MONEY & BANKING


Moneylife Digital Team 30 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs4.75 lakh on five cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs2 lakh has been imposed on The Central Cooperative Bank Ltd from Rajasthan.   Other banks penalised by...

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Moneylife Digital Team 29 April 2024
While refusing to intervene in the 2020 merger of Tamil Nadu-based Lakshmi Vilas Bank (LVB) with DBS Bank India Ltd (DBIL), the Madras High Court (HC) has asked the Reserve Bank of India (RBI) to conduct a fresh valuation of the assets and shares of both LVB and DBIL to determine any reduction...

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Moneylife Digital Team 29 April 2024
The Reserve Bank of India (RBI) has cancelled the license of Acemoney (India) Ltd, a Delhi-based non-banking financial company (NBFC), citing irregular lending practices by the NBFC. Acemoney (India) was under the radar of law enforcement agencies probing the Chinese links of fintech companies....

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Moneylife Digital Team 26 April 2024
The Reserve Bank of India (RBI) has ordered Kotak Mahindra Bank Ltd to cease and desist, with immediate effect, from on-boarding of new customers through its online and mobile banking channels and issuing fresh credit cards due to serious deficiencies related to information technology (IT)...

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Moneylife Digital Team 26 April 2024
Ashok Vaswani, managing director and chief executive officer (MD&CEO) of Kotak Mahindra Bank, says while the Bank has paused issuing new credit cards as per directions from the Reserve Bank of India (RBI), it is actively working to address the concerns raised by the regulator.   In a...

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Moneylife Digital Team 26 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs1 lakh each on five cooperative banks for non-compliance with the directions issued by the banking regulator.   The banks penalised by RBI are Madhya Pradesh (MP)-based Sadbhav Nagarik Sahakari Bank Maryadit, Chhattisgarh-based Bilaspur...

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Moneylife Digital Team 26 April 2024
Following the exposure of credit card data of nearly 17,000 customers, ICICI Bank Ltd says after blocking, it is issuing new cards to these customers and will also appropriately compensate a customer in case of any financial loss. The incident occurred following a security flaw in ICICI Bank's...

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Moneylife Digital Team 25 April 2024
Despite the top management of Kotak Mahindra Bank Ltd going into damage-control mode, its share continued to fall and hit its 52-week low of Rs1,602 on the National Stock Exchange (NSE). There was some recovery in the scrip, but still Kotak Mahindra Bank closed Thursday 10.73% down at...

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Moneylife Digital Team 23 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs14.50 lakh on five cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs5 lakh has been imposed on Punjab-based Nakodar Hindu Urban Cooperative Bank Ltd.   Other banks...

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Moneylife Digital Team 19 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs60.30 lakh on five cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs43.30 lakh has been imposed on Gujarat-based Rajkot Nagarik Sahakari Bank Ltd.   Other banks penalised...

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Moneylife Digital Team 18 April 2024
Holding Standard Chartered Bank (StanChart) responsible for deficiency in service and messing up the Credit Information Bureau of India Ltd (CIBIL) credit score of the complainant, the national consumer disputes redressal commission (NCDRC) asked StanChart to pay Rs2 lakh as compensation and...

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Moneylife Digital Team 17 April 2024
Granting an interim relief to Bank of Baroda (BoB), the Bombay High Court (HC) restrained the tax authorities from taking any coercive recovery action against the public sector bank (PSB). The case is related to a show-cause notice (SCN) for Rs150 crore goods and services tax (GST) on charges...

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Moneylife Digital Team 17 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs3 lakh on Omkar Nagreeya Sahkari Bank Ltd from Kanpur in Uttar Pradesh (UP) for non-compliance with the directions issued by the banking regulator.   The Bank was penalised for non-compliance with the direction issued by RBI under the...

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Moneylife Digital Team 16 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs16 lakh on three cooperative banks from Uttar Pradesh (UP) and one from Haryana for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs5 lakh each has been imposed on UP-based Urban Cooperative Bank...

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The Securities and Exchange Board of India (SEBI) has issued a settlement order to Utkarsh Small Finance Bank on the payment of Rs1.24 crore by the lender.   SEBI had issued a show-cause notice (SCN) dated March 2023, to Utkarsh Small Finance Bank whereby the markets regulator had alleged...

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Moneylife Digital Team 10 April 2024
Coming down heavily for manifest contradiction in the stand taken by State Bank of India (SBI) in a loss of original property documents, including title deeds, the national consumer disputes redressal commission (NCDRC) directed SBI to pay a conditional compensation of Rs25 lakh to a borrower....

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Moneylife Digital Team 10 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs17 lakh on five cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs5 lakh each has been imposed on Dehradun-based Uttarakhand Grameen Bank and Jaipur-based Raj Laxmi Mahila...

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Moneylife Digital Team 08 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs1.49 crore on IDFC First Bank Ltd and LIC Housing Finance Ltd (LICHF) for violating various rules and regulations prescribed by the regulator. The highest penalty of Rs1 crore lakh has been imposed on IDFC First Bank for non-compliance with...

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Moneylife Digital Team 08 April 2024
As many as five non-banking financial companies (NBFCs) have surrendered their certificates of registration (CoR) to Reserve Bank of India (RBI) due to their exit from the non-banking financial institution (NBFI) business. Separately, RBI cancelled the registration of four NBFCs, one each from...

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The State Bank of India (SBI) has refused to disclose a copy of the standard operating procedure (SOP) issued by it to its authorised branches for sale and redemption of electoral bonds.    In reply to an RTI application, M Kanna Babu, the central public information officer (CPIO) and deputy...

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