Your Rs 500 note could be fake! The number of fake notes in circulation for the popular Rs 500 denomination has risen a 101% over the last one year as per a report from the RBI. But it is not just Rs 500 even fake notes of Rs 2,000 increased by 55% in 2021-22 over the previous fiscal year.Here is how you can check if your note is fake or real as the RBI has put put clear indicators. 

See-through register with denominational numeral 500 is present on the extreme left side of the ₹500 note.
Latent image with the denomination numeral 500 is visible as light is shed on it. 
500 will also be written in Devanagari on the currency note
The orientation and relative position of Mahatma Gandhi portrait changed.The portrait of the father of the nation appears in the centre.
When the currency note is bent, the security head colour will change from green to indigo.
Governor's signature, guarantee clause, promise clause, and RBI emblem have moved to the right of the currency note
Mahatma Gandhi's photo and electrotype watermark are there on the currency note.

For more details on how to check for fake notes, you can log onto the RBI's website
After falling in 2020-21, counterfeit notes recorded a 10.7 per cent uptick in 2021-22.According to the RBI report, counterfeit notes of all denominations have increased in the financial year 2021-22

Fake Rs 500 notes! RBI warns of big surge , here is how to check if your note is fake

RBI warns of big surge, here is how to check if your note is fake

Flurry of fake Rs 500 notes! 

Rs 500 fake currency notes surge 102% in FY22, says RBI annual report

Your Rs 500 note could be fake! The number of fake notes in circulation for the popular Rs 500 denomination has risen a 101% over the last one year as per a report from the RBI. But it is not just Rs 500 even fake notes&nbsp;of Rs 2,000 increased by 55% in 2021-22 over the previous fiscal year.
Also read/watch| <a title="India GDP: The slowdown starts to seep in firmly" href="https://www.editorji.com/business-news/economy/india-gdp-the-slowdown-starts-to-seep-in-firmly-1653894328260">India GDP: The slowdown starts to seep in firmly</a> Here is how you can check if your note is fake or real as the RBI&nbsp;has put put clear indicators.&nbsp;
<ul>
<li>See-through register with denominational numeral 500 is present on the extreme left side of the&nbsp;₹500 note.</li>
<li>Latent image with the denomination numeral 500 is visible as light is shed on it.&nbsp;</li>
<li>500 will also be written in Devanagari on the currency note</li>
<li>The orientation and relative position of Mahatma Gandhi portrait changed.The portrait of the father of the nation appears in the centre.</li>
<li>When the currency note is bent, the security head colour will change from green to indigo.</li>
<li>Governor's signature, guarantee clause, promise clause, and RBI emblem have moved to the right of the currency note</li>
<li>Mahatma Gandhi's photo and electrotype watermark are there on the currency note.</li>
</ul>
For more details on how to check for fake notes, you can log onto the <a href="Mahatma Gandhi's photo and electrotype watermark are there on the currency note.">RBI's website</a>
After falling in 2020-21, counterfeit notes recorded a 10.7 per cent uptick in 2021-22.According to the RBI report, counterfeit notes of all denominations have increased in the financial year 2021-22

 
The Aadhaar identity card is in the eye of yet another storm. It all began with an advisory issued on May 27 by the UIDAI, the authority which issues Aadhaar.
The Unique Identification Authority of India "warned the general public not to share photocopy of one’s Aadhaar with any organizations because it can be misused". Instead, the UIDAI said that a "masked Aadhaar" can be used.
A masked Aadhaar hides the digits of the unique ID number, except the last four. A masked Aadhaar can be downloaded from UIDAI's official website under an option which says, "Do you want a masked Aadhaar?"
In the May 27 advisory, the UIDAI also warned against using public computers at cyber cafes etc to download e-Aadhaar. The advisory also said that unlicensed private entities like hotels or movie theatres cannot collect or keep Aadhaar copies, as specific permission from UIDAI is needed to do so.
However, two days later, the Union Electronics and Information Technology Ministry issued a clarification. The government withdrew the May 27 advisory, saying that there was "possibility of misinterpretation".
The government said that the press release had been issued by UIDAI's Bengaluru regional office in context of an attempt to misuse a photoshopped Aadhaar card.
The government added, "Aadhaar Identity Authentication ecosystem has provided adequate features for protecting and safeguarding the identity and privacy of the Aadhaar holder." It said, "Aadhaar card holders are only advised to exercise normal prudence in using and sharing their UIDAI Aadhaar numbers."

Masked Aadhaar, photocopy warning, then withdrawal: UIDAI advisory, govt clarification explained

A masked Aadhaar hides the digits of the unique ID number, except the last four, and can be downloaded from UIDAI's official website

The Aadhaar identity card is in the eye of yet another storm. It all began with an advisory issued on May 27 by the UIDAI, the authority which issues Aadhaar.
The Unique Identification Authority of India "warned the general public not to share photocopy of one&rsquo;s Aadhaar with any organizations because it can be misused". Instead, the UIDAI said that a "masked Aadhaar" can be used.
A masked Aadhaar hides the digits of the unique ID number, except the last four. A masked Aadhaar can be downloaded from UIDAI's official website under an option which says, "Do you want a masked Aadhaar?"
In the May 27 advisory, the UIDAI also warned against using public computers at cyber cafes etc to download e-Aadhaar. The advisory also said that unlicensed private entities like hotels or movie theatres cannot collect or keep Aadhaar copies, as specific permission from UIDAI is needed to do so.
However, two days later, the Union Electronics and Information Technology Ministry issued a clarification. The government withdrew the May 27 advisory, saying that there was "possibility of misinterpretation".
The government said that the press release had been issued by UIDAI's Bengaluru regional office in context of an attempt to misuse a photoshopped Aadhaar card.
The government added, "Aadhaar Identity Authentication ecosystem has provided adequate features for protecting and safeguarding the identity and privacy of the Aadhaar holder." It said, "Aadhaar card holders are only advised to exercise normal prudence in using and sharing their UIDAI Aadhaar numbers."

