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The Reserve Bank of India is set to launch a faster cheque clearance system on October 4, 2025. This new system will significantly reduce the cheque processing time. Cheques will be cleared within hours of presentation. The current T+1 day cycle will be shortened. Banks must confirm cheques quickly, or they will be automatically approved.
The US national debt has surpassed $37 trillion, exceeding pre-pandemic forecasts due to Covid-19 spending and recent tax cuts. Experts warn that this rapid debt accumulation will lead to higher interest rates, reduced private sector in ...more
State Bank of India will levy nominal charges on IMPS fund transfers exceeding Rs 25,000 via online channels, effective August 15. These charges range from Rs 2 to Rs 10 based on the transaction amount, with GST applicable. Salary packa ...more
Morgan Stanley reports India is poised to become the world's most attractive consumer market, fueled by a major energy transition and increased manufacturing contribution to GDP. Fiscal consolidation, rising exports, and lower oil inten ...more
The RBI now permits individuals to invest in Treasury bills via SIPs on its retail direct platform, aiming to increase retail participation in the bond market. While one-year bank FDs offer higher returns, T-bills outperform in shorter ...more
While branch-based IMPS fees remain unchanged, online transfers above ₹25,000 will attract nominal charges between ₹2 and ₹10 plus GST.
The revised MAB requirements are not applicable to salary accounts, senior citizens/pensioners (above 60 years), basic savings bank deposit account/PM Jandhan Yojana, and accounts for people with special needs
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