In the year 2023, RBI made many changes in the banking system. Many changes were seen in UPI, from demonetization of Rs 2,000 note. Let us know about 5 important changes in the banking system in the year 2023.
The year 2023 is about to end and the new year will start after 11 days. Like every year, in the year 2023, the Reserve Bank of India i.e. RBI made many changes in the banking system. Many changes were seen in UPI, from demonetization of Rs 2,000 note. Let us know about 5 important changes in the banking system in the year 2023-
Rs 2,000 note going out of circulation
RBI had announced to take Rs 2,000 note out of circulation on May 19, 2023. The central bank had cited the clean note policy behind this. However, the Rs 2,000 note was not demonetised. After this, about 4 months time was given to return or exchange the Rs 2000 notes. Earlier the last date was kept as 30th September. Later it was extended till 7 October.
RBI increased the risk weight on unsecured loans.
Due to a decision of RBI, the burden on your pocket is going to be much heavier. In the coming days, people have to face some difficulties in taking credit cards or consumer loans. In fact, RBI has now increased the risk weightage of consumer credit loans by 25 percent for banks and non-banking finance companies (NBFCs). This means that in view of the fear of sinking unsecured loans, banks will now have to make 25 percent more provisioning than before. Till now the risk weightage of consumer credit for banks and NBFCs was 100 percent, which has now been increased to 125 percent.
UPI transaction limit increased to ₹ 5 lakh.
This year RBI has increased the transaction limit of Unified Payment Interface (UPI) payment. UPI transaction limit has been increased from Rs 1 lakh to Rs 5 lakh. RBI Governor Shaktikanta Das had said that the limit for UPI transactions in hospitals and educational institutions is now being increased from Rs 1 lakh to Rs 5 lakh.
Repo rate is stable since April, there
has been no change in the repo rate in all the monetary policy meetings held by the Reserve Bank of India since April. The repo rate is currently at 6.5 percent. The last time the repo rate was increased was in February 2023.
Big Discount : 7 best 5G Smartphones available for less than ₹ 15,000..see details of all here
