Latest Banking & Financial Services Updates – IndusInd INDIE App, LTF Unity RuPay, HDFC, SBI & IDFC Vistara, YES BANK, Axis,Cred

Welcome to our comprehensive update on the latest happenings in India’s banking and financial services sector. In this post, we bring you detailed news on mobile banking app upgrades, innovative credit card launches, changes in reward structures, interest rate adjustments, and much more. Whether you’re a banking enthusiast, a credit card user, or simply interested in financial trends, this roundup covers every detail you need to know.

IndusInd Bank Introduces the INDIE App

IndusInd Bank is taking a major leap forward in digital banking by discontinuing its current IndusMobile app by March 31, 2025. The bank is transitioning to the brand-new INDIE app, which promises:

• ✅ A modern user interface

• ✅ Scan-and-Pay feature

• ✅ Paperless instant personal loans

• ✅ Digital savings account opening

• ✅ Enhanced security & faster transactions

This upgrade is set to deliver a seamless and secure banking experience for all IndusInd customers.

Unity Bank & BharatPe Launch RuPay Credit Card

A fresh offering in the credit card space has arrived with the new Unity Bank BharatPe RuPay Credit Card. This lifetime-free card is designed to offer premium travel and rewards benefits without hidden fees:

• ✔ No joining or annual fee

• ✔ Unlimited reward points with no earning cap

• ✔ Free airport lounge access – 8 domestic & 8 international visits annually

• ✔ Eligibility: Salaried individuals earning ₹2.5 lakh/year & self-employed individuals with ₹5 lakh/year ITR filing

It’s a great option for those seeking travel perks at no extra cost!

HDFC Infinia Credit Card Devaluation

HDFC Bank has revised the dining discounts for its Infinia Credit Card holders on Swiggy Dineout. The previous benefits of 15% discount (up to ₹1,000) on a minimum spend of ₹2,500 have now been reduced to:

• 10% discount up to ₹500 on a minimum bill of ₹3,500

• 10% discount up to ₹750 on a minimum bill of ₹8,000

This change marks a significant reduction in benefits for cardholders.

SBI Vistara Credit Card Update

Important changes are coming to the Club Vistara SBI Card and its PRIME variant. Effective July 26, 2025, the ₹50 lakh complimentary Air Accident Insurance will be discontinued.

Cred Launches ‘Svalbard’ for Digital Credit Lines via Mutual Funds

Cred is innovating in the credit space with the introduction of Svalbard – a suite of features designed to enhance credit scores and overall financial management. Key highlights include:

• Users can pledge mutual fund investments for digital credit lines with interest rates starting from 8.99%.

• Founder Kunal Shah emphasized transforming credit into a tool for financial growth.

• The Aurora feature introduces animated credit scores with a dynamic halo effect, providing guidance and motivation for users.

Axis Credit Cards Wednesday Delights Offer – Save Up to 20%

Axis Bank is rolling out an exciting series of discounts available every Wednesday across various platforms such as Goibibo, MakeMyTrip, Tira, Swiggy Instamart, and BigBasket. The offers include:

Goibibo & MakeMyTrip (Every Wednesday)

• Domestic Flights: 12% off (Up to ₹1,500) | Min. spend ₹7,500 | Codes: GOAXISCREDIT / MMTWEDCREDIT

• International Flights: 8% off (Up to ₹5,000) | Min. spend ₹10,000 | Codes: GOAXISINT / MMTAXIS

• Business Class Flights: 20% off (Up to ₹12,500) | No min. spend | Code: MMTAXISBIZ (MMT only)

• Domestic Hotels: 15% off (Up to ₹5,000) | No min. spend | Codes: GOAXIS / MMTAXIS

• International Hotels: 15% off on select hotels (Up to ₹20,000), 10% on others | No min. spend | Codes: GOAXISINT / MMTAXISINT

Tira (Every Wednesday)

• 10% off (Up to ₹1,000) | Min. spend ₹1,999 | Auto-applied at checkout.

Swiggy Instamart (Once per Month)

• 10% off (Up to ₹150) | Min. spend ₹999 | Code: AXISINSTA

BigBasket (Every Wednesday)

• 10% off (Up to ₹250) | Min. spend ₹1,500 | Code: AXISCCWED

Offer Validity: Every Wednesday from Jan 1 – Mar 26, 2025
Note: One booking per card per Wednesday. Offers are not applicable on multi-city flights, wallets, or net banking and cannot be combined with other promotions.

Govt’s New Credit Card for MSMEs – ₹5 Lakh Limit!

