranging from 3.50 to 7.55 percent on FD

SBI has reduced the interest rates on FDs for general people from 3.50%-7.25% to 3.50%-7.05%. This government bank is now offering 4.00% to 7.55% interest on FDs to senior citizens, which was up to 7.75% earlier. State Bank of India is offering 6.90% interest to general citizens and 7.40% interest to senior citizens on FD schemes of 2 years to 3 years. Before the reduction in interest rates, general citizens were getting 7.00% interest on this scheme and senior citizens were getting 7.50% interest. That is, SBI has reduced the interest on this scheme by 0.10%.

If you deposit Rs 1 lakh in 3-year FD, you will get fixed interest of Rs 24,604

If you deposit Rs 1 lakh in a 3-year FD in SBI, then on maturity you will get a fixed interest of up to Rs 24,604. If you are a normal citizen, that is, your age is less than 60 years, then on depositing Rs 1 lakh, you will get a total of Rs 1,22,781, which includes a fixed interest of Rs 22,781. If you are a senior citizen, that is, your age is above 60 years, then on depositing Rs 1 lakh in this scheme, you will get a total of Rs 1,24,604, which includes a fixed interest of Rs 24,604.

Disclaimer: This article is written for informational purposes only. Consult your financial advisor before making any kind of investment or taking any financial risk. rightsofemployees will not be responsible for any kind of risk.

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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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Where will banks remain closed?

On Friday, April 18, 2025, banks will remain closed in many states of the country due to Good Friday. This Christian festival is celebrated in memory of the crucifixion of Jesus Christ. Bank branches will remain closed in Tripura, Assam, Rajasthan, Jammu, Himachal Pradesh and Srinagar on Good Friday. However, digital services like internet banking, mobile banking, WhatsApp and SMS banking as well as ATM networks will remain fully active in these states, so there will be no problem in essential transactions. RBI divides bank holidays into three categories.

Holidays under Negotiable Instruments Act

Negotiable Instruments Act and RTGS Holidays

Annual account closing

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.

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

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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This list includes major banks like SBI, Bank of India, HDFC Bank, Yes Bank, Punjab National Bank and Canara Bank. This decision has been taken with the aim of increasing cash in the market by making the monetary policy more flexible.

SBI

State Bank of India (SBI) has cut interest rates on some of its FD schemes by 10 basis points from April 15, 2025. The interest rate on one year to two year deposits has now come down from 6.80% to 6.70% and on two year to three year deposits from 7.00% to 6.90%. However, senior citizens will get the benefit of additional 0.50% interest under the SBI We-Care scheme as before.

Bank of India

Bank of India (BOI) has also changed the interest rates. The interest rate on deposits of 91 to 179 days has been reduced from 4.50% to 4.25%. The rate on FDs of less than 180 days and one year has been reduced from 6.00% to 5.75%, while the interest on FDs of one to two years will be reduced from 6.80% to 6.75%. Along with this, the bank has also discontinued its 400-day special FD scheme, which earlier used to give 7.30% interest.

HDFC Bank

HDFC Bank has cut interest rates on long-term FD schemes by 35 to 40 basis points. Yes Bank has cut interest rates on FDs of 12 to 24 months by 25 basis points. Due to this, customers will now get less returns than before.

Punjab National Bank

Punjab National Bank (PNB) has also changed the interest rates and now the interest rate on its FD schemes is between 3.50% to 7.10%. The highest interest is being given on FD of 390 days.

Canara Bank

Canara Bank has also cut 20 basis points on some schemes, but its FD of 444 days is still getting 7.25% interest. Senior citizens are getting the benefit of 0.50% and super senior citizens are getting 0.80% additional interest. Experts say that due to the reduction in repo rate, interest rates in banks are decreasing rapidly. In such a situation, investors need to rethink their FD strategy.

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Today we will tell you about such a scheme of BoB, in which you can get a bumper interest of Rs 51,050 by depositing only Rs 2 lakh. Let us tell you that this interest of Rs 51,050 on Rs 2 lakh is absolutely fixed and you will get this benefit with guarantee.

Fixed and guaranteed interest of ₹51,050 on ₹2,00,000

Bank of Baroda is offering its customers interest ranging from 7.15 percent to 7.65 percent on FDs with tenures ranging from 2 years and 1 day to 3 years. In this scheme, 7.15 percent interest is being offered to general citizens and 7.65 percent interest is being offered to senior citizens. If you are a general citizen and deposit Rs 2 lakh in this scheme for 3 years, then you will get a total of Rs 2,47,379 on maturity.

This includes a fixed and guaranteed return of Rs 47,379. If you are a senior citizen and deposit Rs 2 lakh in this scheme for 3 years, then you will get a total of Rs 2,51,050 on maturity. This includes a fixed and guaranteed return of Rs 51,050.

FD interest rates are going to decrease soon

This second largest bank of the country has brought a new special FD scheme of 444 days for its customers. On this FD scheme also, 7.15 percent interest is being given to general citizens and 7.65 percent interest is being given to senior citizens. Let us tell you that today RBI has announced a cut of 0.25 percent in the repo rate.

With this decision of RBI, along with the interest rates of loans, the interest rates of FD (Fixed Deposit) will also decrease. Now gradually all the banks will start reducing the interest rates of FD. Therefore, if you get FD done as soon as possible, you will be benefited.

(Disclaimer: This news is for information only. Please consult your financial advisor before investing.)

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If there is delay in pension then interest will be given

If a retired employee’s pension is not paid on time, then now the bank will have to pay compensation for that delay. RBI has given clear instructions – 8% annual interest will have to be paid. You will get money without any complaint. The pensioner will not even have to complain to the bank for this. In case of delay, the bank itself will have to deposit the interest amount in the pensioner’s account.

Since when is this rule in force?

This rule is considered applicable from October 2008. That is, if there is a delay in your pension after this, then you should get interest.

Who will get the interest?

This rule applies to those retired employees of the Central Government and State Government whose pension comes through the bank. RBI has clearly said that banks should take full responsibility for sending pension on time. If there is any delay then the bank will have to bear the brunt of it. For pensioners above 70 years of age, the bank will provide the facility of submitting life certificate at home. They will not need to come to the bank.

Digital life certificate is also valid

Pensioners can also submit life certificate digitally through ‘Jeevan Pramaan’ platform. This eliminates the tension of standing in queues. Now banks will have to take the responsibility of pension payment seriously. If they are negligent, they will have to pay compensation directly.

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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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Currently, banks charge 21 rupees on every withdrawal after exceeding the free transaction limit, which has now been increased to 23 rupees. RBI has also increased the ATM interchange fee by 2 rupees. Now 19 rupees will be charged on every interchange transaction. Currently the interchange fee is 17 rupees.

According to the rules of banks, customers can make 5 free transactions every month in metro cities and 3 free transactions in non-metro cities. After this, a fixed charge will have to be paid on every additional transaction. RBI has decided to increase the charges on the request of white-label ATM operators. The operators had demanded to increase the charges citing rising operational costs.

You will have to pay more to check the balance

. The charges for non-financial transactions like checking the balance have also been increased. Earlier, you had to pay Rs 6 for checking the balance, which has now increased to Rs 7. ATM interchange fee is the fee that a bank pays to another bank in exchange for providing ATM service. This is usually a fixed fee charged on every transaction, which banks charge from customers.

The increase in ATM charges may have a greater impact on the customers of smaller banks
as these banks are dependent on larger financial institutions for ATM network and related services.

ATM usage is decreasing

Due to the increasing trend of digital payments, the need for cash withdrawal from ATMs has reduced. According to government data, the total value of digital payments in India was Rs 952 lakh crore in FY 2014, which increased to Rs 3,658 lakh crore by FY23. This shows that people are now giving more preference to cashless transactions.

