RBI
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Business
UPI123Pay Transaction Cap Raised: Users Can Now Transfer Up to ₹10,000
The Reserve Bank of India (RBI) has announced an increase in transaction limits for Unified Payments Interface (UPI) services. UPI123Pay, introduced in March 2022 to cater to feature phone users, now has a raised transaction cap of ₹10,000, up from the previous limit of ₹5,000. Additionally, the UPI Lite wallet limit has been increased to ₹5,000 from ₹2,000, with a…
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Money
RBI Tell Banks, NBFC to Scrutinize Potential “Wilful Default” Cases in NPA
The Reserve Bank of India (RBI) has issued new guidelines urging banks and Non-Banking Financial Companies (NBFCs) to scrutinize potential ‘wilful default’ cases in non-performing asset accounts with outstanding amounts of Rs 25 lakh and above. These directives, outlined in RBI’s latest Master Direction on the Treatment of Wilful Defaulters and Large Defaulters, will be applicable to all regulated entities…
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Money
Unlock 9% Returns: Top Banks Offering High-Interest FDs for Seniors
Banks Introduce Special Fixed Deposit Schemes for Senior Citizens with Attractive Interest Rates In a move to attract senior citizen investors, several banks have launched special fixed deposit schemes offering higher interest rates. For senior citizens, who typically prioritize stability and consistent income through interest payments post-retirement, these schemes present a compelling option. Despite the taxable nature of interest earned…
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Business
Reserve Bank Bulletin Flags Inflation Risks Amid Global Uncertainty
The Reserve Bank’s April Bulletin highlighted the potential risk to inflation from extreme weather conditions and ongoing geopolitical tensions affecting crude oil prices. Retail inflation, as measured by the Consumer Price Index (CPI), eased to 4.9% in March, down from an average of 5.1% in the previous two months. Despite this, the Reserve Bank has maintained its key interest rate…
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