In an effort to support micro-businesses, the government is launching a new credit card scheme in April 2025 tailored for MSMEs. Key benefits include:

• ✔ Credit limit up to ₹5 lakh

• ✔ Available to businesses registered on the Udyam portal

• ✔ No collateral required – easier access to credit

• ✔ Aids small businesses with working capital & expansion

With an expectation of issuing 10 lakh credit cards in the first year, this initiative is set to strengthen India’s small business ecosystem.

TRAI’s New Anti-Spam Rules – Relief for Mobile Users

TRAI is stepping up its efforts to reduce unwanted communications. The new anti-spam regulations include:

• ✅ Improved Do-Not-Disturb (DND) app – block spammers, report messages

• ✅ Stricter verification for telemarketers (biometric & physical checks)

• ✅ Heavy fines for telecom operators (up to ₹10 lakh) for allowing spam

These measures are expected to significantly reduce unwanted calls and SMS, enhancing the safety of mobile communications.

India’s First AI-Enabled LPG ATM Launched

Bharat Gas is making history at India Energy Week 2025 by launching India's first AI-enabled LPG ATM at the Yashobhoomi Convention Center, Dwarka, Delhi. This innovative move is set to revolutionize the way consumers access LPG services.

Bank of Maharashtra Cuts Interest Rates – Cheaper Loans!

In response to RBI’s repo rate cut, Bank of Maharashtra (BoM) has slashed loan interest rates by 25 basis points:

• ✔ Home Loans: Now at 8.10%

• ✔ Car Loans: Now at 8.45%

• ✔ Processing fees waived – No extra charges!

Additionally, BoM has received RBI approval for an international banking unit at GIFT City, boosting its global banking services.

Union Bank & Central Bank of India Offer Lowest Home Loan Rates

Following RBI’s 25 bps repo rate cut to 6.25%, Union Bank and Central Bank of India have introduced some of the lowest home loan rates available. Ranging from 8.10% to 9% for a 20-year tenure, these rates make home financing significantly more affordable.

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RBI Imposes Restrictions on New India Co-op Bank

In a bid to contain financial risks, RBI has suspended New India Co-op Bank’s operations following a Rs 122-crore fraud that affected 1.3 lakh depositors. The restrictions include:

• ❌ No new loans or deposits allowed

• ❌ Withdrawals restricted for 6 months

• ❌ 1.3 lakh depositors impacted

• ✔ Deposits up to ₹5 lakh insured (processing may take up to 90 days)

Customers are advised to plan alternative financial arrangements to avoid disruptions in EMIs and investments.

Bank of India Reports ₹226 Cr Fraud by Gupta Power Infra

Bank of India (BoI) has reported a significant loan fraud of ₹226.84 crore involving Gupta Power Infrastructure. Key details include:

• ✔ The company’s loan has been classified as a Non-Performing Asset (NPA).

• ✔ BoI has made a provision of ₹212.62 crore for this fraud.

• ✔ Despite the setback, BoI’s Q3 profit surged by 35% to ₹2,517 crore.

This incident underscores the persistent challenges posed by corporate fraud in the banking sector.

Important Update – YES BANK Credit Card Changes

Overlimit Feature Discontinuation (W.E.F. 1st May 2025)

• Overlimit facility will be disabled.

• Transactions beyond the assigned credit limit will be declined.

• ₹500 overlimit charges (plus GST) will no longer apply.

• For limit enhancement, submit income documents (subject to bank approval).

Reward Points/Cashback Revision (W.E.F. 1st April 2025)

• Nil Reward Points/Cashback on Government and Marketing/Advertising transactions for various card variants.

• Additional Changes:

  • YES First Preferred Credit Card: 8 reward points per ₹200 on Travel & Dining.

  • YES Prosperity Rewards Credit Card: 2 reward points per ₹200 on Travel & Dining.

  • YES BANK EMI Card: Nil cashback on Utility, Rental, Wallet, and Education transactions.

Interest Rate Update for EMI Conversions (W.E.F. 1st April 2025)

• YES BANK EMI Card: 18% p.a. for automatic EMI conversion.

• Other EMI conversions will follow the communicated interest terms.

Applicable MCC Codes for Restricted Transactions:

• Government Services: 9034, 9211, 9311, etc.

• Marketing/Advertising: 5960, 7311, etc.

• Utility, Education, Wallet, Rental: Various MCCs as listed.

IndusInd Bank Credit Card – Reward Points Redemption Changes (W.E.F. 1st April 2025)

Key updates for IndusInd Bank Credit Cards include revised reward redemption charges and thresholds:

• Reward Redemption Charges:

  • Increased to ₹149 + GST from the previous ₹100 + GST.

