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Customers alert! This BANK hikes minimum balance, ATM cash withdrawal charges from May

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All customers of Axis Bank, this is an important piece of news for you. The bank has increased several charges for its savings bank account and salary account holders, starting May 1 (Saturday). Among the several changes that are to affect account holders of Axis Bank are the average monthly balance requirement, cash withdrawal to dormant account charges.

 

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1) From May 1, the Axis Bank customers need to maintain a monthly balance of Rs 15,000. Earlier, the limit was set at Rs 10,000. For the Prime and Liberty branded savings account, the average monthly balance is fixed at Rs 25,000, up from Rs 15,000

2) The bank will levy a penalty of Rs 10 per Rs 100 of the shortfall if customers are unable to maintain the monthly balance limit. The non-maintenance of monthly minimum balance charges will be in the range of Rs 50 to Rs 800, the lender said.

3) The private sector bank allows four free transactions or cash withdrawals of Rs 2 lakh in a month, whichever is earlier. Once the limit is over, the customer has to pay Rs 10 per Rs 1,000 withdrawn or Rs 150, whichever is higher.

4) For salary accounts that are more than six months old and do not receive any credit in a month, a penalty of Rs 100 per month will be levied from next month, Axis Bank said.

6) To obtain services like updation of PAN card or Form 60 details, updation of date of birth, change of address, updation of email ID, the bank will charge a fee of Rs 100 per instance.

7) From July 1, the bank will charge 25 paise for every SMS alert, subject to a maximum of Rs 25 per month. It must be noted that the bank will not levy any charges for one-time passwords (OTPs) and promotional messages. Premium, staff, pension, small and basic accounts will be exempted from SMS alert charges.

 

 

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RBI announces loan moratorium to individuals, small borrowers – Check eligibility

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RBI on Wednesday allowed certain individual and small borrowers more time to repay debt and allowed banks to give priority loans to vaccine makers, hospitals and COVID-related health infrastructure as it announced support measures to cushion the pandemic’s blow on the economy.

The moratorium of up to two years will be available to individuals and small and medium enterprises that did not restructure their loans in 2020 and were classified as standard accounts till March 2021, RBI Governor Shaktikanta Das in an unscheduled address. This facility will be available to borrowers with a total exposure of Rs 25 crore.

RBI will give Rs 50,000 crore of liquidity support to banks for providing fresh lending “to a wide range of entities including vaccine manufacturers; importers/suppliers of vaccines and priority medical devices; hospitals/dispensaries; pathology labs; manufactures and suppliers of oxygen and ventilators; importers of vaccines and COVID related drugs; logistics firms and also patients for treatment,” he said.

These loans of up to 3 years tenor will be obtainable at repo rate and will be available till March 31, 2022. He also announced a calendar for bond-buying.

Just as the economy appeared to be inching back to normalcy, India was hit by a second wave of infections in early April, prompting states and cities to restrict public movements and impose lockdowns, which have hit some businesses hard.

India added 3,82,315 virus cases over the last 24 hours to reach a total of 2.06 crore, while death rose by a record 3,780 to 226,188, health ministry data showed.

RBI has been meeting with bankers and shadow lenders (NBFCs) in recent weeks to discuss the economic situation, possible stress to balance sheets and credit flow in the system.

Bankers had reportedly asked the RBI for a three-month moratorium, particularly for retail and small borrowers, as the world’s fastest rising pandemic curve began hurting businesses and jobs, with potential to inflate bad loans (defaults).

“The devastating speed with which the virus affects different regions of the country has to be matched by swift-footed and wide-ranging actions that are calibrated, sequenced and well-timed so as reach out to various sections of society and business, right down to the smallest and the most vulnerable,” Das said.

RBI will buy Rs 35,000 crore of bonds under ”Government Securities Acquisition Programme” (G-SAP) — India’s version of quantitative easing — on May 20. It has also allowed banks to dip into their floating provisions to set aside money for bad loans.

Das said the central bank sees outlook ”highly uncertain” and clouded with downside risks, but doesn’t see a major change to inflation forecast.

“As the financial year 2020-21 (April 2020 to March 2021) – the year of the pandemic – was drawing to a close, the Indian economy was advantageously poised, relative to peers. India was at the foothills of a strong recovery, having regained positive growth, but more importantly, having flattened the infection curve. In a few weeks since then, the situation has altered drastically,” he said.

While a battle is mounted to deal with the unprecedented crisis, shoring up livelihoods and restoring normalcy in access to workplaces, education and incomes has become an imperative, he said.

