Current Affairs - Finance

RBL Bank has collaborated with Indian Oil Corporation to introduce the 'Xtra Credit Card.' This partnership aims to moderate the growth of RBL Bank's credit card portfolio and enhance customer engagement. The new credit card is part of RBL Bank's strategy to achieve a 15% increase in credit card outstanding while addressing regulatory concerns over the unsecured credit segment. The collaboration with Indian Oil reflects a focus on leveraging co-branded partnerships to boost market presence and customer value.

The Senior Citizens Savings Scheme (SCSS) offers an attractive annual interest rate of 8.2%, providing retirees with a reliable source of income. Eligible individuals aged 60 and above can invest up to Rs 30 lakh in this scheme, which has a maturity period of up to five years. The SCSS can yield up to Rs 20,000 in monthly income, making it a popular choice for those seeking financial stability post-retirement. However, the income generated from this scheme is taxable.