MONEY & BANKING


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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Moneylife Digital Team 01 November 2021
The first meeting of the committee of creditors (CoC) of Srei Equipment Finance Ltd (SEFL) is scheduled to be held on 2nd November at Marriott in  Kolkata under regulation 19 of the Insolvency and Bankruptcy Rules (IBC) 2019.    The CoC is expected to discuss and update on the...

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Moneylife Digital Team/ IANS 01 November 2021
The Jaisalmer police have arrested State Bank of India (SBI)'s former chairman Pratip Chaudhuri from Delhi, based on arrest orders issued by the chief judicial magistrate (CJM) to sell a hotel property at a low price after declaring it a non-performing asset (NPA). Mr Chaudhuri was arrested...

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IANS 01 November 2021
With the window for restructuring under the Resolution Framework 2.0 of the Reserve Bank of India closing on September 30, there was minimal utilisation of it as anticipated.   Less than 1 per cent of the eligible companies opted to restructure their debt through the...

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Indians paid over Rs263 billion on foreign exchange fees in 2020, of which roughly Rs97 billion were hidden as exchange rate markups on currency conversions, payments, and card purchases and the remaining Rs166 billion were spent on transaction fees, a new report showed on...

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Dr Rajendra M Ganatra Dr Rajendra M Ganatra 23 October 2021
In the first part, we saw how bankruptcy could occur due to market forces for a carefully crafted project and financing by the banks after requisite due diligence. That said, bankruptcies in project financed entities are relatively fewer since these are based on proven technologies and...

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Dr Rajendra M Ganatra Dr Rajendra M Ganatra 22 October 2021
Project finance is a structure in which financing for the project is secured and serviced by the project’s assets and cash-flows. A typical project finance structure entails no recourse to the promoter’s existing business except that the promoter undertakes to set up the project as planned...

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Sharpening the attack on Facebook, a group of US Democrats has asked Facebook CEO Mark Zuckerberg to end his digital wallet and cryptocurrency project, adding that the social network can't be trusted to manage cryptocurrency.   In a letter, Senators Brian Schatz (D-Hawaii), Sherrod...

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Moneylife Digital Team 19 October 2021
Gross non-performing assets (NPAs) of Indian banks will rise to 8%-9% this fiscal, well below the peak of 11.2% seen at the end of fiscal 2018. COVID-19 relief measures such as the restructuring dispensation, and the emergency credit line guarantee scheme (ECLGS) will help limit the rise,...

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Moody's has revised the outlook for the Indian banking system to stable from negative suggesting that the deterioration of asset quality since the onset of the coronavirus pandemic has been moderate and an improving operating environment will support asset quality.   In its banking...

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The Central Bureau of Investigation (CBI) has raided at least nine official and residential premises in Mumbai and other parts of Maharashtra in connection with a case for allegedly defrauding the State Bank of India (SBI) and seven other consortium banks to the tune of over Rs862 crore, an...

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