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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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impact of the new rules

This change will make the process of calculating and updating credit scores faster and more accurate. Earlier, delays in updating loan repayment information could have a negative impact on borrowers’ credit scores, causing problems in getting new loans. Now the 15-day reporting period will eliminate this problem and borrowers will soon see an improvement in their credit scores.

What does 15-day reporting mean?

Credit score will get updated quickly – Now if a person makes loan or credit card payments on time, his credit score will improve quickly.

Banks will get accurate data – Banks and financial institutions will be able to take decisions based on more accurate and recent credit information before disbursing loans.

Default and loan fraud will be controlled – Earlier there could be a delay of up to 40 days in monthly reporting, due to which banks could take wrong decisions. Now this process will be faster and the financial behavior of borrowers can be monitored better.

Ban on Evergreening – The new rule will also curb ‘Evergreening’, where a new loan is taken to repay the old loan, and the loan will be properly evaluated.

Credit score categories

Credit scores range from 300 to 900, and a score above 700 is considered good.

Score – Category

300–579 bad

580–669 average

670–739 good

740–799 very good

800+ Best

Benefits of the new rules

Faster credit score update – Borrowers who make their payments on time will get a better credit score soon.

Decision making ability of banks will increase – Now banks will get updated data within 15 days instead of looking at old data. Check your credit score regularly and immediately lodge a complaint with the credit bureau to rectify any mistakes.

The post RBI issued new rules regarding CIBIL score, know how you can improve your CIBIL first appeared on Rightsofemployees.com.

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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The post RBI Governor told this to the banks regarding submission of KYC documents of customers, said- this will benefit everyone first appeared on Rightsofemployees.com.

Big relief to customers

Bank of Maharashtra has given a big relief to its customers by reducing the home loan interest rate to 8.10 percent, which is one of the lowest rates in the banking industry. Apart from this, the interest rate on car loan has also been reduced to 8.45 percent per annum.

Processing fees also waived

At the same time, interest rates on education and other loans linked to repo linked lending rates (RLLR) have also been reduced by 25 basis points. Along with this, the bank has also waived the processing fees on home and car loans. The bank says that this double relief—low interest rates and waiver of processing fees—reflects the bank’s commitment to provide the best financial solutions to customers.

Approval of International Branch of the Bank

Along with this, Pune-based Bank of Maharashtra has received approval from the Reserve Bank of India to set up an International Financial Services Centre (IFSC) banking unit in GIFT City. This branch will be the first international branch of the bank, which will conduct foreign banking operations from India. This will expand the international banking business of the bank and will also provide special banking services to the customers. The bank has promised to not only benefit domestic customers with this move, but also aims to increase its international business.

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The post Bank Reduced Loan Interest Rates and also Waived Processing Fees – Know full Details first appeared on Rightsofemployees.com.

Bank Holidays: Next week banks are going to remain closed for 3 days in the country. If you have any work in the bank next week then you should take theseHolidaysYou should be aware about this. The Reserve Bank of India (RBI) has released a calendar related to bank holidays. In today’s news, we are going to give you information about this, let’s know about it…

Bank Holidays: Banks will remain closed for 3 days next week

The Reserve Bank of India (RBI) has released a calendar of bank holidays. According to this calendaraccording to, if banks are going to be closed for 3 days in the week.

Bank Holidays in February 2025

The post Bank Holidays Alert: Banks will remain closed for so many days next week, see the list of holidays first appeared on Rightsofemployees.com.

Following this, a private bank has already cut its savings bank interest rate. Not only this, there are expectations that most private and government banks will soon start cutting their interest rates on FDs. Before the banks do so, it is also considered an opportune time to lock your savings in FDs.

However, experts also advise to avoid locking too much money in FDs as interest income on FDs is taxable and those in the highest tax bracket, i.e. 30 per cent, effectively get less than 5 per cent of their interest income on FDs when the interest offered is 7 per cent.

However, if you are planning to invest a part of your portfolio in FDs for one year, these are the banks and their interest rates.

FD Interest Rates on One Year Deposit

HDFC Bank: The largest private bank offers 6.6 per cent and 7.10 per cent interest to general and senior citizens on one-year FD deposits.

ICICI Bank: This private lender offers 6.7 per cent and 7.20 per cent interest to general and senior citizens on one-year FD deposits.

Kotak Mahindra Bank: This private bank offers slightly higher interest rate of 7.10 per cent to general citizens and 7.6 per cent to senior citizens on 1-year FD deposits.

Federal Bank: It offers 7 per cent and 7.5 per cent interest to general citizens and senior citizens on 1-year FD deposits.

Bank of Baroda: This bank gives 6.85 percent interest to general citizens and 7.35 percent interest to senior citizens on 1 year FD.

Union Bank of India: This government bank gives 6.8 percent interest to general citizens and 7.3 percent interest to senior citizens on one-year FD.

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The post FD interest rates: THESE 6 banks offer up to 7.5 percent on their 1-year fixed deposits first appeared on Rightsofemployees.com.

Leading private sector bank Kotak Mahindra Bank has announced a cut of 50 basis points (bps) in interest rates on savings accounts with daily balance up to Rs 5 lakh. It has been reduced from 3.50 percent to 3 percent. According to the official website of Kotak Mahindra Bank, the new rates have come into effect from February 17, 2025.

In the RBI’s Monetary Policy Committee (MPC) meeting held between February 5 and February 7, 2025, the members unanimously decided to reduce its repo rate by 25 basis points (bps) from 6.50 percent to 6.25 percent. This is the first reduction in the repo rate in almost five years. RBI had continuously increased the repo rate by about 250 basis points (bps) after the Covid-19 pandemic.

From April 1, 2016, interest on savings accounts will be paid on a quarterly basis. Thus, interest on savings bank account calculated on daily product basis will be paid at quarterly intervals on June 30, September 30, December 31 and March 31 of every year.

How much interest will I get now?

According to the revised interest rates, from February 17, 2025, interest will be given at the rate of 3 percent per annum on a daily balance of up to Rs 50 lakh in a savings account. Whereas 3.50 percent annual interest will be given on an amount above Rs 50 lakh. That is, the interest rate of savings account has been reduced from 4 percent to 3.50 percent for a balance of more than Rs 50 lakh. These interest rates are applicable for both resident and non-resident accounts.

Kotak Mahindra Bank issued a statement on its official website saying, “Effective from February 17, 2025, savings accounts will get 3% interest per annum on daily balance up to Rs 50 lakh and 3.50 percent interest on more than Rs 50 lakh respectively. These interest rates are applicable to both resident and non-resident accounts (NRI/NRO).” This decision of the bank is a big blow for common account holders.

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The post Kotak Mahindra Bank cuts interest on savings account by 50 bps. Check here first appeared on Rightsofemployees.com.

The Reserve Bank of India (RBI) cut its repo rate from 6.50% to 6.25%, a 25 basis point decrease. This presents a problem for investors in Fixed Deposits (FDs) because a decrease in the repo rate usually indicates a future decrease in bank interest rates. This is the last chance for FD investors, particularly senior citizens, to lock in higher rates before banks start cutting them.

Small finance banks often offer attractive interest rates on Fixed Deposits (FDs) for senior citizens, typically higher than those of major commercial banks. These banks focus on serving underserved sectors and may offer better rates as part of their strategy to attract deposits.

Unity Small Finance Bank latest FD rates

Unity Small Finance Bank offers attractive Fixed Deposit (FD) rates, ranging from 4.50% to 9.50% for the general public and 4.50% to 9.50% for senior citizens, depending on the tenure. These rates apply to FDs maturing in 7 days to 10 years. The revised deposit interest rates came into effect on 12 February.

In the following scenarios, the interest rates for senior citizens exceed 9%: For deposits of 501 days, the rate is 9.00%; for 1001 days, it is 9.50%.

