MONEY & BANKING


Moneylife Digital Team 19 January 2022
Ashneer Grover, co-founder and managing director (MD) of BharatPe, has decided to go on leave till March-end. Mr Grover's decision to take voluntary leave came after he allegedly used inappropriate language against an employee of Kotak group and his ongoing tussle with Kotak Mahindra...

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Moneylife Digital Team 14 January 2022
The surge in COVID-19 cases in India associated with the Omicron variant may delay the recovery in micro, small and medium enterprises (MSMEs) and microfinance lending, adding to asset-quality risks for Indian non-bank financial institutions (NBFIs), says Fitch Ratings.    The rating...

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Moneylife Digital Team 12 January 2022
The third quarter (Q3) of the current fiscal has witnessed a visible expansion in credit growth across sectors. Sectors, where demand for credit started picking up during the past three months includes non-banking finance companies (NBFCs), telecom, petroleum, chemicals, electronics, gems &...

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Moneylife Digital Team 11 January 2022
State-run Punjab National Bank (PNB) has decided to hike the minimum quarterly average balance (QAB) to Rs10,000 in the four metro cities of Delhi, Mumbai, Kolkata, Chennai. The public sector bank (PSB) has also decided to increase charges for various services by up to 50% from 15 January...

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The Enforcement Directorate (ED) said on Monday that it has attached assets worth over Rs36 crore belonging to a Kerala-based businessman named Nishad K and his aides, who cheated 900 persons of Rs1,200 crore by luring them to invest into cryptocurrency promising high...

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Moneylife Digital Team 10 January 2022
The tussle between BharatPe’s co-founder and managing director (MD) Ashneer Grover and Kotak Mahindra Bank is taking a new turn. On Sunday afternoon, a legal notice by Mr Grover to Uday Kotak and seniors in the Bank suddenly appeared on social media and in-boxes of journalists. It turns out...

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Reliance Industries Limited (RIL) announced that on 5 January 2022, it has priced a Rule 144A/ Regulation multi-tranche offering aggregating $4 billion, comprising $1.5 bn senior unsecured notes due 2032; $1.75bn senior unsecured notes due 2052 and $750 million senior unsecured notes due...

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Moneylife Digital Team 05 January 2022
The Reserve Bank of India (RBI) has issued a framework allowing offline payments up to Rs200 per transaction. An offline digital payment, here, means a transaction that does not require internet or telecom connectivity.   The new framework is applicable with immediate...

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The State Bank of India has increased the limit on IMPS (Immediate Payment Service) transactions from Rs 2 lakh to Rs 5 lakh.   IMPS, offered by National Payments Corporation of India, empowers customers to transfer money instantly through banks and RBI authorised Prepaid Payment...

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The Central Bureau of Investigation (CBI) said on Friday that it has registered a case based on a complaint from the Central Bank of India and other member banks against a Chandigarh-based private company for cheating the bank to the tune of Rs1,626.74 crore on the pretext of...

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Moneylife Digital Team 28 December 2021
Media reports about a first information report (FIR) registered by the Pune police against Saraswat Bank’s top executives and allegations about a bogus loan account worth Rs13 crore had worried depositors of the lender.   However, Mumbai-based Saraswat Cooperative Bank Ltd clarified...

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Sucheta Dalal Sucheta Dalal 24 December 2021
On 20th December, the wire agency IANS put out a sensational report which suggested that yet another diamantaire, like Nirav Modi, had squirreled away a whopping Rs6,710  crore from IDBI Bank. This was based on an advertisement published by the Bank on 19th December (see picture) with the...

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Moneylife Digital Team 23 December 2021
The Reserve Bank of India (RBI) on Thursday announced that it has imposed a monetary penalty of Rs 1 crore each on two payment system operators (PSOs) One Mobikwik Systems Private Limited and Spice Money Limited for violating certain norms of the banking regulator.   The penalty has...

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Moneylife Digital Team 22 December 2021
Every year, banks transfer money from inoperative accounts for 10 years to the depositor education and awareness fund (DEAF) scheme of the Reserve Bank of India (RBI). As of 31 March 2021, the DEAF scheme had a balance of Rs31,640.05 crore that are unclaimed deposits transferred by banks,...

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IANS 21 December 2021
In a strange development, the government-backed private sector IDBI Bank Ltd here has revealed three different figures of the alleged loans defaulted by a well-known diamantaire group, surprising banking and diamond industry circles.   Late on Monday, IDBI Bank Ltd, in a regulatory...

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IANS 17 December 2021
The ongoing two-day nationwide bank strike against the privatisation of government banks has affected clearing of cheques worth about Rs37,000 crore, said CH Venkatachalam, general secretary of the All India Bank Employees' Association (AIBEA).   "There are three cheque clearing...

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IANS 15 December 2021
Banking operations in India will be affected on December 16-17 with about 10 lakh bank employees going on strike to protest privatisation of government banks.   The strike call was given by the United Forum of Bank Unions, an umbrella body of nine unions in the banking...

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Moneylife Digital Team 14 December 2021
The non-performing assets (NPAs) of public sector banks (PSBs) have almost doubled over the past seven years to Rs5.40 lakh crore, the Rajya Sabha was informed on Tuesday.    In a written reply, Dr Bhagwan Karad, minister of state for finance, says, between June 2014 to September...

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IANS 14 December 2021
The two-day strike announced by the unions in the banking sector stands as there was no assurance given on deferring the introduction of Banking Laws (Amendment) Bill 2021 in Parliament, said C.H. Venkatachalam, General Secretary, All India Bank Employees' Association (AIBEA).   He...

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Moneylife Digital Team 13 December 2021
Finance minister (FM) Nirmala Sitharaman had announced that two public sector banks (PSBs) along with IDBI Bank would be privatised in FY21-22. While a high-level panel of secretaries, headed by the cabinet secretary, is believed to have zeroed in on the Central Bank of India (CBI) and Indian...

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