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While the finance minister wants banks to increase rural footprint, reaching unbanked areas digitally offers a low-risk option for the banks.
For all auto-debit transactions above Rs 5,000, RBI has introduced an Additional Factor of Authentication (AFA).
Small finance banks are offering up to 7% interest rates on savings accounts, much higher than public and private sector banks.
Money9 gives you a brief description of the changes that are coming into effect from October 1 and could impact your financial life
The bank has laid out an expansion strategy for doubling its presence in rural India over two years.
The government should stay away from a rate cut in small savings that come up for revision once every quarter.
FM said that the recapitalisation requirements will go down, as the banks books are much cleaner now and would help the government
However, three out of the four schemes including that of State Bank of India (SBI) cannot be availed after 30th of September
Money9 brings in a series of guidelines that will keep digital banking for seniors safe and secure.
Some private sector banks are promising slightly higher interest rates on recurring deposits. Here's a look