Suryoday Small Finance Bank latest FD rates

Suryoday Small Finance Bank offers the following Fixed Deposit rates effective from February 1, 2025:

The interest rate on 5-year deposits is 8.60% for the general public and 9.10% for senior citizens.

For deposits with tenures ranging from 7 days to 10 years, the rates vary from 4.00% to 8.60% for general depositors and 4.50% to 9.10% for senior citizens.

Utkarsh Small Finance Bank latest FD rates

Utkarsh Small Finance Bank offers the following Fixed Deposit rates effective from June 7, 2024:

The interest rate for 1500-day deposits is 8.50% for the general public and 9.10% for senior citizens.

For deposits maturing in 7 days to 10 years, the rates range from 4.00% to 8.50% for general depositors and 4.60% to 9.10% for senior citizens.

Before investing, always compare the rates and terms offered by various small finance banks and consider the bank’s credibility and financial stability.

If any elder in your house is facing such a problem, then let us tell you that at present some banks are giving more than 9 percent interest on 5-year FD. If any senior citizen wants to arrange for pension, then by depositing money in these banks, he can earn a good amount of interest every month.

How to get 9.1% interest

In the banks we are telling you about here, senior citizens will have to make FD for a time period of 5 years. Also, the amount deposited should be less than Rs 3 crore. If you fall under the old tax regime, then you can also get tax benefits.

Tax relief will be available under section 80C

If senior citizens have opted for the old tax regime, they will get tax relief under Section 80C of the Income Tax Act on the interest earned on FD, but let us make it clear here. Those who have opted for the new tax regime will not get tax rebate on FD interest.

These banks are giving 9.1% interest on FD

Suryodaya Small Finance Bank is currently offering 9.1 percent interest to senior citizens. Apart from this, Unity Small Finance Bank is offering 8.65 percent interest to senior citizens.

The post Highest fixed deposit (FD) interest rates for senior citizens: This bank offers up to 9.1%. Details here first appeared on Rightsofemployees.com.

According to the bank’s website, the new interest rates are effective from February 14, 2025. After the Reserve Bank of India (RBI) cut the repo rate by 0.25 per cent, there was a fear that commercial banks would reduce interest rates on FDs.

Repo rate is the rate at which banks get loans from RBI. When it is reduced, loans become cheaper for banks. They have sufficient liquidity and there is no need to get deposits by offering higher interest. Therefore, there is a possibility of reduction in interest on FD due to reduction in repo rate.

On which FDs interest has decreased in DCB Bank

The bank has reduced the interest rate by 0.55 percent on FDs of tenure more than 26 months but less than 37 months. After this, the interest rate for general citizens has come down from 8.05% to 7.50% per annum and for senior citizens from 8.55% to 8% per annum. For tenure ranging from 37 months to 38 months, the bank has reduced the interest rate on FDs by 0.20 percent. After this, the interest rate has come down from 8.05% to 7.85% per annum and for senior citizens from 8.55% to 8.35% per annum.

The interest rate on FDs with tenure of more than 38 months but less than 61 months has been reduced by 0.65 percent. After this, the interest rate for general citizens has come down from 8.05% to 7.40% per annum and for senior citizens from 8.55% to 7.90% per annum.

DCB Bank has up to 8.05% interest on FD

After the latest cut, the interest rate in DCB Bank now ranges from 3.75% to 8.05% per annum for FDs of less than Rs 3 crore for a period of 7 days to 10 years for general citizens. In the case of senior citizens, the annual interest rate for FDs of less than Rs 3 crore in the bank ranges from 4.25% to 8.55%. The highest interest is on FDs of 19 months to 20 months.

The bank has 457 branches all over India

DCB Bank was started in the 1930s. As of 31 December 2024, the bank had 457 branches across India. It has about 25 lakh customers. Promoters held 14.72 percent stake in the bank as of the end of December 2024. DCB Bank is listed on the stock market.

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The post Bank FD Rate Cut: THIS Bank has Cut interest on FD by up to 0.65%, These are the new rates from January 14 first appeared on Rightsofemployees.com.

This ban on the bank has been implemented from last Thursday for the next 6 months. This ban has been imposed due to huge irregularities in the bank. At the same time, a line of worried customers was seen outside New India Co-operative Bank on Friday. New India Co-operative Bank is a private sector bank of the country, said Reserve Bank of India. Now customers are afraid that their hard earned money will be lost. In such a situation, the question is what should the customers do now.

Actually, this is not the first time that RBI has banned a bank. Reserve Bank of India has taken such action against many banks earlier also. Last year, Shirpur Merchants Cooperative Bank was banned. Earlier, strict restrictions were also imposed on PMC Bank and Yes Bank. Two years ago, similar restrictions were imposed on some cooperative banks in Uttar Pradesh and other states. Customers who have accounts and deposits in New India Co-operative Bank will not be able to withdraw money from their accounts. However, RBI has clarified that the ban will be lifted only after the condition of the bank improves. Now the question is, if a bank closes down, how much money do the customers get back? So let’s know everything today.

If a bank goes bankrupt, how much money will the customers get?

-If a bank collapses or its license is canceled by RBI, then the customers can get a maximum of Rs 5 lakh in their account.

• Deposits up to Rs 5 lakh are covered by insurance (DICGC).
• Only a total of Rs 5 lakh from the customer’s account, FD and savings account will be refunded.
• Even if your money is deposited in different branches of a bank, you will get a maximum of Rs 5 lakh only.

For example, if you have Rs 7 lakh deposited in a bank, 2 lakh in your account, 2 lakh in FD and 3 lakh in some other account and if that bank closes down, you will still get only Rs 5 lakh.

What to do to keep your money safe?

• Instead of keeping the entire amount in one bank, keep it in different banks.
• Deposit money in public sector banks (PSUs) and large private banks.
• Avoid keeping large amounts of money in co-operative banks as far as possible.
• Do not keep deposits of more than Rs 5 lakh in any one bank, as the insurance cover is limited to Rs 5 lakh.

If you have Rs 8 lakh and you have deposited it in two different banks (Rs 4 lakh in each), and if both the banks go bankrupt, you can still get back the entire Rs 8 lakh.

In which bank is it safer to keep money?

• Keep deposits in nationalised (PSU) banks – like SBI, Bank of Baroda, PNB etc.
• Keep it in big private banks – HDFC, ICICI, Kotak Mahindra etc.
• Avoid keeping large amounts of money in cooperative banks as far as possible.

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The post What Will Happen If the Bank is Banned or Closed, How Much Money Will You Get? Explained first appeared on Rightsofemployees.com.

RBI has clarified that all banks which handle government transactions will remain open on 31 March 2025. The purpose of this is to ensure that all government transactions, receipts and payments are recorded in the financial year 2024-25 itself.

Banks will remain open across the country

Earlier, banks were going to remain closed in most states on March 31 due to Eid-ul-Fitr. It was also declared a bank holiday in almost all the states except Himachal Pradesh and Mizoram. But now under the new instructions of the government and RBI, all banks will remain open on this day.

March 31 is the last day of the financial year

March 31 is the last day of the government’s financial year. All government revenues, payments and other financial transactions need to be completed on this day. Therefore, the government took this step to ensure correct reporting of the financial year 2024-25.

Which banking services will be available?

On this day, payment of government taxes like Income Tax, GST, Custom and Excise Duty will be possible. Along with this, the work of pension payment, government subsidy transfer, details of government salary and allowances will also continue.

Soon a note with the signature of the new governor will be issued

The Reserve Bank of India will soon issue Rs 50 banknotes bearing the signature of newly appointed Governor Sanjay Malhotra. Malhotra replaced Shaktikanta Das in December 2024. The central bank said in a statement on Wednesday that the design of these notes will be similar to the Rs 50 banknotes of the Mahatma Gandhi (New) series.

