ECONOMY & NATION


Moneylife Digital Team 06 December 2024
The Lok Sabha on Tuesday passed the Banking Laws (Amendment) Bill, 2024 which allows bank account-holders to have up to four nominees or successive nominations in their accounts. Moneylife Foundation has been demanding successive nominations for bank accounts similar to those available for...

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Moneylife Digital Team 06 December 2024
Expressing concern over the rising sums of money lying in inoperative or frozen bank accounts, the Reserve Bank of India (RBI) says its supervisory inspections have revealed a slew of problems due to which accounts are becoming inoperative or frozen. The central bank has asked banks to...

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Moneylife Digital Team 06 December 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs8 lakh on three cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs5 lakh has been imposed on Mirzapur Zila Sahkari Bank Ltd from Uttar Pradesh.   Other banks penalised by...

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Moneylife Digital Team 06 December 2024
RBI Holds Rates Steady The Reserve Bank of India (RBI) kept its key interest rate unchanged at 6.50% and lowered its economic growth forecast for FY24-25 to 6.6%, down from 7.2%. RBI also reduced the cash reserve ratio (CRR) for banks to 4% from 4.5%, aiming to ease liquidity as economic...

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Moneylife Digital Team 06 December 2024
While barring Mishtann Foods Ltd (MFL) from raising funds for seven years, market regulator Securities and Exchange Board of India (SEBI) asked the company to retrieve nearly Rs100 crore allegedly misappropriated and diverted to group entities, promoters and directors.    In an order, Ashwani...

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Moneylife Digital Team 06 December 2024
For the 11th consecutive time, the monetary policy committee (MPC) of Reserve Bank of India (RBI) decided to maintain the status quo on the repo rate, the central bank's rate for short-term loans to banks, unchanged at 6.5%. Consequently, the standing deposit facility (SDF) rate remains...

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Moneylife Digital Team 05 December 2024
Following two years of robust expansion, the microfinance sector is facing challenges stemming from borrower over-leveraging, socio-political disruptions and operational challenges related mainly to employee attrition. Further, the sharp increase in the overall overdue book in the first half...

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Moneylife Digital Team 05 December 2024
In November, the average cost of a veg thali jumped 7% and non-veg thali increased by 2%, mainly due to an increase in the prices of tomato and potato, which collectively account for about 26% of the thali cost, says CRISIL Ratings.    According to Roti Rice Rate (RRR), CRISIL's monthly...

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Praisy Thomas (Bar  and   Bench) 05 December 2024
The Kerala High Court on Wednesday ordered the Enforcement Directorate (ED) to probe allegations of fraud against the Kollam-based Edamulackal Cooperative Bank Ltd (Rajendran Unnithan v. Registrar of Cooperative Societies and ors).   The case involves allegations that funds worth Rs24.44...

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Praisy Thomas (Bar  and   Bench) 05 December 2024
The Kerala High Court on Wednesday ordered the Enforcement Directorate (ED) to probe allegations of fraud against the Kollam-based Edamulackal Cooperative Bank Ltd (Rajendran Unnithan v. Registrar of Cooperative Societies and ors).   The case involves allegations that funds worth Rs24.44...

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Moneylife Digital Team 04 December 2024
The central bureau of investigation (CBI) on Wednesday conducted searches at 10 locations in Delhi and surrounding areas in connection with an ongoing investigation of a transnational cyber-enabled fraud case involving large-scale financial scams.   During the searches, incriminating...

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Anadi Tewari (Bar  and   Bench) 04 December 2024
The Supreme Court has imposed costs of Rs50,000 on the Central government for challenging the grant of Liberalized Family Pension to the widow of an Army soldier who had died in harness in 2013 due to cardiac arrest during an operational activity close to the Line of Control (LoC) in Jammu and...

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Moneylife Digital Team 04 December 2024
A person allegedly associated with the radical Sikh outfit Dal Khalsa opened fire at Shiromani Akali Dal (SAD) president Sukhbir Singh Badal at the entrance of the Golden Temple in Amritsar while the former deputy chief minister (CM) was on a 'punishment' guard duty. The assailant was...

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Moneylife Digital Team 04 December 2024
The central board of indirect taxes and customs (CBIC) has rejected media reports regarding the group of ministers (GoM) recommendations on goods and services tax (GST) rate changes on various goods and services saying that such reports are premature and speculative. CBIC says that GST council...

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SN Thyagarajan (Bar  and   Bench) 03 December 2024
India’s largest airline IndiGo has filed a suit before the Delhi High Court for infringement of trademark against Mahindra Electric Automobile Limited for using ‘6E’ in its new car called Mahindra BE 6E, which is expected to be released in February 2025 (Interglobe Aviation Vs Mahindra Electric...

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Moneylife Digital Team 03 December 2024
After clocking about 14% last fiscal year, revenue of the automotive components sector is expected to slow to 6%-8% this fiscal year and the next, due to the decelerating demand for new vehicles, barring two-wheelers, according to a research note.   In the report, CRISIL Ratings says that...

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Moneylife Digital Team 03 December 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs5 lakh each on two cooperative banks for non-compliance with the directions issued by the banking regulator. The banks penalised are: Patiala Central Cooperative Bank Ltd from Punjab and Panchkula Central Cooperative Bank from...

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Moneylife Digital Team 03 December 2024
Reserve Bank of India (RBI) has revoked the certificate of registration (CoR) of Zavron Finance Pvt Ltd, a Nagpur-based non-banking financial institution (NBFI), citing serious violations of its guidelines on digital lending practices.     In its statement, RBI pointed out that Zavron Finance...

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Moneylife Digital Team 02 December 2024
For committing certain fraudulent acts involving 4B Networks Pvt Ltd funds, the Bandra police have registered a first information report (FIR) against 4B Networks' Rahul Yadav, Devesh Singh, Pratik Choudhary, Sanjay Saini and others. Allcheckdeals India Pvt Ltd (AIPL), a unit of Info Edge Ltd,...

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Sahyaja MS (Bar  and   Bench) 02 December 2024
Last week, the Bombay High Court imposed a Rs5 lakh cost on a litigant for filing a frivolous writ petition that wasted over two and a half hours of the court's time (GB Industries Reg. Partnership v Minakshi Balasao Magdum and Ors).   The Bench, comprising Justices GS Kulkarni and Advait M...

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