Latest news with #AxisBank
The Hindu
2 hours ago
- The Hindu
Cyber fraud: Five held for duping woman of ₹5.1 crore in Puducherry
The Cyber Crime wing of the Puducherry police arrested five persons, suspected to be key accused in a cyber fraud case, wherein ₹5.1 crore was swindled from a woman in Puducherry. Addressing a press conference here on Saturday, Inspector General of Police Ashok Kumar Singla said the woman complainant received a call from a mobile number recently that displayed the profile picture of her company's Managing Director. The accused claimed that the WhatsApp number was his new contact. After gaining her trust through WhatsApp messages, he convinced the complainant that he was in an official meeting. He further claimed to be initiating a new project and directed the complainant to transfer the available funds from the business bank accounts, stressing the importance of the proposed project. Believing his claims, the complainant transferred ₹5.1 crore to the bank accounts provided by the fraudster. After realising, she had been cheated the woman lodged a complaint with the Cyber Crime police. On the direction of Senior Superintendent of Police Nara Chaitanya, a team led by Superintendent of Police S. Bascarane and Inspector B.C. Kirtty launched an investigation. During the probe, it was found that out of the defrauded amount of ₹5.1 crore, ₹1.8 crore had been transferred to an Axis Bank account based in Kerala. The account holder was identified as Sajith, who was subsequently arrested. Following his arrest, a special team travelled to Karnataka, Telangana and Andhra Pradesh and arrested four more persons, identified as Omkar Nath, Raghavendra, Shashidhar Nayak and Bavajan. Several mobile phones and internet devices used to transfer the fraudulent funds and a car was seized from the accused. Police said more people were involved in the scam and a manhunt has been launched to nab them.
Time of India
9 hours ago
- Business
- Time of India
HDFC Bank, Axis Bank, American Express, Kotak Mahindra Credit Card changes June 2025: Know what is what, how it impacts your cashback, reward points
In June 2025, several major banks are set to revise their credit card terms and conditions. This will affect everything from how rewards and fee waiver on spending are calculated to airport lounge access, cashback benefits , and even fuel rewards. These changes could directly impact how you earn and redeem benefits on your credit cards. If you're a cardholder with HDFC Bank , Axis Bank , Kotak Mahindra or American Express, here's what's changing, and from when in June 2025. HDFC Bank credit card: Airport lounge access changes from June 10, 2025 HDFC Bank is changing its terms and conditions of two credit cards - Tata Neu Infinity and Tata Neu Plus from June 10, 2025. Going forward, These credit card holders will not be able to swipe their cards directly at airport lounges for entry. Instead, HDFC will issue lounge access vouchers to eligible customers based on quarterly spending milestones. This means customers must meet minimum spending thresholds each quarter to unlock airport lounge access benefits. HDFC Bank credit card airport lounge access change from June 10, 2025 Kotak Mahindra changes from June 1, 2025 From June 1, 2025, Kotak Mahindra Bank will revise multiple charges on its credit cards offering. The changes include new fees for failed standing instructions, dynamic currency conversion (DCC), and transactions involving utility bills, education payments, wallet loading, skill-based gaming, and fuel purchases. Additionally, the method for calculating the Minimum Amount Due (MAD) on outstanding balances will be updated. Live Events Also Read: Kotak Mahindra Credit card changes from June 1, 2025 Axis Bank credit card changes from June 20, 2025 Axis Bank is changing terms and conditions for two of its credit cards - Flipkart Axis Bank Credit Card and REWARDS Credit Card. The changes will be effective from June 20, 2025. Flipkart Axis Bank Credit Card holders will see an increase in cashback benefits on Myntra purchases but will lose the complimentary airport lounge access — a significant change for frequent travelers. For the REWARDS Credit Card, Axis Bank is introducing a revised approach to spend exclusions, meaning not all purchases will count towards earning reward points. The criteria for annual fee waivers will also become stricter, likely requiring higher annual spends. Also Read: No more airport lounge access in this Axis Bank Credit Card from June 20, 2025 American Express Gold Charge changes from June 12, 2025 American Express is also updating the rewards policy for the Gold Charge Card starting June 12, 2025. As per the new rules, fuel purchases — including petrol, diesel, and CNG from Oil Marketing Companies (OMCs) — will no longer earn Membership Rewards points for American Experess Card holders. For credit cardholders who regularly use their Amex Gold Card for fueling, this change reduces the overall reward-earning potential and may influence their future payment preferences. According to the website, 'Effective 12 June 2025, you will not earn Membership Rewards® point on Fuel payments via Gold Charge card. Fuel includes petrol, diesel, CNG from Oil Marketing Companies (OMCs).'
