DEBIT AND CREDIT CARD TRANSACTIONS
No merchant discount rate on UPI transactions
The finance ministry has firmly stated its commitment to promoting digital payments through UPI, clarifying that there will be no merchant discount rate (MDR) levied on UPI transactions. The government refuted speculations about MDR charges, emphasizing that such claims are baseless and misleading.
Banks police business card swipes, ask users to swear off misuse
Banks are tightening the rules for corporate credit cards following regulatory concerns. Users must now declare that these cards will only be used for business expenses, preventing them from circumventing personal spending limits. This move addresses the misuse of corporate cards for personal purchases, potentially leading to deactivation for violations and increased scrutiny from both banks and companies.
UPI transactions to face charges? Finance Ministry issues clarification
The Finance Ministry on Wednesday dismissed reports suggesting MDR charges on large UPI transactions, calling them false and misleading. Responding to online speculation, the ministry said such baseless claims create unnecessary fear and confusion among citizens.
How e-Stamping is simplifying stamp duty payments
E-stamping transforms legal and financial transactions. It replaces physical stamp papers with online certificates. Stock Holding Corporation manages it across 25 states. In FY 2024-25, over 18 crore e-stamps were issued. It helps in property deals and business agreements. E-stamping is available 24/7 with secure verification. It offers flexible payment options. It simplifies complex processes for everyone.
UPI payments above Rs 3,000 may attract charges: Report
Merchant Discount Rate (MDR) is the fee charged by banks to merchants for providing digital payment services. Currently, RuPay debit cards and UPI payments are exempted from this fee.
These IndusInd Bank services won’t be available on these days: Check details here
IndusInd Bank will conduct system maintenance and banking services will be unavailable on two days. Customers should plan transactions accordingly.
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These 7 banking stocks can give more than 20% returns in 1 year, according to analysts
In the last few weeks, bank stocks have outperformed a volatile market. So, it is clear that, unlike in the past when bank stocks led the correction in the market, this time institutional investors are clearly in no hurry to reduce their banking exposure. This has to be seen in light of the fact that, for a well-known reason, the margins of banks are going to come under pressure in coming quarters.
SSC CGL 2025: Check exam date, how to apply on ssc.gov.in, registration process, application fee, full schedule
Staff Selection Commission has started the registration for Combined Graduate Level Examination 2025. The application process is online at ssc.gov.in. The last date to apply is July 4, 2025. The exam will be held from August 13 to August 30, 2025. Candidates should check eligibility criteria before applying. Application fee is ₹100.
Kota bank manager diverts Rs 4.6 crore from customer accounts, loses it all in stock market
An ICICI Bank relationship manager in Kota allegedly siphoned off Rs 4.58 crore from over 110 customer accounts between 2020 and 2023, losing it all in stock market trades. The accused, Sakshi Gupta, manipulated FDs, altered mobile numbers, and intercepted OTPs to execute the fraud. She was arrested on May 31 and is now in judicial custody.
Online betting, gambling: ED freezes over 760 'mule' bank accounts, arrests two
The Enforcement Directorate (ED) has frozen 766 'mule' bank accounts and arrested two individuals, Vishal Bhardwaj and Sonu Kr Thakur, in connection with a money laundering investigation. This action targets a racket involved in illegal betting on IPL, T20 World Cup matches, and other gambling activities.
Flipkart secures NBFC licence from RBI, to begin lending from own books
Walmart-owned Flipkart has received a non-bank finance company (NBFC) licence from India’s central bank, allowing it to lend directly to customers and sellers on its platform for the first time. This enables Flipkart to offer loans independently rather than through partners, potentially boosting profitability. The e-commerce giant plans to start lending soon, pending internal approvals.
HDFC Bank UPI and other services won’t be available on this date: Check details here
HDFC Bank will conduct system maintenance on June 8, 2025 impacting UPI and other digital services. Customers are advised to use PayZapp during this period.
IndusInd Bank expands hyper-personalised digital banking experience to all customers with INDIE app
IndusInd Bank expands its digital banking platform, ‘INDIE’, to over 15 million retail customers, integrating core banking services into a unified interface. The app features numberless debit cards, virtual single-use cards, and dynamic ATM PINs for enhanced security.
No Tax for Americans? Here's what Donald Trump's new tax break means for taxpayers in USA?
No Tax on Tips Act has been passed by the USA senate. However, there is a hurdle before it would be effective.
