BENGALURU: As 2014 went by it was a roller coaster ride for the Indian economy especially the finances. Some regulations kept the retailers, business world and common man umpteen and happy about the progresses being made, but some rules framed were like a set back and with a sad ending.

In 2014 though there was no change in the interest rates and it was relevantly high. There was some respite to people who were waiting to take home loans. The home loan rates were reduced effectively making common people to rejoice.

The deduction limit for home loan interest was raised from 1.5 lakh to 2 lakh a year.

With the reduced home loans, there was a set-back coming in with new rule where banks were allowed to charge people for using the ATM beyond 5 times a month; while it is for the home branch the other bank’s ATM can be used only for 3 times in a month and crossing the limits would cost 20 for each of the extra transactions. Recently, the Delhi High Court raised the question to RBI as to why customers should be charged taking out money from their own bank's ATM.

2015 was welcomed with a hope and scope for improvements in the finance sector with a new central government improvising on various things and implementing other rules to benefit people and business world.

As reported by Economic Times, according to analysts there are expectations that RBI would cut rates in 2015.  Making easy for people to open new bank accounts using only one address proof, and this would be far more than necessary and this would be taken into consideration even while updating it. Banks are also not going to charge foreclosure charges on floating rate loans.

Apart from various inductions and revisions in rules for banking and business world in 2014, you have to wait till the next financial budget of 2015 is announced; though expectations are rising with the new working Central government this year. Let’s hope for the best  time in 2015, with some awesome money rules coming ahead.

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