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;

From crypto tax liability to your provident fund becoming taxable, April 1 brings in sweeping changes into your tax planning. Here is the latest update you need to take a note of:Provident Fund becomes taxable&nbsp;The government has decided to tax the interest income from the Provident Fund account from April 1. If the contribution is below&nbsp;₹2.5 lakh, no tax will be levied. However if the contribution exceeds&nbsp;₹2.5 lakh - then the interest income will be taxed.Crypto&nbsp;tax kicks off&nbsp;Income from transactions in virtual digital assets will attract a tax of 30 percent From April 1. As clarified by the Finance Ministry no loss can be offset against the gain so each profitable transaction will attract the 30 per cent tax liability.&nbsp;Apart from this, there will be a 1 per cent TDS and gift tax under certain conditions to be paid by the receiver of such digital asset as a gift.
Filing of updated ITRTaxpayers will be able to file an updated return from April 1 to eliminate errors or mistakes done in income tax returns. The updated return can be filed within two years from the end of the relevant assessment year.
Tax relief for persons with disabilityWhen the parent or guardian of a differently-abled person can take an insurance scheme for the latter, they would be eligible to deduction from gross income before tax subject to certain conditions.

 Big tax changes from April 1: Crypto, EPF, ITR all the latest updates

From crypto tax liability to your provident fund becoming taxable, April 1 brings in sweeping changes into your tax planning. Here is the latest update you need to take a note of:

Big tax changes from April 1

Income tax on crypto assets, filing of updated returns, new tax rules on EPF interest all kick in from April 1&nbsp;

From crypto tax liability to your provident fund becoming taxable, April 1 brings in sweeping changes into your tax planning. Here is the latest update you need to take a note of: Provident Fund becomes taxable&nbsp; The government has decided to tax the interest income from the Provident Fund account from April 1. If the contribution is below&nbsp;₹2.5 lakh, no tax will be levied. However if the contribution exceeds&nbsp;₹2.5 lakh - then the interest income will be taxed. Crypto&nbsp;tax kicks off&nbsp; Income from transactions in virtual digital assets will attract a tax of 30 percent From April 1. As clarified by the Finance Ministry no loss can be offset against the gain so each profitable transaction will attract the 30 per cent tax liability.&nbsp; Apart from this, there will be a 1 per cent TDS and gift tax under certain conditions to be paid by the receiver of such digital asset as a gift.
Filing of updated ITR Taxpayers will be able to file an updated return from April 1 to eliminate errors or mistakes done in income tax returns. The updated return can be filed within two years from the end of the relevant assessment year.
Tax relief for persons with disability When the parent or guardian of a differently-abled person can take an insurance scheme for the latter, they would be eligible to deduction from gross income before tax subject to certain conditions.

Dearness Allowance raised by 3%, effective from April 1

The Government had hiked Dearness Allowance for central govt employees and Dearness Relief for pensioners by 3 percent. The hike will be effective from January 2022 and with the latest increase the DA and the DR now stand at 34 percent

Big boost: Hike in DA announced effective Jan 2022

Government hikes Dearness Allowance for central govt employees and Dearness Relief for pensioners by 3%.

The Government had hiked Dearness Allowance for central govt employees and Dearness Relief for pensioners by 3 percent. The hike will be effective from January 2022 and with the latest increase the DA and the DR now stand at 34 percent
The DA increase would come as a relief for the employees at a time when petrol and diesel prices are witnessing a continuous surge. "This increase is in accordance with the accepted formula, which is based on the recommendations of the 7th Central Pay Commission," said the government. This decision will benefit over 50 lakh government employees and 65 lakh pensioners.
The government revises DA and DR twice every year -- in January and July. Dearness Allowance is a component of salary of government employees and pensioners, aimed at soothing the impact of inflation.&nbsp;&nbsp;Dearness Relief is what is given to pensioners.

