look news india
After an increase of a total of 250 basis points (2.50%) between May 2022 and February 2023, RBI may announce the policy rate cuts in their financial policy reviews during 5-7 February. However, the central bank has kept its policy repo rate unchanged for the 11th consecutive time at 6.50 percent. Since April 2023, RBI has kept the repo rate unchanged, focusing on balanced inflation control with economic growth. Economists are optimistic towards the possible interest rate deduction in the February policy, mainly due to a decline trend in inflation. In December, the inflation rate came to 5.22 percent of the lowest level of four months, which was 5.48 percent last month.
Kotak 811 new rules for savings account holders
Private sector Kotak Mahindra Bank will implement changes in its general facilities and charges from 1 February 2025. This will be particularly affected by Kotak 811 savings account holders. Under this, account holders can expect update fees for free ATM transactions limit and demand draft, RTGS, IMPS, check book and others like demand draft.
Changes in UPI transactions also
According to the National Payment Corporation of India (NPCI) guidelines, from February 1, UPI will reject all the transactions with special letters in the transaction ID. To comply with UPI technical explanation, NPCI has advised all UPI ecosystem players to create transactions ID using alphonumeric characters only. All partners banks and payment providers will have to focus on this change and ensure compliance to avoid disruption in UPI transactions.