Banking & Financial Updates: ICICI iShop, Credit Card Revisions, RBI Announcements, and More

Welcome to our in-depth review of the most recent updates across the banking and financial sectors. In today’s post, we cover everything from ICICI Bank's new iShop portal launch and credit card revisions to RBI initiatives and product enhancements across multiple banks. Read on to discover detailed insights into each update and learn how these changes could impact you.

ICICI Bank's Major Update: iShop Portal Launched

ICICI Bank has launched its new shopping and travel booking portal – iShop. This platform is designed to offer accelerated rewards similar to HDFC’s SmartBuy, providing customers with the opportunity to earn up to 12X rewards on purchases, translating to a maximum reward rate of 36%.

Rewards Breakdown:

• Emeralde Private Metal

  • Regular Rewards: 3%

  • iShop Flights/Vouchers (6X): 18%

  • iShop Hotels (12X): 36%

• Times Black

  • Regular Rewards: 2%

  • iShop Flights/Vouchers (6X): 12%

  • iShop Hotels (12X): 24%

• Emeralde PVC

  • Regular Rewards: 1%

  • iShop Flights/Vouchers (6X): 6%

  • iShop Hotels (12X): 12%

• Other ICICI Cards

  • Regular Rewards: 0.75%

  • iShop Flights/Vouchers (6X): 3%

  • iShop Hotels (12X): 6%

• Co-brand Cards (Cashback)

  • iShop Flights/Vouchers & Hotels: ~4% each

Even ICICI debit cards and NetBanking transactions qualify for accelerated rewards, though the reward rates are lower compared to those on credit cards.

How to Use iShop:

1. Visit: icicibank.com/ishoplogin

2. Login with your ICICI Bank credentials/Credit Card Number and registered mobile number.

3. Choose a category from the menu.

4. Verify the bonus points applicable to your card.

5. Proceed with the payment.

Credit Card Updates

IndusInd Pinnacle Credit Card Devaluation (March 2025)

Following the recent Legend Credit Card devaluation, IndusInd Bank has announced changes to its Pinnacle Credit Card, effective March 13, 2025:

This major downgrade reduces key benefits significantly.

Amex Platinum Reserve Upgrade Offer (Feb 2025)

Exclusive to select Amex cardholders who receive the upgrade email, the Amex Platinum Reserve Upgrade Offer includes:

• Annual Fee: ₹10,000 + taxes (waived if annual spend ≥ ₹10L)

• Offer Period: Feb 1-28, 2025 (approval by March 31, 2025)

Welcome Benefits:

• 11,000 Membership Rewards Points (on ₹30K spend in 90 days)

• ₹5,000 Amazon Voucher (issued via Gyftr within 120 days)

Upgrade Process:

• No change in account number, billing cycle, or credit limit.

Other Benefits:

• Free Priority Pass Membership (US$35 per visit)

• Up to 4 free supplementary cards

• KYC verification

Regulatory and RBI Announcements

RBI Lifts Ban on Kotak Bank's Digital Customer Onboarding

After a 10-month embargo, the RBI has lifted restrictions (as of 12 Feb) on Kotak Mahindra Bank. The bank can now issue new credit cards and onboard customers digitally via its website and mobile app.

RBI to Launch Exclusive Internet Domains for Banks & NBFCs

To enhance cybersecurity and combat phishing attacks, the RBI is introducing two exclusive domains:

• bank.in: Dedicated to Indian banks for creating a secure online space.

• fin.in: Tailored for NBFCs and other financial entities.

Additional Details:

• Registrations start in April.

• IDRBT (Institute for Development and Research in Banking Technology) is the exclusive registrar.

• This initiative follows a surge in cyber fraud incidents (₹21,367 crore across 18,000 cases in H1FY25).

RBI to Implement Additional Factor Authentication (AFA) for International Transactions

The RBI is mandating AFA for cross-border card-not-present (CNP) transactions. Under this new rule:

• Banks must register their BINs.

• Risk-based authentication will be applied to such transactions.

Currently, AFA is only required for domestic payments.

Government & Employee-Related Updates

8th Pay Commission: Implementation Timeline

• Approval Date: Jan 16, 2025, by the Union Cabinet.

• Expected Implementation: Jan 1, 2026 (though delays are possible).

• Pending Announcements: Terms of Reference (ToR), chairman, and commission members.

• Employee Concerns: Demands for a DA merger as inflation-linked DA has exceeded 50%.