To deal with the pandemic and the financial &amp; health concerns that come with it,&nbsp;Insurance giant -&nbsp;LIC&nbsp;is helping its policymakers to revive their lapsed policies in the current financial year.&nbsp;
Insurance giant,&nbsp;LIC has announced a special window to revive old policies which have lapsed due to unpaid premiums and the window for revival is ending next week, that is on March 25.&nbsp;
Here's how to revive your lapsed LIC policy
The state-run insurance giant in a statement&nbsp;said, "In view of the prevailing circumstances, concessions are being offered in late fee for other than&nbsp;Term Assurance&nbsp;and High-Risk Plans, depending on the total premiums paid. There are no concessions on medical requirements. Eligible Health and Micro Insurance plans also qualify for the concession in a late fee."&nbsp;&nbsp;Under this Special Revival Campaign, Policies of specific eligible plans can be revived within 5 years from the date of the First Unpaid Premium subject to certain terms and conditions.&nbsp;&nbsp;Consession in late fee for eligible policies&nbsp;&nbsp;&nbsp;* Up to Rs 1,00,000- Concession in latefee- 20%, Maximum consession- Rs 2000&nbsp;* From 1,00,001 to Rs.3,00,000- Concession in late fee 25%, Maximum consession- Rs.2,500&nbsp;* From 3,00,001 and above- Concession in late fee 30%, Maximum consession Rs 3000&nbsp;Policies which are in a lapsed condition during the premium paying term and not completed policy term are eligible to be revived in this campaign.
LIC has regularly allowed such windows with the last such opportunity in Aug 2021 and Nov 2019.&nbsp;&nbsp;

Lapsed LIC policy? You have 48 hours left to revive it, here is how

To deal with the pandemic and the financial concerns that come with it, Insurance giant, LIC is helping its policymakers to revive their lapsed policies 

Here's how you can revive your lapsed LIC policy

According to the statement, eligible health and micro insurance policies are also eligible for the late fee reduction.

To deal with the pandemic and the financial &amp; health concerns that come with it,&nbsp;Insurance giant -&nbsp;LIC&nbsp;is helping its policymakers to revive their lapsed policies in the current financial year.&nbsp;
Insurance giant,&nbsp;LIC has announced a special window to revive old policies which have lapsed due to unpaid premiums and the window for revival is ending next week, that is on March 25.&nbsp;
Here's how to revive your lapsed LIC policy
The state-run insurance giant in a statement&nbsp;said, "In view of the prevailing circumstances, concessions are being offered in late fee for other than&nbsp;Term Assurance&nbsp;and High-Risk Plans, depending on the total premiums paid. There are no concessions on medical requirements. Eligible Health and Micro Insurance plans also qualify for the concession in a late fee." &nbsp; &nbsp; Under this Special Revival Campaign, Policies of specific eligible plans can be revived within 5 years from the date of the First Unpaid Premium subject to certain terms and conditions. &nbsp; &nbsp; Consession in late fee for eligible policies &nbsp;&nbsp;&nbsp; * Up to Rs 1,00,000- Concession in latefee- 20%, Maximum consession- Rs 2000 &nbsp; * From 1,00,001 to Rs.3,00,000- Concession in late fee 25%, Maximum consession- Rs.2,500 &nbsp; * From 3,00,001 and above- Concession in late fee 30%, Maximum consession Rs 3000 &nbsp; Policies which are in a lapsed condition during the premium paying term and not completed policy term are eligible to be revived in this campaign.
LIC has regularly allowed such windows with the last such opportunity in Aug 2021 and Nov 2019.&nbsp;&nbsp;

As the financial year is about to get over on March 31st, EJ lists out several deadlines that one needs to meet when it comes to money.
1. Aadhaar-PAN link: If you haven't yet connected your PAN to your Aadhaar number, you have until March 31, 2022, to do so. If you do not link your PAN to your Aadhaar number by this date, your PAN will become inactive and you will have to pay a fee of Rs 1,000.
If the PAN card is not linked to Aadhaar, an individual will also not be able to invest in mutual funds, stocks or open a bank account among other things as furnishing a PAN card in all those cases is a must.
2. ITR Filing: If you didn't file or missed your ITR for the fiscal year 2020-21 on December 31, 2021, here is your opportunity. You have until March 31, 2022, to file the late return. A delayed ITR is an income tax return filed between January 1, 2022, and March 31, 2022. A late filing fee of Rs 5,000 will be charged if the ITR is not filed on time (Rs 1000 for total income up to Rs 5 lakh).
3. Update KYC in your bank accounts
The Reserve Bank of India (RBI) had extended the deadline for updating Know Your Customer (KYC) in the bank accounts to March 31, 2022, from the previous deadline of December 31, 2021. Customers must update their PAN card, address (such as Aadhaar), passport, and other documents as part of KYC. In addition, recent pictures and other details are required.
 

