Banks, fintechs push FD-tied credit cards, slash limit to secure more users
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Banks in partnership with fintechs are aggressively pushing a new type of credit card backed by the user’s own deposits, allowing untapped sections to get access to the payment instrument. They are also lowering the limit on such credit cards — to as low as Rs 90 — as they seek to expand the market, while keeping risk under check, said people with knowledge of the matter. This compares with the usual starting limit of Rs 25,000-50,000.
GST rate cuts announced by FM Sitharaman! 5% and 18% to be two main slabs; new rates effective September 22
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Finance Minister Nirmala Sitharaman announced significant GST rate cuts following the 56th GST Council meeting, implementing a two-tier structure of 5% and 18% effective September 22. The rate rationalization, supported by all states, aims to benefit the common man by consolidating rates and reallocating items across tax slabs.