#indianbankingsystem

Reserve Bank of India steps in, says RBL Bank health status ‘stable’ after shares tank 25% following central bank’s action over weekend

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The Reserve Bank of India (RBI) has assured investors that the RBL Bank is well capitalised and the financial position of the bank remains satisfactory. The statement from the central bank came after the share price fell nearly 25% on Monday morning early trade following the weekend action by the central bank. At 11:33 am, the stock was trading … Read more

What happened to Kotak Mahindra Bank? RBI orders it to stop issuing credit cards and onboarding new online customers: Here is what it means

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In yet another strong regulatory action, the Reserve Bank of India (RBI) on Wednesday directed private sector bank Kotak Mahindra Bank to cease and desist from onboarding of new customers through its online and mobile banking channels with immediate effect. Additionally, the RBI also ordered the bank to stop issuing any fresh credit card. However, the RBI … Read more

NPCI says no extra burden on customers after introducing interchange fee on select UPI transactions, here is what you need to know

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Days after the National Payments Corporation of India recommended an interchange fee up to 1.1% on UPI transactions of over Rs 2,000 made through Prepaid Payment Instruments (PPIs), there was confusion over it applicability. There were claims on social media saying that every transaction over Rs 2,000 made via Unified Payments Interface (UPI) will attract a fee … Read more

20% TCS on international credit cards: What it is, why it was needed, and how it will impact foreign visits – everything you needed to know

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A new rule introduced by the finance ministry over the use of credit cards has created quite a storm, which introduces 20% TCS (Tax Collected at Source) over the use of credit cards for international purchases. This was done by including the foreign spending on credit cards in the RBI’s liberalised remittance scheme (LRS). On 16 May, … Read more