Axis Bank Privilege Credit Card: How to get discounts on domestic, international flights with Yatra
Axis Bank Privilege Credit Cardholders on the American Express Network can enjoy exclusive benefits on food, shopping, and travel until June 30, 2025. Cardholders can avail discounts on Zomato, Blinkit, and Swiggy using specific promo codes on Saturdays.
These 9 banking stocks can give more than 22% returns in 1 year, according to analysts
In the last eight months, every time the markets have moved up, bank stocks have invariably been among the top gainers. Large private sector banks, which were underperformers for a long phase of over three-and-a-half years, are among the current outperformers. So now, stick with these stocks even if there is some bad news. The Q4 earnings season numbers for banks showed a decline in margins. This might appear to be negative to many, but was on expected lines.
Klarna trials debit card in US, plans Europe launch later this year
Klarna in April paused its plans for a US initial public offering for the second time in the last few years as president Donald Trump's sweeping tariffs rattled global markets. The company, which has over 100 million global active users, is currently trialling the debit card in the U.S. before a broader rollout in the US and Europe later this year.
Top airline credit cards for frequent flyers in 2025: Check credit card details of Axis Bank, SBI, ICICI Bank and Kotak Mahindra Bank
Frequent flyers can unlock significant value with the right airline credit card. Options from Axis, SBI, ICICI, Kotak, and Standard Chartered offer benefits like free flights and lounge access. Cards such as Axis Bank ATLAS and Air India SBI Signature provide generous rewards and welcome bonuses.
HDFC Bank credit card rules changing from July 1, 2025: New charges on rent, gaming, and reward limits
HDFC Bank is set to implement changes to its credit card fee structure and rewards program starting July 1, 2025. New charges will apply to rent payments, online gaming, and wallet loading, while reward point accrual for insurance transactions will be capped based on the card type.
How fast you take loans also impacts your credit score, not just the amount: Bhavesh Jain, MD & CEO, TransUnion CIBIL
A lot more needs to be done to educate borrowers on the finer aspects of credit behaviour. Often, the borrowers don’t understand the impact of missing even one or two payments, says Bhavesh Jain, MD & CEO of TransUnion CIBIL.
UPI transactions rise 4.4% in May after April decline
Since its launch in 2016, UPI has grown rapidly, driven by government efforts to push digital payments post-demonetisation, increased smartphone penetration, and the entry of private players like Google Pay, PhonePe, and Paytm. However, the platform’s breakneck growth has started to slow as it approaches saturation, ET reported on April 7.
HDFC Bank, Axis Bank, American Express, Kotak Mahindra Credit Card changes June 2025: Know what is what, how it impacts your cashback, reward points
In June 2025, major banks like HDFC, Axis, Kotak Mahindra, and American Express are revising credit card terms. These changes impact airport lounge access, cashback, fuel rewards, and fee waivers.
DOGE's latest action amid crackdown on federal spending days after Elon Musk quits Trump team
The Department of Government Efficiency (DOGE) deactivated 523,000 federal credit cards after a 13-week audit aimed at curbing government spending. This comes merely two days after DOGE chief Elon Musk quit the Trump administration. This initiative, launched by President Trump and led by Elon Musk, targeted non-essential expenses across 32 agencies. While supporters claim it reduces waste, critics argue it disrupts essential services, as seen with TSA's bomb-sniffing dog unit purchases.
EPFO 3.0 roll out, free Aadhaar update, Form 16 for ITR filing: 7 money changes in June 2025; check details here
June 2025 brings significant financial changes, including the EPFO 3.0 launch for simplified PF withdrawals and revised credit card policies from HDFC, Axis, and Kotak Mahindra Bank. Taxpayers should note the TDS certificate deadline, while individuals have until June 14 to update Aadhaar details for free.
No airport lounge access, higher cashback on Myntra from June 20, 2025: Check Axis Bank Credit card changes
Axis Bank is updating terms for its REWARDS and Flipkart Axis Bank Credit Cards starting June 20, 2025. REWARDS cardholders will see a simplified spend exclusion approach for rewards and fee waivers, using categories instead of MCC codes.
Kotak Mahindra Bank to levy new 1% fee on high fuel spends from June 1; check if your credit card is affected
This new fee policy aims to regulate excessive fuel-related usage on credit cards, especially for premium or rewards-based cards.
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