  • (Fee not applicable for Pioneer Private, Pioneer Heritage, EazyDiner Signature, EazyDiner Platinum, and Avios Visa Infinite Credit Cards.)

• Redemption Fees Updates:

  • Cash Credit on IndusMoments: ₹149 + GST.

  • twid - Pay With Rewards:

    • Up to 200 points: ₹10 + GST

    • 201-500 points: ₹15 + GST

    • Above 501 points: ₹20 + GST

    • Flight redemptions: ₹50 + GST

• twid - Pay With Rewards Threshold Reduction (From 2nd transaction onwards):

  • Travel: Reduced from 15% to 12.50%

  • Others: Reduced from 15% to 10%

• Cash Credit Redemption Limit:

  • Maximum of 50% of Reward Points balance or monthly cap, whichever is lower (e.g., if balance = 12,000 points but monthly cap = 5,000, only 5,000 points can be redeemed).

• Reward Points Rollback for Late Payments:

  • If the Minimum Amount Due (MAD) is not paid by the next statement date, earned reward points will be revoked.

  • Example: 50 points earned in Jan’25 will be pulled back if MAD isn’t paid by 5th Feb’25.

• Discontinuation of Extra Points on Fractional Spends:

  • No rounding up for spends above the base multiplier.

  • Example:

    • ₹500 spend = 5 points

    • ₹450-₹499 spend = 4 points

    • ₹400-₹449 spend = 4 points

Now Transfer HDFC Bank Reward Points to Maharaja Points!

HDFC Bank has partnered with Air India’s Maharaja Club to enable reward point transfers for cardholders. Eligible card types and conversion ratios are:

• Infinia/Infinia Metal: 2:1

• Diners Black/Diners Black Metal: 2:1

• Regalia Gold: 3:1

This collaboration makes it easier for customers to maximize the value of their rewards.

Club Vistara IDFC First Credit Card Devaluation – 2025

IDFC First Bank has made changes to the Club Vistara IDFC Credit Card:

• Renewal and milestone benefits (such as flight vouchers, Maharaja Club membership, and upgrade vouchers) will no longer be offered for renewals after 31st March 2025.

• However, cardholders can continue earning Maharaja Club Points on spending until 31st March 2026.

• Note that some users are still being charged annual fees at present.

Air India SBI Credit Cards Devaluation – 2025

SBI Card is significantly reducing reward rates on its discontinued Air India co-branded cards from 31st March 2025:

• Air India SBI Platinum: Reduced from 15 RP/₹100 to 5 RP/₹100 (for Air India spends).

• Air India SBI Signature: Reduced from 30 RP/₹100 to 10 RP/₹100 (for Air India spends).

This major devaluation is expected to impact the overall appeal of these cards.

Club Vistara SBI Credit Card Benefit Changes – 2025

Following the Vistara-Air India merger, key modifications for the Club Vistara SBI Credit Card are effective from 1st April 2025:

• Renewal & Milestone Benefits Removed: No Economy Ticket Vouchers for renewals after 1st April 2025.

• Renewal Fee Waiver: A fee of ₹1,499 will be waived for renewals post-April 2025.

• Pre-April 2025 Renewals: Cardholders will retain ticket vouchers but will need to pay a ₹1,499 renewal fee.

• Other Benefits:

  • Earn 3 Maharaja Points per ₹200 spent (credited on billing date).

  • ₹5,000 hotel voucher on ₹5 lakh annual spends.

  • 4 domestic lounge visits per year.

Jana SFB Exclusive Program Update – Effective 1st April 2025

The exclusive program for Jana SFB has been updated with a host of attractive benefits:

• Key Benefits:

  • ₹10,000 Taj Experiences Gift Card on debit card spends

  • Dedicated Relationship Manager

  • 5X Rewards on banking activities

  • RuPay Select Debit Card with lifestyle benefits

  • Zero banking fees & Family Banking

• Balance Requirement Update:

  • Maintenance now shifts from AMB to AQB, requiring:

    • ₹3,00,000 AQB in Savings Account or

    • ₹25,00,000 TRV (individual/family level)

  • There is no change in non-maintenance charges.

• Additional Benefits:

  • More flexibility in maintaining balance

  • Family-level balance maintenance to avoid charges

  • Exclusive benefits extended to all family members

Conclusion

This detailed roundup highlights a dynamic phase for India’s banking and financial services industry. From cutting-edge digital innovations like the INDIE app and AI-enabled LPG ATM to significant adjustments in credit card rewards and interest rates, these changes are set to redefine customer experiences across the board. Stay tuned for more updates as the financial landscape evolves!