Now you don't have to stand in long queues at SBI branches for personal loans as the bank has introduced a facility that allows taking loans up to Rs 35 lakh via app!
With an aim to digitally empower customers and offer additional convenience, the country’s largest lender, State Bank of India (SBI) has announced the introduction of Real Time Xpress Credit (RTXC) on YONO.
However, this facility will only be available to salaried individuals and they must have their salary account with SBI. The bank account will be available digitally. 
SBI Real Time Xpress Credit Eligibility
Following people are eligible to get loans from YONO under the new scheme:
i. Individuals with Salary Account with SBI
ii. Minimum monthly income Rs 15,000
iii. Employees working with: Central/ state/quasi-government, Central PSUS and profit-making state PSUs, Educational institutions of national repute, Selected corporates with or without a relationship with the bank.

SBI’s launches instant loan via YONO app; here's how you can apply

With an aim to digitally empower customers and offer additional convenience, the country’s largest lender, State Bank of India (SBI) has announced the introduction of Real Time Xpress Credit (RTXC) on YONO.

With an aim to digitally empower customers and offer additional convenience, SBI&nbsp;has announced the introduction of Real Time Xpress Credit (RTXC) on YONO

Now you don't have to stand in long queues at SBI branches for personal loans as the bank&nbsp;has introduced a facility that allows taking loans up to Rs 35 lakh via app!
With an aim to digitally empower customers and offer additional convenience, the country&rsquo;s largest lender, State Bank of India (SBI) has announced the introduction of Real Time Xpress Credit (RTXC) on YONO.
However, this facility will only be available to salaried individuals and they must have their salary account with SBI. The bank account will be available digitally.&nbsp;
Also read/watch| <a title="Growing angst against airlines in India, here is what a survey shows" href="https://www.editorji.com/business-news/growing-angst-against-airlines-in-india-here-is-what-a-survey-shows-1653620915704">Growing angst against airlines in India, here is what a survey shows</a>
SBI&nbsp;Real Time Xpress Credit Eligibility
Following people are eligible to get loans from YONO under the new scheme:
i.&nbsp;Individuals with Salary Account with SBI
ii.&nbsp;Minimum monthly income Rs 15,000
iii.&nbsp;Employees working with:&nbsp;Central/ state/quasi-government, Central PSUS and profit-making state PSUs, Educational institutions of national repute, Selected corporates with or without a relationship with the bank. Digital lending has seen a more than twelvefold increase in India from 2017 to 2020, according to a&nbsp;November 2021 report&nbsp;by the Reserve Bank of India.

Has the continued rise of fuel prices made you reassess your new car buying decision? Well, here comes another! Car insurance prices for four-wheeler and two-wheeler owners are likely to be increased from June 1 this year. The speculation comes as the ministry of road transport and highways (MoRTH) will increase the third-party motor insurance premium for various categories of vehicles. 
As per the official notification by the ministry, private cars with an engine capacity of 1,000 cc will attract rates of Rs 2,094 compared to Rs 2,072 in 2019-20. Meanwhile, cars above 1,500 cc will see a drop in premium from Rs 7,897 to Rs 7,890. Two-wheeler with a 150cc-350 cc engine capacity will attract a premium of Rs 1,366 and for two-wheelers, over 350 cc the revised premium will be Rs 2,804.The decision is likely to jack up the cost of cars and two-wheelers, causing another reason to worry for vehicle owners in India who are already having to shell out around Rs 100 for a litre of petrol.

Cars, two-wheelers set to become expensive

Has the continued rise of fuel prices made you reassess your new car buying decision? Well, here comes another!

Govt announces insurance premium hike

The decision is likely to jack up the cost of cars and two-wheelers, causing another reason to worry for vehicle owners in India who are already having to shell out around Rs 100 for a litre of petrol

Has the continued rise of fuel prices made you reassess your new car buying decision? Well, here comes another!&nbsp;Car insurance prices for four-wheeler and two-wheeler are going to increase from June 1 this year.
The Ministry of Road Transport and Highways has issued a notification announcing an increase in the third-party motor insurance premium for various categories of vehicles.
Also read/watch| <a title="Twitter twists: Jack Dorsey off the board, another Musk backer gets the boot" href="https://www.editorji.com/business-news/twitter-twists-jack-dorsey-off-the-board-another-musk-backer-gets-the-boot-1653558018806">Twitter twists: Jack Dorsey off the board, another Musk backer gets the boot</a>
As per the official notification by the ministry, private cars with an engine capacity of 1,000 cc will attract rates of Rs 2,094 compared to Rs 2,072 in 2019-20. Meanwhile, cars above 1,500 cc will see a drop in premium from Rs 7,897 to Rs 7,890.
Two-wheeler with a 150cc-350 cc engine capacity will attract a premium of Rs 1,366 and for two-wheelers, over 350 cc the revised premium will be Rs 2,804.
The decision is likely to jack up the cost of cars and two-wheelers, causing another reason to worry for vehicle owners in India who are already having to shell out around Rs 100 for a litre of petrol.

