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The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) on Monday said 97.96 % of the <keyword id="6429211" type="General" weightage="20" keywordseo="rs-2" source="Orion">Rs 2</keyword>,000 denomination <keyword id="20481528" type="General" weightage="20" keywordseo="banknotes" source="keywords">banknotes</keyword> have returned to the banking system, and only Rs 7,261 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2,000 denomination banknotes from circulation. The total value of Rs 2,000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2,000 banknotes was announced, has declined to Rs 7,261 crore at the close of business on August 30, 2024, the RBI said. "Thus, 97.96 % of the Rs 2,000 banknotes in circulation as on May 19, 2023, has since been returned," it said in a statement. The facility for deposit and/or exchange of the Rs 2,000 banknotes was available at all bank branches in the country till October 7, 2023. The facility for the exchange of the Rs 2,000 banknotes has been available at the 19 issue offices of the <keyword id="19922074" type="General" weightage="20" keywordseo="reserve-bank" source="keywords">Reserve Bank</keyword> since May 19, 2023. From October 9, 2023, RBI issue offices are also accepting Rs 2000 banknotes from individuals and entities for deposit into their bank accounts. Further, members of the public are sending Rs 2,000 banknotes through India Post from any post office within the country to any of the RBI issue offices for credit to their bank accounts. The 19 RBI offices depositing/exchanging the banknotes are in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram. Rs 2000 banknotes were introduced in November 2016, following the demonetisation of the then-prevailing Rs 1,000 and Rs 500 banknotes. However, even after their discontinuation, Rs 2,000 notes continue to remain legal tender. Per the apex bank's last update, which came out on August 1st, 2024, Rs 2,000 banknotes had declined to Rs 7409 crore at the close of business on July 31, 2024. Thus, by last month, 97.92% of the Rs 2,000 banknotes which were in circulation as on May 19, 2023, had been returned.

Rs 2,000 notes: 97.96% returned; Rs 7,261 crore worth notes still with public

About 2.1 per cent or Rs 7,581 crore of the withdrawn Rs 2,000 <keyword id="20481528" type="General" weightage="20" keywordseo="banknotes" source="keywords">banknotes</keyword> have not yet been returned to the <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>, about nine months after the deadline to deposit or exchange them at bank branches was over. This essentially means 97.87 per cent of the total value of the high-value Rs 2,000 banknotes are back in the banking system by the end of June 2024, the Reserve Bank of India said in a statement on Monday. The total value of Rs 2000 banknotes in circulation was Rs 3.56 lakh crore at the close of business on May 19, 2023, the date on which RBI decided to withdraw the banknote. The last day for the public to avail of exchange or to deposit high-value Rs 2000 banknotes at the banks was October 7, 2023. However, the window for depositing and/or exchanging the Rs 2,000 banknotes continues to be available at the 19 issue offices of the RBI. Those 19 RBI issue offices are in Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram. People from within the country can send Rs 2,000 banknotes through India Post from any post office to any of RBI Issue Offices for credit to their bank accounts in India. The Rs 2000 banknotes continue to be legal tender. The Rs 2000 banknote was introduced in November 2016, primarily to meet the currency requirements of the economy expeditiously after the <keyword id="19901049" type="General" weightage="20" keywordseo="withdrawal" source="keywords">withdrawal</keyword> of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time. The objective of introducing Rs 2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, the printing of Rs 2000 banknotes was stopped in 2018-19. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/vraj-iron-and-steel-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111394752.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/vraj-iron-and-steel-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111394752.cms" target="_blank">Vraj Iron and Steel IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank">Reliance Jio and Airtel price hike – new plans and how you can save money</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank">Upcoming smartphones launching in India in July 2024</a>