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The post Bank Holiday Cancelled: RBI has canceled Eid-ul-Fitr holiday on 31 March 2025 – Know What is the Reason first appeared on Rightsofemployees.com.

Usually, banks in most states, except Himachal Pradesh and Mizoram, are closed on March 31 due to Ramadan-Eid (Eid-ul-Fitr), but since it is the last day of the financial year, the government wants all government revenue collection, payments and other financial settlements to be completed on this day so that the new financial year can begin without any hitches.

As per RBI orders, the following services will continue on March 31st:

Payment of government taxes (Income Tax, GST, Customs Duty, Excise Duty)
Payment of government pension and subsidy
Disbursement of salaries and allowances of government employees
Public transactions related to government schemes and subsidies

Banks will remain closed on April 1, 2025.

However, banks will remain closed in most states on April 1, 2025 (Tuesday) due to Annual Account Closing. Banks will remain open only in Meghalaya, Chhattisgarh, Mizoram, West Bengal and Himachal Pradesh.

Digital banking services will continue.

Many digital services like tax payments, online banking and fund transfers through mobile banking will remain operational. However, customers should confirm with their banks whether digital transactions will continue smoothly with their bank.

Impact of this decision of RBI

This step of RBI will ensure that there should be no hindrance in government revenue collection. Banking services should run smoothly and no government payment should remain pending.
All necessary financial settlements can be completed on the last day of the financial year.

Banking customers are advised to plan their banking operations keeping this change in mind, especially those planning to use banking services on March 31 and April 1.

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The post Why did RBI cancel bank holidays? New instructions issued… first appeared on Rightsofemployees.com.

Revision in interest rates on savings accounts

The private sector bank said that account holders whose daily balance in the account is between Rs 10 lakh to Rs 25 lakh will be given 6.5 percent interest, which is an increase of 0.5% from the previous interest rate. At the same time, account holders whose daily balance in the account is between Rs 50 crore to Rs 75 crore will be given 6 percent interest, which is 0.75% more than the previous interest rate.

The highest increase in this slab

Apart from this, savings account holders whose daily balance is between Rs 200 crore and Rs 400 crore will get 6 percent interest, which is 2 percent more than the previous interest rate. The bank has made the highest increase in this slab.There was no change in these amounts

At the same time, RBL Bank has not made any change in the interest rates on accounts with daily balance of Rs 25 lakh to Rs 3 crore. It will get 7.5% interest as before. After this, the interest rates on accounts with daily balance of Rs 3 crore to Rs 7.5 crore remain unchanged at 6.5%. Apart from this, the private bank has also not made any change in the interest rates on savings accounts with daily balance of Rs 7.5 crore to Rs 50 crore. It will get 6.25 percent annual interest as before.

How are interest rates calculated in savings accounts?

According to RBL Bank, interest rates on savings account are calculated on daily basis on the balance in the account, while it is paid on quarterly basis on 30 June, 30 September, 31 December and 31 March.

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The post Savings accounts: This bank has increased the interest rates on savings accounts, getting high returns first appeared on Rightsofemployees.com.

This decision was taken keeping in mind the increasing cases of fraud in digital payments. To deal with cyber fraud, RBI decided to launch an exclusive internet domain ‘ bank.in ‘ for Indian banks.

Financial services will get more security

The purpose of starting a separate internet for banks is to provide security to financial services while reducing malicious activities like cyber fraud and phishing. So that more and more people join digital banking and payment services and increase customer confidence in them. In this direction, the Institute for Development and Research in Banking Technology (IDRBT) will act as a special registrar. The registration process will start from April 2025. Detailed guidelines for banks will be issued separately. Going forward, a plan has also been made to have a separate domain named fin.in for other non-banking institutions in the financial sector.

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The post RBI announced to start a separate internet service for banks – Key Details Inside first appeared on Rightsofemployees.com.

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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The post RBI’s instructions regarding FD, savings account and locker – Key Details Inside first appeared on Rightsofemployees.com.

The post FD Interest Rate: Good news! These 5 banks have increased interest rates on FD, Check new rate first appeared on Rightsofemployees.com.

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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X10 Financial Services: The Reserve Bank of India (RBI) has taken major action against NBFCs due to irregularities in digital loan operations. RBI has canceled the registration of X10 Financial Services Ltd. This Mumbai-based company was giving loans through several service providers (mobile apps). Even before this, RBI has been taking action to cancel licenses apart from imposing penalties on banks and NBFCs.

Loans were given through these service providers

These service providers include Wecash Technology, XNP Technology, Yarlung Technology, Xinrui International, Omelette Technology, Mad-Elephant Network Technology and Huidatech Technology.

Did not follow the prescribed guidelines

The Reserve Bank said that the Certificate of Registration (CoR) has been cancelled as the company has not followed the guidelines on code of conduct in outsourcing of financial services in its digital loan operations. The company ‘outsourced’ its core functions such as credit appraisal, fixing of rate of interest as well as ‘Know Your Customer’ verification to the service provider (SP).

Also, it failed to investigate the service provider. X10 Financial Services Limited was earlier known as Abhishek Securities Limited. The company was issued a registration certificate in June 2015. After cancelling the registration, the central bank said that the company cannot do the business of NBFC.

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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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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 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…

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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.

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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.

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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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After this, it may be challenging for individuals who wish to take multiple personal loans simultaneously in the new year. Time till January 1 was given to implement the new directive issued in August and now it has come into effect.

What changes did RBI make?

According to a TOI report, the updated regulation now requires lenders to report borrower activity to credit bureaus every 15 days, as against a one-month interval earlier. More frequent updating of records will cause borrowers to face greater scrutiny, reducing the likelihood of taking multiple loans at once. RBI said shortening the reporting cycle will improve lenders’ ability to assess borrower risk.

Get more accurate and timely data

Sachin Seth, chairman of credit information company CRIF High Mark, said, “Equated monthly installments (EMIs) fall on different dates throughout the month. Reporting data once a month can delay updates on defaults or repayments by up to 40 days, leading to outdated information for credit assessment. Switching to a 15-day reporting cycle will reduce these delays significantly. Lenders will now have access to more accurate and timely data.”

It will help in curbing excessive borrowing

SBI chairman C.S. Setty, in an interview to TOI, spoke on the issue of new borrowers taking loans from multiple lenders, often beyond their repayment capacity. He said SBI has suggested more frequent updates to provide a clear picture of borrower behaviour. “This move will help curb excessive borrowing by individuals,” he said.

Sachin Seth also said that borrowers taking multiple loans on different due dates will now see their financial activity in the system within two weeks. This reduces the ‘blind spot’ where important credit data may not be visible, enabling lenders to make more informed decisions.

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As a result, the bank has stopped doing banking business from the close of business on 30 December 2024. The Registrar of Cooperative Societies (Bihar) has also been requested to issue an order to close the bank and appoint a liquidator (assessment officer) for the bank. According to the information received, the bank does not have adequate capital and earning prospects. In this way it does not comply with the provisions of the Banking Regulation Act.

Apart from this, the bank has failed to comply with the requirements of the Act. Reserve Bank Chief General Manager Puneet Pancholi said that the continuation of the bank is contrary to the interests of its depositors. Due to this, the bank will be unable to make full payment to its current depositors due to its current financial position and if the bank is allowed to continue its banking business, it will adversely affect the public interest.

He said that as a result of cancellation of the license, the bank is prohibited from doing the business of banking, including accepting deposits and refunding deposits, with immediate effect. The Chief General Manager said that every depositor shall be entitled to receive deposit insurance claim amount of his deposits up to an amount of Rs five lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC) under the provisions of the DICGC Act, 1961. As per the data submitted by the bank, 98.47 per cent of the depositors are entitled to receive the full amount of their deposits from DICGC.