In a big crackdown on digital lending after rising number of complaints and fraud the Reserve Bank of India cancelled licenses for 5 non-bank financiers. The RBI stated that these NBFCs were engaged in digital lending were in violation guidelines. These non-banking financial companies (NBFCs) used to run apps and service providers like Fastapp Technologies Private Ltd, Datimes Pvt Ltd, Bullintech Finance Pvt Ltd, TGHY Trustrock Pvt Ltd, Mrupee, Kush Cash, Karna Loan, Mr Cash, FlyCash, More, Wifi Cash, Badabro, Aeritech Pvt Ltd, Finclub Technologies Pvt Ltd, MoNeed, MoMo, CashFish, Kredipe, RupeeLand and Rupee Master.The action comes as the central bank has repeatedly warned customers against the questionable digital money lending entities that promise loans in seconds. Some of the lending apps under the lens have been charging exorbitant rates of interest on 'instant loans', and then use muscle powers to recover dues.Digital lending has seen a more than twelvefold increase in India from 2017 to 2020, according to a November 2021 report by the Reserve Bank of India.Sachet, a portal to file complaints with the RBI, received 2,562 complaints of lending apps promoted by unregulated entities between January 2020 and March 2021. Google Play store had removed over 205 such apps as of November 2021.

Beware of online lending apps! RBI cancels licenses of instant loan providers

The non-bank lenders whose licences were cancelled by RBI on&nbsp; include, UMB Securities, Anashri Finvest, Chadha Finance Private, Alexcy Tracon&nbsp;and Jhuria Financial Services

In a big crackdown on digital lending after rising number of complaints and fraud the Reserve Bank of India cancelled licenses for 5&nbsp;non-bank financiers. The RBI&nbsp;stated that these NBFCs&nbsp;were engaged in digital lending were in violation guidelines.&nbsp; These non-banking financial companies (NBFCs) used to run apps and service providers like Fastapp Technologies Private Ltd, Datimes Pvt Ltd, Bullintech Finance Pvt Ltd, TGHY Trustrock Pvt Ltd, Mrupee, Kush Cash, Karna Loan, Mr Cash, FlyCash, More, Wifi Cash, Badabro, Aeritech Pvt Ltd, Finclub Technologies Pvt Ltd, MoNeed, MoMo, CashFish, Kredipe, RupeeLand and Rupee Master.
Also read/watch| <a title="Twitter twists: Jack Dorsey off the board, another Musk backer gets the boot" href="https://www.editorji.com/business-news/twitter-twists-jack-dorsey-off-the-board-another-musk-backer-gets-the-boot-1653558018806">Twitter twists: Jack Dorsey off the board, another Musk backer gets the boot</a> The action comes as the central bank has repeatedly warned customers against the questionable digital money lending entities that promise loans in seconds. Some of the lending apps&nbsp;under the lens have been charging exorbitant rates of interest on 'instant loans', and then use muscle powers to recover dues. Digital lending has seen a more than twelvefold increase in India from 2017 to 2020, according to a&nbsp;November 2021 report&nbsp;by the Reserve Bank of India. Sachet, a portal to file complaints with the RBI, received 2,562 complaints of lending apps promoted by unregulated entities between January 2020 and March 2021. Google Play store had removed over 205 such apps as of November 2021.

After oil, lemons and wheat now tomatoes are jeopardising the common man's kitchen budget!While cherry tomato is being sold at 360 per kg in the national capital region, in many cities its prices have reached Rs 100 for regular tomatoes amid shortfall in supply.Apart from tomatoes, prices of wheat, oil, sugar and spices have also gone costlier. 
While the retail prices of atta have shot up to Rs 32.91 per kg from Rs 28.8 per kg, lemon prices have also risen to Rs 350 per kg in Delhi.  
Prices of spices have surged, led by cumin.  Prices of cumin or jeera, the second most widely consumed spice, have shot up to a five-year high, as output has shrunk by a third. 
 
 

Tomatoes hit a centuru! Prices turn consumers red in anger

After oil, lemons and wheat, tomatoes are now jeopardising the common man's kitchen budget!


