MONEY & BANKING


The managing director and chief executive officer (MD&CEO) of Tamilnad Mercantile Bank sent in his resignation letter on 28th September citing personal reasons for the decision. He had joined the bank on 4 September 2022, just a year back. The Bank was flying on a single engine with just one...

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Moneylife Digital Team 06 October 2023
In a first-of-its-kind development in the banking sector, the Reserve Bank of India (RBI) has approved the merger of financial technology (fintech) credit and payment company slice and Guwahati-based North East Small Finance Bank (NESFB). With this deal, slice, the fintech, would become a...

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IANS 05 October 2023
The Delhi High Court has issued notices to 24 banks following concerns raised by the Delhi police regarding the delay in responses from financial institutions in relation to fraudulent websites.   The case before the court pertains to domain names being registered by unknown third...

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IANS 02 October 2023
The Pratap Co-Operative Bank Ltd, which has recorded net zero NPAs for over 10 consecutive years, has bagged this year’s Best Bank Award instituted by the BrihanMumbai Cooperative Banks’ Association, it was announced on Saturday.   The PCBL’s Founder-Director Mithailal Singh accepted...

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Unified payment interface (UPI) continues to expand in three dimensions – volume, geography and consequences.   August 2023 recorded over 10bn (billion) UPI transactions, totalling over Rs15 lakh crore.   UPI now works in 20 countries, the latest being Sri...

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IANS 28 September 2023
The Enforcement Directorate (ED) has arrested CPM leader P.R. Aravindakshan and former bank accountant C.K. Jilse under the provisions of the Prevention of Money Laundering Act (PMLA) in connection with the Karuvannur Service Co-Operative Society Bank scam worth Rs 150 crore, an official...

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IANS 27 September 2023
The largest workers’ union in the banking sector, the All India Bank Employees’ Association, has called for a series of strikes across the nation between 4th December and 20 January 2024 demanding staff recruitment.   “There is a deliberate attempt on the part of the Government and...

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IANS 26 September 2023
The debt recovery tribunal-I (DRT-I) here has put up a solar power plant belonging to a group entity of the absconder diamantaire Nirav D Modi to try and recover a tiny portion of the whopping dues of over Rs2,348-crore.   The solar power plant, with a capacity of 5.247MW, is situated...

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Moneylife Digital Team 18 September 2023
Charging Dhanlaxmi Bank Ltd's board of directors with unethical conduct, unilateral arrogation of power, lack of comprehension of issues and factionalism, independent director Sridhar Kalyanasundaram resigned just before the Bank's annual general meeting (AGM) on 30th September.   In...

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Ryan Gabrielson (ProPublica) 15 September 2023
This story was originally published by ProPublica.   Wall Street could always bank on used cars. In fact, for years, investors bought bonds backed by auto loans because they reliably produced handsome returns, even amid rocky markets and downturns in the economy.   But now,...

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Moneylife Digital Team 02 September 2023
Uday Kotak has resigned as managing director and chief executive officer (MD&CEO) of Kotak Mahindra Bank Ltd. He, however, would continue as a non-executive director of the Bank. As an interim arrangement, Dipak Gupta, joint managing director (MD), will carry out the duties of the MD&CEO till...

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As many as 369 big defaulters, with an outstanding of Rs100 crore and more, owe more than Rs1.39 lakh crore to scheduled commercial banks and all-India financial institutes (AIFI). Gitanjali Gems Ltd, owned by fugitive businessman Mehul Choksi, remains the top wilful defaulter with an...

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A couple of anecdotes:   - A busy tea-seller waves away a customer’s offered cash, saying 'next time' because he would rather serve other customers than waste time handling cash.   - A vegetable-seller is happy because he no longer has to waive off Rs2 or Rs3 when the customer...

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Moneylife Digital Team 24 August 2023
While the Union government and Reserve Bank of India (RBI) insist that unified payment interface (UPI) transactions are free, the State Bank of India (SBI) had collected Rs17.70 for every UPI transaction or Rs254 crore from basic savings bank deposit account (BSBDA)-holders between April 2017...

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IANS 21 August 2023
The Central government-owned mortgage lender, Bank of Baroda (BOB) laden with Rs.34,832.16 crore of gross non-performing loans, as on 30 June, has decided to withdraw its decision to auction actor Sunny Deol’s Mumbai property for non-payment of its loan about Rs 56 crore and interest on...

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After returning to India, I did a bit of corporate training, just as a hobby, in association with a company that ran training courses for large corporates and banks.    I was invited to conduct a three-day training course on ‘negotiation skills’ for State Bank of India (SBI)’s...

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IANS 17 August 2023
Indian banks may see a decline in their earnings as net interest margins (NIMs) stop rising due to the central bank's decision to extend its pause on rate hikes, S&P Global Market Intelligence said.   Tusharika Aggarwal, a dividend forecasting research analyst at S&P Global Market...

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IANS 16 August 2023
The operating environment (OE) for Indian banks has strengthened as economic risks associated with the COVID-19 pandemic have ebbed, Fitch Ratings said in a report on Wednesday.   Fitch also said other structural issues like lengthy legal process, 'bad bank’ not playing a meaningful...

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Moneylife Digital Team 11 August 2023
All public sector banks (PSBs) and major private sector banks have collected Rs35,587.68 crore from customers since 2018 for not maintaining minimum average balance (MAB), conducting additional transactions on automated teller machines (ATMs) and SMS services, the government told the Rajya...

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My next encounter with State Bank of India (SBI) was in 2007, when I was a non-resident Indian (NRI) living in Dubai.   In February that year, a news item appeared – HSBC’s subsidiary in the US had made a large provision for bad loans in its sub-prime housing loan portfolio. The news...

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