2.1% of ₹2,000 banknotes, with value of ₹7,581 crore, still to be returned

Around 75 % of <keyword id="20593458" type="General" weightage="20" keywordseo="UPI-users" source="keywords">UPI users</keyword> will stop using it if any transaction charge is levied on the service, a survey by LocalCircles said today. The survey found that 38% of users make over 50% of their payment transactions via <keyword id="19900911" type="General" weightage="100" keywordseo="UPI" source="keywords">UPI</keyword> instead of debit, credit, or any other form of digital transaction. "Only 22 % UPI users surveyed are willing to bear a <keyword id="20813527" type="General" weightage="20" keywordseo="transaction-fee" source="keywords">transaction fee</keyword> on payments, 75% of respondents stated that they will stop using UPI if a transaction fee is introduced," the survey said. The survey comprising three broad areas, claims to have received 42,000 responses from 308 districts but the number of replies on each question varied. The questions regarding transaction fee on UPI received 15,598 responses. The <keyword id="19907219" type="General" weightage="20" keywordseo="National-Payments-Corporation-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="National Payments Corporation of India" meta.hostid="261" meta.entityid="National Payments Corporation of India">National Payments Corporation of India</keyword> (NPCI) posted a record 57% rise in the volume of transactions and 44% rise in value in the 2023-24 fiscal year, compared to the previous fiscal year. For the first time UPI transactions crossed 100 billion and closed at 131 billion in a financial year, compared to 84 billion in 2022-23. In value terms, it touched Rs 199.89 trillion, compared to Rs 139.1 trillion, the report said. The survey found 37 % of respondents shared UPI transaction accounts for more than 50 % of their total payment in value terms. "With UPI rapidly becoming an integral part of nearly 4 in 10 consumers, there is strong resistance to any kind of direct or indirect transaction charges being imposed. LocalCircles will escalate the findings of this survey with the <keyword id="19908390" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Finance" meta.hostid="261" meta.entityid="Ministry of Finance">Ministry of Finance</keyword> and <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) so that the pulse of the UPI user is taken into account before any MDR charges are permitted," the survey report said. The survey was conducted online, between July 15 to September 20.

Majority of users say they will stop using UPI if transaction fee is levied, notes a LocalCircles survey

<keyword id="20599258" type="General" weightage="20" keywordseo="Indian-consumers" source="keywords">Indian consumers</keyword> demonstrated a significant increase in their <keyword id="21084888" type="General" weightage="100" keywordseo="credit-card-spending" source="keywords">credit card spending</keyword> in July this year, marking a 19% increase compared to the same month last year. According to a report released by <keyword id="19945737" type="General" weightage="20" keywordseo="SBI-Securities" source="keywords" meta.keywordsubtype="org" meta.entityname="SBI Securities" meta.hostid="261" meta.entityid="SBI Securities">SBI Securities</keyword>, the total expenditure by credit card users across the country reached an impressive Rs 1.7 trillion. This substantial uptick highlights the growing reliance on credit cards for transactions, reflecting broader economic trends and <keyword id="20740758" type="General" weightage="20" keywordseo="consumer-confidence" source="keywords">consumer confidence</keyword>. The report also highlighted a considerable increase in <keyword id="21118324" type="General" weightage="20" keywordseo="transaction-volumes" source="keywords">transaction volumes</keyword>, which surged by 39% year-on-year, reaching a total of 38.4 crore transactions in July 2024. This increase in the number of transactions underscores the widespread adoption and usage of credit cards as a preferred <keyword id="20632158" type="General" weightage="20" keywordseo="payment-method" source="keywords">payment method</keyword> among Indian consumers. "Credit card spending in India increased 19% YoY to Rs 1.7 trillion in Jul'24. The transaction volume during the month was 38.4 crore, up 39% YoY" said the report. The report also noted that among the banks, <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword> emerged as the leader in terms of transaction volumes, with its credit cards facilitating 9.9 crore transactions during the month. <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> followed closely with 7.1 crore transactions, while SBI secured the third position with 6.3 crore transactions. In terms of transaction value, HDFC Bank again led the way, with a total spend of Rs 44,369 crore through its credit cards in July. ICICI Bank and SBI followed with Rs 34,566 crore and Rs 26,878 crore, respectively. The report said "In Jul'24, transaction volumes was led by cards issued by HDFC Bank (9.9 crore) followed by ICICI Bank (7.1 crore) and SBI (6.3 crore)". Additionally, the <keyword id="22988051" type="General" weightage="20" keywordseo="average-transaction-value" source="keywords">average transaction value</keyword> (ATV) also saw a marginal increase of 1.4% month-on-month in July 2024. This marks the first increase in ATV in ten months, suggesting a shift in consumer behaviour towards higher-value transactions after a period of stagnation. Overall, these figures reflect the growth of credit card usage in India, driven by increased consumer confidence and the convenience offered by credit card transactions.