Tomatoes hit a century! Prices turn consumers red in anger

Amid the shortage of supply, the tomato prices have reached Rs 80 to Rs 100 per Kg

Move aside lemons, tomatoes are taking over the shocking price spotlight as prices soar to Rs 100/kilo in the retail market. Shortage in supply and unpredictable weather conditions have led to a huge price in the prices of this essential vegetable.&nbsp; Wholesale prices of tomatoes in Chennai are in the range of Rs 80 to Rs 95 and are expected to rise only due to heavy rainfall in both Andhra and Karnataka. Meanwhile, the gourmet option i.e. the cherry tomato is being sold at 360 per kilo by various delivery apps.&nbsp;
Also read/watch| <a title="Pakistan faces bankruptcy, funds to cover only 2 months of imports" href="https://www.editorji.com/business-news/economy/pakistan-faces-bankruptcy-funds-to-cover-only-2-months-of-imports-1653549270203">Pakistan faces bankruptcy, funds to cover only 2 months of imports</a> Apart from tomatoes, prices of wheat, oil, sugar and spices have also gone costlier.&nbsp;
While the retail prices of&nbsp;atta&nbsp;have shot up to Rs 32.91 per kg from Rs 28.8 per kg, lemon prices have also&nbsp;risen to Rs 350 per kg in Delhi.&nbsp;&nbsp;
Prices of spices have surged, led by cumin.&nbsp;&nbsp;Prices of cumin or jeera, the second most widely consumed spice, have shot up to a five-year high, as output has shrunk by a third.&nbsp;
&nbsp;
&nbsp;

EMI payments set to add more pressure to your budget as banks have already started to pass on the unexpected rate hike from RBI onto the customers. ICICI Bank raised its external benchmark lending rate by 40 basis points to 8.10%. Shortly after the RBI announcement, ICICI Bank announced the rate hike on their website stating, “the ICICI Bank External Benchmark Lending Rate" (I-EBLR) is referenced to RBI Policy Repo Rate with a mark-up over Repo Rate. I-EBLR is 8.10% p.a.p.m. effective May 4, 2022.”Bank of Baroda also hiked repo-linked lending rate by 40 bps to 6.90%. The interest rates for existing borrowers linked to repo rate or any other interest rate benchmarks, both internal as well as external, will remain the same till the next reset date of their loans.
 

Banks start to raise lending rates, check what happens to your EMIs

EMI payments set to add more pressure to your budget as banks have already started to pass on the unexpected rate hike from RBI onto the customers. 

Bank of Baroda and ICICI increase lending rates

EMI&nbsp;payments are set to add more pressure to your budget as banks have already started to pass on the unexpected rate hike from RBI&nbsp;onto the customers.
ICICI Bank raised its external benchmark lending rate by 40 basis points to 8.10%. Shortly after the RBI&nbsp;announcement,&nbsp;ICICI Bank announced the rate hike on their website stating, &ldquo;the ICICI Bank External Benchmark Lending Rate" (I-EBLR) is referenced to RBI Policy Repo Rate with a mark-up over Repo Rate. I-EBLR is 8.10% p.a.p.m. effective May 4, 2022.&rdquo;
Bank of Baroda also hiked the&nbsp;repo-linked lending rate by 40 bps to 6.90%.&nbsp;The interest rates if you are an borrower linked to repo rate or any other interest rate benchmarks, both internal as well as external, will remain the same till the next reset date of your loans.

The Reserve Bank of India has published master directions to the banks and NBFCs (Non Banking Financial Corporations) for issuance of credit and debit cards this year. 
Here we list out 5 important changes in new credit card rules that will become effective from 1st July 2022
1. Card-issuers shall provide a one-page Key Fact Statement along with the credit card application containing the important aspects of the card such as rate of interest, quantum of charges, among others.
2. Any credit card closure request shall be honoured within seven working days by the credit card issuer, subject to payment of all dues by the cardholder. After the credit card closure, the cardholder shall be immediately notified about the closure through email, SMS, etc.
3. Card closure requests shall be honoured by the issuer within 7 working days. Failure to do so shall result in a penalty of ₹500 per day of delay, payable to the customer till the closure of the account, provided there is no outstanding in the account.
4. Card-issuers shall ensure that there is no delay in sending/dispatching/emailing bills/statements and the customer has sufficient number of days (at least one fortnight) for making payment before the interest starts getting charged.
5. If a credit card has not been used for a period of more than one year, the process to close the card shall be initiated after intimating the cardholder. If no reply is received from the cardholder within a period of 30 days, the card account shall be closed by the card-issuer. 
 

RBI's new credit card rules| Here's you all need to know

RBI issues circular on credit cards. From your interest rates to closure of credit card, here's you all need to know 


New credit card rules from RBI| Here's you all need to know

RBI's directions on credit cards say that registered NBFCs cannot issue credit cards or similar products without the regulator's approval.

The Reserve Bank of India has published master directions to the banks and NBFCs (Non Banking Financial Corporations) for issuance of credit and debit cards this year.&nbsp;
Here we list out 5 important changes in new credit card rules that will become effective from 1st July 2022.
1.&nbsp;Card-issuers shall provide a one-page Key Fact Statement along with the credit card application containing the important aspects of the card such as rate of interest, quantum of charges, among others.
Also read/watch| <a title="Top edible oil stocks to watch out for in India" href="https://www.editorji.com/business-news/top-edible-oil-stocks-to-watch-out-for-in-india-1650876201076">Top</a><a title="Top edible oil stocks to watch out for in India" href="https://www.editorji.com/business-news/top-edible-oil-stocks-to-watch-out-for-in-india-1650876201076"> edible oil stocks to watch out for in India</a>
2. Any credit card closure request shall be honoured within seven working days by the credit card issuer, subject to payment of all dues by the cardholder. After the credit card closure, the cardholder shall be immediately notified about the closure through email, SMS, etc.
3.&nbsp;Card closure requests shall be honoured by the issuer within 7 working days. Failure to do so shall result in a penalty of ₹500 per day of delay, payable to the customer till the closure of the account, provided there is no outstanding in the account.
4.&nbsp;Card-issuers shall ensure that there is no delay in sending/dispatching/emailing bills/statements and the customer has sufficient number of days (at least one fortnight) for making payment before the interest starts getting charged.
Also read/watch|&nbsp;<a title="Explained: EV fires, the burning issue and if recalls are enough" href="https://www.editorji.com/business-news/explained-ev-fires-the-burning-issue-and-if-recalls-are-enough-1650875918735">Explained: EV fires, the burning issue and if recalls are enough</a>
5.&nbsp;If a credit card has not been used for a period of more than one year, the process to close the card shall be initiated after intimating the cardholder. If no reply is received from the cardholder within a period of 30 days, the card account shall be closed by the card-issuer.&nbsp;

