Credit Cards Guidelines issued by RBI
Banks in India with a net worth of `100 crore and above can undertake credit card business either departmentally or through a subsidiary company set up for the purpose. They can also undertake domestic credit card business by entering into tie-up arrangements with one of the banks already having arrangements for the issue of credit…
Read article
UPI 123Pay transaction limit increased to ₹10,000 and UPI Lite wallet limit increased to ₹5,000
Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday (October 9) announced changes in transaction limits of UPI 123 and UPI Lite wallet. During the Statement on Developmental and Regulatory Policies announcement, Das said that the per-transaction limit for UPI 123Pay will be increased from ₹5,000 to ₹10,000, while the UPI Lite wallet limit…
Read article
RBI maintains status quo on Repo, policy rates, but changes stance to Neutral
The Reserve Bank of India (RBI) announced its fourth bi-monthly monetary policy for FY25 today, October 9. The RBI’s rate-setting committee (MPC) kept the benchmark repo rate unchanged at 6.5% for the tenth straight meeting. However, RBI maintains the status quo on policy rates, but changes its stance to Neutral from ‘withdrawal of accommodation’; GDP…
Read article
Advantages, Disadvantages of Credit Cards
Credit cards offer several benefits to merchants and cardholders. Benefits to merchants: Credit card transaction processing directly impacts a business’s ability to provide convenient and secure payment options for customers, which can affect sales, customer satisfaction, and overall growth. Enhanced customer experience By offering a simple, convenient credit card payment experience, businesses can meet the…
Read article
Bank Retirees medical Insurance: Total premium payable with top-up coverage of 2 lakh, 3 lakh, 4 lakh and 5 lakh
National Insurance Co. now offers multiple top-coverage medical insurance policies for bank retirees under IBA medical policy for retirees. Now top-up is available for Rs.2 lakh, 3 lakh,4 lakh, and 5 lakh. The details are as follows; Top- up premium for retiree and spouse Top-up premium for retiree and spouse For Rs.2 lac 27101 including…
Explained: Operational aspects of credit cards
A Credit card holder is the customer, or consumer, who is using the card for payment or cash withdrawal. Credit card holders can also add authorized users to their account. The authorized user can make purchases, but the primary holder is still responsible for the debt. Credit card issuer: Financial institutions, usually banks and NBFCs,…
Read article