Home loans to become cheaper as RBI cuts repo rate by 25 basis points


The Reserve Bank of India's Monetary Policy Committee (MPC), led by Governor Shaktikanta Das, unanimously lowered key lending rate or repo rate by 25 basis points or 0.25 percent to 5.75 percent. The six-member committee also changed the policy stance to "accommodative" from "neutral".

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Real-Time Gross Settlement (RTGS) Payments Are Now Available For 90 More Minutes


You can now request wire or electronic fund transfers through the RTGS or Real-Time Gross Settlement payments system for 90 additional minutes every day. The Reserve Bank of India (RBI) - which maintains the RTGS payments network - last month announced its decision to extend the timings for customer transactions in RTGS.

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RBI allows banks to use Aadhaar for KYC with customer consent


Banks can use Aadhaar for KYC verification with the customer's consent, the Reserve Bank said recently as it updated its list of documents eligible for identification of individuals. The RBI specifies Know Your Customer (KYC) norms to be followed by banks and other entities regulated by it for various customer services, including the opening of bank accounts.

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Education loans in India shrink 25% in 4 yrs


India’s education loan market has shrunk 25% in the past four years. The number of students able to secure loans fell to 2.5 lakh as of March 31, 2019, from 3.34 lakh students as of March 31, 2015. High non-performing assets levels, which have nearly doubled to 12.5% in the past five years, is the main reason for the decline.

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India is shutting down ATMs even as people use them more


Finding an ATM in India is getting tougher even as dependence on cash persists, thanks to tighter regulations that make it more costly to run the machines. The number of automated teller machines in the country shrank in the past two years despite an increase in transactions, Reserve Bank of India figures showed recently.

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More NBFCs tie-up with banks under the loan scheme


An Increasing number of non-banking financial companies are partnering with banks under the RBI’s loan co-origination scheme since its announcement last year, as liquidity tightness in the subsequent months forced these non-banks to look for cheaper routes to raise funds.

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Smart things to know about personal loans


A personal loan is given by a bank or an NBFC to an individual to meet any personal needs like funding a marriage, home renovation, vacation, etc.

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The rise in income, economic growth, the key to deposit growth: RBI research


What’s causing deposit growth rates to slow? Mutual funds? Gold? Property? None of these, says a central bank research paper. Rather, deposits quicken when incomes rise fast — and the latter is often aided by a robust economy.

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Millennials taking personal loans to travel on the rise: Report


Indian millennials are funding a lot of their lifestyle needs by borrowing money. For instance, according to the digital lending platform, IndiaLends, has reported a 55 percent growth in personal loans for travel purposes.

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Home Loan Eligibility: Know the maximum amount of home loan one can borrow


The maximum home loan amount you can get depends on your creditworthiness and borrowing potential determined in terms of the norms and standards of the bank.

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GST collection hits Rs 1.13 L crore in April


GST collection scaled an all-time high of over Rs 1.13 lakh crore in April, up from Rs 1.06 lakh crore in the previous month, the finance ministry said on May 1st, 2019.

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Some of the home loan hidden charges that you should know


Home loans are a breather for many to fulfill their dream of owning a home. Getting 75% to 80% of the funds of the property cost from the bank makes you go further closer to your dream. You might be thinking that you only need to pay the fixed EMI to make your dream home come true.

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