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IANS 02 January 2023
Efforts to connect the poorest of the poor with banks are underway throughout the country, so that the amount of subsidies provided by the government can go directly to their bank accounts. However, it is surprising that 4,837 branches of several banks have been closed in the past two...

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IANS 16 December 2022
Cyber criminals allegedly withdrew cash ranging from Rs7,000 to Rs24,000 from as many as 147 accounts in different banks in Dhanbad district of Jharkhand by using the fingerprints of account holders after cloning them. Complaints regarding the matter have been made to the cyber police as well...

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IANS 21 October 2022
The Competition Commission of India (CCI) on Thursday approved the acquisition of 10% stake in Yes Bank Limited by CA Basque Investments.   The proposed combination pertains to CA Basque acquiring up to 10% of the total paid up share capital and voting rights of Yes Bank, by way of...

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IANS 17 August 2022
Taking prompt action against online fraud, the state crime branch of Haryana police on Wednesday said it has managed to freeze Rs30 lakh transaction that had been siphoned off by a cyber fraudster from a company in Panchkula.   In addition, the cyber team has also assisted the victims...

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Moneylife Digital Team 08 August 2022
Customers of registered credit bureaus can now approach the Reserve Bank of India (RBI) for faster resolution of their credit scores and related complaints. Credit information companies (CICs), more commonly known as credit bureaus, will be included under the central bank’s integrated...

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Moneylife Digital Team 27 July 2022
The amount of unclaimed deposits is on the rise despite repeated public awareness campaigns undertaken by the Reserve Bank of India (RBI) and the banks.   RBI is now encouraging people who have not claimed their deposits to reach out to the respective banks for such deposits....

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Moneylife Digital Team 21 June 2022
Private sector lender Yes Bank on Tuesday announced the launch of floating-rate fixed deposit (FD) for domestic customers. In this new product, the interest rate will keep fluctuating based on the changes in repo rate, allowing the customers of the Bank to enjoy dynamic returns on their fixed...

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Moneylife Digital Team 04 June 2022
A minority shareholder group of 11 shareholders, constituting  a total shareholding of around 13.67%, has called for an extraordinary general meeting (EGM) flagging concerns about the working of Dhanalaxm Bank. The causes for calling this meeting, as stated by those requisitioning the EGM,...

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Moneylife Digital Team 01 June 2022
According to the just-released Reserve Bank of India's (RBI) annual report, during FY21-22, 79,669 fake notes of Rs500 were detected, which is 101.9% higher in comparison to FY20-21’s figure of 39,453 notes. On the other hand, 13,604 fake notes of Rs2,000 were detected in FY21-22, 54.6%...

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Moneylife Digital Team 09 November 2021
Banking malware threats are sharply increasing as cybercriminals target the rising popularity of mobile banking on smartphones, with plots aimed at stealing personal banking credentials and credit card information, says a report.   The Nokia 2021 Threat Intelligence Report, based on...

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Moneylife Digital Team 18 August 2021
In a path-breaking judgement the Gondia District Consumer Disputes Redressal Commission has directed the State Bank of India (SBI) to reverse the disputed transaction of Rs18.36 lakh into the customer's bank account.   The Commission even directed SBI to recover the money from the...

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Moneylife Digital Team 14 August 2021
The Reserve Bank of India (RBI) has cancelled licence of Panvel-based Karnala Nagari Sahakari Bank as the bank does not have adequate capital and earning prospects. RBI says 95% of depositors of the bank will receive full amounts of their deposits from Deposit Insurance and Credit Guarantee...

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Moneylife Digital Team 11 August 2021
Indian banking customers are being targeted by a new type of phishing attack using the ngrok platform (a web service provider). The malicious actors have abused the ngrok platform to host phishing websites impersonating internet banking portals of Indian banks. Using these phishing websites,...

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Rajendra H Gill 07 August 2021
The Reserve Bank of India (RBI) has done it again.   The public auction, yesterday, of the new benchmark 10-year GSec (6.10% GS2031) witnessed decent investor participation with a bid-cover ratio of 1.60. However, RBI rejected ALL bonafide bids for Rs14,000 crore on offer for this...

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Moneylife Digital Team 04 August 2021
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs50.35 lakh on Janalaxmi Co-operative Bank from Nashik for non-compliance with its directions.   The banking regulator said that the Janalaxmi Co-operative Bank did not follow directions issued on 'Placement of...

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IANS 03 August 2021
To safeguard the interest of its customers, the State Bank of India (SBI) has launched a new security feature -- SIM Binding in YONO and YONO Lite.   The new version of these platforms will protect customers from various digital frauds. With the SIM Binding feature, YONO and YONO Lite...

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Moneylife Digital Team 30 July 2021
As if the pains caused by the coronavirus (COVID) pandemic were not enough for businesses, banks from across the country are either freezing or closing current accounts of customers.   Banks are citing a circular issued by the Reserve Bank of India (RBI) in August 2020 titled 'Opening...

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Moneylife Digital Team 30 July 2021
The Reserve Bank of India (RBI) has cancelled the license of Goa-based Madgaum Urban Cooperative Bank, with effect from 29 July 2021. This bank is latest to add to a long list of badly-run banks whose licenses have been cancelled by the RBI after their poor performance.   The banking...

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Moneylife Digital Team 28 July 2021
With the Union cabinet clearing the Deposit Insurance & Credit Guarantee Corporation (DICGC) Bill 2021, depositors can expect to receive their money back within 90 days from Reserve Bank of India (RBI) declaring moratorium on their bank.    In a media briefing, finance minister...

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Moneylife Digital Team 26 July 2021
Giving a big relief to nominees of a depositor of Senior Citizen Savings Scheme (SCSS), the Indian Banks’ Association (IBA) has asked its member banks not to levy any penalty on withdrawal from the scheme by a nominee or legal heir after the death of the account-holder.   In a...

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