Author: Nisha Chawla

In a recent statement, Reserve Bank of India (RBI) Governor Shaktikanta Das has firmly stated that the central bank will not lower interest rates at this time. He explained that with retail inflation still high and geopolitical tensions affecting the global economy, reducing the repo rate could be too risky. Speaking at the India Credit Forum hosted by Bloomberg, Das emphasized that current economic conditions, including inflationary pressures and ongoing geopolitical issues in West Asia and Europe, are not favorable for a rate cut. Why RBI Won’t Cut Interest Rates Now The RBI Governor explained that inflation is a key…

For senior citizens, fixed deposits (FD) continue to be one of the most secure and reliable investment options. After retirement, the need for stable and consistent income is crucial to cover daily expenses. While some rely on pensions or property rent, investing in FD is a safe way to grow savings while earning interest. Senior citizens get the added advantage of higher interest rates on FD compared to the general public, making it a favored choice for risk-free investments. In recent times, many banks have been offering attractive interest rates on fixed deposits, making it the right time for senior…

As the festive season of Diwali approaches, it’s the perfect time to shop for new clothes, electronic gadgets, and gifts for loved ones. Diwali is synonymous with shopping sprees, but you can be smart about your purchases by using the right credit card. With a variety of benefits like cashback, rewards, and no-cost EMI, a credit card can help you save significantly during this festive season. Choosing the best credit card based on your shopping needs is essential to maximize savings. Let’s explore how to pick the right card and make the most of the offers available this Diwali, whether…

Unified Payments Interface (UPI) has revolutionized digital payments in India. What once was a time-consuming process of transferring money has now become instantaneous. Today, UPI transactions are accepted almost everywhere, from large retailers to small vendors in rural areas. However, as UPI has grown rapidly in the last seven years, it now faces a major challenge — the overwhelming dominance of two big players, PhonePe and Google Pay. The Duopoly of PhonePe and Google Pay The digital payments landscape is dominated by two companies: PhonePe and Google Pay, which together control around 85% of the market. PhonePe has a market…

India’s consumer habits are undergoing a massive transformation. The trend of taking loans to buy consumer durables such as smartphones, TVs, and other electronic appliances has skyrocketed, reflecting a shift in how people manage their finances and make purchasing decisions. Not only are loans being taken for gadgets and home upgrades, but the preference for loans to fund weddings and business expansion has also seen a sharp rise in recent years. Major Rise in Loans for Smartphones and Electronics According to a recent report from Home Credit India titled “How India Borrows,” the number of people taking loans for smartphones…

Kotak Mahindra Bank to Acquire Personal Loan Book of Standard Chartered India for ₹4,100 Crore In a strategic move to strengthen its presence in the retail loan sector, Kotak Mahindra Bank has announced that it will acquire the personal loan book of Standard Chartered Bank in India. As per an exchange filing made by Kotak Mahindra Bank, the value of this acquisition stands at ₹4,100 crore, as of September 30, 2024. This acquisition includes Standard Chartered Bank’s standard loans and is in accordance with Reserve Bank of India (RBI) guidelines. Kotak Mahindra Bank aims to complete the transaction within the…

The 80-20 rule, also known as the Pareto Principle, is a concept that can transform the way you manage your finances. This principle suggests that 80% of the results come from 20% of the efforts. It is used widely in business and productivity, but applying it to personal finance can give you the edge you need to achieve financial success more efficiently. What Is the 80-20 Rule in Finance? In simple terms, the 80-20 rule means that 80% of your financial success can be driven by 20% of your financial actions. It implies that only a few key habits or…

Credit cards have become essential in today’s lifestyle, making it easier to shop, book tickets, and make hotel reservations. However, one major downside is the annual fee charged by banks. But what if you could enjoy the benefits of a credit card without paying those yearly charges? Here are five lifetime-free credit cards that offer fantastic savings on everything from shopping to bookings. Let’s take a look at these cards and their special features. 1. RBL Bank BankBazaar SaveMax Credit Card The RBL Bank BankBazaar SaveMax card offers several great features, making it a top pick for budget-conscious users: 2.…

oday, being financially independent is crucial for every woman, whether single or not. Financial freedom gives women control over their own lives, enabling them to make decisions without relying on anyone else. It empowers them to pursue their goals, live on their terms, and never feel dependent on a partner for financial support. If you’re wondering how to start your journey towards financial freedom, here are five simple yet powerful steps that will help you achieve it. 1. Create a Personal Budget The first step toward financial independence is understanding where your money is going. By creating a budget, you…

The State Bank of India (SBI) has recently revised the interest rates for its loans and fixed deposits (FDs). This change comes with a reduction in the Marginal Cost of Funds-Based Lending Rate (MCLR) for specific tenures. As of October 15, 2024, the one-month MCLR has decreased by 0.25%, bringing the rate down to 8.20%. This new rate will be effective until November 15, 2024. Meanwhile, other loan rates remain unchanged, ranging from 8.20% to 9.10%, depending on the loan tenure. Latest Loan Interest Rates by SBI SBI has adjusted its MCLR-based loan interest rates as follows: These rates reflect…