Indians credit card spending increases 19% YoY to Rs 1.7 trillion in July 2024

<ul><li>There is no reason to rush to banks, there is time for four months, Das said on Monday. </li><li>Will be sensitive to the difficulties faced by people and it’s our endeavour to address the difficulties of people, Das said.</li><li>A PIL has been filed in the Delhi HC against RBI and SBI notifications that permit the exchange of ₹2,000 banknotes without obtaining ID proof.</li></ul> The Reserve Bank of India (RBI) governor Shaktikanta Das on Monday allayed fears regarding the central bank’s decision to pull ₹2,000 banknotes out of circulation. Calling its decision, announced on late Friday, a currency management operation of the RBI,<a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-governor-shaktikanta-das-answers-questions-on-rs-2000-note-withdrawal/articleshow/100411073.cms"> Das said he does not see people</a> rushing to banks to exchange or deposit these notes. “There is no reason to rush to banks. There is time for four months," Das said, speaking in New Delhi. On Friday, RBI said in a statement that ₹2,000 banknotes will continue to be legal tender. People possessing these notes can deposit them in their bank accounts or get them exchanged from May 23 to September 30, the central bank had said. In its statement, the RBI also advised banks to stop issuing ₹2,000-denomination banknotes with immediate effect. About 89% of the ₹2,000-denomination banknotes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years. Das also said that the RBI had stopped printing these denominations. Regarding a possible extension to the September 30 deadline, he said that the central bank will take a call after assessing how much of these banknotes come back to the banks. "We assure people who are abroad and within India, we will be sensitive to the difficulties you may face. It will be our endeavour to address the difficulties of people," Das said. The total value of these bank<keyword id="4276824" type="General" weightage="20" keywordseo="notes-in-circulation" source="Orion">notes in circulation</keyword> has declined from ₹6.73 lakh crore at its peak as on March 31, 2018 (37.3% of notes in circulation) to ₹3.62 lakh crore, constituting only 10.8% of notes in circulation as on March 31, 2023. “It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public. In view of the above, and in pursuance of the ‘Clean Note Policy’ of the RBI, it has been decided to withdraw the ₹2,000 denomination banknotes from circulation,” RBI said in its statement. In the meanwhile, a public interest litigation has been filed in the Delhi High Court against RBI and State Bank of India notifications that permit the exchange of ₹2,000 banknotes without obtaining identity proof.

No need to rush to banks as there’s 4 months time says RBI governor on pulling ₹2,000 notes off circulation