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The Reserve Bank said in a circular on Monday that all banks directly or indirectly associated with the ‘Real Time Gross Settlement’ (RTGS) i.e. real-time payment system and ‘National Electronic Fund Transfer’ (NEFT) system are advised to provide this facility before April 1, 2025. Currently, those sending money under the Unified Payment Interface (UPI) and Immediate Payment Service (IMPS) system have the facility to verify the name of the beneficiary before starting the process.

RBI has decided to set up a similar facility. This will allow the sender to verify the name of the beneficiary’s bank account before initiating a transaction using RTGS or NEFT system. RBI has advised the National Payment Corporation of India (NPCI) to develop this facility and include all banks in it. It has been said that the banks which are participants of RTGS and NEFT system will provide this facility to their customers through internet banking and mobile banking.

This facility will also be available to individuals visiting bank branches to make transactions. The central bank’s circular states that the aim of this initiative is to curb irregularities and fraud for those sending money using RTGS and NEFT systems. Under this system, there will be a facility to verify the name of the bank account in which the money is being transferred before starting the process of sending money.

This will curb errors and fraud. Through this facility, the beneficiary account name will be obtained from the bank’s ‘Core Banking Solution’ (CBS) based on the beneficiary account number and IFSC entered by the remitters. It says, “The beneficiary account name provided by the beneficiary bank will be displayed to the remitter. If for any reason the beneficiary name cannot be displayed, the remitter can take steps to send the money at his discretion.”

RBI said that NPCI will not keep any data related to this facility. In case of dispute, the remitting bank and the beneficiary bank will resolve the matter based on the ‘lookup’ reference number and the respective ‘log’. Customers will not have to pay any fee for the facility of viewing the beneficiary account name without any charge.

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This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

The bank had sanctioned fresh loans and advances, in non-adherence to directions under SAF, which were (a) beyond the applicable single borrower exposure limit; and (b) not backed by collateral security of term deposits/NSCs/KVPs/insurance policies.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

RBI imposes monetary penalty on Swami Vivekanand Sahakari Bank Niyamit, Nidagundi, Karnataka

The Reserve Bank of India (RBI) has, by an order dated December 18, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on Swami Vivekanand Sahakari Bank Niyamit, Nidagundi, Karnataka (the bank) for non-compliance with certain directions issued by RBI on ‘Exposure Norms and Statutory / Other Restrictions – UCBs’ and ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

The bank had failed to:

• adhere to the prudential inter-bank (gross) and counter party exposure limits; and
• upload the KYC records of customers onto Central KYC Records Registry (CKYCR) within the prescribed timeline.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

RBI imposes monetary penalty on Sri Basaveshwara Pattana Sahakara Bank Niyamit, Sindgi, Karnataka

The Reserve Bank of India (RBI) has, by an order dated December 18, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on Sri Basaveshwara Pattana Sahakara Bank Niyamit, Sindgi, Karnataka (the bank) for non-compliance with specific directions issued by RBI under ‘Supervisory Action Framework (SAF)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

The bank did not adhere to directions under SAF when it increased its exposure to the sector where level of NPAs were high and declared dividend without prior permission of RBI.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

RBI imposes monetary penalty on Manjra Mahila Urban Co-operative Bank Limited, Bidar, Karnataka

The Reserve Bank of India (RBI) has, by an order dated December 18, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on Manjra Mahila Urban Co-operative Bank Limited, Bidar, Karnataka (the bank) for non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

The bank had failed to upload the KYC records of customers onto Central KYC Records Registry (CKYCR) within the prescribed timeline.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

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Let us tell you that this decision of the Reserve Bank will provide more convenience to the holders of prepaid payment instruments (PPI) like gift cards, metro rail cards and digital wallets.

What is in RBI’s circular

The Reserve Bank said in the circular that it has been decided to enable UPI payments from full-KYC PPIs through third-party UPI apps. Similarly, PPIs will also be approved to receive UPI payments. RBI said – A PPI issuer will enable UPI payments only to its full-KYC PPI holders by linking its customer to a UPI handle. UPI transactions from PPIs on the issuer’s application will be authenticated using the customer’s existing PPI identity. Meaning that such transactions will be pre-approved before reaching the UPI system.

RBI said that as a payment system provider, a PPI issuer should not associate customers of any bank or any other PPI issuer with itself. At present, UPI payment from a bank account can be made using the UPI application of that bank or any third party application provider. However, UPI payment from PPI can be made only using the mobile application provided by the PPI issuer.

Difference between PPI and UPI

PPIs are instruments that enable purchase of goods and services, transaction of financial services and remittance facilities against the value stored in them. UPI, on the other hand, is an instant real-time payment system developed by the National Payments Corporation of India to facilitate inter-bank transactions through mobile phones.

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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.

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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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RBI has started talks with other banks to promote the adoption of its AI-based Mule Hunter AI tool. According to sources, RBIH CEO Rajesh Bansal said that this tool has already been adopted by two major public sector banks and discussions are going on with ten other banks.

Reserve Bank’s Mulehunter. Ai is being described as an effective step towards preventing financial fraud. It will help in speeding up the identification of fraud accounts and combating financial fraud. Let’s know what is Mulehunter.Ai and how it works.

Mulehunter.Ai will identify the mule accounts. This platform helps in identifying and detecting “mule accounts”. Mule accounts are usually used for money laundering. Traditionally, rule-based systems and manual verification processes were used to identify these bank accounts, which were time-consuming and less reliable.

To develop Mulehunter.Ai, 19 special patterns have been studied in collaboration with banks. Initial results have shown that this tool significantly improves both accuracy and efficiency. Its testing results are encouraging. It is three times more accurate than the manual system and also reduces time consumption by ten times.

Will curb money fraud

Repo rate not reduced even for the 11th time, common man disappointed but economy gets a dose
money

Addressing the growing challenges of financial fraud

RBIH says that financial fraud is constantly increasing in scale and complexity, where transactions often involve large sums of money. Multiple channels are being used for fraud and it is no longer limited to small amounts but can go up to ₹1 crore.

Bansal also said that the most effective way to curb fraud is to see where the money ultimately goes.

RBI Governor’s warning on potential risks of AI

Recently in the month of October, RBI Governor Shaktikanta Das warned on the potential risks of AI in the financial sector. He said that “even though AI is revolutionizing the financial sector, excessive dependence on it can pose risks to financial stability.”

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The central bank said in a statement on Monday that Javron Finance has violated the RBI’s code of conduct guidelines on ‘outsourcing’ of financial services in its digital loan operations. It has outsourced its key decision-making functions such as loan appraisal, loan disbursement, interest rate determination as well as KYC (know your customer) verification process.

Javron Finance failed to comply with many RBI rules

The Reserve Bank of India (RBI) said the company not only failed to adopt appropriate procedures to assess the capability, security and internal controls over the Loan Service Providers (LSPs), ultimate beneficial owners, nationality and shareholding pattern, but also failed to periodically review the security activities and control processes deployed by the LSPs to safeguard the confidentiality or security of customer data.

The company will not be able to do the business of a non-banking financial institution
The Reserve Bank said, “The company has violated the Reserve Bank’s guidelines on fair practice code by not providing copies of loan agreement and acceptance letter in local language to its customers.” After the cancellation of registration certificate, Javaron Finance cannot carry on the business of non-banking financial institution (NBFI).

Banks ordered to reduce the number of freezed accounts

In another case, RBI has asked all the banks of the country to take necessary steps to reduce the number of inactive or frozen accounts ‘immediately’ and also provide information about their number on a quarterly basis. Expressing concern over the increasing amount of money lying in such accounts, RBI said that its supervisory inspections have revealed many problems, due to which accounts are becoming inactive or frozen.

