Now, transact round-the-clock: NEFT timings to change


The Reserve Bank of India will allow round-the-clock fund transfers through NEFT from December this year, it said in a statement on Wednesday. "This is expected to revolutionize the retail payments system of the country," noted the central bank.

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RBI cuts interest rate but the reduction in your home loan EMI will be slow


The country’s central bank has cut interest rates for the fourth time in a row. The repo rate cut has been cut by 35 basis points and now stands at 5.4%—the lowest since April 2010. With this, the RBI has reduced interest rates by 110 bps since the start of the year.

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India needs to grow at 9% to achieve PM's target of USD 5 trillion economy target: EY


The country will need to grow by 9 percent every year for five years continuously and raise aggregate investment rate to 38 percent of GDP to achieve Prime Minister Narendra Modi's target of turning India into a USD 5 trillion economy, EY has said.

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GST collection grows 5.8% to Rs 1.02 lakh crore in July month


Gross GST collections stood at Rs 1.02 lakh crore in July, marginally up from the previous month, official data showed recently. The July 2019 mop-up was, however, 5.8 percent higher than the Rs 96,483 crore collected in the same month last year.

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RBI cuts repo rate by 35 basis points to 5.40%


The six-member monetary policy committee (MPC) of the Reserve Bank of India (RBI) cut repo rate by 35 basis points (bps) in its third bi-monthly policy review of the financial year.

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State Bank of India tightens lending terms for auto dealers


State Bank of India has tightened lending terms dramatically for auto dealerships, according to a source and an internal memo seen by Reuters, seeking to reduce its exposure to risk from a sector in the midst of a sharp downturn.

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Over 18 crore loans sanctioned till March 31 under PMMY: Govt


Over 18 crore loans have been sanctioned till March 31 under the Pradhan Mantri Mudra Yojana(PMMY), Rajya Sabha was informed recently. Collateral-free loans up to Rs 10 lakh are extended to small or micro business enterprises and individuals to enable them to set up or expand their business activities under the scheme.

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Flipkart Launches Credit Card In Association with Axis Bank, Offers Cashback on Purchases


E-commerce major Flipkart has partnered with private sector lender Axis Bank to launch a co-branded credit card. The new co-branded card - powered by payments processor Mastercard - will offer benefits such as a 5 percent cashback on purchases made on Flipkart, Myntra and 2GUD platforms and a 1.5 percent cashback at more than 4000 restaurants across the country

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SBI Home Loans Get Cheaper: 10 Things To Know


State Bank of India (SBI) has reduced its benchmark lending rate by five basis points or 0.05 percent across tenors. The new rate, effective from July 10, 2019, marks the third reduction by SBI this financial year, the country's largest lender said in a statement.

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Banking sector performance improves as bad loans decline in 2018-19: Economic Survey


The performance of banking sector has improved as bad loans declined in the last fiscal, but financial flows are constrained due to fall in money raised from capital markets and stress in the non-banking financial sector, the Economic Survey 2018-19 said recently.

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Are Good times ahead for banking customers and home loan borrowers?


Even as Finance Minister Nirmala Sitharaman proposed to infuse capital of Rs 70,000 crore into public sector banks to boost credit for a "strong impetus to the economy", leveraging technology, offering online personal loans and doorstep banking also found a mention in her speech.

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Budget 2019: Know the Sitharaman's budget had for India's banks


In the Union Budget presented recently, Finance Minister Nirmala Sitharaman announced a Rs 70,000 crore capital infusion into public sector banks in an effort to boost credit.

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RBI Launches Application For Filing Online Complaints Against Banks


The Reserve Bank of India recently launched an application on its website for lodging complaints against banks and NBFCs with a view to improving customer experience in timely redressal of grievances. The Complaint Management System (CMS) is a software application to facilitate RBI's grievance redressal process.

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Debit cards show up more at retail stores, less at ATMs


Want a fancy car registration number?

Bank customers are increasingly getting comfortable making payments through debit cards on swipe machines at Kirana stores and local retail outlets. Latest data from the RBI show that over a third of all debit card transactions were made at point of sale (PoS) terminals in April this year for the first time since demonetization.

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