<ul><li>The <keyword id="6358156" type="General" weightage="20" keywordseo="central-bank" source="Orion">central bank</keyword> has announced the withdrawal of ₹2,000 notes from circulation.</li><li>The RBI has given time till September 30, 2023 for people to deposit or exchange their ₹2,000 notes.</li><li>Here’s everything you need to know about the withdrawal of the ₹2,000 notes and whether you can still use them.</li></ul> The Reserve Bank of India (RBI) last week<a href="https://www.businessinsider.in/finance/news/rbi-to-withdraw-2000-currency-notes-from-circulation-will-continue-to-be-legal-tender/articleshow/100360976.cms"> announced</a> that it is withdrawing the ₹2,000 notes from circulation. However, unlike during the 2016 demonetisation, the central bank has provided ample time to get the notes exchanged. The news of the withdrawal of the notes is generating a lot of misinformation that is being spread on social media platforms and messaging applications. In this article, we help dispel some of these misconceptions and tell you how you can exchange your ₹2,000 notes. <cmsannotation type="cmsannotation" annotationid="Can you still use ₹2,000 notes?" comment="subhead" text="Can you still use ₹2,000 notes?">Can you still use ₹2,000 notes?</cmsannotation> The central bank has stated that the ₹2,000 notes will continue to be legal tender even after September 30, 2023. At the moment, there is no information from the government about when the notes will lose their legal tender status. According to a Business Standard report, the ₹2,000 notes may lose the legal tender status around the end of the year as the central government wishes to avoid the inconvenience caused during the 2016 demonetisation, when the legal tender status of ₹500 and ₹1,000 value notes was ended immediately. Extending the legal tender status of ₹2,000 notes beyond September will give ample time to people staying abroad and the country’s missions to deposit any high-value notes they may have, with banks. The report states that a notification withdrawing the legal tender status of the ₹2,000 notes may be released after September 2023. <cmsannotation type="cmsannotation" annotationid="How to exchange ₹2,000 notes" comment="subhead" text="How to exchange ₹2,000 notes">How to exchange ₹2,000 notes</cmsannotation> There are two ways you can get rid of your ₹2,000 notes, besides spending them. <cmsannotation type="cmsannotation" annotationid="Deposit into your accounts" comment="subhead" text="Deposit into your accounts">Deposit into your accounts</cmsannotation> The easiest way is to deposit the ₹2,000 notes into your bank account. You can deposit ₹2,000 notes without any limit in your bank accounts, subject to the existing know-your-customer (KYC) norms. <cmsannotation type="cmsannotation" annotationid="Exchange at any bank" comment="subhead" text="Exchange at any bank">Exchange at any bank</cmsannotation> If you do not wish to deposit the ₹2,000 notes, you can also get them exchanged at any bank for notes of smaller denominations. However, unlike deposits, there is a daily limit on the amount that can be exchanged, to avoid disruption of regular banking services. You can exchange up to ₹20,000 per day, which equals to ten notes of ₹2,000. <cmsannotation type="cmsannotation" annotationid="How to exchange your ₹2,000 note" comment="subhead" text="How to exchange your ₹2,000 note">How to exchange your ₹2,000 note</cmsannotation> To exchange your ₹2,000 note, all you have to do is take these notes to your nearest bank between May 23 and September 30, 2023. You can exchange ₹2,000 notes at any bank, even if you do not have an account at that bank. <cmsannotation type="cmsannotation" annotationid="Do you need any ID or documents to exchange ₹2,000 notes?" comment="subhead" text="Do you need any ID or documents to exchange ₹2,000 notes?">Do you need any ID or documents to exchange ₹2,000 notes?</cmsannotation> Amid online reports that you will need an identity proof to exchange your ₹2,000 notes, the State Bank of India (SBI) has clarified that people will not have to carry or show an identity proof to exchange their ₹2,000 notes at banks. This also means that one person will be able to make multiple exchanges on the same day at different banks, despite the ₹20,000 limit. <cmsannotation type="cmsannotation" annotationid="PIL filed challenging exchange without identity proof" comment="subhead" text="PIL filed challenging exchange without identity proof">PIL filed challenging exchange without identity proof</cmsannotation> BJP leader and advocate Ashwini Kumar Upadhyay has <a href="https://www.businessinsider.in/india/news/pil-filed-against-rbi-sbi-notifications-permitting-rs-2000-note-exchange-without-id-proof/articleshow/100411563.cms">filed</a> a public interest litigation (PIL) in the Delhi High Court challenging the RBI and SBI notifications that allow people to exchange their ₹2,000 notes without having to present an identity proof. Upadhyay’s plea calls the decision arbitrary and irrational, and says it offends Article 14 of the Constitution of India, and is hence, inoperative. Further, Upadhyay has sought directions for RBI and SBI to ensure that ₹2,000 notes are deposited in respective bank accounts only so that no one can deposit black money into others accounts. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/battlegrounds-mobile-india-to-return-soon-company-receives-permission-from-government/articleshow/100346259.cms">Battlegrounds Mobile India is relaunching soon, but government says final call only after a 3-month trial</a> <a href="https://www.businessinsider.in/business/auto/news/electric-scooters-and-bikes-may-get-costlier-as-government-looks-to-revamp-the-fame-ii-scheme/articleshow/100321089.cms">Electric two wheelers may get costlier as government looks to revamp the FAME-II scheme</a> <a href="https://www.businessinsider.in/tech/news/how-to-find-phone-numbers-registered-in-your-name-and-block-those-that-arent-yours/articleshow/100297548.cms">How to find phone numbers registered in your name and block those that aren’t yours</a>

