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The Reserve Bank of India has laid down a new set of rules and regulations on each and every aspect of banks and the services they provide. Apart from the general functioning of the banks, new rules have been laid down to help banks recover bad loans. The loans which the borrower fails to pay over a period of time can be termed as a bad loan and the borrower becomes a loan defaulter. The RBI has provided banks with a concrete and strict 180-day timeline for the banks to come up with a plan in the case of a loan default or to refer an account for bankruptcy. In 2016, banks in India dealt with a stipulated amount of an alarming $150 billion due to various defaults of loan. This eventually resulted in slow economic growth. What the New Rules Mean for Banks? The RBI has instructed, through the new rules for the banks, to implement a new plan in 180 days for all the accounts which are in default. Collections will need to be made along with restructuring. The rules...

A credit card is a tool that offers you a much needed financial independence. Moreover, it gives you an easy opportunity to build your credit and earn rewards/benefits. There are several types of credit cards and you should find one that will be suitable for you and give maximum benefits. One of the first things you should understand about credit cards is that they come with a credit limit. As the name suggests, a credit limit refers to the maximum spending limit on your credit card. The credit limit depends on the type of card. Banks or credit card providers offer you credit card after taking into consideration several factors like income, credit history and so on. How you use your credit card limit impacts directly on your credit score. Therefore, it is important to focus on your spending patterns and keep an eye on your credit card limit. What is a Credit Score? A credit score is a numerical representation of your creditworthiness. It is a 3 digit number that ranges be...