By Hiral Thanawala | December 30, 2024
The central bank kept the repo rate unchanged in 2024, shifting to a neutral stance in October.
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Borrowers can now see effective loan costs with Key Facts Statement (KFS) and Annualised Percentage Rate (APR) disclosures.
KFS promotes transparency, helping borrowers make informed loan decisions.
APR provides a complete picture of loan costs, including interest rates, insurance, fees, and other charges.
RBI asks banks not to charge penal interest, allows only reasonable charges on defaults
The new P2P lending regulations require transparency, no credit guarantees, and enhanced data protection.
Unclaimed bank deposits held in the Depositors’ Education and Awareness Fund (DEAF), can be tracked via UDGAM Portal. It allows users to track unclaimed deposits across banks.
With Daava Soochak, depositors can now instantly check the status of their claims on the DICGC website.
Banks revised credit card benefits, capping rewards, introduced minimum spending criteria to use airport lounge access, new fees and charges.
NPCI had launched UPI Circle, a feature that enables two individuals to share a single bank account for digital payments.
The National Payments Corporation of India (NPCI) raised the per-transaction limit for UPI 123Pay from Rs 5,000 to Rs 10,000. They also increased the UPI Lite balance limit from Rs 2,000 to Rs 5,000.