MONEY & BANKING


Urjit Patel, governor of the Reserve Bank of India (RBI) is clearly furious. Having taken the blame for the badly-managed and futile demonetisation programme, he is apparently unwilling to be targeted for the Rs13,000 crore Nirav Modi-Gitanjali Gems banking fraud as well, especially when RBI...

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The central government has said that state-owned Punjab National Bank (PNB) has issued 41,178 Letters of Undertakings (LoUs) since 2011.   "PNB has apprised that 7,672 LoUs were issued with validity of 90 days, 20,078 LoUs were issued with validity of 180 days, 11,224 LoUs were issued...

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Yet another bank fraud has come to light, with the CBI filing a case against Hyderabad-based Totem Infrastructure Ltd for allegedly defrauding a consortium of eight banks led by Union Bank of India (UBI) to the tune of Rs 1,394 crore.   A Central Bureau of Investigation (CBI) team...

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Almost 20 per cent of the total 31 crore Jan Dhan accounts are lying dormant, the government said on Thursday.   An estimated 31.20 crore Jan Dhan accounts with an aggregate deposit balance of over Rs 75,000 crore were opened till February, out of which 25.18 crore (or 81 per cent)...

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In yet another fraud played on banks, a Chennai-based jeweller Kanishk Gold Pvt Ltd (KGPL) has been accused of defrauding a consortium of 14 banks led by the State Bank of India (SBI) to the tune of Rs 824.15 crore in the form of loans that have now been declared as non-performing asset...

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The Banks Board Bureau headed by former CAG Vinod Rai has sought a wider mandate and a greater organic link with the government to provide greater utility on matters of governance and performance of public sector banks (PSBs).   In a compendium of recommendations published on its...

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Moneylife Digital Team 20 March 2018
In a chargesheet filed at a special CBI (Central Bureau of Investigation) court in Delhi, the CBI has slapped charges of criminal conspiracy, cheating, forgery and provisions of the Prevention of Corruption Act on the former CMD (chairman and managing director) of Canara Bank RK Dubey, then...

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After Facebook and Google, Twitter was now likely to ban cryptocurrency, token sales and Initial Coin Offerings (ICO) advertisements on its platform.   According to a Sky News report on Monday, the new Twitter policy will be implemented in two weeks.   "Twitter may also ban...

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The Punjab National Bank (PNB) fraud involving diamantaire Nirav Modi seems to have shaken the confidence of diamond jewellery buyers, especially from the unorganised jewellers, over concerns on the purity of the precious jewellery, resulting in a drop in business, according to a survey...

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The RBI's decision to discontinue the Letters of Undertaking (LoUs) or Letters of Comfort (LoC) might increase the credit cost for imports as it will lead to a shift towards "other off-balance sheet" products, said a State Bank of India (SBI) report on Friday.   According to SBI...

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In light of the Nirav Modi and other scandals, the Indian Government is contemplating action against wilful defaulters. First, the government has brought a bill that will give authorities power to impound the assets of fugitive offenders in economic offenses involving Rs100 crore or more. The...

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The Enforcement Directorate registered a money laundering case in connection with an alleged scam of over Rs 173 crore in the United Bank of India (UBI) in 2016, an official said on Thursday.   "A case has been registered under the Prevention of Money Laundering Act for the alleged...

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Moneylife Digital Team 15 March 2018
The Reserve Bank of India (RBI) is expected to start raising interest rates next year as growth gains further traction amidst high inflationary pressures, says a research report.    In its latest Global Economic Outlook (GEO) report, Fitch Ratings says, "Indian economy continued its...

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Vallari Dubey  and   Nikhil Jain 14 March 2018
The Reserve Bank of India (RBI) via a Notification dated 13 March 2018  has discontinued the use of Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for trade credits with immediate effect. The intentions of RBI cannot be questioned. However, the decision to absolutely eliminate...

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Moneylife Digital Team 14 March 2018
Stung by persistent criticisms customers and consumer organisations for levying exorbitant and unfair charges on people with modest means for failing to maintain minimum balance, State Bank of India (SBI) has reduced charges for non-maintenance of monthly average balance (MAB) in savings...

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The Reserve Bank of India (RBI) on Tuesday discontinued the system of issuing Letters of Undertaking (LoUs) by banks for availing trade credits for imports into India in the wake of the Rs 12,600 crore fraud on state-run Punjab National Bank (PNB) unveiled last month.   According to...

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The RBI had issued two circulars in 2016 to banks on strengthening the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, the misuse of which was unveiled last month in the Rs 12,600 crore fraud on state-run Punjab National Bank (PNB), Parliament was informed on...

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 HDFC Bank has disallowed its customers from buying Bitcoins, cryptocurrencies and virtual currencies through the bank's credit, debit and prepaid cards.   In a circular to the HDFC Bank customers, it said: "You may be aware of the increasing global apprehensions regarding Bitcoins,...

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The Punjab National Bank (PNB) has filed a fresh complaint to the CBI alleging it has uncovered additional exposure of about Rs 942.18 crore defraud by Gitanjali Group of companies in connection with a multi-crore fraud.   The PNB, the country's second-biggest state-run lender, filed...

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Moneylife Digital Team 13 March 2018
State Bank of India (SBI) has substantially reduced charges for non-maintenance of Average Monthly Balance (AMB) in savings accounts. The revised charges will be effective from 1 April 2018. This step is taken keeping in view the feedback from various stakeholders, according to a release from...

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