MONEY & BANKING


Moneylife Digital Team 23 December 2021
The Reserve Bank of India (RBI) on Thursday announced that it has imposed a monetary penalty of Rs 1 crore each on two payment system operators (PSOs) One Mobikwik Systems Private Limited and Spice Money Limited for violating certain norms of the banking regulator.   The penalty has...

Read More



Moneylife Digital Team 22 December 2021
Every year, banks transfer money from inoperative accounts for 10 years to the depositor education and awareness fund (DEAF) scheme of the Reserve Bank of India (RBI). As of 31 March 2021, the DEAF scheme had a balance of Rs31,640.05 crore that are unclaimed deposits transferred by banks,...

Read More



IANS 21 December 2021
In a strange development, the government-backed private sector IDBI Bank Ltd here has revealed three different figures of the alleged loans defaulted by a well-known diamantaire group, surprising banking and diamond industry circles.   Late on Monday, IDBI Bank Ltd, in a regulatory...

Read More



IANS 17 December 2021
The ongoing two-day nationwide bank strike against the privatisation of government banks has affected clearing of cheques worth about Rs37,000 crore, said CH Venkatachalam, general secretary of the All India Bank Employees' Association (AIBEA).   "There are three cheque clearing...

Read More



IANS 15 December 2021
Banking operations in India will be affected on December 16-17 with about 10 lakh bank employees going on strike to protest privatisation of government banks.   The strike call was given by the United Forum of Bank Unions, an umbrella body of nine unions in the banking...

Read More



Moneylife Digital Team 14 December 2021
The non-performing assets (NPAs) of public sector banks (PSBs) have almost doubled over the past seven years to Rs5.40 lakh crore, the Rajya Sabha was informed on Tuesday.    In a written reply, Dr Bhagwan Karad, minister of state for finance, says, between June 2014 to September...

Read More



IANS 14 December 2021
The two-day strike announced by the unions in the banking sector stands as there was no assurance given on deferring the introduction of Banking Laws (Amendment) Bill 2021 in Parliament, said C.H. Venkatachalam, General Secretary, All India Bank Employees' Association (AIBEA).   He...

Read More



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...

Read More



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...

Read More



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...

Read More



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...

Read More



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...

Read More



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...

Read More



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...

Read More



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...

Read More



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...

Read More



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...

Read More



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...

Read More



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...

Read More



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...

Read More

Free Helpline
Legal Credit
Feedback