In a big move India's largest babk State Bank of India (SBI) has hiked loan rates which is going to hurt consumers as prices across the board continue to rise. SBI raised the marginal cost of lending rate (MCLR) by 10 basis points (bps) across all loan tenors. One basis point is equivalent to one-hundredth part of a percentage point. The hike in rates is applicable immediately. SBI's one year MCLR increases to 7.10% vs 7% earlier. The three year MCLR is now at 7.4% vs 7.3%. 

SBI hikes rates, loans & EMIs get more expensive

SBI raised the marginal cost of lending rate (MCLR) by 10 basis points (bps) across all loan tenors. One basis point is equivalent to one-hundredth part of a percentage point. The hike in rates is applicable immediately. 

SBI hike rates, loans & EMIs get more expensive

SBI hikes MCLR by 10 bps across tenors, effective April 15

In a big move India's largest bank&nbsp;State Bank of India (SBI) has hiked loan rates which is going to hurt consumers as prices across the board continue to rise.&nbsp;
Also read/watch| <a title="Infosys share price sinks; here is what brokerages are saying" href="https://www.editorji.com/business-news/new-timings-for-banks-and-forex-trade-check-the-details-here-1650256866497">Infosys share price sinks; here is what brokerages are saying</a> SBI&nbsp;raised the marginal cost of lending rate (MCLR) by 10 basis points (bps) across all loan tenors. One basis point is equivalent to one-hundredth part of a percentage point. The hike in rates is applicable immediately.&nbsp;
SBI's one year MCLR increases to 7.10% vs 7% earlier. The three year MCLR&nbsp;is now at 7.4% vs 7.3%.&nbsp;

If you've forgotten your debit card at home when you're out and wondering how to withdraw cash, then this new policy change is fo you!
The Reserve Bank of India (RBI), in its one of the key decisions in Monetary Policy Committee (MPC) has proposed to make cardless cash withdrawal facility available at all ATMs, through the Unified Payment Interface (UPI). 
Here's how you can withdraw cash without your card-To withdraw cash without a card, you will need a UPI ID, The transactions will be authenticated via UPI.
-Once you enter the ATM, you will have to choose the “Cashless Withdrawal” option on the screen.
-The ATM screen will then show a QR code that needs to be scanned within a UPI app.
-Then the user will enter the UPI pin and the cash will pop out of the ATM machine
As per experts, this system will curb ATM frauds as it uses mobile PIN to generate cash. However, not many banks have this facility yet and there is a daily transaction limit. This ranges from Rs 10,000 to Rs 25,000, as per the facilities offered by the particular bank. 

Explained: how to withdraw cash at ATM without a card

This cardless facility will curb ATM frauds but as of now not many banks have this facility yet and there is a daily transaction limit. This ranges from Rs 10,000 to Rs 25,000, as per the facilities offered by the particular bank. 

&nbsp;
&nbsp;
&nbsp;

The cardholder mostly has to use a mobile banking app and raise a request to withdraw cash at the ATMs if they do not possess their debit cards.

In a bid to go truly digital, the Reserve Bank of India (RBI) announced that cardless cash withdrawal facility will be available at all ATMs&nbsp;soon. So how exactly will cash withdrawal without card work? It all routed back to the UPI&nbsp; Also read/watch |&nbsp;<a title="Elon Musk decides not to join Twitter board, CEO Parag Agrawal tweets" href="https://www.editorji.com/business-news/elon-musk-decides-not-to-join-twitter-board-ceo-parag-agrawal-tweets-1649649073820">Elon Musk decides not to join Twitter board, CEO Parag Agrawal tweets</a> &nbsp;
Here's how you can&nbsp;withdraw cash without your card
<ul>
<li>To withdraw cash without a card, you will need a UPI ID, The transactions will be authenticated via UPI.</li>
<li>Once you enter the ATM, you can choose the &ldquo;Cashless Withdrawal&rdquo; option on the screen.</li>
<li>The ATM screen will then show a QR code that needs to be scanned within a UPI app.</li>
<li>Then the user will enter the UPI pin and the cash will be dispensed from&nbsp;the ATM machine</li>
</ul>
Cardless cash withdrawal will curb ATM frauds but as of now not many banks have this facility yet and there is a daily transaction limit. This ranges from Rs&nbsp;10,000 to Rs 25,000, as per the facilities offered by the particular bank.&nbsp;

Editorji is your personalised video news platform, we learn about your interests in order to show the news that matters to you! Watch it on your phone, tablet or TV.

