Author: Nisha Chawla

The Reserve Bank of India (RBI) has identified several irregularities in the gold loan process, particularly with Non-Banking Financial Companies (NBFCs). Following an in-depth investigation, the central bank issued a circular on September 30, giving these companies three months to resolve the issues. The rise in the volume of gold loans in recent years, with a 25% growth between 2020 and 2024, has prompted stricter oversight from the RBI. With the gold loan market growing fast, borrowers need to understand the process fully before committing. If you are planning to take a gold loan, here are some important things to…

The Reserve Bank of India (RBI) has identified several violations in the way gold loan companies are operating, highlighting a range of concerns related to transparency, improper gold valuation, and inadequate KYC processes. After reviewing the practices of supervised institutions (SEs), the RBI has urged immediate corrective measures to ensure compliance with the existing rules. Gold Valuation Issues and Lack of Transparency One of the key issues flagged by the RBI is that gold loans are often issued without proper valuation in front of the customers. This lack of transparency in assessing the value of gold has become a growing…

In recent years, credit cards have become an essential financial tool for millions. They offer convenience for shopping, building a CIBIL score, and even helping in emergencies. However, many people are now facing a harsh reality—credit card debt is getting out of control, and borrowers are finding it difficult to repay their bills. In some cases, individuals are even taking out loans to manage these growing debts. Let’s explore how this trend is affecting people and why it’s becoming a financial trap. Credit Card Defaults on the Rise According to recent data, credit card default cases in India have seen…

When planning to take a personal loan, the first thing you should do is calculate the monthly EMI (Equated Monthly Installment). This helps you manage your budget and know the exact amount you’ll be paying every month. The best way to do this is by using an online EMI calculator, a tool that simplifies the entire process. Before applying for a personal loan, comparing interest rates and processing fees across banks is important. Using an EMI calculator gives you an estimate of how much your monthly installment will be, based on the loan amount, interest rate, and loan tenure. This…

Your CIBIL score plays a huge role in whether you get a loan or not. This score shows how reliable you are when it comes to repaying loans and handling credit. Banks and financial institutions look at your CIBIL score before they decide to approve or reject your loan application. A high CIBIL score means that you are more likely to get a loan, often with better terms like lower interest rates. A low score, on the other hand, makes it hard to get loans, or you might have to accept higher interest rates. But don’t worry—if your CIBIL score…

In the world of currencies, many countries honor their historical leaders by featuring their images on banknotes. India, like the US with George Washington or China with Mao Zedong, showcases Mahatma Gandhi on its currency. However, Gandhi wasn’t the first choice to appear on Indian notes. The story of how his image eventually came to represent Indian money is quite fascinating and reflects the nation’s journey through history and independence. The Early Days: Post-Independence Currency Design When India gained independence in 1947, there was a natural expectation that the country’s currency would reflect its new identity. Up until then, Indian…

Getting a personal loan is easier for people with stable jobs since banks consider them less risky. But what if you’ve lost your job? Surprisingly, it’s still possible to get a loan, though there are some important factors to consider. Here’s how you can secure a personal loan, even if you’re unemployed. 1. Focus on Your Loan Requirements Before applying for a loan, think about how much money you really need. Borrow only what’s necessary to avoid overburdening yourself with repayments. 2. Keep Your Credit Score High If you are unemployed, your credit score becomes even more important. A good…

SBI’s special 400-day fixed deposit scheme, Amrit Kalash FD, has once again been extended, allowing customers to invest in this high-interest FD until March 31, 2025. Known for its attractive interest rates and safe returns, this scheme is especially popular among senior citizens and regular investors who prioritize security and steady growth for their savings. The scheme was first launched on April 12, 2023, and has since garnered significant attention, leading the bank to extend its deadline multiple times. With the latest extension, investors can now benefit from this scheme for a longer period. High Interest Rates: 7.10% for Regular…

Do you know that thousands of crores are lying unclaimed in Indian banks? Many people are unaware that they may have inherited money or forgotten deposits sitting idle in accounts. According to the Reserve Bank of India (RBI), as of March 2024, Rs 78,213 crore is unclaimed in banks, waiting for rightful claimants. These funds include fixed deposits (FDs) and savings accounts that have seen no transactions for over a decade. But how can you check if you or your relatives have any such unclaimed money? The RBI has simplified this process with its UDGAM portal. Here’s a step-by-step guide…

In India, the number of people defaulting on credit card payments is steadily increasing. According to recent data from TransUnion CIBIL, the credit card default rate reached 1.8% in June 2024, up from 1.6% in March 2023. This growing trend shows that more and more people are falling into debt traps, which can damage not only their financial standing but also their reputation and overall well-being. If you’re a credit card user, it’s crucial to understand what happens when you default on payments and the potential consequences. Let’s break down the key issues. How Does Defaulting Begin? Defaults often start…