MONEY & BANKING


Moneylife Digital Team 24 December 2018
Senior bank officers have warned that there are a number of cases coming to light every day where bank customers are being duped when they share their Aadhaar number linked to their bank account. Fraudsters are also using unified payments interface (UPI) to siphon money from customers'...

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Moneylife Digital Team 22 December 2018
Public sector banks (PSBs) have collected more than Rs10,000 crore over the past three years from customers as penalty for not maintaining minimum balance in saving bank account and as charges for additional transactions on automated teller machines (ATMs) beyond the permitted free...

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Moneylife Digital Team 21 December 2018
Assembly elections are scheduled in eight states next year. Considering the competitive populism policy followed across some states, more and more states may now decide to go for a farm debt waiver scheme. However, research shows that loan waiver never become a solution to farmer distress,...

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IANS 20 December 2018
Finance Minister Arun Jaitley on Thursday said he expected a few public sector banks (PSB) to exit the Reserve Bank of India's prompt corrective action (PCA) framework regime after a fresh infusion of capital in them.   According to Jaitley, an additional amount of Rs 41,000 crore...

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IANS 20 December 2018
With the failure of conciliation talks, about 10 lakh bankers in private and government banks will go on strike on 26th December protesting against the merger of Bank of Baroda, Dena Bank and Vijaya Bank, the All India Bank Employees Association (AIBEA) said on Thursday.   "During the...

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Moneylife Digital Team 19 December 2018
Dr Ajay Sood, a non-resident Indian (NRI) based in the US has been given the run-around for over four months by Bank of India (BOI) after he found that Rs1.33 crore had suddenly vanished from his account. Today, the Indian Express reports that the police in Chandigarh had arrested two people...

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IANS 17 December 2018
The Engineering Export Promotion Council of India (EEPC) on Monday said reports that the RBI was contemplating to forward cases of non-realisation of export proceeds to the ED, have created panic among exporters who submitted their records about remittance receipts to their...

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Moneylife Digital Team 17 December 2018
The Bombay High Court on Monday refused to grant a stay on the deadline given by Reserve Bank of India (RBI) to Kotak Mahindra Bank for dilution of promoter stake. The RBI had given a deadline of 31 December 2018 for diluting the promoter's stake in Kotak Mahindra Bank. With the High Court’s...

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IANS 14 December 2018
The central board of Reserve Bank of India (RBI), which met under new Governor Shaktikanta Das on Friday, said the governance structure of the central bank needs further examination before deciding on whether it can be board-driven.   "The board deliberated on the governance framework...

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IANS 13 December 2018
The Interpol has issued a red corner notice (RCN) against fugitive Indian diamentaire Mehul Choksi after a request from the Central Bureau of Investigation (CBI), an official said on Thursday.   Choksi, the Chairman of the Gitanjali Group who has taken refuge in Antigua, was one of...

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Moneylife Digital Team 12 December 2018
Shaktikanta Das, who took over as the 25th Reserve Bank of India (RBI) governor, said today in a press conference "I would not like to go into what the issues between the government and the RBI are but every institution has to maintain its autonomy and also adhere to accountability. I will...

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Moneylife Digital Team 12 December 2018
The resignation of the Reserve Bank of India (RBI) governor on 11 December 2018 follows a period of government pressure on the central bank to spur economic growth, and highlights risks to the RBI's policy priorities, says a ratings agency.   In a note, Fitch Ratings says, "The full...

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Moneylife Digital Team 11 December 2018
The union government on Tuesday appointed Shaktikanta Das as the new governor of Reserve Bank of India (RBI). Mr Das is the former secretary for finance and have been appointed as RBI governor for three years. He replaces Dr Urjit Patel, who on Monday resigned from his post citing person...

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Moneylife Digital Team 11 December 2018
The Reserve Bank of India (RBI) has asked all banks to provide facility to exchange soiled notes at all of their branches to all customers irrespective of whether she is an account holder or not. Under RBI rules, banks do not exchange soiled notes unless there is a specific notification from...

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IANS 11 December 2018
Although the All India Bank Employees' Association (AIBEA) had earlier demanded RBI Governor Urjit Patel's resignation, his calling it quits on Monday has left the banking body shocked and disturbed and it has termed it a "dangerous trend".   "The resignation of RBI Governor Urjit...

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DHFL's Promoters have a structured a deal that has allowed them to borrow from two mutual funds and indirectly inject the money into DHFL which boosted its net worth. A higher net worth of DHFL, in turn, has increased its borrowing and lending capacity and also boosted its valuation. In the...

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Moneylife Digital Team 10 December 2018
As expected, Dr Urjit Patel has resigned as governor of Reserve Bank of India (RBI) citing personal reasons. Last month, Moneylife had written that if the feud between the government and the RBI escalates further, there was a good chance that governor Dr Patel will throw in the towel. (

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Moneylife Digital Team 10 December 2018
Kotak Mahindra Bank Ltd, on Monday, had filed a writ petition against Reserve Bank of India (RBI) to validate its position over dilution of promoter stake. In August this year, the central bank had rejected the Bank's position saying that issuance of perpetual non-convertible preference...

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Moneylife Digital Team 05 December 2018
With the digital mode for financial transactions gaining traction in the country, there is an emerging need for a dedicated, cost-free and expeditious grievance redressal mechanism for strengthening consumer confidence in this channel. India is one of the few countries to have separate...

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Moneylife Digital Team 05 December 2018
The Reserve Bank of India (RBI) on Wednesday maintained status quo on repo rate (short-term lending) at 6.5% in its fifth monetary policy review for 2018-19.   Following the move, the reverse repo rate (short-term borrowing) stands at 6.25%. Subsequently, the marginal standing...

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