RBI has introduced stricter new lending rules. Banks and NBFCs will now be required to conduct stronger verification and risk assessments before approving loans. The RBI will also closely monitor digital lending platforms to prevent hidden charges and misleading offers.
A Loan Sanction Letter is an official approval document issued by a bank or NBFC that includes the loan amount, interest rate, tenure, and other terms and conditions. Many borrowers sign it without reading carefully, which can later lead to issues related to hidden charges and loan terms.
AU Small Finance Bank has partnered with Intellect Design Arena to adopt the Purple Fabric AI platform. The move aims to speed up its AI-first banking strategy, improve risk assessment, automate credit decisions, and deliver smarter customer experiences.
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UPI limit changes mainly affect users making high-value transactions. The standard limit is ₹1 lakh, but for IPOs, tax payments, and hospitals, higher limits may apply. Daily limits vary by bank and app, so frequent or high-value users should check updated rules.