₹2,000 note withdrawal – How to exchange them, is it a legal tender and other questions answered

Buying a new electronic gadget is no longer a hassle. Thanks to quick commerce <keyword id="19935862" type="General" weightage="20" keywordseo="platforms" source="keywords">platforms</keyword> like <keyword id="19939135" type="General" weightage="20" keywordseo="swiggy-instamart" source="keywords">Swiggy Instamart</keyword>, <keyword id="19901323" type="General" weightage="20" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="261" meta.entityid="Zomato">Zomato</keyword>’s <keyword id="20069203" type="General" weightage="20" keywordseo="blinkit" source="keywords">Blinkit</keyword> and <keyword id="19939134" type="General" weightage="20" keywordseo="Zepto" source="keywords" meta.keywordsubtype="org" meta.entityname="Zepto" meta.hostid="261" meta.entityid="Zepto">Zepto</keyword>. The three platforms offer a range of products at competitive prices. Be it a pair of headphones, TWS earbuds, PC accessories or power-banks, the three platforms have ample choices. Let us take a look at some <keyword id="20303398" type="General" weightage="20" keywordseo="gadgets" source="keywords">gadgets</keyword> that are available on all three platforms, and where they are cheapest. But before we go ahead, it is worth mentioning that all these gadgets were available at the below-mentioned prices on September 6, 2024, at Rohini, New Delhi. Now without any further ado, let’s dive right in. <h2>Nu Republic Party Box 16 soundbar </h2> The Nu Republic Party Box 16 soundbar promises 10 hours of music playtime. The soundbar is equipped with 50 mm drivers. The soundbar sports a classic slim design and comes with bluetooth 5.0. Price on Blinkit: Rs 999 Price on <keyword id="19896956" type="General" weightage="100" keywordseo="Swiggy" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiggy" meta.hostid="261" meta.entityid="Swiggy">Swiggy</keyword> <keyword id="20255906" type="General" weightage="20" keywordseo="Instamart" source="keywords">Instamart</keyword>: Rs 999 Price on Zepto: Rs 849 MRP: 3,999 <h2>Boult Z40 Pro TWS earbuds </h2> These TWS earbuds from Boult launched last year and are equipped with 13 mm drivers. The earbuds come in a matte-finish case. They promise up to 100 hours of playtime and 45 ms latency. Price on Blinkit: 1,499 Price on Swiggy Instamart: Rs 1,559 Price on Zepto: Rs 1,599 MRP: Rs, 5,499 <h2>Nu Republic Creed Ultra smartwatch </h2> If you are looking for a budget smartwatch, all three platforms have the Nu Republic Creed Ultra smartwatch. The watch comes with an HD IPS display and IP67 water resistance rating. It also features a full metal body with up to 20 days of standby time. Price on Blinkit: Rs 999 Price on Swiggy Instamart: Rs 1,299 Price on Zepto: Rs 1,549 MRP: Rs 12,999 <h2>Nu Republic Transform-X Earbuds</h2> If you are looking for a TWS earbuds with a sporty design, this might be the one. The Nu Republic Transform-X earbuds feature ENC technology and promise up to 60 hours of playtomme. They are also equipped with 13 mm drivers. Price on Blinkit: Rs 1,499 Price on Swiggy Instamart: Rs 1,799 Price on Zepto: Rs 1,499 <h2>boAT Rockerz 255 Pro+ neckband</h2> If you like listening to music while working out or walking and are looking for suitable neckband earphones, the three platforms offer boAT Rockers 255 Pro+ neckband. Equipped with 10 mm drivers, the wireless earbuds promise up to 40 hours of playback time. They also feature an IPX7 water and sweat resistant rating. Price on Blinkit: Rs 1,599 Price on Swiggy Instamart: Rs 1,249 Price on Zepto: Rs 1,359 MRP: Rs 3,990

Zomato’s Blinkit, Swiggy Instamart or Zepto: Which platform is offering cheapest gadgets under Rs 2,000

