Year Ender 2023: RBI made these big changes in bank transactions, know what has changed

Year Ender 2023: RBI made these big changes in bank transactions, know what has changed

Flashback 2023: The year 2023 is now nearing its end. This year was very good for investors. Many profitable IPOs came. There was peace on the issue of inflation and GDP figures were also quite good. This passing year is leaving very good signs for the coming year 2024. During this period, the Reserve Bank of India (RBI) also took many decisions in the banking sector. Of these, 4 were most discussed, which changed the direction of the banking sector. Let's take a look at these big decisions. 

End of 2000 rupee note 

RBI took out the Rs 2000 notes brought during demonetisation from the system this year. The central bank decided to remove them on May 19. However, like demonetization, they were not stopped suddenly. People were given 4 months time to deposit Rs 2000 notes in the bank. Due to this, this note could be easily removed from the banking system.

Injury to unsecured loans like personal loan 

RBI first warned non-banking finance companies (NBFCs) about the increasing number of personal loans. Then taking action, the risk weight on unsecured loans was increased. Risk weight for NBFCs was increased from 100 to 125. Due to this, the business of NBFC was adversely affected. 

UPI transaction limit increased 

RBI increased the transaction limit of UPI (Unified Payment Interface) to promote digital payments in financial services. UPI transaction limit for educational institutions and hospitals was increased from Rs 1 lakh to Rs 5 lakh.

No change in repo rate 

Apart from this, while reviewing the monetary policy in December, RBI kept the repo rate intact at 6.5 percent. RBI has kept the repo rate stable for the fifth consecutive time.

Read this also 

Earned Rs 650 crore in one month, know who is Rekha Jhunjhunwala and how is she earning so much 

Get more latest business news updates

Scroll to Top