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Business Standard
a day ago
- Business
- Business Standard
Key financial changes in June 2025: Aadhaar, UPI, FD rates & more
Starting in June, a host of financial changes could affect your savings, spending, and investments. Rules around mutual fund transactions are being tightened, Aadhaar updates will no longer be free, and banks are tweaking credit card benefits and fixed deposit rates. UPI transactions will also see added transparency a round-up of what to watch out for this month. Free Aadhaar updates deadline The Unique Identification Authority of India (UIDAI) has announced that the facility to update Aadhaar details online, such as address or identity proof, will remain free only until June 14, 2025. After this date, users will need to pay a fee for updates, even online. Users are advised to log into the myAadhaar portal and ensure their details are accurate. Form 16 must be issued by June 15 Employers must issue Form 16, the TDS certificate on salary, by June 15. This is a key document required for filing income tax returns (ITR) and reconciling taxes paid. Employees are advised to check with their HR or payroll team if they haven't received it by the deadline. Sebi's new cut-off timings for overnight mutual funds Starting June 1, the Securities and Exchange Board of India (SEBI) has revised the cut-off timings for transactions in overnight mutual fund schemes: 3 PM for offline transactions These changes aim to standardise NAV applicability and improve fund management processes. Investors should plan redemptions and investments accordingly to avoid last-minute surprises. UPI beneficiary name must be verified, effective June 30 The NPCI has mandated that from June 30, all UPI apps must display the verified name of the beneficiary during transactions. This rule is designed to reduce fraud and misdirected payments by ensuring greater clarity and trust in peer-to-peer transfers. Axis Bank credit card changes, effective June 20 Axis Bank will introduce a phased update to its Rewards credit card line from June 20, 2025. The changes include: New reward point structures Revised cashback rates Updated lounge access rules Reclassification of eligible spending categories Customers should review the updated terms to make the most of their card benefits. HDFC Bank lounge access policy, changing June 10 From June 10, HDFC Bank's Tata Neu Infinity and Tata Neu Plus credit cardholders will no longer get automatic lounge access through card swipes. Instead, lounge access will be available via vouchers, issued based on quarterly spending milestones. Users should track spending to qualify for these benefits. Changing FD interest rates Several banks have adjusted their fixed deposit (FD) interest rates effective June 1: ICICI Bank has reduced rates by up to 20 basis points on select tenures. Senior citizens now earn a maximum of 7.35 per cent. Suryoday Small Finance Bank has cut its top rate for senior citizens from 9.1 per cent to 8.4 per cent for 5-year FDs. Depositors are advised to check the revised rates and consider laddering FDs or looking at small finance banks for better returns. Plan ahead for August: UPI usage caps incoming Though not effective this month, it's worth noting that from August 1, NPCI will restrict UPI balance enquiries and mandate specific hours for processing UPI autopay mandates. These changes aim to ease server load and improve performance during peak usage.
Hindustan Times
a day ago
- Hindustan Times
Vigilance deptt seizes ₹2.5 cr unaccounted cash, assets from Odisha chief engineer
The Odisha vigilance department on Friday recovered over ₹2 crore in unaccounted cash and other assets from the residences of Baikuntha Nath Sarangi, chief engineer (roads) of rural works division in the state rural development department. The officials said they found the cash, stashed in bundles of ₹500 currency notes, from two houses belonging to Sarangi in Bhubaneswar and Angul. While ₹1.21 crore was recovered from his apartment in Bhubaneswar, another ₹1.30 crore was seized from his Angul residence, amounting to ₹2.5 crore in cash. 'When vigilance officials arrived at Sarangi's residence in Bhubaneswar, he started throwing cash bundles of ₹500 notes through the window of his flat. However, that was later recovered by the vigilance team in the presence of witnesses,' director of state vigilance Yeshwant Jethwa said. Officials also found that Sarangi owned two double storeyed residential buildings in Angul, a flat in Bhubaneswar, one flat in Puri, along with 7 patches of land on the outskirts of Bhubaneswar and Angul. Apart from this, he also had equity investments worth ₹2.70 crore, bank and insurance deposits worth ₹1.5 crore, and a locker maintained at Axis Bank in Angul in the name of his wife. Officials had not opened the bank locker till this report was filed. The rural development department is mandated to provide remote connectivity and construct and maintain government buildings in interior areas. Besides implementing the schemes and programmes in general, the organisation provides emergency support services during natural calamities. Sarangi, who was recently transferred to Bhubaneswar from Angul, was in charge of implementing rural connectivity programmes under different schemes like NABARD, assistance under RIDF, Pradhan Mantri Gram Sadak Yojana and other state government schemes. Prior to this, the biggest cash recovery in a disproportionate assets case was ₹3.41 crore, seized from the premises of Kartikeswar Roul, an assistant engineer of the Minor Irrigation Division in Ganjam district, in April 2022. In June 2023, an amount of ₹3.02 crore was recovered during raids on properties of Prasanta Kumar Rout, an Odisha Administrative Service officer.
