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SBI will allow four free branch cash withdrawals monthly from basic savings accounts. Additional withdrawals will cost Rs 15 per transaction plus GST from October 1.
RBI Deputy Governor Shirish Chandra Murmu said. India currently has 176 billion banknotes in circulation, while the RBI produces 28-30 billion notes annually. The central bank is also exploring measures such as surface coatings and polymer notes to increase the durability of currency and reduce the environmental impact of the cash cycle.
Gold was trading at Rs 1,55,470, down 0.30 per cent, while silver declined 0.96 per cent to Rs 2,35,763. Markets are now pricing in a higher chance of the US Federal Reserve keeping rates unchanged in September after weaker economic data.
Axis Bank will revise credit card rules from August 28, raising the DCC fee to 3.5 percent and limiting rewards on gift cards, road fees, bridges and toll payments.
The central bank urged lenders to identify risks linked to new products and technology-driven business models early, strengthen grievance redressal and comply with digital lending rules and the Digital Personal Data Protection Act. I
The Nifty 50 fell 0.09 per cent to 24,343.45, while the Sensex declined over 100 points to 77,892.92. Financial services, PSU banks and FMCG stocks led the decline, while chemicals and healthcare gained.
Gold prices rose 0.86 per cent weekly as weaker-than-expected US economic data strengthened expectations that the US Federal Reserve may keep interest rates unchanged. MCX gold futures gained 0.73 per cent on Friday to Rs 1,54,590, while silver rose 0.15 per cent to Rs 2,36,272 per kg.
India's foreign exchange reserves surged by $14.136 billion during the week ended August 7, crossing the $707 billion mark, according to RBI data. The increase was mainly driven by a $9.946 billion rise in foreign currency assets to $574.625 billion and a $3.995 billion increase in gold reserves to $108.738 billion
The SGB, issued on August 14, 2019, can be redeemed prematurely from August 14, 2026, after completing seven years. The redemption price represents an absolute gain of Rs 11,861 per unit, or around 343.9 per cent, excluding the interest earned during the holding period.
Sensex hit an intraday low of 77,747, down 332 points or 0.42 per cent in morning trade, while Nifty traded 84.39 points or 0.34 per cent lower at 24,311.45.