Aadhar-PAN link to ITR filling: tasks you should complete by March 31

As the financial year is about to get over, EJ lists out several deadlines that one needs to meet when it comes to money matters 

Do this before March 31 else your PAN Card will become inactive

fee of Rs 5,000 will be charged if the ITR is not filed on time

If you do not link your PAN to your Aadhaar number by this date, your PAN will become inactive and you will have to pay a fee of Rs 1,000.&nbsp;

As the financial year is about to get over on March 31st, EJ lists out several deadlines that one needs to meet when it comes to money. Also read/watch |&nbsp;<a title="PVR Inox Merger: Here is what shareholders need to know" href="https://www.editorji.com/business-news/markets/pvr-inox-merger-here-is-what-shareholders-need-to-know-1648455166192" target="_blank">PVR Inox Merger: Here is what shareholders need to know</a> &nbsp;
1.&nbsp;Aadhaar-PAN link: If you haven't yet connected your PAN to your Aadhaar number, you have until March 31, 2022, to do so. If you do not link your PAN to your Aadhaar number by this date, your PAN will become inactive and you will have to pay a fee of Rs 1,000.
If the PAN card is not linked to Aadhaar, an individual will also not be able to invest in mutual funds, stocks or open a bank account among other things as furnishing a PAN card in all those cases is a must.
2. ITR Filing: If you didn't file or missed your ITR for the fiscal year 2020-21 on December 31, 2021, here is your opportunity. You have until March 31, 2022, to file the late return. A delayed ITR is an income tax return filed between January 1, 2022, and March 31, 2022. A late filing fee of Rs 5,000 will be charged if the ITR is not filed on time (Rs 1000 for total income up to Rs 5 lakh).
3. Update KYC in your bank accounts
The Reserve Bank of India (RBI) had extended the deadline for&nbsp;updating Know Your Customer (KYC) in the bank accounts&nbsp;to March 31, 2022, from the previous deadline of December 31, 2021. Customers must update their PAN card, address (such as Aadhaar), passport, and other documents as part of KYC. In addition, recent pictures and other details are required.

From the cup of coffee in the morning to your evening Maggi snack everything is going to cost more as companies take in price hikes to battle rising cost. HUL and Nestle have raised prices of high demand items such as Bru Coffe and Maggi. With the latest changes, the price of Maggi Masala noodles 70 gm is hiked to Rs 14 from Rs 12. The price of Maggi Masala Noodles 140 gm is hiked by Rs 3. CNBC TV-18 reports that Bru instant coffee pouches as well as popular Nescafe is going to cost more by 3-5%. Food inflation in India is now near the highest level in a decade. 

Maggie price hiked from hiked to Rs 14 from Rs 12: See what is costlier 

From the cup of coffee in the morning to your evening Maggi snack everything is going to cost more as companies take in price hikes to battle rising cost. 

Coffee to Maggi - snackables get pricey

Price of Maggi Masala noodles 70 gm is hiked to Rs 14 from Rs 12.

From your&nbsp;cup of coffee in the morning to the evening&nbsp;snack of&nbsp;Maggi&nbsp;everything is going to cost more as companies take in price hikes to battle rising cost.&nbsp; Also watch &amp; read:&nbsp;<a title="Startup Sizzle Fades: Paytm, Zomato, Nykaa, others flushed investors' money" href="https://www.editorji.com/business-news/markets/startup-sizzle-fades-paytm-zomato-nykaa-others-flushed-investors-money-1647250454734">Startup Sizzle Fades: Paytm, Zomato, Nykaa, others flushed investors' money</a>
HUL&nbsp;and Nestle have raised prices of high demand items such as Bru&nbsp;Coffe&nbsp;and Maggi.&nbsp;With the latest changes, the price of Maggi Masala noodles 70 gm is hiked to Rs 14 from Rs 12. The price of Maggi Masala Noodles 140 gm is hiked by Rs 3.&nbsp;
CNBC&nbsp;TV-18 reports that&nbsp;Bru instant coffee pouches as well as popular Nescafe&nbsp;is going to cost more by 3-5%.&nbsp;
Food inflation in India is now near the highest level in a decade.&nbsp;