ABOUT US

about us editorji

Latest Video News: Editorji provides the latest news video headlines, latest videos clip from India and the World. Get all breaking news videos on Entertainment, Business, Coronavirus, Elections, Politics and more.

Latest Video News, Breaking News, Bollywood, Political, Sports, Business News | Editorji

+91 11 4035 6666 / info@editorji.com
3rd floor, Plot B, Khasara no 360, Sultanpur, New Delhi, Delhi 110030
<a title="mail to us" href="mailto:info@editorji.com">Send Feedback</a>

REACH US

Contact for any questions, suggestions, comments, feedback or advertisement on Editorji.com, we are always looking forward to hearing from you.

Contact Us for Feedback, Suggestions and Advertising 

ONGC Helicopter Crash

Mukesh Ambani News

Udaipur Tailor Killing

Maharashtra political crisis

Presidential poll 2022

Agnipath Scheme

Sidhu Moose Wala murder Case

India Covid-19 cases

Nupur Sharma 

Ukraine Russian War

Time to calculate your EMI&nbsp;as banks raise lending rates sharply matching RBI&nbsp;which is will lead to a sharp hike in EMI&nbsp;outgo.&nbsp;ICICI Bank has hiked the external benchmark lending rate by 50 bps to 8.60%. This is the second hike by ICICI&nbsp;Banks since May 4 after the RBI's&nbsp;surprise hike. The total hike in 2 months now stands at 90 bps.&nbsp;What is external benchmark lending rate?
External Benchmark Lending Rates (EBLR) are the lending rates set by the banks based on external benchmarks such as repo rate. This is the minimum interest rate at which commercial banks can lend.&nbsp;

Big hit to EMI: ICICI Bank hikes lending rates sharply

Time to calculate your EMI as banks raise lending rates sharply matching RBI which is will lead to a sharp hike in EMI outgo.

Banks raise lending rates sharply matching RBI

RBI has hiked repo rate by 90 bps over 2 meetings since May&nbsp;

Time to calculate your EMI&nbsp;as banks raise lending rates sharply matching RBI&nbsp;which is will lead to a sharp hike in EMI&nbsp;outgo.&nbsp;ICICI Bank has hiked the external benchmark lending rate by 50 bps to 8.60%. This is the second hike by ICICI&nbsp;Banks since May 4 after the RBI's&nbsp;surprise hike. The total hike in 2 months now stands at 90 bps.&nbsp; What is external benchmark lending rate?
External Benchmark Lending Rates (EBLR) are the lending rates set by the banks based on external benchmarks such as repo rate. This is the minimum interest rate at which commercial banks can lend.&nbsp;

GST Council Meet Highlights : The 47th GST Council meeting chaired by Finance minister Nirmala Sitharaman made some sweeping changes. 



GST Council Meet Highlights, GST changes: Here is what is more expensive and what just got cheaper

In the meeting, it was decided to bring more items under the ambit of GST.

GST rate changes: Hotel to hospitals, everything to cost more 

In the meeting, it was decided to bring more items under the ambit of GST.

GST Council Meet Highlights: The <a href="https://www.editorji.com/business-news/personal-finance/gst-changes-your-household-budget-hit-here-is-what-is-more-expensive-1656557848088" target="_blank">47th GST Council meeting</a> chaired by Finance minister Nirmala Sitharaman made some sweeping changes.
Here are some of the announcements that will tax your household budget-:
<ul>
<li>If it is packaged it is taxable! All packaged non branded food as well such as rice, atta, snacks will attract 5% GST</li>
<li>Your cheque books are going to cost you more as 18% GST will be levied on charges for issuance of cheques by the bank</li>
<li>Stay healthy as being hospitalised is also getting costlier; 5% GST on hospital beds will be imposed on room rent (excluding ICU) above Rs.5000 per patient per day by the hospital.</li>
</ul>
<a href="https://www.editorji.com/business-news/lpg-cylinder-price-cut-today-19-kg-commercial-cylinder-becomes-cheaper-1656643965335" target="_blank">LPG Cylinder Price Cut Today: 19-Kg Commercial Cylinder becomes cheaper&nbsp;</a>
<ul>
<li>Budget hotels will not longer be budget as from no tax to 12% GST will be imposed if room rent is less than Rs 1000/night.&nbsp;</li>
<li>Tailoring is going to get more taxing - as the GST imposed on stitching your next textile has been raised to 12% from the previous 5%.&nbsp;</li>
<li>Cooking was already expensive and now eating too will cost you more as the GST on cutlery - your spoons, forks and knives has been raised to 18% from 12%</li>
<li>Expect your packaged juices to milk boxes to get more expensive has the GST council has raised the tax on 'Tetra Pack' to 18% from 12%&nbsp;</li>
<li>If you are a fan of leather clothing or textiles or accessories well now be ready face a 12% tax payout vs 5% earlier.&nbsp;</li>
</ul>
<a href="https://www.editorji.com/business-news/gaming-and-gambling-same-gst-council-likely-to-slap-28-tax-reports-1656296267507" target="_blank">Gaming and gambling same - GST council likely to slap 28% tax: reports</a>

