Federal Bank, South Indian Bank shares plunge up to 5% on RBI action
Federal Bank informed exchanges that it is in the process of rectifying areas that are deficient and will seek regulatory clearance prior to the resumption of new issuance.
credit cards
March 2024
November 2023
September 2023
June 2023
May 2023
RBI tightens rules for credit, debit cards linked to business accounts
RBI tells business card issuers to put in place an effective mechanism to monitor the end use of funds.
RBI directs banks to provide customers with options for multiple card networks
The directions do not apply to card issuers who issue credit cards on their own authorised card networks.
Moody's gives thumbs up to RBI's new risk weights on personal loans
In the past two years, personal loans grew around 24% and credit card loans grew 28% compared with the overall banking sector's credit growth of around 15%.
BFSI rides on AI push
Nearly 87% of financial services consumers begin their journey online, with two-thirds finding online channels more helpful for purchase decisions
New TCS rates to apply from October 1
For the first ₹7 lakh remittance under LRS, there won't be any TCS
No TCS on small debit, credit card transactions abroad: Govt
Payments by an individual using their international debit or credit cards up to ₹7 lakh per year will be excluded from LRS, says Ministry of Finance
TCS on overseas bookings should be levied by card-issuing banks: MakeMyTrip
There could be a significant loss of business for the domestic travel industry, says Mohit Kabra, Group CFO, MakeMyTrip
20% TCS on credit card spends abroad not high: Govt
International credit cards are being issued with limits in excess of the current LRS limit of $2,50,000, says Ministry of Finance
Overseas credit card spends come under LRS, to attract 20% TCS
Credit card spends on foreign trips will now attract 20% TCS from July 1
