MONEY & BANKING


Moneylife Digital Team 01 February 2023
While presenting the Budget 2023, finance minister (FM) Nirmala Sitharaman proposed to increase tax collected at source (TCS) on certain foreign remittances and the sale of overseas tour packages. There is no change in the tax for education or medical purpose.    Section 206C of the...

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Karnataka police have arrested a relationship manager of IDBI Bank in Bengaluru in connection with transferring Rs4.92 crore illegally to various accounts, police said on Monday.   According to police, 34-year-old Sajila, a relationship manager attached to IDBI Bank, Mission Road...

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The United Forum of Bank Unions (UFBU) has deferred the two-day nationwide bank strike on January 30-31 following an understanding at the conciliation meeting held in Mumbai, said C.H.Venkatachalam, General Secretary, All India Bank Employees' Association (AIBEA).   According to...

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The Economic Offences Wing (EOW) of Delhi Police has arrested a former assistant vice president of the RBL bank for allegedly transferring Rs 19.80 crore from bank's two accounts to his own accounts in other banks.   The accused, identified as Nagendra Kumar (39), had also resigned...

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Sucheta Dalal Sucheta Dalal 14 January 2023
In February 2014, some of you may remember how a member of Parliament (MP) sprayed pepper spray on his colleagues right inside the Lok Sabha. He even referred to them as a mob in a television interview (Who is 'pepper spray' Rajagopal?).    This Congress MP, Lagadapati Rajagopal, was...

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Alan Paul Varghese 14 January 2023
Banks across the country have started to follow directions issued by the Reserve Bank of India (RBI) on safe deposit lockers. However, due to a lack of standardisation in the process, bank customers are facing difficulties in following the RBI directions issued on 18 August 2021...

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Amitabha Banerjee Amitabha Banerjee 06 January 2023
Or, you could say “hip pocket on a lungi”.   Laughing over?  Time to explain.   Simple meaning—don’t put bells and whistles on something with fundamental limitations.   These ‘wise’ sayings came to my mind when I read an article in the Economic Times about how chatbots...

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Moneylife Digital Team 30 December 2022
Religare Finvest Ltd (RFL) and its parent Religare Enterprises Ltd have signed an agreement with its 16 lenders for full and final settlement (one-time settlement -OTS) for all their outstanding dues of RFL. Religare Finvest owes Rs5,344 crore to a consortium of 16 lenders, led by State Bank...

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IANS 30 December 2022
A case of loan fraud amounting to Rs38.46 crore has been lodged against Cox & Kings Ltd, a leisure travel company, and its officials by the central bureau of investigation (CBI) based on a complaint filed by the Indian Bank.   A senior CBI official said that the complaint was lodged...

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IANS 26 December 2022
The Centre Bureau of Investigation (CBI) has learnt in the Chanda Kochhar case that loans which were sanctioned by ICICI Bank to Videocon group companies were adjusted in RTL (rupee term loan) of Rs1,730 crore. In 2012, the existing outstandings of the six accounts of Videocon group companies...

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Moneylife Digital Team/ IANS 23 December 2022
ICICI Bank's former managing director and chief executive (MD&CEO) of ICICI Bank Chanda Kochhar, and her husband and businessman, Deepak Kochhar were on Friday arrested by the central bureau of investigation (CBI) in connection with a loan fraud case involving bank officials and the Videocon...

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Moneylife Digital Team 23 December 2022
During the past five financial years, scheduled commercial banks (SCBs) wrote off bad debts worth Rs10.09 lakh crore. As per data provided by the Reserve Bank of India (RBI), public sector banks (PSBs) have recovered Rs4.80 lakh crore, including recovery of Rs1.03 lakh crore from written-off...

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IANS 23 December 2022
The Central Bureau of Investigation (CBI) has registered a case on a complaint from Union Bank of India against a Kolkata-based private company, its directors and others for cheating a consortium of banks to the tune of Rs 4037.87 crore.   The Union Bank of India, the lead bank,...

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Moneylife Digital Team 19 December 2022
While reiterating that the demand for currency depends on several macro-economic factors, including economic growth and level of interest rates, the Union government told the Lok Sabha that, as of March 2022, there were over 130.53bn (billion) notes in circulation valued at Rs31.05 lakh...

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IANS 16 December 2022
The central bureau of investigation (CBI) on Friday registered two fresh first information reports (FIRs) against fugitive businessman Mehul Choksi, Gitanjali Gems and Nakshatra Brands for allegedly defrauding a consortium of banks to the tune of Rs6,300 crore.   The FIRs have been...

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Moneylife Digital Team 16 December 2022
The UK High Court (HC), which last month dismissed an appeal filed by fugitive diamond merchant Nirav Modi, who allegedly cheated Punjab National Bank (PNB) of over Rs11,000 crore, accepted that the risk of suicide if he is extradited may be high, but that the arrangements at the Arthur Road...

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Moneylife Digital Team 15 December 2022
Supported by stable net interest margins (NIMs) and lower credit costs, profitability for non-banks, including non-banking finance and housing finance companies (NBFC-HFCs), will improve by 40-50bps (basis points) in FY22-23. Rating agency ICRA Ltd says it expects the profitability for...

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IANS 15 December 2022
Vinay Choletti, Head of WhatsApp Pay in India, has quit within four months in the job, as digital payments industry soars in the country.   Choletti replaced Manesh Mahatme, who joined WhatsApp from Amazon, in September this year.   "As I move on to my next adventure, I...

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IANS 14 December 2022
Only about 13% of the loans written off by the scheduled commercial banks (SCBs) during the past five financial years have been recovered, the Parliament was told on Tuesday.   Government data showing details of loans written off by SCBs disclosed that total Rs10,09,510 crore were...

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Moneylife Digital Team 13 December 2022
Fitch Ratings has revised its sector outlook on Indian auto loan asset-based securities (ABS) to deteriorating from neutral, driven by the expectation of a slower domestic gross domestic product (GDP) growth amid a global economic slowdown, elevated inflation and tighter monetary...

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