MONEY & BANKING


Moneylife Digital Team 19 August 2022
The Reserve Bank of India (RBI), in a discussion paper on charges in the payments system, has flagged capping credit card fees as one of the issues to be considered. According to the report, the same limit the RBI applies on debit card fees could be made applicable to credit cards, and banks...

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Moneylife Digital Team 19 August 2022
The Reserve Bank of India (RBI) on Thursday said the licence of Deccan Urban Cooperative Bank, Karnataka, has been cancelled as the lender does not have adequate capital and earning prospects. As per the data submitted by the bank, more than 99% of the depositors are entitled to receive the...

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Most banks are increasing their deposit rates for boosting deposits to support rising credit offtake as liquidity in the banking system has narrowed.   The hike in deposit rates is in line with the Reserve Bank of India's (RBI) 50bps (basis points) hike in repo rate in the August...

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The IFSO (Intelligence Fusion and Strategic Operations) unit of Delhi police's special cell has busted a gang of cheats who were engaged in duping the HDFC Bank by opening accounts on the basis of forged documents, and arrested two people in this connection, police said on...

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Yogesh Sapkale Yogesh Sapkale 10 August 2022
While public sector banks (PSBs) continue to refuse to share names of big defaulters citing 'confidentiality of customer data', information shared by the Reserve Bank of India (RBI), reveals that just 312 big defaulters owe more than 76% or Rs1,41,583.50 crore of the total bad...

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Moneylife Digital Team 10 August 2022
The Reserve Bank of India (RBI) on Wednesday said it has cancelled the licence of Rupee Co-operative Bank Ltd (RCB), Pune in compliance with the Bombay High Court order dated 12 September 2017. The order shall become effective after six weeks from today.    Consequently, the Bank will...

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Moneylife Digital Team 08 August 2022
The directorate of enforcement (ED) has recorded around 515 cases of bank fraud in public and private sector banks, under the provisions of the Prevention of Money Laundering Act (PMLA), from 2014 to 2022. Further, it has attached properties worth Rs47,099 crore in bank fraud cases and has...

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Moneylife Digital Team 08 August 2022
The Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the Reserve Bank of India (RBI), has insured 49% of assessable deposits out of total bank deposits of Rs1.65 lakh crore, the Union government informed the Lok Sabha.    In a written reply, the...

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Masayoshi Son, Founder and CEO of Japanese investment group Softbank, on Monday warned unicorns and startups to prepare for a harsh and longer funding winter ahead, as the company posted disastrous results for the second straight quarter this year.   In the earnings call after...

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Yogesh Sapkale Yogesh Sapkale 05 August 2022
Scheduled commercial banks (SCBs) have written off non-performing assets (NPAs) worth over Rs9.92 lakh crore during the past five financial years (FYs), the Rajya Sabha was informed. While public sector banks (PSBs) have refused to share with citizens the names of big defaulters under the...

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Moneylife Digital Team 04 August 2022
Launched amidst much fanfare in 2014 with a catchy slogan of "Mera Khata, Bhagya Vidhata" (my account, fate restorer), the Pradhan Mantri Jan-Dhan Yojana (PMJDY) still has nearly 18% of bank accounts that are inoperative, the Rajya Sabha was informed.   In a written reply, Dr Bhagwat...

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The enforcement directorate (ED) on Wednesday attached assets totalling Rs415 crore in Yes Bank-DHFL Fraud case.   The agency attached the assets worth Rs251 crore of Sanjay Chhabria and the assets worth Rs164 crore of Avinash Bhosale.   The attached assets of Sanjay Chhabria...

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The Enforcement Directorate (ED) on Tuesday said it has attached 75 immovable properties including 67 windmills valued at Rs 113.32 crore belonging to the Chennai-based Surana Group of Companies in connection with three cases of Rs 3,986 crore bank fraud.   The ED had initiated money...

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The Chennai-based public sector Indian Bank has admitted to a major loan default of Rs279 crore by the realty group, Housing Development & Infrastructure Ltd (HDIL) Mumbai, and its suspended directors—Rakesh Kumar Wadhawan and son Sarang Wadhawan.   HIDL and the Wadhawans are already...

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Moneylife Digital Team 26 July 2022
During the past five years, public sector banks (PSBs) have reported 32,839 cases of fraud worth Rs87,284 crore, the Rajya Sabha was informed.    In a written reply, minister of state for finance Dr Bhagwat Karad says, “As per Reserve Bank of India (RBI) data, PSBs reported 2,369...

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The central bureau of investigation (CBI) on Monday filed its supplementary charge-sheet in connection with the Rs3,700 crore Yes Bank-DHFL (Dewan Housing Finance Corporation Limited) loan fraud case.   "A supplementary charge sheet has been filed today against Avinash N. Bhosale,...

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Yogesh Sapkale Yogesh Sapkale 22 July 2022
State Bank of India (SBI) has again refused to share the names of borrowers who owe Rs100 crore or more, even with its shareholder. Over the past nine years, from FY13-14 up to FY21-22, SBI has written off bad loans of over Rs145,248 crore of big defaulters, while recovering just over 13%...

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Moneylife Digital Team 19 July 2022
The Indian government holds just a 57.6% stake in the country's largest lender State Bank of India (SBI), and the highest 98.25% stake in Punjab & Sind Bank as of March 2022, the Rajya Sabha was informed. Ten years ago, the government's stake in SBI was 61.58%, which has come down to 57.59%...

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Moneylife Digital Team 14 July 2022
Mounting repayment pressure for some borrowers amid India's interest rate hikes, particularly for micro-, small- and medium-sized enterprises (MSMEs), will test banks' loan underwriting quality. However, asset-quality risks from higher rates should generally be moderate for most banks, says a...

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Moneylife Digital Team 12 July 2022
The Reserve Bank of India (RBI) on Monday said it has imposed penalty on three cooperative banks, including Maharashtra-based The Nasik Merchant's Co-operative Bank, for deficiencies in regulatory compliance. In a statement, RBI said a penalty of Rs37.50 lakh has been imposed on The...

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