Petrol and diesel prices, which have been on a freeze for the past four months in view of assembly elections in states like Uttar Pradesh, need to be increased by over Rs 12 per litre by March 16 for fuel retailers to break even.
With international oil prices - on which domestic fuel retails are directly benchmarked - spiking in the last two months, state-owned fuel retailers "need a massive price hike of Rs 12.1 per litre on or before March 16, 2022, just to breakeven and a price hike of Rs 15.1 is required" after including margins for oil firms, ICICI Securities said in a report.
The basket of crude oil India buys rose to $117.39 per barrel on March 3, the highest since 2012. This compares to an average of $81.5 per barrel price of the Indian basket of crude oil at the time of freezing of petrol and diesel prices in early November last year.
"With state elections getting over next week, we expect daily fuel price hikes to restart across both gasoline and diesel," JP Morgan said in a report.
The seventh and final phase of polling for the Uttar Pradesh legislative assembly is on March 7 and the counting of votes is slated for March 10.Oil prices have been on the boil ever since Russia put its forces on the Ukraine border last month. They spiked after it invaded the central Asian nation on fears that oil and gas supplies from energy giant Russia could be disrupted, either by the conflict in Ukraine or retaliatory western sanctions.
Russia makes up for a third of Europe's natural gas and about 10 per cent of global oil production. About a third of Russian gas supplies to Europe usually travel through pipelines crossing Ukraine.
But for India, Russian supplies account for a very small percentage. While India imported 43,400 barrels per day of oil from Russia in 2021 (about 1 per cent of overall its imports), coal imports from Russia at 1.8 million tonnes in 2021 made up for 1.3 per cent of all coal imports. India also buys 2.5 million tonnes of LNG a year from Gazprom of Russia.
While supplies at the moment seem to be of little worry for India, it is the prices that are a cause of concern.
Domestic fuel prices - which are directly linked to international oil prices as India imports 85 per cent of its oil needs - have not been revised for a record 120 days in a row.
Rates are supposed to be revised on a daily basis but state-owned fuel retailers IOC, BPCL and HPCL froze rates on sooner did electioneering to elect a new government in Uttar Pradesh, Punjab and three other states started.
Petrol costs Rs 95.41 a litre in Delhi and diesel is priced at Rs 86.67. This price is after accounting for the excise duty cut and a reduction in the VAT rate by the state government.
Before these tax reductions, petrol price had touched an all-time high of Rs 110.04 a litre and diesel came for Rs 98.42. 

Brace yourself - Rs 12 hike in petrol, diesel price needed to break-even

Are you ready for your petrol, diesel bill to go up by Rs 12! Brace yourself it starts tomorrow

 Big hikes in petrol and diesel prices likely to start Tuesday

Crude Oil prices surged to $130/bbl, first time since 2008

Fuel bill is going to burn a hole in your budget.&nbsp;Petrol and diesel prices, which have been on a freeze for the past four months in view of assembly elections in states like Uttar Pradesh, need to be increased by over Rs 12 per litre by March 16 for fuel retailers to break even.
Also watch &amp; read:<a title="https://www.editorji.com/business-news/markets/rupee-at-record-low-rbi-lends-a-helping-hand-reportedly-sells-dollars-1646635411485" href="https://www.editorji.com/business-news/markets/rupee-at-record-low-rbi-lends-a-helping-hand-reportedly-sells-dollars-1646635411485">&nbsp;Rupee at record low! RBI lends a helping hand, reportedly sells dollars&nbsp;</a>
With international oil prices - on which domestic fuel retails are directly benchmarked - spiking in the last two months, state-owned fuel retailers "need a massive price hike of Rs 12.1 per litre on or before March 16, 2022, just to breakeven and a price hike of Rs 15.1 is required" after including margins for oil firms, ICICI Securities said in a report.
The basket of crude oil India buys rose to $117.39 per barrel on March 3, the highest since 2012. This compares to an average of $81.5 per barrel price of the Indian basket of crude oil at the time of freezing of petrol and diesel prices in early November last year.
"With state elections getting over next week, we expect daily fuel price hikes to restart across both gasoline and diesel," JP Morgan said in a report.
The seventh and final phase of polling for the Uttar Pradesh legislative assembly is on March 7 and the counting of votes is slated for March 10.Oil prices have been on the boil ever since Russia put its forces on the Ukraine border last month. They spiked after it invaded the central Asian nation on fears that oil and gas supplies from energy giant Russia could be disrupted, either by the conflict in Ukraine or retaliatory western sanctions.
Russia makes up for a third of Europe's natural gas and about 10 per cent of global oil production. About a third of Russian gas supplies to Europe usually travel through pipelines crossing Ukraine.
But for India, Russian supplies account for a very small percentage. While India imported 43,400 barrels per day of oil from Russia in 2021 (about 1 per cent of overall its imports), coal imports from Russia at 1.8 million tonnes in 2021 made up for 1.3 per cent of all coal imports. India also buys 2.5 million tonnes of LNG a year from Gazprom of Russia.
While supplies at the moment seem to be of little worry for India, it is the prices that are a cause of concern.
Domestic fuel prices - which are directly linked to international oil prices as India imports 85 per cent of its oil needs - have not been revised for a record 125 days in a row.
Rates are supposed to be revised on a daily basis but state-owned fuel retailers IOC, BPCL and HPCL froze rates on sooner did electioneering to elect a new government in Uttar Pradesh, Punjab and three other states started.
Petrol costs Rs 95.41 a litre in Delhi and diesel is priced at Rs 86.67. This price is after accounting for the excise duty cut and a reduction in the VAT rate by the state government.
Before these tax reductions, petrol price had touched an all-time high of Rs 110.04 a litre and diesel came for Rs 98.42.&nbsp;