<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s <keyword id="23127366" type="General" weightage="20" keywordseo="consumption-loan" source="Orion">consumption loan</keyword> portfolio grew by 15.2% year-on-year (YoY) to Rs 90.3 lakh crore as of March 2024, according to the latest <keyword id="6354680" type="General" weightage="20" keywordseo="credit" source="Orion">credit</keyword> bureau report. The fourth edition of the CRIF High Mark report noted a slowdown from the 17.4% growth recorded in March 2023, largely due to a deceleration in the home <keyword id="6362287" type="General" weightage="100" keywordseo="loans" source="Orion">loans</keyword> segment, which accounts for 40.1% of the overall consumption loan portfolio by value. The home loans portfolio saw growth slowing down to 7.9 % YoY in FY24, from the 23 % expansion seen in FY23. This was mainly due to muted growth in "originations", which increased by 9.2 % in FY'24 compared to 18.2 % in the previous fiscal year. Origination refers to the process by which a lender creates or initiates a new loan or credit, including evaluating, processing, and approving a borrower's application. The report finds a shift toward higher <keyword id="6871589" type="General" weightage="20" keywordseo="ticket-size" source="Orion">ticket size</keyword>s, with a growing preference for loans above Rs 35 lakh, although the average ticket size (ATS) rose by 32% from Rs 20.1 lakh in FY20 to Rs 26.5 lakh in FY24. In contrast, the personal loans segment maintained strong momentum, growing by 26% YoY in FY24, despite recent regulatory reforms. Larger ticket loans of Rs 10 lakh and above increased their share in originations by value, while loans under Rs 1 lakh continued to dominate in volume. Banks led in value-based originations, whereas non-banking financial companies (NBFCs) remained dominant in volume. Two-wheeler loans experienced a 34% YoY growth in FY24, up from 30% in FY23, fueled by a shift to higher ticket-size loans. However, the overall volume of originations grew at a slower pace of 13% in FY24 compared to 32% in FY23. <keyword id="35527" type="General" weightage="20" keywordseo="auto-loans" source="Orion">Auto loans</keyword>, on the other hand, grew by 20% YoY in FY24, compared to 22% in FY23. Consumer durable loans posted a robust growth of 34% YoY in FY24, up from 26% expansion in the previous fiscal. This growth was driven by a shift to larger ticket sizes, although origination volumes grew by only 8.5% in FY24, compared to 38.2% in FY23. The MSME lending segment displayed mixed results, with individual MSME loans growing faster than entity MSMEs. The individual MSME portfolio increased by 29% YoY in FY24, accelerating from 15% in FY23, while entity MSME loans grew by just 6.6 % YoY, a sharp slowdown from 17.2 % in the previous year. Microfinance lending also saw strong growth, with the portfolio rising by 27% YoY in FY24, compared to 21% in FY23. "The resilience of the Indian credit market is evident in the strong performance across various lending categories and the stability in delinquencies. Home loans remain dominant, but the growth in personal loans, two-wheeler loans, and the rebound of NBFCs highlight significant shifts in the lending landscape," CRIF High Mark MD Sanjeet Dawar said.

Consumption loan portfolio expands 15% to Rs 90 lakh crore in FY24, notes CRIF report

Mumbai, The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) on Friday said nearly 97.62 per cent of the Rs 2,000 bank notes have returned to the banking system, and only about Rs 8,470 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation. "The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, has declined to Rs 8,470 crore at the close of business on February 29, 2024," the RBI said in a statement. Thus, 97.62 per cent of the Rs 2,000 banknotes in circulation as of May 19, 2023, have since been returned, it added. "The Rs 2,000 banknotes continue to be legal tender," the RBI added. People can deposit and/or exchange Rs 2,000 bank notes at the 19 RBI offices across the country. People can also send Rs 2,000 bank notes through <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> Post from any post office to any of the <keyword id="20026757" type="General" weightage="20" keywordseo="rbi-issue-offices" source="keywords">RBI Issue Offices</keyword> for credit to their bank accounts in India. Public and entities holding such notes were initially asked to either exchange or deposit them in bank accounts by September 30, 2023. The deadline was later extended to October 7, 2023. Deposit and exchange services at bank branches were discontinued on October 7, 2023. Starting October 8, 2023, individuals have been provided with the choice of either exchanging the currency or having the equivalent sum credited to their bank accounts at the 19 offices of the RBI. The 19 RBI offices depositing/exchanging the bank notes are in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, <keyword id="20790999" type="General" weightage="20" keywordseo="patna-and-thiruvananthapuram" source="keywords">Patna and Thiruvananthapuram</keyword>. The Rs 2,000 bank notes were introduced in November 2016, following the demonetisation of the then-prevailing Rs 1,000 and Rs 500 bank notes.