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This facility will be very useful for millions of people who still use feature phones. Reserve Bank of India i.e. RBI has given a new gift to the users who make online payments. The new facility is especially for those users who make online payments from feature phones. Actually, if you use UPI 123Pay feature for UPI payment, then now you will be able to make online payment of up to Rs 10 thousand. Earlier this limit used to be up to Rs 5,000. The new rule of UPI 123 Pay service will come into effect from January 1, 2025.

When was the UPI 123 Pay service started

Currently, there are 400 million feature phone users in India. In such a situation, these users are going to get a lot of convenience than before. The UPI 123 Pay feature was launched in March 2022. The UPI 123Pay feature offers the facility of online payment without internet. Earlier, the limit of UPI Wallet Lite was increased from Rs 2000 to Rs 5000 by RBI. It is believed that UPI payment is spreading rapidly to small towns and villages in India. In such a situation, RBI has doubled the limit of UPI payment.

Changes in UPI 123Pay service

• Users will be able to make double the amount of online payment as compared to earlier, i.e. up to Rs 10,000.
• New security layer added for Aadhaar based OTT authentication.
• Many options like IVR, missed calls, feature phone apps and sound based technology are used for UPI payments.
• Easy integration with UPI Mumeric ID Mapper is being done for UPI payments.

What is UPI 123Pay?

UPI 123Pay is a platform that allows users to make UPI payments without internet using feature phones. It offers IVR calls, missed calls, app based transactions and sound based payments.

What is UPI Lite?

UPI is a light wallet system, which is offered by PhonePe, Google Pay and PhonePe. This service provides the facility to add payments to the wallet. After this, online payments can be added to the wallet without OTT. This payment limit has recently been increased to Rs 5000.

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The Reserve Bank said that the bank will close the banking business from the close of business on November 12, 2024. Also, the Cooperative Commissioner of Andhra Pradesh and the Registrar of Cooperative Societies have been requested to issue an order to close the bank and appoint a liquidator.

95.8 percent of depositors will get their money

On liquidation, every depositor will be entitled to receive deposit insurance claim amount on deposits up to a limit of Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC). RBI said, ‘According to the data submitted by the bank, 95.8 percent of the depositors are entitled to receive the full amount of their deposits from DICGC.’ DICGC has paid Rs 9.84 crore out of the total insured deposits till August 31, 2024.

Durga Sahakari Urban Bank was closed due to this reason.

Regarding cancellation of license of Durga Sahakari Urban Bank, RBI said that the bank does not have sufficient capital and earning prospects. It could not follow the rules of Banking Regulation Act, 1949. It said, ‘The continuation of the bank is not good for the interest of its account holders. Due to its current financial position, the bank will be unable to make full payment to its existing depositors.’ After the closure of the bank, 4.2 account holders will not be able to get the entire money deposited by them.

What will be the impact on the account holders?

The impact of the closure of any bank on its account holders depends on the amount deposited in their account. The money deposited in the account of those with deposits up to Rs 5 lakh is insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC). But those with amounts more than this are sure to suffer losses. All types of deposit accounts of banks are insured by DICGC.

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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.

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RBI Governor Shaktikanta Das while presenting the bi-monthly monetary policy review on Wednesday said that with continuous innovation and acceptance, UPI has transformed the financial landscape of the country by making digital payments easy and inclusive.

He said, “To further encourage its use and make it more inclusive, it has been proposed to increase the per transaction limit in UPI 123 payment from Rs 5,000 to Rs 10,000. Also, it has been decided to increase the limit of UPI wallet from Rs 2,000 to Rs 5,000 and the per transaction limit to Rs 1,000.

‘UPI 123 Pay’ facility is now available in 12 languages

According to the RBI statement, suitable amendments will be made in the RBI framework related to UPI Lite to facilitate small value payments through offline digital means. Apart from this, the facility of ‘UPI 123 Pay’ will now be available in 12 languages.

With this, NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement System) will facilitate verification of account holder’s name before finalising fund transfer, just like UPI and IMPS (Immediate Payment Service).

Currently, UPI and IMPS allow the sender to verify the name of the recipient (beneficiary) before sending money.

Governor Shaktikanta Das said, “Now sending money under RTGS and NEFT will facilitate verification of the name of the beneficiary. This will reduce the chances of money going to the wrong person and fraud.” RBI said that guidelines will be issued soon in this regard.

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Holiday dates

If you are planning a long vacation, there is good news for you! There are many holidays in October, especially due to assembly elections in some states.

Important Holidays:

October 10: Saptami Puja
October 11: Ashtami Puja
October 12: Navami Puja and second Saturday
October 13: Sunday
Thus, from October 10 to 13, you will get continuous holidays, so you can enjoy a long weekend.

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But RBI also said that 2 percent of 2000 rupee notes withdrawn from circulation, that is, about 7117 crore rupees worth of notes are still with the people and they have not yet returned to the banks. Let us tell you that on March 19 last year, the Reserve Bank of India had announced the withdrawal of 2000 rupee notes from circulation.

As of May 19, 2023, notes worth Rs 3.56 lakh crore were in circulation

The total value of 2000 rupee notes in circulation till May 19, 2023 was Rs 3.56 lakh crore. Which has now come down to Rs 7117 crore on September 30, 2024. But the surprising thing here is that about one and a half years have passed since the RBI took the 2000 rupee notes out of circulation and people are still holding 2000 rupee notes worth Rs 7177 crore with them.

2000 rupee notes could be deposited or exchanged in banks till October 7, 2023
The Reserve Bank of India said in a statement, “98 percent of the Rs 2000 banknotes in circulation as on May 19, 2023 have been returned.” The last date for depositing or exchanging Rs 2000 banknotes in circulation was October 7, 2023 in all banks across the country.

The facility for exchanging the Rs 2000 banknotes withdrawn from circulation is available at 19 issue offices of the Reserve Bank from May 19, 2023. RBI’s issue offices are also accepting or exchanging Rs 2000 banknotes from individuals and entities for depositing them in their bank accounts from October 9, 2023.

Notes can also be sent to RBI’s issue office through post

Apart from this, Rs 2000 notes can also be sent to any issue office of RBI through Indian Post in the country. This money is deposited in their bank account. The 19 RBI offices that deposit/exchange bank notes are in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram. Let us tell you that Rs 2000 bank notes were issued after demonetization of Rs 1000 and Rs 500 bank notes in November 2016.

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If you also use UPI then there is good news for you. National Payments Corporation of India (NPCI) has increased the limit of online payment to Rs 5 lakh. However, this facility will be available for some special categories.

Let us tell you that usually the limit for a single transaction is Rs 1 lakh, whereas for transactions related to capital market, collection, insurance and foreign inward remittance, this limit is Rs 2 lakh per day.

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Limit of up to Rs 5 lakh on these 3 types of UPI transactions

1) Tax payment

2) Hospitals and educational institutions

3) For IPO and RBI Retail Direct Scheme

In a circular issued by NPCI on August 24, 2024, it was said that there is a need to increase the limit of each transaction in UPI for special categories. From Monday (September 16, 2024), it may be possible to use UPI for payments of up to Rs 5 lakh in a single transaction.

UPI facility was started in the year 2016.

UPI payment system was started in the year 2016. UPI system is operated by National Payment Corporation of India (NPCI). UPI is a real time payment system.

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Therefore, now the Eid-e-Milad holiday in Mumbai will be on 18 September instead of 16 September. After this decision of the Maharashtra government, the Reserve Bank of India has also issued a statement saying that its offices in Mumbai and Mumbai Suburban will now be closed on 18 September instead of 16 September.