New Product Launches & Updates

New HDFC Platinum Debit Cards – Summary

HDFC Bank has introduced five new Platinum Debit Cards with distinct benefits:

1. Platinum Debit Card

   • Annual fee: ₹850 + taxes

   • Earn cashback points on online & POS transactions

   • Supports tap-and-go payments & multiple offers

2. Imperia Platinum Debit Card

   • No joining fee (for Imperia customers)

   • Higher cashback & exclusive discounts

   • Monthly cashback limits for better value

   • Regular usage required to keep insurance active

3. Preferred Platinum Debit Card

   • No issuance fee (for Preferred members)

   • Discounts on Swiggy, BookMyShow & international spending

   • Complimentary airport lounge access & travel insurance

   • High shopping limits & golf offers

4. Classic Platinum Debit Card

   • No joining fee (for Classic members)

   • 5% cashback on Swiggy, 25% discount on BookMyShow

   • 2 free airport lounge visits per quarter

   • Daily limits: ₹5 lakh shopping & ₹1 lakh ATM withdrawal

5. Vishesh Platinum Debit Card

   • No issuance fee (for Vishesh members)

   • Cashback on daily purchases

   • Discounts on food delivery & movie tickets

   • Lounge access, golf, and concierge services

Key Benefits Across All Cards:

• Cashback Points:

  • 5 points per ₹200 on international transactions (max 350 points/month)

  • Redeem via NetBanking/Mobile Banking (minimum 250 points)

  • Points expire after 12 months

• Exclusive Discounts:

  • Swiggy: 5% discount (max 150 points/month)

  • BookMyShow: 25% discount (max 250 points/month)

• Airport Lounge Access:

  • 2 free visits per quarter (domestic lounges)

  • ₹5,000 quarterly spend required for access from Jan 2024

BOBCARD Lifetime Free Credit Cards – Limited Time Offer

BOBCARD is offering lifetime free credit cards for a limited period until 31 March. The offer includes:

• Select Credit Card

• Easy Credit Card

• Premier Credit Card

RBI Approves Temasek's Stake Increase in AU Small Finance Bank

Zulia Investments, a unit of Temasek, has received approval to increase its stake in AU Small Finance Bank to up to 7%. Currently, it holds a 1.37% stake.

New Kotak811 Savings Account Rules (Feb 2025)

Recent updates include:

• RTGS Charges: For transactions of ₹2L-₹5L from branches will increase from ₹20 to ₹40.

• NEFT Fee Hikes: Transactions up to ₹10,000 will now cost ₹4.

• Daily Cash Withdrawal: From non-home branches increased from ₹10,000 to ₹25,000.

UPI Transactions with Special Characters to Be Declined

Effective Feb 1, 2025, UPI transactions containing special characters in UPI IDs will be rejected. Only alphanumeric UPI IDs will be accepted.

SEBI Launches iSPOT Portal for Reporting Tech Glitches

SEBI has introduced the iSPOT portal, a dedicated platform for stock exchanges and clearing corporations to report technical glitches.

• Integration: Linked with the SEBI Intermediary (SI) portal.

• Mandatory Use: From February 3, 2025, all MIIs must submit reports through this portal, ensuring enhanced data quality and traceability.

HDFC Bank Launches ‘Anmol Savings Account’ for PSU Employees

HDFC Bank has launched India's first PSU Salary Account featuring robust cyber fraud protection and exclusive benefits:

• Cyber Fraud Cover: Protection up to ₹25,000.

• Family Benefits: Zero balance family accounts (up to 5 members) & locker perks.

• Insurance:

  • Health cover (₹30L top-up)

  • OPD coverage

  • ₹15L accident insurance

• Exclusive Offers:

  • Free Platinum Debit Card with 8 complimentary domestic lounge visits yearly

  • Additional home loan benefits for Maharatna PSU employees

Axis Bank Introduces FD Booking via UPI

Axis Bank is streamlining its Fixed Deposit (FD) process by introducing a new feature that allows customers to open FDs directly via its mobile app using funds from non-Axis Bank accounts through UPI and net banking.

• Key Benefit: No need to first transfer funds to an Axis Bank savings account, making FD investments faster and more convenient.

New FASTag Rules from February 2025

Starting February 17, 2025, the National Payments Corporation of India (NPCI) will implement new FASTag rules aimed at improving toll payment efficiency and preventing fraud. Key updates include:

• Blacklisting:

  • If a FASTag is blacklisted within 10 minutes of reaching a toll, the payment will be declined, and double toll charges may apply.

• Grace Period:

  • A 70-minute window to recharge and fix blacklisted FASTags before reaching the toll booth.

• Transaction Timing:

  • Payments processed 15+ minutes after passing a toll may incur extra charges.

• Chargebacks:

  • Incorrect deductions on blacklisted/low-balance FASTags can be disputed only after 15 days.

• User Advisory:

  • Maintain sufficient balance and regularly monitor FASTag status to avoid penalties.

Final Thoughts

This roundup encapsulates significant developments across banks and regulatory bodies, each with the potential to reshape customer experiences and operational protocols. From innovative digital platforms like ICICI’s iShop to critical regulatory updates from the RBI and SEBI, the financial landscape is witnessing rapid and impactful changes. Whether you're a banking customer, a financial professional, or simply interested in the evolving trends in digital finance, staying informed is key.

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