Brace yourself for big hikes in petrol, diesel and gas once polling comes to an end. From March 7 onwards expect a daily hike in fuel prices as crude continues its unrelenting upward march. Petrol, diesel prices may go up by at least Rs 9/lt as per calculations done by brokerage JPMorgan. Fuel prices have remained unchanged since November in the country meanwhile crude prices have gone up by over $20 in the same period. Fuel prices across the globe are already surging, cost of a litre of petrol at UK is now at record high, prices in the US have almost doubled in just a year with majority of the increase coming in the last 2 weeks. 

Expect daily petrol, diesel price hikes come March 7, this is how much fuel prices could surge

Brace yourself for big hikes in petrol, diesel and gas once polling comes to an end. From March 7 onwards expect a daily hike in fuel prices as crude continues its unrelenting upward march. 

This is how much petrol, diesel prices could go up by

Crude prices have surged to the highest level since 2013

Brace yourself for big hikes in petrol, diesel and gas once polling comes to an end. From March 7 onwards expect a daily hike in fuel prices as crude continues its unrelenting upward march.&nbsp;
Also watch|&nbsp;<a title="Trouble before take off, Why did Ilker Ayci turn down Air India?" href="https://www.editorji.com/business-news/trouble-before-take-off-why-did-ilker-ayci-turn-down-air-india-1646213928343">Trouble before take off, Why did Ilker Ayci turn down Air India?</a> Petrol, diesel prices may go up by at least Rs 9/lt as per calculations done by brokerage JPMorgan. Fuel prices have remained unchanged since November in the country meanwhile crude prices have gone up by over $20 in the same period.&nbsp; Fuel prices across the globe are already surging, cost of a litre of&nbsp;petrol&nbsp;at UK is now at record high, prices in the US have almost doubled in just a year with majority of the increase coming in the last 2 weeks.&nbsp;

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As the deadline to file the income tax returns looms, the topic is trending on social media with last minute rushes to file and memes flooding microblogging sites. The income tax department reported that 5 crore returns for the assessment year 2021-22 have been filed till December 29, out of which 18.89 lakh were filed on Tuesday.The Govt has been putting reminders and alerts via social media platforms to ensure the filings are done as the date has been extended three times this year already. Meanwhile tax-payers continue to post grievances of a glitched IT portal which has been an ongoing struggle since Infosys launched it with Fin Min in June. Other tax payers posted memes and images showing mixed emotions of stress as the deadline looms. 

ITR Filing: The last minute rush for filing income tax returns before 31

More than 5 crore Income Tax Returns for AY 2021-22 filed till 5:45pm on December 29

Income Tax Return Filing Alert

More than 5 crore Income Tax Returns for AY 2021-22 filed till 5:45pm on December 29

As the deadline to file the income tax returns looms, the topic is trending on social media with last minute rushes to file and memes&nbsp;flooding microblogging&nbsp;sites.&nbsp;The income tax department reported that 5&nbsp;crore returns for the assessment year 2021-22 have been filed till December 29, out of which 18.89 lakh were filed on Tuesday. Also watch |&nbsp;<a title="GST rates, rules and other changes that take effect from from January 1" href="https://www.editorji.com/business-news/economy/gst-rates-rules-and-other-changes-that-take-effect-from-from-january-1-1640835426573">GST rates, rules and other changes that take effect from from January 1</a> The Govt has been putting reminders and alerts via social media platforms to ensure the filings are done as the date has been extended three times this year already.&nbsp; Meanwhile tax-payers continue to post grievances of a glitched&nbsp;IT portal which has been an ongoing struggle since Infosys&nbsp;launched it with Fin Min in June. Other tax payers posted memes&nbsp;and images showing mixed emotions of stress as the deadline looms.&nbsp;

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.

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