RBI has said that there will be no transactions and settlements in government securities, foreign exchange, money market and rupee interest rate derivatives on September 18, 2024. Settlement of all outstanding transactions on September 18 will be postponed till the next working day i.e. September 19, 2024. Now government securities, foreign exchange, money market and rupee interest rate derivative markets will be operational on September 16.

Banks in Mumbai will remain closed on September 18

After this development, the Eid-e-Milad holiday in Mumbai banks will be on September 18 instead of September 16. Eid-e-Milad is also known as Milad-un-Nabi and Barawafat. This day is the birthday of Prophet Muhammad.

There is also a bank holiday in Sikkim on September 18 due to the Pang Lhabsol Festival. This festival is celebrated every year to pay respect and appease the guardian deities of Sikkim, especially Mount Kanchenjunga. It also commemorates the treaty of brotherhood between the Lepchas and the Bhutias and symbolizes the unity of the Sikkimese.

Where banks are closed on 16 September

Banks will be closed on September 16 on Eid-e-Milad in Gujarat, Mizoram, Karnataka, Uttarakhand, Andhra Pradesh, Telangana, Manipur, Jammu and Kashmir, Uttar Pradesh, Kerala, Maharashtra, Delhi, Chhattisgarh and Jharkhand.

On which other days banks are closed in September

• 17 September: Indrajatra/Eid-e-Milad– Banks closed in Sikkim and Chhattisgarh
• September 20: Friday after Eid-e-Milad-un-Nabi – Banks closed in Jammu and Kashmir
• 21 September: Sree Narayana Guru Samadhi Day– Banks closed in Kerala
• September 22: Sunday
• 23 September: Maharaja Hari Singh Ji Birthday – Banks closed in Jammu and Kashmir
• 25 September: Assembly elections– Banks closed in Jammu and Kashmir
• September 28: Fourth Saturday of the month
• September 29: Sunday

Two categories of holidays

Bank customers should remember that some bank holidays are under the ‘National Holiday’ category and some holidays/festivals are related to a particular state or region. Only the banks of a particular state or region remain closed on holidays related to a particular region. Therefore, bank customers should go to the bank only after checking the bank holiday list and finish their work on time.

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The Maharashtra government has rescheduled the Eid-e-Milad holiday in Mumbai district from September 16 to September 18. The decision was taken to avoid a possible clash with the last day of Ganesh Chaturthi, Anant Chaturdashi, which falls on September 17. The local Muslim community proposed this change so that both festivals could be celebrated without any problems.

The Khilafat House, which represents the Muslim community in Byculla, had made the proposal, which was accepted by the state authorities. Maharashtra Congress leader Naseem Khan had written to Chief Minister Eknath Shinde requesting that September 18 be declared an official holiday instead of September 16, so that both communities can celebrate their respective festivals with peace and gaiety.

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“Accordingly, the Public Holiday declared on September 16, 2024 (Monday) is cancelled and the offices of the Reserve Bank of India situated in the districts of Mumbai City and Mumbai Suburban shall remain closed on September 18, 2024 (Wednesday),” according to the RBI notification on September 14.

Eid-e-Milad, which marks the birth of Prophet Muhammad (peace be upon him), is usually celebrated on September 16, but this time, the Muslim community has postponed its procession to September 18, giving priority to communal harmony. A similar step was taken last year as well.

As part of this change, the Eid-e-Milad procession from Turbhe to Ghansoli Dargah in Navi Mumbai will also be held on September 18. Keeping in mind crowd control during Ganpati immersion, the Central Railway has announced 22 additional suburban train services from September 14 to 18 to facilitate the travel of devotees participating in the festivals.

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As such, the above companies shall not transact the business of a Non-Banking
Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934.

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RBI had announced the withdrawal of bank notes of Rs 2000 denomination from circulation on 19 May 2023. The central bank said that the total value of Rs 2000 bank notes in circulation at that time was Rs 3.56 lakh crore at the close of business. It came down to Rs 7261 crore at the close of business on 30 August this year.

97.96 percent notes deposited in banks

In a statement issued by the RBI, it has been said that thus, 97.96 percent of the bank notes of Rs 2000 in circulation have returned to the banks till 19 May 2023. The facility of depositing or exchanging bank notes of two thousand rupees was available in all bank branches in the country till 7 October 2023. The facility of exchanging bank notes of this value is available in 19 issue offices of the Reserve Bank from 19 May 2023. From 9 October 2023, the issue offices of RBI are also accepting bank notes of Rs 2000 from individuals and institutions for depositing them in their bank accounts.

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still a chance to deposit

Apart from this, people can send Rs 2000 notes from any post office in the country to any issue office of RBI to deposit money in their bank accounts. The 19 RBI offices that deposit/exchange banknotes are located in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram. Rs 2000 banknotes were introduced in November 2016 after demonetisation of Rs 1000 and Rs 500 banknotes.

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The RBI on Friday said it has also imposed a fine of Rs 2.1 lakh on Cent Bank Home Finance Ltd for non-compliance with certain provisions of its ‘Know Your Customer’ (KYC) directions.

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The central bank said the fines in both the cases have been imposed for regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by these entities with their customers.

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The governor said this

He said that India is an active part of international forums and bilateral agreements to promote economic cooperation with many countries and strengthening the financial infrastructure including cross-border payment systems will be the main target area of ​​the Reserve Bank. We are now focusing on making UPI and RuPay truly global.

He said that in this direction, significant progress has been made with Bhutan, Nepal, Sri Lanka, Singapore, United Arab Emirates (UAE), Mauritius, Namibia, Peru, France and some other countries accepting RuPay cards and payments through the UPI network. He said that these efforts underline the collaborative efforts to adopt India’s initiative across the world.

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This is the specialty of UPI and Rupay

Unified Payment System (UPI) facilitates inter-bank transactions through mobile phones, while Rupay is a domestically developed global card payment network. Das said that with the help of its tech capability and developed fintech ecosystem, India has the potential to become a global hub of digital innovation and fintech startups, create and strengthen strategic partnerships, strengthen commitment to international cooperation and develop institutions of excellence.

Das said that the fintech sector has attracted investments worth about six billion dollars in the last two years. The RBI governor said that India is now a fast-growing economic power. He said that financial institutions and fintech should quickly adopt a strong framework to take advantage of the new opportunities arising in the Indian economy and reduce risks. He said that digital financial inclusion has unique advantages of being affordable at scale and affordable cost. He said that the new trinity of JAM-UPI-ULI is a revolutionary step in India’s digital infrastructure journey.

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The name of this scheme was Frictionless Credit Platform, which aimed to simplify the process of taking a loan. Now the name of this platform has been changed to “Unified Lending Interface (ULI)”.

Digital banking will get a boost

During his speech in Bengaluru, RBI Governor Shaktikanta Das said that ULI will make the loan process simpler and faster. This will make it easier for banks and non-banking financial companies (NBFCs) to give loans. Because loan giving institutions will get important digital information like land records from one place, which will reduce both the time and paperwork taken in the loan process.

Small villages and towns will benefit

The RBI Governor said that the biggest beneficiaries of ULI will be the small villages, towns and small-medium enterprises (MSMEs) of the country. ULI has been designed on the basis of Plug and Play model, so that any institution can easily adopt it. Based on the good experiences of the pilot project, ULI will soon be implemented across the country.

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Just like UPI changed the way of payment, ULI can also bring a significant change in the loan disbursal process. This will prove to be a big advantage for the people of small towns and villages.

There has been a change in the banking system

DPI broadly refers to the basic technology systems built in the public sector that are openly available to users and other developers. Das said that there has been an unprecedented technological change in the traditional banking system in the last decade. All signs suggest that this process may accelerate even more in the coming years.

Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday said the central bank is constantly working to create policies, systems and platforms that will make the financial sector strong, resilient and customer-centric. Speaking at the Global Conference on Digital Public Infrastructure and Emerging Technologies under the RBI@90 initiative, Das said digital public infrastructure (DPI) and emerging technologies will shape the future journey of almost all economies in the world.

Governor Das said this

On the country’s experience with DPI, he said, “DPI has enabled India to achieve a level of financial inclusion in less than a decade, which would otherwise have taken decades or more to achieve.”

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Cancelling the registration certificate, RBI said that as of March 31, 2021, the company failed to maintain the minimum regulatory net owned fund of Rs 5 crore and minimum capital adequacy ratio (CAR) of 15 percent prescribed for NBFC-MFIs. Let us tell you that as of March 31, 2021, Margdarshak Financial Services Limited was facing cash flow issues and was defaulting on repayment of Rs 49.27 crore to its lenders.

Difficulty in keeping business going

According to the Central Reserve Bank, the auditor found that there is uncertainty due to the loss (Rs 187 crore) and high net NPA (Rs 82.37 crore), which casts doubt on the company’s ability to continue its business. Apart from this, there was a delay in finalizing the company’s accounts for the financial year 2020-21. It was finalized on October 22, 2021, after about seven months.

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RBI action on these 2 companies

Meanwhile, the Reserve Bank has imposed fines on NDX P2P Private Limited and Innofin Solutions Private Limited for non-compliance with certain provisions of ‘peer-to-peer lending platform’ and guidelines on digital lending. Innofin has been fined Rs 1.99 crore. NDX P2P Private Limited has been fined Rs 1.92 crore.

RBI action

Let us tell you that RBI is very strict about the rules. In this connection, RBI recently imposed fines on five units including CSB Bank, Union Bank of India and Muthoot Housing Finance. This fine has been imposed due to violation of different regulatory norms. RBI said that in every case the fine is based on deficiencies in regulatory compliance and is not related to the financial transactions of these units.

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The holiday list of banks is released by the Reserve Bank of India. Banks were closed for many days in the early days of August as well. Now, banks are going to remain closed for 3 consecutive days from tomorrow. Let us know why the banks will remain closed? However, during this time you can use online internet banking like normal days.

Banks across the country will remain closed

In the coming days, banks are going to remain closed for 3 consecutive days. However, these holidays include weekly and fourth Saturdays. Actually, banks are closed on 24th August due to fourth Saturday. Banks are closed on 25th August due to Sunday and all banks across the country will remain closed due to Janmashtami on Monday, 26th August. Banks will remain closed continuously from 24th August to 26th August. Apart from this, banks will also remain closed on 31st August due to fourth Saturday.

Also Read: FASTag New Rule: RBI allows e-mandate for auto replenishment of FASTag. NCMC

What work can be done when the bank is closed?

If the banks are closed, you can send money to someone’s bank account. This means that you can complete the transaction through banking service when the bank is closed. Apart from this, you can withdraw money with the help of ATM machine. Not only this, if you want to open an FD account or check the bank statement, you can also avail the banking facility for this. However, for work like depositing a cheque or draft, you will have to wait for the bank to open.

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The country’s central bank, the Reserve Bank of India (RBI), on Thursday modified the e-mandate framework and approved the National Common Mobility Card (NCMC) for auto-fill in Fastag.

What is the e-mandate framework at present?

Currently, the e-mandate framework requires pre-debit card notification 24 hours before the actual debit from the customer’s account. RBI had announced in June this year that the NCMC amount can be used for auto-fill in Fastag. No fixed period has been set for this. This facility will work for the e-mandate framework.

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RBI gave information in the circular

RBI has said in one of its circulars that whenever the amount of NCMC for auto fulfillment in Fastag goes below the amount set by the customer, then its limit will be set under the e-mandate framework. RBI further said that whenever the required periodicity period for payment auto fulfillment in Fastag is exceeded, then pre-debit notification will be sent to the customer. In this way, users will get a lot of convenience from this.

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However, many times people accidentally transfer money to someone else’s UPI ID or account. If something like this happens to you too, then there is no need to panic.

Keeping these things in mind, the Reserve Bank of India (RBI) has issued new guidelines addressing the concerns related to wrong transactions on UPI. Under the new rules, if you transfer money to the wrong UPI ID, you can get your money back within 24 to 48 hours. When both the sender and the receiver use the same bank, the refund process is faster. However, if different banks are involved in the transaction, the refund process may take longer.

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Here are 5 Ways to Recover Money Sent to the Wrong UPI Address:

• Contact the Recipient: Reach out to the person who received the funds by mistake and request a refund. Provide them with the necessary transaction details and ask for their cooperation in returning the money.
• Contact UPI App Customer Support: Report the incorrect transaction to the customer support team of your UPI app. Share all relevant information and evidence of the transaction. They can assist in initiating the refund process.
• File a Complaint with NPCI: If you cannot resolve the issue through the app’s customer support, file a complaint with the National Payments Corporation of India (NPCI). Provide them with the transaction details and supporting evidence for further investigation.
• Seek Help from Your Bank: Inform your bank about the erroneous transaction. Provide them with all necessary details and documentation. They can help initiate a chargeback process to recover the transferred funds.
• Call the toll-free numbers: In case of a wrong UPI address transaction, you can call on toll-free number 1800-120-1740.

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However, there is a condition for this that the depositor will have to cite an emergency for withdrawal. The central bank said in a review of the rules governing NBFCs that no interest will be paid for such premature withdrawal.

The rule will come into effect from January 1, 2025

The Reserve Bank said that these changes will come into effect from January 1, 2025. The Reserve Bank said that based on the definition of critical illness prescribed by the insurance regulator IRDAI, it will be decided whether a request falls under the category of such exemption or not.

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In which cases will you be able to withdraw the entire amount

The central bank said, “In cases of serious illness, 100 per cent of the principal amount of the deposit can be withdrawn on the request of the depositors within three months from the date of acceptance of such deposits. In this situation, no interest will be paid to the depositors.”

In these situations there will be 50 percent withdrawal

Emergency situations include medical needs or natural disasters. If there is no emergency and premature withdrawal is sought within three months, NBFCs can pay up to 50 percent of the deposit amount without paying any interest. However, this amount cannot exceed 50 percent.

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That is, now users will be able to do UPI transactions of up to Rs 5 lakh at a time. Let us tell you that at present, this limit is Rs 1 lakh.

You can transfer Rs 5 lakh from anywhere, anytime

Let us tell you that while announcing the decisions taken in the RBI MPC meeting today, RBI Governor Shaktikanta Das announced a big increase in the UPI limit. Increasing the UPI limit will provide tremendous convenience to the common people and they will be able to transact up to Rs 5 lakh at a time, anytime, anywhere if needed.

Dependence on IMPS, RTGS will reduce

Before this announcement of increasing the limit of UPI transactions, mediums like IMPS, RTGS were used for transactions up to Rs 5 lakh. However, bank customers can also do transactions up to Rs 5 lakh through RTGS and IMPS from their mobile phones. But for this, they should have a facility like mobile banking or internet banking.

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Money reaches instantly with the help of UPI

ut those who do not have access to facilities like mobile banking and net banking have to go to the bank for IMPS and RTGS. In such a situation, with this decision of RBI, now common people will also be able to transfer up to Rs 5 lakh at a time with the help of UPI without visiting the bank. Let us tell you that like IMPS, UPI is also an online instant money transfer mode.

Repo rate kept stable for the 9th consecutive time

Let us tell you that RBI did not change the repo rate for the 9th consecutive time today. While announcing the decisions taken in the RBI MPC meeting which started on 6th August, Shaktikanta Das made a big announcement today and announced to keep the repo rate stable at 6.5 percent.

The post UPI limit for tax payments hiked to Rs 5 lakh from Rs 1 lakh: RBI first appeared on Rightsofemployees.com.