Monday, March 27, 2023

Four Changes In India’s Banking Landscape In December 2022

Banking Service Charges in December 2022 India: There have been some major changes in the country’s banking sector since the beginning of the first week of December. With these changes, customers will be able to get better facilities in banks. In which mainly the Reserve Bank of India (RBI) has started Digital Rupee on 1 December 2022 as a pilot project. If you are planning to take a loan, then the bank is offering you low interest loans on your credit card. Also, the service of subscribing to SMS alerts from Yes Bank has been discontinued.

digital rupee launch
The Reserve Bank of India (RBI) has launched the retail digital rupee (e₹-R) from December 1 under the first pilot project. Most people also know it by the name of Central Bank Digital Currency or CBDC. This digital currency of RBI has been brought to promote cashless payment. This new payment system will give people another option to pay. Customers can also transfer the digital money from wallet to wallet by purchasing it once from the bank. You can also pay it on buying any item. RBI has included 8 banks in this pilot project. In its first phase, it is planned to start in Mumbai, New Delhi, Bengaluru and Bhubaneswar with State Bank of India (SBI), ICICI Bank (ICICI Bank), Yes Bank (YES Bank) and IDFC First Bank (IDFC First Bank).

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Repo rate hike expected
The next monetary policy announcement of RBI is to be made on 7th December. Currently the Monetary Policy Committee has tried to control inflation by increasing the repo rate at 5.90 percent. The target of the MPC has been set to keep inflation below 6 per cent, but it has failed to do so in the last 3 quarters. In this regard, economists say that the interest rates are not at the peak, and they expect an increase in the repo rate by 25-50 bps in December. However, it is also believed that the rate hike cycle is expected to come to an end.

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minimum due on credit card
In October, the RBI had asked banks and card issuing institutions to fix the minimum amount payable on credit cards. Due to which the card holders will not have to bear the burden of overpayment and debt. As per the new rules, credit card issuers are required to fix a minimum amount due so that the dues can be cleared within a reasonable time.

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SMS No Balance Alert
Yes Bank is going to discontinue the subscription-based SMS alert service from December 1. The bank used to offer subscription-based SMS alerts for account balance, debit and credit transactions and credits. But now all these will be closed. SMS alerts have been banned after increasing cases of fraud and data theft. If you want to continue such SMS alerts in your account, you can avail this facility through the online facility of the bank.

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