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Banks

RBI says No to 0% Interest Schemes

The Reserve Bank of India (RBI) banned the ‘zero percent interest’ rate scheme on purchase of goods/products through credit cards to protect the consumers from camouflaged interest rates. It may put impact on the sale of products during…

Rupee Recovers, as RBI hikes Interest Rates

The Reserve Bank of India (RBI) has hiked the Marginal Standing Facility (MSF) rate and Bank Rate each by 200 basis points to 10.25 percent, to curb Rupee's fall against the USD. As a result, the Rupee bounced back by 1% to trade at 59.13…

22 Banks fined by RBI for violating KYC Norms

The Reserve Bank of India (RBI) has cracked the whip on erring banks, by imposing penalties on them for violating the KYC (Know Your Customers) rules and anti-money laundering norms. The Central Bank imposed Rs 49.5 crore fine on 22 banks,…

A Strike that costs India Rs 26,000 Crore

Editor's Desk: The nation of 1.2 billion came to a complete halt today, as 11 registered Trade Unions of the country went on a two-day strike to protest against UPA Government's "anti-people" policies. They achieved little, but delivered a…
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