MONEY & BANKING


Moneylife Digital Team 13 December 2021
Finance minister (FM) Nirmala Sitharaman had announced that two public sector banks (PSBs) along with IDBI Bank would be privatised in FY21-22. While a high-level panel of secretaries, headed by the cabinet secretary, is believed to have zeroed in on the Central Bank of India (CBI) and Indian...

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Moneylife Digital Team 13 December 2021
Several media reports highlight that online or digital lending platforms are virtually an extortion racket, charging an exorbitant interest rate from naive people. It was alleged that the interest rate goes up to 500% per annum along with arbitrary upfront processing fees up to 30%. As of...

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Moneylife Digital Team 09 December 2021
Fitch Ratings has revised its sector outlook on Indian automobile asset-based securities (ABS) to neutral from deteriorating, driven by stable asset performance supported by the economic recovery. The risk from new waves of COVID-19 infections remains due to India's lower vaccination rate...

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Moneylife Digital Team 06 December 2021
The clarification issued by the Reserve Bank of India (RBI) on non-performing assets (NPAs) accounting is likely to increase NPAs by around one-third for non-banking finance companies (NBFCs). However, the impact on provisioning could be modest, given that NBFCs are using Indian accounting...

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IANS 03 December 2021
The Supreme Court on Friday declined to entertain a plea by businessman Rakesh Wadhawan, accused of money laundering in the multi-crore rupees Punjab and Maharashtra Co-operative (PMC) Bank fraud case, seeking bail on health grounds.   A bench, headed by Chief Justice N.V. Ramana and...

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Moneylife Digital Team 03 December 2021
As per the provisional data released by Reserve Bank of India (RBI) for the fortnight ended 19 November 2021, the aggregate deposits of all scheduled commercial banks (ASCBs) have slumped by Rs2.7 lakh crore. The slump in deposits follows an abrupt increase by Rs3.3 lakh crore during the...

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Moneylife Digital Team 01 December 2021
Sumitomo Mitsui Financial Group Inc (SMFG) says it has completed the purchase of a 74.9% stake in Fullerton India Credit Co Ltd from Fullerton Financial Holdings Pte Ltd, a subsidiary of a Singapore-based investment company Temasek. Post completion of the purchase, Fullerton India has become...

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Moneylife Digital Team 30 November 2021
Indian banks are profitable again and have strengthened their capital positions, allowing for a new phase of loan growth. However, if risk management does not improve, the coming growth cycle could produce a new crop of bad loans. That is according to a new report published by S&P Global...

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Moneylife Digital Team 29 November 2021
The Reserve Bank of India (RBI) has decided to supersede the board of Anil Dhirubhai Ambani-owned non-banking financial company (NBFC) Reliance Capital Ltd due to governance concerns and defaults. While appointing an administrator, RBI said it will soon initiate bankruptcy proceedings against...

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Moneylife Digital Team 29 November 2021
Depositors of 17 cooperative banks placed under the all-inclusive directions (AID) will receive up to Rs5 lakh from the deposit insurance & credit guarantee corporation (DICGC) from 29 November 2021 onwards. On 1 September 2021, the Union government had notified the provisions of the DICGC...

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IANS 25 November 2021
The Central Bureau of Investigation has registered a case against seven accused, including private firms, for perpetrating a fraud at Punjab National Bank (PNB) and Allahabad Bank in credit facilities and term loans to the tune of nearly Rs 73 crore during 2013.   The accused were...

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Moneylife Digital Team 24 November 2021
The Reserve Bank of India (RBI)’s- Integrated Ombudsman Scheme (RB-IOS), 2021, which was launched by Prime Minister (PM) Narendra Modi last week seeks to provide cost-free redress of customer complaints involving deficiency in services rendered by entities regulated by RBI, if not resolved to...

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Moneylife Digital Team 23 November 2021
The State Bank of India (SBI) has issued a new warning to its customers to remain alert of fraudulent customer care numbers. “Beware of fraudulent customer care numbers. Please refer to the official website of SBI for correct customer care numbers. Refrain from sharing confidential banking...

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Moneylife Digital Team 22 November 2021
In a major announcement, the Reserve Bank of India  (RBI) on Monday said that cooperative societies are not allowed to use 'bank' in their names and also cautioned them against accepting deposits from people who are not their members. RBI noted that some cooperative societies are accepting...

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Moneylife Digital Team 22 November 2021
The Reserve Bank of India (RBI) on Monday released a draft scheme for the acquisition of Punjab and Maharashtra Cooperative (PMC) Bank by Delhi-based Unity Small Finance Bank (USFB).   The draft scheme of amalgamation envisages the takeover of the assets and liabilities of PMC Bank,...

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Moneylife Digital Team 22 November 2021
The State Bank of India (SBI) is yet to return Rs164 crore of the undue fee charged from the account holders of Pradhan Mantri Jan Dhan Yojana (PMJDY) towards digital payments during April 2017 and December 2019, a report prepared by IIT-Mumbai said.    "On directions from the...

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Moneylife Digital Team 22 November 2021
Critical financial and personal information of 180 million Punjab National Bank (PNB) customers was at risk for around seven months due to a vulnerability in the Bank’s servers, according to  cybersecurity firm CyberX9.   The vulnerability provided access to the entire digital banking...

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IANS 09 November 2021
The Enforcement Directorate (ED) said on Tuesday that it has attached assets worth Rs 61.38 crore in connection with its ongoing money laundering probe into siphoning of public funds from Bhushan Steel Limited (BSL), Bhushan Energy Limited (BEL) and others.   According to the ED, the...

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IANS 08 November 2021
Scammers have used Google Ads to steal crypto currencies worth $500,000 in a matter of days, a new report showed on Monday, even as cryptocurrencies witness rapid adoption across the world, especially in India.   According to the report by Check Point Research (CPR), scammers are...

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IANS 03 November 2021
Multiple factors have led to sub-optimal performance of the asset reconstruction companies (ARCs) in the country, said the Reserve Bank of India (RBI) Committee.   The ARC framework was designed to allow originators to focus on their core function of lending, by removing sticky...

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