As much as ₹8,470 crore worth ₹2,000 notes still with public: RBI

Mumbai, The Reserve Bank on Friday said that as much as 93 per cent of Rs 2000 currency notes that were in circulation on May 19 -- the day when the currency was withdrawn from circulation -- have been returned to banks. According to the data received from the banks, the total value of Rs 2000 banknotes received back from circulation is Rs 3.32 lakh crore up to August 31, 2023, it said in a statement. "Consequently, Rs 2000 banknotes in circulation as at the close of business on August 31, 2023 stood at Rs 0.24 lakh crore. Thus, 93 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, have since been returned," it said. Data collected from major banks indicates that out of the total banknotes in Rs 2000 denomination received back from circulation, about 87 per cent is in the form of deposits and the remaining around 13 per cent has been exchanged into other denomination banknotes. The <keyword id="6354335" type="General" weightage="80" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> had announced the withdrawal of Rs 2000 banknotes from circulation on May 19, 2023.. The total value of Rs 2000 banknotes in circulation, which amounted to Rs 3.62 lakh crore on March 31, 2023, had declined to Rs 3.56 lakh crore as at the close of business on May 19, 2023. RBI requested the members of the public holding the high-value banknote to utilise the remaining period until September 30, 2023, to deposit and/or exchange them.

RBI says 93% of ₹2000 notes returned to banks

New Delhi, Reserve Bank Governor <keyword id="6359111" type="General" weightage="20" keywordseo="Shaktikanta-Das" source="Orion">Shaktikanta Das</keyword> on Friday said Rs 2,000 denomination notes are coming back and only Rs 10,000 crore worth of such notes are still with people. He exuded confidence that these notes will also be returned or deposited back. "Rs 2,000 notes are coming back and only Rs 10,000 crore is left in the system. The expectation is that the amount will also come back," he said on the sidelines of the event here. Earlier this month, Das had said 87 per cent of the Rs 2,000 denomination notes being withdrawn have returned as deposits into banks while the rest has been exchanged across counters. On May 19, the <keyword id="6354335" type="General" weightage="20" keywordseo="Reserve-bank-of-India" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="20" keywordseo="RBI" source="Orion">RBI</keyword>) took the financial world by surprise when it declared its plan to phase out the Rs 2,000 note, which had been introduced in 2016 as part of a rapid remonetisation effort. This had followed Prime Minister Narendra Modi's announcement to withdraw more than 88 per cent of the currency in circulation by invalidating the Rs 500 and Rs 1,000 notes. Public and entities holding such notes were initially asked to either exchange or deposit them in bank accounts by September 30. The last date was later extended to October 7. On October 7, both deposit and exchange services at bank branches were discontinued. Starting October 8, individuals were provided with the choice of either exchanging the currency or having the equivalent sum credited to their bank accounts at 19 Reserve Bank of India locations. Individuals or entities can exchange Rs 2,000 bank notes at the 19 RBI offices up to a limit of Rs 20,000 at a time. However, there is no limit on the total amount for getting Rs 2,000 notes credited into bank accounts.