The first tranche of Sovereign Gold Bond or SGB scheme for the current fiscal opened for subscription and here's everything you need to know about the scheme:
Issue price and interest rate: The issue price has been fixed at ₹5,091 per gram of gold. Investors are paid a fixed rate of interest of 2.5% per annum payable semi-annually on the nominal value.
Main dates: The Reserve Bank of India’s (RBI’s) sovereign gold bond scheme has opened for application on June 20 and it will remain open for application till June 24. This is the first tranche for the SGB Scheme 2022-23. According to media reports, the scheme’s next issue will open on August 22, 2022, and close on August 26.  
What are Sovereign Gold Bond scheme: Under the sovereign gold bond scheme, the RBI issues the bonds on behalf of the government. These bonds are sold through banks, Stock Holding Corporation of India (SHCIL), Clearing Corporation of India (CCIL), post offices, and stock exchanges – National Stock Exchange of India (NSE) and BSE. 
The scheme was launched in November 2015 with an objective to reduce the demand for physical gold and shift a part of the domestic savings – used for the purchase of gold – into financial savings.
The issue price has been fixed at ₹5,091 per gram of gold.
Who Can Invest: Resident individuals, Hindu Undivided Families (HUFs), trusts, universities and charitable institutions can buy the bonds.
Tenure: The tenure of the SGB will be for a period of eight years with an option of premature redemption after fifth year to be exercised on the date on which interest is payable.
How To Buy: The bonds will be sold through commercial banks, Stock Holding Corporation of India Limited (SHCIL), Clearing Corporation of India Limited (CCIL), designated post offices (as may be notified), National Stock Exchange and BSE, either directly or through agents. The bonds will be issued on on June 28.
Minimum & Maximum Size: Minimum permissible investment will be one gram of gold, while the maximum limit of subscription shall be 4 kg for individual, 4 kg for HUF and 20 kg for trusts and similar entities per fiscal year (April-March) notified by the government from time to time. A self-declaration to this effect will be obtained. The annual ceiling will include SGBs subscribed under different tranches, and those purchased from the secondary market, during the fiscal year.

Sovereign Gold Bond Scheme open: Get gold at a discount

Sovereign Gold Bond 2022-23; here’s everything you need to know 

The minimum investment allowed is one gram. The maximum for individuals is 4 kg and HUF. For trusts, the maximum limit is 20 kg&nbsp;

The first tranche of Sovereign Gold Bond or SGB scheme for the current fiscal opened for subscription and here's everything you need to know about the scheme:
Issue price and interest rate: The issue price has been fixed at ₹5,091 per gram of gold. Investors are paid a fixed rate of interest of 2.5% per annum payable semi-annually on the nominal value.
Also read/watch| <a title="Home buyers' dilemma as housing projects get stuck! What to do" href="https://www.editorji.com/business-news/home-buyers-dilemma-as-housing-projects-get-stuck-what-to-do-1655875799130">Home buyers' dilemma as housing projects get stuck! What to do</a>
Main dates: The Reserve Bank of India&rsquo;s (RBI&rsquo;s) sovereign gold bond scheme has opened for application on June 20 and it will remain open for application till June 24. This is the first tranche for the SGB Scheme 2022-23. According to media reports, the scheme&rsquo;s next issue will open on August 22, 2022, and close on August 26.&nbsp;&nbsp;
What are Sovereign Gold Bond scheme: Under the sovereign gold bond scheme, the RBI issues the bonds on behalf of the government. These bonds are sold through banks, Stock Holding Corporation of India (SHCIL), Clearing Corporation of India (CCIL), post offices, and stock exchanges &ndash; National Stock Exchange of India (NSE) and BSE.&nbsp;
The scheme was launched in November 2015 with an objective to reduce the demand for physical gold and shift a part of the domestic savings &ndash; used for the purchase of gold &ndash; into financial savings.
The issue price has been fixed at ₹5,091 per gram of gold.
Who Can Invest: Resident individuals, Hindu Undivided Families (HUFs), trusts, universities and charitable institutions can buy the bonds.
Tenure: The tenure of the SGB will be for a period of eight years with an option of premature redemption after fifth year to be exercised on the date on which interest is payable.
How To Buy: The bonds will be sold through commercial banks, Stock Holding Corporation of India Limited (SHCIL), Clearing Corporation of India Limited (CCIL), designated post offices (as may be notified), National Stock Exchange and BSE, either directly or through agents. The bonds will be issued on on June 28.
Minimum &amp; Maximum Size: Minimum permissible investment will be one gram of gold, while the maximum limit of subscription shall be 4 kg for individual, 4 kg for HUF and 20 kg for trusts and similar entities per fiscal year (April-March) notified by the government from time to time. A self-declaration to this effect will be obtained. The annual ceiling will include SGBs subscribed under different tranches, and those purchased from the secondary market, during the fiscal year.

Move aside Governor Das, the banks are not waiting for the RBI&nbsp;policy but beating the curve and raising rates. Private lender HDFC&nbsp;Bank has&nbsp;raised its marginal cost of funds-based lending rate (MCLR) on loans across all tenures by 35 basis points effective immediately.&nbsp;
The hike in rates marks the second hike in just a month, earlier HDFC Bank had raised MCLR by 25 basis points on May 7, 2022.&nbsp;
But some relief for home loan borrowers, it is important to note that hike in EMI outgo will impact only when the reset date of your loan arrives which is just once a year.&nbsp;
The one-year MCLR, which is connected to many consumer loans, will now be 7.85 percent, the two-year MCLR will be 7.95 percent, and the three-year MCLR will be 8.05 percent.

