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Four changes in India’s banking landscape in December

From the launch of the retail digital rupee and a likely increase in the repo rate to a new rule to calculate the minimum amount due on credit cards, a lot is happening in December. Here’s what to watch for.

December 01, 2022 / 12:39 PM IST
Representative image.

Representative image.

The Reserve Bank of India will introduce the much-awaited retail digital rupee on December 1 as a pilot programme in a closed-user group.

Then, if you have a loan or plan to take one, if you have a credit card, or if you subscribe to SMS alerts from a bank, there are important changes coming up in December that you need to monitor.

Retail digital rupee

The pilot programme for the retail digital rupee (e₹-R) starts on December 1 for a closed user-group of customers and merchants in select locations. The RBI has identified eight banks that will participate in this pilot. The first phase will begin with State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank in Mumbai, New Delhi, Bengaluru and Bhubaneswar.