rbi

RBI grants online payments aggregator license to Jio Financial arm JSPL Jio Financial, helmed by veteran banker K.V. Kamath, already runs a shadow bank and an insurance brokerage and has joined forces with BlackRock Inc. to start an asset management business The Reserve Bank of India (RBI) has...

I wanted to share my recent experience with Kotak Bank concerning the closure of my savings account. What should have been a simple process ended up being a prolonged ordeal with significant inconvenience, despite multiple follow-ups. I hope sharing this experience will help others understand...

I registered a complain against UBI on 28/AUG at Ombudsman but till date no response either from bank or from ombudsman? This is the first time it is taking so much time? Any solution?

Hello everybody One of my first credit card - OneCard by SBM Bank India. Issued - 5 Sep 2022 Closed - 8 Sep 2023 Last Credit reporting to CIBIL & Experian - May 2024 Just with above information, any stupid person will also understand that the bank is reporting my payments even after closure of...

I had applied for a LTF Elite+ card from yes bank on 25th September. So once the cibil enquiry wasted done, I was sent to the offered cards page with an array of emotion. Dismay and surprise at the same time. I was offered another card - Reserv card instead of ELITE+. That too paid version, not...

My sbm bank saving account permanently closed on 2023 but yesterday I received WhatsApp message from sbm bank to reactivate my closed account by doing vkyc but I heard that once saving account closed permanently we cannot reopen the same account so I want to know that any one reopened their...

The RBI announced a beneficiary account name look-up facility to enable remitters in RTGS and NEFT to verify the name of the beneficiary account holder before initiating funds transfer. This is a huge benefit for us. No need to make those ₹1 transactions after adding the beneficiary. It may take...

Dear members, Background: In Dec '22 I got Paisabazar FD Step Up Rupay CC by SBM bank. 1 yr later in Dec '23 received an SMS that it has been closed due to non-usage. Looked up the RBI rule on it and learnt bank must inform customer 30 days prior and give opportunity to respond before...

Hey Guys As the topic suggests, I filed an RBI Ombusman Complaint against IDFC First Bank over Delay in Closure of my CC. Here's the Flow of Events: June 23 - Card Closed. July 23 - Bank said they need 90 days time to close card on CIBIL. Dec 23 - Raised grievance with CIBIL over closed card...

I have a sbi card which is 2 years old and they have converted it to LTF. I recently applied for sbi BPCL card (499rs variant) but my application was declined. I mailed the customer support to reconsider my application and give exact reason for refusal. They are not giving any proper...

I recently encountered a concerning issue with BoBCard, which seems to be violating RBI guidelines on credit card activation and reporting. After applying for the Eterna Credit card, I got an approval, and the card was reflected in the banking app instantly. However, here’s where things went...

I have paid credit card bill of Rs100 on mobikwik through my Sbi debit card on 3 Sept to sbi credit card but the payment failed at mobikwik end. So mobikwik initiated refund of that transaction and on 9 Sept I received 100 rs refund. But as per RBI guidelines banks have to pay rs 100...

Hello All I had a Yes MC Reserv card which I got converted to ruPay variant and they charged me joining fees of 2k+ 18% GST. The statement date was 15th of every month and the card was issued on 4th July so I was ok with the joining fees charged on 15th July as I could easily get it reversed...

Direct Banks To Withdraw Cashback Offers On Ecommerce Platforms: CAIT To RBI: SUMMARY - CAIT’s Khandelwal said that the unhealthy nexus between the banks and ecommerce platforms has led to a drastic impact on traditional retailers In a separate letter written to commerce minister Piyush...

Axis - 1.9 Crore Penalty HDFC - 1.0 Crore Penalty 11Sep2024 news https://www.businessleague.in/rbi-imposed-heavy-fine-on-axis-bank-hdfc-bank-know-the-reason/?amp=1

Hello TFCians, Recently, I applied for the IDFC First Mayura Credit Card just for review purposes, as this card is not value for money, as I mentioned in my review article. I only planned to hold it for the first year. I've written a detailed review of this product, which you can check here...

Deposits of all scheduled banks declined in the reporting fortnight ended August 23 even as their advances recorded a robust growth, indicating that the gap between their growth continues to be wide. Deposit growth of all scheduled banks has been lagging credit growth in the last few quarter...

Starting September 6, credit cardholders in India will have the flexibility to choose their preferred card network (Mastercard, RuPay, or Visa) when applying for a new credit card or renewing an existing one. This change is a result of the Reserve Bank of India's (RBI) guidelines aimed at...

My parents have a current account in Yes Bank, which they requested to close around 1.5 years ago. They surrendered the debit card and cheque book, and the branch employee said everything was good to go and that the account would be closed soon. However, after a few days, they noticed that the...