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Moneylife Digital Team 26 April 2021
The Reserve Bank of India (RBI) has restricted the tenure of a managing director (MD) and chief executive officer (CEO) as well as whole-time director (WTD) to 15 years for all private sector banks including small finance banks (SFBs) and wholly-owned subsidiaries of foreign banks. For State...

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The Reserve Bank of India (RBI) has directed the banks to restrict dividend payouts to 50% in a bid to conserve capital and stay resilient.   In a notification to all the commercial and co-operative banks, RBI said that in view of the continuing uncertainty caused by the ongoing...

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Moneylife Digital Team 22 April 2021
The Reserve Bank of India (RBI) on Thursday cancelled banking licence of Maharashtra-based Bhagyodaya Friends Urban Co-operative Bank Ltd for failing to garner adequate capital and with no prospects of earning for the lender. Almost 98% of the customers and depositors of Bhagyodaya Friends...

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Moneylife Digital Team 22 April 2021
The country’s largest lender, State Bank of India (SBI) has warned people about fraudsters, who are posing as staff of SBI Loan Finance Ltd and offering loans only to defraud them.    SBI has issued an alert on Twitter, stating that it is not associated with any such organisations and...

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From Thursday until May 15, banks in Uttar Pradesh will be open for customers for only four hours on working days.   The banks will be open from 10 a.m. to 2 p.m.   A decision to this effect was taken in view of the surge in Covid cases at a meeting of the State Level Bankers...

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Moneylife Digital Team 12 April 2021
State Bank of India (SBI) has issued a new alert for its customer-depositors about a new fraud taking place under the guise of SBI fixed deposits (FDs).    SBI says it has come across recent reports, where cyber criminals have created online fixed deposits in customers' accounts to...

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Cybercriminals are now using new and advanced techniques to attack mobile-based banking and the geography of attacks has become more diversified and extensive -- especially from a mobile financial malware perspective, a new report said on Sunday.   According to global cybersecurity...

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Housing Development Finance Corporation Ltd (HDFC) has increased interest rates of its various fixed deposit products with different maturities by up to 25 basis points (bps).   The change came into effect on March 30.   The housing finance major is offering an annual interest...

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The Reserve Bank of India (RBI) has said that banks will conduct special clearing operations exclusively for government cheques on March 31 to facilitate accounting of all the government transactions for the current financial year.   In a notification to all scheduled banks along with...

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The Reserve Bank of India (RBI) on Friday extended the restrictions on the withdrawal and deposits in the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank till June 30.   The Maharashtra-based cooperative bank was placed under restrictions with effect from close of business on...

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Banking consumers may face difficulties in getting services from March 27 to April 4 as all banks in the country will largely stay closed or offer curtailed services as the institutions switch to the new financial year. However, customers do not have to worry as ATMs, mobile banking and...

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Moneylife Digital Team 15 March 2021
Suspicious messages asking users to submit a refund application for the disbursement of income tax (I-T) refund have been doing the rounds, with a link that directs users to a webpage looking like the I-T e-filing web page. An investigation by CyberPeace Foundation along with Autobot Infosec...

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While the harassment, humiliation and mental agony of customers in the name of know-your-customer (KYC) updating continue unabated by banks, the regulator has not penalised any lender for failing to adhere to its KYC updating guidelines. Further, the Reserve Bank of India (RBI) has no...

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Several users of the State Bank of India (SBI) have been targeted with a phishing scam where hackers have flooded them with suspicious text messages, requesting them to redeem their SBI credit points worth Rs 9,870.   The link associated with the text messages redirects the user to a...

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IANS 25 February 2021
Strongly opposing Prime Minister Narendra Modi's plans to privatise all public sector banks (PSBs), the Unted Forum of Banking Unions on Thursday said that it could imperil Rs 80 lakh crore hard-earned money belonging to the people.   UFBU Convenor Devidas Tuljapurkar said that the...

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Moneylife Digital Team 22 February 2021
One more bank from the cooperative sector has come under directions from the Reserve Bank of India (RBI). Last week, the Reserve Bank has put Vijayapur, Karnataka-based Deccan Urban Co-operative Bank Ltd under restrictions. For the next six months, account holders and depositors of the bank...

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Moneylife Digital Team 17 February 2021
The office of the Banking Ombudsman (BO) has disposed almost 72.34% of the complaints through mutual settlement or agreement and issued awards in only 68 cases, that is 0.04% of the total 173,958 maintainable cases during 2019-20, reveals a report from the Reserve Bank of India (RBI). The...

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What is the most effective solution to poor service, mis-selling and harassment by banks which are entrusted with your hard-earned savings? Simple. Bank account portability; or the ability to vote with your feet and switch to a better bank. The idea of bank account portability, which will...

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For the third day in a row, the coin-dispensing machine at Canara Bank (a public sector bank or PSB) had a notice stuck on it saying 'Out of order'.    Some customers made a wry face and went away. I decided to march into the manager’s cabin and ask why the machine hadn’t been...

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Moneylife Digital Team 29 January 2021
The Reserve Bank of India (RBI), while releasing a framework for strengthening grievance redress mechanism, has warned supervisory action against banks that fail to improve their redress mechanism in a time-bound manner. Last month Moneylife had written about how the RBI is winding up its...

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