MONEY & BANKING


Moneylife Digital Team 11 December 2023
Reserve Bank of India (RBI) has imposed a penalty of Rs15.44 lakh on Berar Finance Ltd and ECL Finance Ltd, the non-banking financial company (NBFC) from Maharashtra, for violating various rules and regulations prescribed by the regulator.   Berar Finance and ECL Finance has been...

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Moneylife Digital Team 11 December 2023
Reserve Bank of India (RBI) has imposed a penalty of Rs15.44 lakh on Berar Finance Ltd and ECL Finance Ltd, the non-banking financial company (NBFC) from Maharashtra, for violating various rules and regulations prescribed by the regulator.   Berar Finance and ECL Finance has been...

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Moneylife Digital Team 08 December 2023
The Reserve Bank of India (RBI) has cancelled the licences of over 15 cooperative banks since January 2023 alone. The pace at which cooperative bank licences have been cancelled has shot up since dual regulation of cooperative banks was cancelled and they were put under the exclusive...

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Moneylife Digital Team 08 December 2023
The Reserve Bank of India (RBI) has cancelled the certificate of registration of Sitapur, Uttar Pradesh-based Urban Cooperative Bank Ltd, due to the lender's inadequate capital and poor earnings prospects. RBI has asked the Bank to stop banking business from 7 December 2023.   RBI...

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Moneylife Digital Team 08 December 2023
Reserve Bank of India (RBI) has imposed Rs3.10 lakh penalties on four cooperative banks for violating various laws prescribed by RBI. Of these, three belong to Maharashtra and the other to Telangana. The banks penalised are Patan Cooperative Bank Ltd, Prathamik Shikshak Sahakari Bank Ltd,...

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IANS 08 December 2023
The Reserve Bank of India (RBI) will soon lay down the regulatory framework for web-aggregation of loan products since the customers are being harmed now, said the Central bank Governor Shaktikanta Das.   “Several concerns relating to such web-aggregation of loan products harming...

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IANS 08 December 2023
Enhancing the payment limits for Unified Payments Interface (UPI), electronic mandates, setting up of cloud facilities, the financial sector and fintech repository were some of the major announcements made by the Reserve Bank of India Governor, Shaktikanta Das on Friday.   Das...

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IANS 08 December 2023
For the employees of public sector banks (PSBs), 2023 ends on a happy note as the Indian Banks' Association (IBA) on Thursday inked a 17 per cent annual wage hike agreement with bank unions.   The wage revision will be effective from 1.11.2022 for a period of five years.   The...

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Moneylife Digital Team 07 December 2023
After it announced that it wanted to focus on higher ticket personal and merchant loans and less on the portfolio origination of less than Rs50,000, mostly the postpaid loan, shares of One 97 Communications Ltd (Paytm) tumbled as much as 20% during Thursday morning trade.   

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IANS 07 December 2023
Public sector banks (PSBs) wrote off a whopping Rs3.66 lakh crore loans in the last three financial years, according to RBI (Reserve Bank of India) data.   At the same time, these banks recovered just Rs1.9 lakh crore during this period, the data obtained by Moneycontrol.com through...

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IANS 06 December 2023
In a stern response to the continuous absence of prosecution lawyers in the 2020 northeast Delhi riots case being investigated by the enforcement directorate (ED), a Delhi court has ordered the personal appearance of the anti-money laundering agency's special director.   The case in...

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Moneylife Digital Team 06 December 2023
Holding State Bank of India (SBI) and SBI Life Insurance Co Ltd (SBI Life) guilty of unfair trade practice and deficiency in service in rejecting the death insurance claim of a borrower of a home loan, the national consumer disputes redressal commission (NCDRC) directed them to settle the...

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Moneylife Digital Team 06 December 2023
Market regulator Securities and Exchange Board of India (SEBI) has barred for two years Chandrapratap Singh Naruka and Amarjeet Singh Trehan (noticees) from W Gain Research & Development.Com (WGRD) for providing illegal investment advisory services. The noticees has also been slapped with a...

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IANS 05 December 2023
Days after registering the case in connection with the suspicious transaction case of Rs 820 crore from the UCO Bank, the Central Bureau of Investigation (CBI) on Tuesday said that it has carried out searches at 13 locations in West Bengal and Karnataka at the premises of accused and others...

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Rajesh Kapoor 01 December 2023
In February 2021, the Supreme Court of India delivered a judgement in the matter of Amitabha Dasgupta vs United Bank of India & Ors. (CA 3966 OF 2010). The case pertained to a matter where the Bank negligently broke open the appellant’s locker, even though he had already cleared his pending...

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Moneylife Digital Team 01 December 2023
Reserve Bank of India (RBI) has imposed a penalty of Rs6 lakh on five cooperative banks, citing the violation of different laws prescribed by the banking regulator. Of these, three banks are from Gujarat, while others belong to Bihar and Odisha.   The banks penalised are: Dhrangadhra...

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IANS 01 December 2023
The Reserve Bank of India has imposed fines on HDFC Bank and Bank of America under the powers vested in it through sections of the FEMA.   While HDFC has been fined for violation of the RBI's directions on acceptance of deposits from non-residents, Bank of America has been imposed a...

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IANS 30 November 2023
The Enforcement Directorate (ED) said on Wednesday that it carried out searches at seven locations in Mumbai, Delhi and Pune in connection with a money laundering case related to a bank fraud to the tune of Rs 22,842 crore involving ABG Shipyard Limited and others.   The financial...

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IANS 29 November 2023
HSBC is facing a 'hit' of more than £6.3bn (billion) as a result of unsecured commercial property loans in China, a UK-based tax consultant has warned, a media report said.   Payments and banking consultant Bob Lyddon branded the situation as a ‘disaster’, and warned of a 'financial...

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IANS 29 November 2023
The Delhi High Court has said that banks should respond diligently to information requests from the Cyber Crime cells of police.   While addressing cases related to fraudulent transactions and duping of customers, Justice Prathiba M Singh directed several banks to submit their...

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