EMIs rise: Banks don't wait for RBI, raise loan rates ahead of policy meet

EMIs soar: Banks don't wait for RBI, raise loan rates ahead of policy meet

Second rate hike within a month by HDFC&nbsp;Bank&nbsp;

Move aside Governor Das, the banks are not waiting for the RBI&nbsp;policy but beating the curve and raising rates. Private lender HDFC&nbsp;Bank has&nbsp;raised its marginal cost of funds-based lending rate (MCLR) on loans across all tenures by 35 basis points effective immediately.&nbsp;
The hike in rates marks the second hike in just a month, earlier HDFC Bank had raised MCLR by 25 basis points on May 7, 2022.&nbsp;
But some relief for home loan borrowers, it is important to note that hike in EMI outgo will impact only when the reset date of your loan arrives which is just once a year.&nbsp;
The one-year MCLR, which is connected to many consumer loans, will now be 7.85 percent, the two-year MCLR will be 7.95 percent, and the three-year MCLR will be 8.05 percent.

Time to recalculate your EMIs as banks have started raising rates even before the RBI makes its next move. In the latest hike, ICICI Bank has hiked lending rates by 30 bps across tenures.This is the second rate hike from the private lender that had  hiked its external benchmark lending rate along with peers by 40 bps in early after the RBI's surprise hike. This adds to the inflation pressures on households at a time when savings or investment returns are not catching up.Despite a hike in FD rates they are no where close to beating out inflation. HDFC Bank is now offering 2.50-5.75% for different tenors on domestic term deposits of less than ₹2 crore, while ICICI Bank’s FDs also are in the same range. State Bank of India, which had last revised its FD rates, offers interest of 5.50% on tenors of five years and up to 10 years

Loans get more expensive, rates hiked again by banks 

This is the second rate hike from the private lender that had  hiked its external benchmark lending rate along with peers by 40 bps in early after the RBI's surprise hike.

RBI&nbsp;likely to raise rates on June 8 after monetary policy meet

Time to recalculate your EMIs as banks have started raising rates even before the RBI makes its next move. In the latest hike, ICICI Bank has hiked&nbsp;lending rates by 30 bps across tenures.
Not only ICICI&nbsp;but&nbsp;India's largest housing finance company HDFC has increased its retail prime lending rate (RPLR) on housing loans, on which its adjustable rate home loans (ARHL) or floating rates are benchmarked, by 5 basis points.
Following that, Punjab National Bank (PNB), a state-owned bank, hiked its marginal cost of funds-based lending rate by 15 basis points. The increased rates go into effect on June 1 This is the second rate hike from the private lender that had hiked its external benchmark lending rate along with peers by 40 bps early after the RBI's&nbsp;surprise hike. This adds to the inflation pressures on households at a time when savings or investment returns are not catching up. Despite a hike in FD rates they are nowhere close to beating out inflation.&nbsp;HDFC Bank is now offering 2.50-5.75% for different tenors on domestic term deposits of less than&nbsp;₹2 crore, while&nbsp;ICICI Bank&rsquo;s&nbsp;FDs also are in the same range. State Bank of India, which had last revised its FD rates, offers interest of 5.50% on tenors of five years and up to 10 years

Given the housing demand and increase in building material cost, property prices in India are expected to increase 7.5% on a pan-India basis this year, the fastest growth in five years. 
According to a Reuters poll of property analysts, average house prices were forecast to rise 6% next year and in 2024. The poll of 13 property analysts were held during May 11-27. In a March poll, the analysts had expected, an increase of 5.0% for this year.
House prices in Mumbai and Delhi, including its surrounding National Capital Region (NCR) is expected to rise between 4% and 5% this year and next.
However, house prices in Bengaluru and Chennai, where analysts said homes were fairly valued, were forecast to rise 5.5%-6.5% over the course of the next two years.

Planning to invest money? This sector is the best 

Buying home in India to get costlier; checkout the price in major cities 

Improving housing demand and increase in building material cost are some of the key factors for housing price rise

Given the increasing&nbsp;housing demand and the&nbsp;soaring cost of&nbsp;building materials, property prices in India are expected to increase 7.5% on a pan-India basis this year, the fastest growth in five years.&nbsp;
According to a Reuters poll of property analysts, average house prices were forecast to rise 6% next year and in 2024. The poll of 13 property analysts were held during May 11-27. In a March poll, the analysts had expected, an increase of 5.0% for this year.
Also read/watch| <a title="LIC shares decline as profit slumps 17%" href="https://www.editorji.com/business-news/lic-shares-decline-as-profit-slumps-17-1653978625026">LIC shares decline as profit slumps 17%</a>
House prices in Mumbai and Delhi, including its surrounding National Capital Region (NCR) are expected to rise between 4% and 5% this year and next.
However, house prices in Bengaluru and Chennai, where analysts said homes were fairly valued, were forecast to rise 5.5%-6.5% over the course of the next two years.

Highlights

Latest news

Big hit to EMI: ICICI Bank hikes lending rates sharply

Up Next

More videos

Categories

Trending topics