Rs 2,000 notes worth Rs 10,000 crore left in system: RBI Governor

Payments made via Unified Payments Interface (UPI) reported a 45% yearly growth, according to data from the National Payment Corporation of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>). The value of transactions also saw a growth of over 35%, totaling Rs 20.64 trillion. This marks the third consecutive month when total transactions exceeded Rs 20 trillion. In June 2024, the total UPI transaction value was Rs 20.07 trillion, while in May it was Rs 20.44 trillion. NPCI data also showed that the average daily transaction value through UPI in July 2024 was Rs 466 million, or about Rs 66,590 crore. Compared with June, the volume of <keyword id="19957378" type="General" weightage="100" keywordseo="UPI-transactions" source="keywords">UPI transactions</keyword> grew by 3.95% in July, while the value of transactions increased by 2.84%. In the first four months of the current fiscal year (2024-25), UPI recorded transactions amounting to Rs 80.79 trillion, across approximately 55.66 billion transactions. In 2023-24, total UPI transactions were 131 billion, compared to 84 billion in 2022-23. The monthly bulletin of the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) reported that over the last four years, UPI transactions have seen a ten-fold increase in volume, from 12.5 billion transactions in 2019-20 to 131 billion transactions in 2023-24, which accounts for 80% of the total digital payment volumes. Unified Payments Interface (UPI) transactions experienced substantial growth, increasing by 57% year-on-year in FY24. Within this segment, PhonePe and Google Pay dominated, holding a combined market share of 86%, according to the Boston Consulting Group's (BCG) Banking Sector Roundup for 2023-24. A shift in <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> was noted, with credit card transactions doubling over the past three years. In contrast, debit card transactions declined by 43% year-on-year. By making digital payment platform technology and device agnostic, UPI has contributed to <keyword id="20377974" type="General" weightage="20" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword> at the grassroots level. Digital payments in India are hitting fresh highs, as citizens increasingly adopt emerging modes of online transactions. One key emphasis of the Indian government has been to ensure that the benefits of UPI are not limited to India alone; other countries, too, can benefit from it. UPI is India's mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly using a Virtual Payment Address (VPA) created by the customer. The share of UPI in digital payments in India has reached close to 80% in 2023. Today, India accounts for nearly 46% of the world's digital transactions, based on 2022 data.

UPI transactions cross Rs 20 trillion for third successive month, in July 2024

<ul><li>RBI announced the withdrawal of ₹2,000 currency notes from circulation on Friday.</li><li>People possessing these notes can deposit them in their bank accounts or exchange them from May 23 to September 30.</li><li>The RBI has also advised banks to stop issuing ₹2,000 denomination banknotes with immediate effect. </li></ul>The Reserve Bank of India (RBI) on Friday announced the withdrawal of ₹2,000 currency notes from circulation, but said that they will continue to be legal tender. People possessing these notes can deposit them in their bank accounts or get them exchanged from May 23 to September 30, the central bank said in a statement. “In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of ₹2000 banknotes into banknotes of other denominations can be made upto a limit of ₹20,000/- at a time at any bank starting from May 23, 2023,” the statement said. The RBI has also advised banks to stop issuing ₹2,000 denomination banknotes with immediate effect. About 89% of the ₹2,000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years. The total value of these banknotes in circulation has declined from ₹6.73 lakh crore at its peak as on March 31, 2018 (37.3% of notes in circulation) to ₹3.62 lakh crore constituting only 10.8% of notes in circulation as on March 31, 2023. “It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public. In view of the above, and in pursuance of the ‘Clean Note Policy’ of the RBI, it has been decided to withdraw the ₹2,000 denomination banknotes from circulation,” RBI said. The facility for exchange of ₹2,000 banknotes upto the limit of ₹20,000/- at a time shall also be provided at the 19 Regional Offices (ROs) of RBI having Issue Departments from May 23, 2023. "As witnessed during demonetisation, we expect the deposit accretion of banks could improve marginally in near term. This will ease the pressure on deposit rates hikes and could also result in moderation in short-term interest rates," said Karthik Srinivasan, senior VP, group head - financial sector ratings, ICRA. It may be noted that RBI had undertaken a similar withdrawal of notes from circulation in 2013-2014. The ₹2,000 notes were introduced in 2017, after the government of India went in for <keyword id="6362150" type="General" weightage="20" keywordseo="demonetization" source="Orion">demonetization</keyword> of ₹500 and ₹1,000 notes in November 2016. Prime Minister Narendra Modi announced this decision in a surprise speech that shocked the nation. He said that the move would curtail the shadow economy and encourage cashless transactions.

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