MONEY & BANKING


Moneylife Digital Team 16 January 2019
The Delhi High Court today issued notice to the government of India in a petition filed jointly by the All India Bank Officers’ Confederation (AIBOC), and the All India Vijaya Bank Officers’ Association, against the proposed amalgamation of Vijaya Bank and Dena Bank with the Bank of Baroda,...

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IANS 14 January 2019
New Delhi, The Reserve Bank of India (RBI) has raised a red-flag on the spike in non-performing assets (NPAs) under the government's flagship scheme to support micro enterprises in the country -- the Pradhan Mantri Mudra Yojana.   According to Finance Ministry sources, RBI has...

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Moneylife Digital Team 11 January 2019
People’s movements, civil society organisations or non-governmental organisations (NGOs), trade unions and citizens concerned over finance and banking have made an appeal to all political parties to include a transparent and accountable financial banking system in their election campaign and...

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IANS 09 January 2019
Clearance of cheques valued over Rs20,000 crore was affected by the bank strike that continued for the second day on Wednesday, said the All India Bank Employees' Association (AIBEA) -- a leading union in the banking sector.   The central trade unions in the country are striking work...

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Moneylife Digital Team 09 January 2019
After limiting liability of customers in fraudulent bank transactions, the Reserve Bank of India (RBI) has brought out new (similar) rules for mobile wallet and prepaid payment instruments (PPI) issued by non-banking entities like Paytm, PhonePe, GooglePay, and Amazon Pay. Under the new...

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IANS 09 January 2019
Continuing its efforts to improve the safety of card transactions, the Reserve Bank of India (RBI) on Tuesday extended the use of tokenisation -- hiding of actual card details with a unique token -- in the wider payments ecosystem.   To date, the RBI had allowed card payment networks...

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Moneylife Digital Team 07 January 2019
Bandhan Bank Ltd on Monday said its board has approved a scheme of amalgamation of Gruh Finance Ltd. The Bank also appointed Anup Kumar Sinha as its part-time chairman for next three years.   Gruh Finance is a unit of Housing Development Finance Corp (HDFC). Reacting on the merger,...

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IANS 07 January 2019
Assuring adequate liquidity measures whenever the need arises RBI Governor Shaktikanta Das on Monday noted that liquidity should not become "loose money" and the apex bank would excercise the measures with caution.   The Reserve Bank of India has "a sense" of the current liquidity...

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IANS 05 January 2019
In a significant victory for the investigating agencies, a Mumbai Special Court on Saturday declared absconder liquor baron Vijay Mallya a 'fugitive' under the Fugitive Economic Offenders Act, 2018.   A Special Prevention of Money Laundering Act (PMLA) Court in Mumbai gave its verdict...

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IANS 05 January 2019
Mumbai-headquartered Pratap Cooperative Bank (PCoB), which has notched a record of zero non-performing assets (NPAs) for 10 years, has been named for the Maharashtra State Cooperative Banks Association Ltd. (MSCBAL) 23rd award for last fiscal, an official said on Saturday.   "We have...

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IANS 05 January 2019
Amid reports of gradual phasing out of Rs 2,000 notes, the government on Friday clarified that there had been no decision on the printing of the high denomination note "recently", while hinting that their printing has been stopped as there is "more than adequate" stock in...

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IANS 05 January 2019
The Enforcement Directorate (ED) on Friday said it has sent a request for attachment of a factory premises in Thailand worth Rs 13 crore owned by Abbeycrest Ltd, a company of Mehul Choksi's Gitanjali Group, in connection with its ongoing investigation into the Rs 13,500-crore PNB fraud...

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Moneylife Digital Team 04 January 2019
Newspapers tend to give wide publicity to celebrities who lose money to cyber fraud. But there is a problem when the media projects financially illiterate celebrities as innocent victims, when they do not have the savvy to exercise basic caution before parting with information to scam...

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The data released by Reserve Bank of India (RBI) in its latest financial stability report of December 2018 (FSR 18) on the bulging volume of bank frauds is a matter of serious concern. It underscores the need for introspection on the part of the government of India (GoI), RBI and bank...

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Moneylife Digital Team 03 January 2019
There is a significant increase in number of bank frauds, especially with the involvement of persons from within. Few days ago, Moneylife reported in the case of Dr Ajay Sood, a non-resident Indian (NRI), from whose account Rs1.33 crore were withdrawn using the same numbered cheques when the...

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IANS 03 January 2019
Lending major Bank of Baroda (BoB) on Wednesday finalised the equity share exchange ratio for amalgamation of Dena Bank and Vijaya Bank, subject to statutory regulatory approval.   According to a BSE filing, BoB will swap its 402 equity shares of Rs 2 each for every 1,000 equity...

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Moneylife Digital Team 02 January 2019
The union cabinet on Wednesday approved merger of Bank of Baroda, Vijaya Bank and Dena Bank. Both Vijaya Bank and Dena Bank would be merged with Bank of Baroda. The merged entity would emerge as India's second largest public sector bank (PSB). This is the first even three-way consolidation of...

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IANS 02 January 2019
In a measure of relief for the troubled micro and small industries segment, the RBI on Tuesday permitted a one-time restructuring of existing loans that are in default but "standard" as on January 1, 2019, without an asset classification downgrade.   Support for micro, small and...

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People seem shocked at the disclosure that only the public sector banks (PSBs) had collected Rs10,000 crore as penalty from customers for not maintaining a minimum balance in their savings account and for cash withdrawals beyond three times. This data would not have come into public domain...

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Moneylife Digital Team 27 December 2018
In landmark judgments, banks have been held as responsible for failed transactions and lack of cash in ATMs, a consumer court, has ruled.   With increased use of automatic teller machine (ATMs), many cases are being reported about non-availability of cash and failed transaction in the...

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