“As in the recent past, the RBI will continue to monitor the emerging situation and deploy all resources and instruments at its command in the service of the nation, especially for our citizens, business entities and institutions beleaguered by the second wave.”

On the economic outlook, the governor said the global economy is exhibiting incipient signs of recovery but activity remains uneven across countries and sectors.

In India, the record foodgrains production and buffer stocks in 2020-21 provide food security and support to other sectors of the economy in the form of rural demand, employment and agricultural inputs and supplies, including for exports. But aggregate demand conditions, particularly in contact-intensive services, are likely to see a temporary dip.

A normal south-west monsoon, as forecast by the IMD should help to contain food price pressures, especially in cereals and pulses, he said adding the inflation trajectory over the rest of the year will be shaped by the COVID-19 infections and the impact of localised containment measures on supply chains and logistics.

Das said under the Rs 50,000 crore term liquidity facility, banks are expected to create a COVID loan book under the scheme.

RBI will also conduct special three-year long-term repo operations (SLTRO) of Rs 10,000 crore at repo rate for small finance banks (SFBs) which will be deployed for fresh lending of up to Rs 10 lakh per borrower. This facility will be available till October 31, 2021.

Das also announced rationalisation of certain components of the extant KYC norms including extending the scope of video KYC for new categories of customers.

Other measures included relaxation in overdraft facility for state governments.

“The second wave, though debilitating, is not unsurmountable,” Das said. “At the RBI, we stand in battle readiness to ensure that financial conditions remain congenial and markets continue to work efficiently. We will work in close coordination with the government to ameliorate the extreme travails that our citizens are undergoing in this hour of distress.”

 

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Gold prices rise today, silver jumps as well. Check latest rates

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Gold jumps Rs 310 to Rs 46,580 per 10 gram in the national capital on Monday reflecting a recovery in global precious metal prices and rupee depreciation, according to HDFC Securities.

 

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In the previous trade, the precious metal had closed at Rs 46,270 per 10 gram.

Silver also jumped Rs 580 to Rs 67,429 per kg from Rs 66,849 per kg in the previous trade.

The Indian rupee slumped 24 paise to 74.33 against the dollar in the opening trade on Monday.

In the international market, gold was trading with gains at USD 1,777 per ounce and silver gained marginally to USD 26.06 per ounce.

HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “Gold prices traded higher with spot prices at COMEX (New York-based commodities exchange) trading at USD 1,777 per ounce on Monday.”

He added that gold prices pared some of the previous losses as weaker dollar supported prices to trade firms.

 

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New LPG cylinder prices in Jammu Kashmir; Check District-wise rates

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The LPG price in Jammu & Kashmir is mainly determined by the state-run oil companies and the same is subject to change on a monthly basis based on the global crude fuel rates.

 

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The rise in crude oil leads to a rise in the LPG rates in Jammu & Kashmir and vice-versa. LPG is a safe and colourless gas and hence its use has tremendously increased in the domestic and industrial sector.

The government of India is currently providing domestic LPG Gas cylinder (14.2 kgs) in Jammu & Kashmir at subsidized rates to the low-income section of the society. The subsidy amount will be directly transferred to the customer’s bank account.

Currently, the cooking gas in India is easily accessible to most of the people. The Domestic LPG cylinder price in Jammu & Kashmir (Srinagar) stands at Rs. 925.

Check District-wise rates

 

CITY MAY 2021 APR 2021
Anantnag ₹ 925 ₹ 925
Badgam ₹ 925 ₹ 925
Bandipora ₹ 927 ₹ 927
Baramullah ₹ 919 ₹ 919
Doda ₹ 878 ₹ 878
Ganderbal ₹ 925 ₹ 925
Jammu ₹ 860.50 ₹ 860.50
Kargil ₹ 826.50 ₹ 761.50
Kathua ₹ 862 ₹ 862
Kishtwar ₹ 882 ₹ 882
Kulgam ₹ 925 ₹ 925
Kupwara ₹ 942 ₹ 942
Leh ₹ 818 ₹ 752.50
Poonch ₹ 879.50 ₹ 879.50
Pulwama ₹ 925 ₹ 925
Rajouri ₹ 880 ₹ 880
Ramban ₹ 882 ₹ 882
Reasi ₹ 879.50 ₹ 879.50
Samba ₹ 862 ₹ 862
Shopian ₹ 925 ₹ 925
Srinagar ₹ 925 ₹ 925
Udhampur ₹ 875.50 ₹ 875.50
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