Mint
a day ago
- Business
- Mint
₹1 crore personal loan sounds tempting? Check your eligibility with this rule first
When you are applying for a personal loan, the amount that you want to borrow will be high on the priority list. While the quantum of the loan depends on the financial requirement of the borrower and therefore varies with each person, lenders follow a clearly stipulated formula before disbursing the amount. Several leading banks offer personal loans of ₹ 40-50 lakh with one lender even providing ₹ 1 crore for eligible borrowers. But most lenders provide personal loans on the basis of the net monthly income (NMI) of the borrower. NMI is calculated after deducting existing loan obligations from the salary/income of the borrower. Here is a guide on the maximum amount a person can avail as a personal loan, the importance of having low debt levels to get a higher loan and the ideal amount that you can borrow. This varies with each lender. State Bank of India (SBI) and Kotak Mahindra Bank offer personal loans of up to ₹ 35 lakh while HDFC Bank and Axis Bank provide ₹ 40 lakh. You can get a personal loan of up to ₹ 50 lakh at ICICI Bank. IDFC First Bank offers personal loans of up to ₹ 1 crore for eligible borrowers. The maximum amount that you can avail as loan entirely depends on your income, the policy of the lender and your ability to keep debt at low levels. Banks and financial institutions typically determine the size of your personal loan based on your NMI. They also take into account your credit score and repayment history. For example, if you have a monthly income of ₹ 60,000 and service a debt (including credit card payments) of ₹ 5000 on an average per month, then your NMI will come to ₹ 55000. Your maximum personal loan amount is based on the NMI of ₹ 55000. SBI has fixed 24-times NMI as the benchmark for personal loans, which in the case listed above works out to an eligible loan amount of ₹ 13.2 lakh. Lenders usually provide personal loans that range from 15 times to 40 times the NMI of the borrower. Axis Bank, for instance, offers a personal loan of 15 times the NMI of the borrower. NMI or debt-to-income (DTI) ratio is a key metric that combines all your debt and divides it by your monthly income. This is one of the first things lenders consider before approving a loan as it enables them to understand whether the borrower is in a position to repay the instalments. Though there are no clear benchmarks, an NMI of less than 40% is considered as ideal by lenders. Borrowers can use NMI to understand their loan approval chances and for financial planning. An NMI or DTI of less than 40% will greatly improve your chances of loan approval with lower interest rates thereby reducing your financial burden substantially. A personal loan is an unsecured loan. This means that you are not required to pledge any collateral to get the loan. So, lenders are extra cautious when they disburse personal loans. Banks and financial institutions provide a lot of weightage to your income as it determines your ability to repay the loan amount. They also consider factors such as credit score, outstanding loans, current income and stability of income. Lenders prefer providing loans to persons who are free of obligations. So, a high net income can get you a higher loan amount at lower interest rates. A personal loan comes with its own set of conditions. Interest rates range from 10.3% to 24%, which is high when compared to secured loans. But make sure that your debt is within reasonable limits when compared to your income before taking a personal loan. In any case, do not take personal loans of more than 25 times your NMI as servicing such a debt will become a hassle. If your NMI is ₹ 2 lakh per month, your personal loan should not be more than ₹ 50 lakh. Allirajan M is a journalist with over two decades of experience. He has worked with several leading media organisations in the country and has been writing on mutual funds for nearly 16 years.
