RBI Puts a Full-Stop to Online Recurring Transactions for Netflix, Amazon Prime Video, Hotstar, and More

RBI OTT

According to a statement by the Reserve Bank of India (RBI) in March 2021, it had extended the deadline for the processing of recurring online transactions. The extension is effective up to the notice period of six months, meaning the new rule will be in effect from the month of October onwards. According to the Reserve Bank of India, this new rule was introduced to make the recurring transactions more secure and reliable for the users. RBI’s efforts to make online transactions more secure are undoubtedly excellent as it aims…

Read More

RBI Extends the Deadline for Auto-Debit Rules till September 30: What Is It Need? What Will Be Its Impact On Customers?

RBI

The Reserve Bank of India (RBI) has decided to extend the deadline for the banks to migrate to the new framework of auto-debit transactions by six months to September 30, 2021. Earlier, the deadline was set to expire on March 31, 2021. The RBI decided to extend the deadline because the new framework was not fully ready and implemented by the banks. The RBI doesn’t want customers to undergo scams and fraud activities. Below is a simple explanation of this new rule and related queries that what steps the banks…

Read More

Government mandates merger of Laxmi Vilas Bank with DBIL

Lakshmi_Vilas_Bank

On Wednesday, The Union Cabinet held a meeting after which, Union Minister Prakash Javadekar gave a press conference and informed about the important decisions taken by the Cabinet. Javadekar said that the Union Cabinet has approved the proposal for merger of the troubled Lakshmi Vilas Bank with DBIL (Development Bank India Limited). Javadekar informed that the RBI (Reserve Bank of India) had proposed the merger of Lakshmi Vilas Bank with DBIL (Development Bank India Limited). This will provide relief to about 20.5 lakh depositors of the troubled bank. Significantly, jobs…

Read More

Demand for loans have dropped drastically even after liquidity injection.

Home Loan

These are uncertain times and taking a loan with uncertainty looming over your head is not a wise decision. There is no surprise that the masses who are facing the brunt of this uncertainty have therefore not resorted to getting themselves loans, even after a massive liquidity injection by the central government.  India’s outstanding bank loans shrank during the lockdown which stands indicative of the fact that the demands for loans are falling as it is obvious aftermath of the uncertainty that comes with the pandemic.  A total outstanding of…

Read More

Yes bank will be saved by SBI

Yes Bank and SBI

Reserve Bank of India (RBI) has launched “Yes Bank Ltd. Reconstruction Scheme, 2020″, to save Yes bank from defaulting and shutting down. RBI will be supervising the rescue scheme. As a part of the scheme, State Bank of India (SBI) will be purchasing 7.25 billion equity shares of Yes Bank at Rs. 10 each, subject to the approval by SEBI and other regulatory bodies. The purchase of the shares has been approved by the executive committee of the board of SBI. The stake of SBI in Yes bank will remain…

Read More