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It is over a decade now that, we, Indians have been putting up with the harassment, humiliation and mental agony of banks arrogantly freezing savings and current accounts for technical reasons, the most common one being non-compliance with frequent updation of know-your-customer (KYC)...

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Technological advances are often expected to benefit everyone. However, it appears that only fraudsters are becoming smarter, leaving common consumers an easy prey. Take, for example, the new fraud taking place where fraudsters are obtaining mobile numbers that are mostly similar to toll-free...

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Maya M 21 January 2021
A personal loan is an unsecured loan for which one does not require any collateral or security or pledge. It is a hassle-free way to meet short-term or medium-term expenses such as renovating your home or temporary financial needs, without preconditions.    Since personal loans are...

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Moneylife Digital Team 18 January 2021
Cyber Dost, a twitter account managed by the union ministry of home affairs, has warned people about a new scam that informs on adding a nominee to their bank account. “Beware of such spoofed information. Such messages may be trick of cyber criminals to defraud you. Always verify from your...

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Moneylife Digital Team 14 January 2021
After the sterling groundwork of Telangana police, officials from across India are arresting app-based lenders, often linked to Chinese companies. Their ruthless recovery tactics have led to a dozen suicides and finally goaded the police into action. These ruthless lenders, charging usurious...

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Moneylife Digital Team 08 January 2021
The Reserve Bank of India (RBI) has issued a cautionary warning regarding a fraudulent method of obtaining sensitive information using phone numbers.    The notice says that a fraud is being committed using mobile numbers similar to banks’ toll-free number. Mobile numbers resembling a...

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“Do you know that RBI is winding up its customer services department and also BCSBI (Banking Codes and Standards Board of India)?” asked a rather agitated former bank chairman who was instrumental in the creation of BCSBI along with the late SS Tarapore.    The dissolution of BCSBI, a...

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IANS 21 December 2020
A day after the Central Bureau of Investigation (CBI) filed a case against Hyderabad-based company Transstroy (India) Ltd for allegedly cheating a consortium of banks of Rs7,926 crore, the Canara Bank clarified that it has an exposure of Rs678.28 crore in the accused company.   In a...

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Once again, the Reserve Bank of India (RBI) has clarified that it has not issued any instructions for linking the existing bank accounts with Aadhaar. This was in response to an application filed by the Software Freedom Law Center (SFLC) under the Right to Information (RTI) Act to check the...

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Moneylife Digital Team 20 November 2020
Credit cards have become a popular and convenient mode to make payments for goods and services. A credit card can help you to improve your credit score, if you spend wisely and make your full payment before the due date. You can also enjoy great discounts, cash-back and good deals that are...

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IANS 18 November 2020
Assuring about 20 lakh depositors of the Lakshmi Vilas Bank (LVB), now under moratorium, that there is no need to panic and all glitches in withdrawal of deposits—subject to a maximum of Rs25,000—will be sorted out, the RBI appointed Administrator TN Manoharan on Wednesday said ATM machines...

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Moneylife Digital Team 17 November 2020
The union government has brought crisis-hit Lakshmi Vilas Bank (LVB) under moratorium till 16 December 2020. During this period, customers of LVB would be able to withdraw only Rs25,000 from their accounts. Separately, the Reserve Bank of India (RBI) while superseding board of directors of...

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Moneylife Digital Team 13 November 2020
Have you been mis-sold a financial product by your bank? Do you have issues related to loans or deposits? Have you been charged wrongly by the bank? Have you experienced problems while using Internet banking or mobile banking? Tired of waiting for your bank’s response? Not getting a...

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Moneylife Digital Team 13 October 2020
Several customers of State Bank of India (SBI) on Tuesday faced issues while conducting online transactions.   In a tweet, SBI says, "Intermittent connectivity issues have delayed making our core banking system available to our esteemed customers today. We hope to be able to...

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IANS 02 October 2020
New guidelines to further secure credit and debit card payments left several cardholders in a fix on Thursday as many of them were not able to make online or contactless transactions.   The reason for such instances, industry insiders pointed out, was due to non-compliance of the...

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IANS 18 September 2020
Google has removed digital payments major Paytm's app from its Play Store for allegedly violating its gambling policies.   "Paytm Android app is temporarily unavailable on Google's Play Store for new downloads or updates. It will be back very soon," the company said in a tweet on...

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IANS 16 September 2020
To reinforce ATM security system, lending major State Bank of India (SBI) has extended its OTP-based cash withdrawal for Rs 10,000 and above throughout the day.   OTP-based cash withdrawal for Rs 10,000 can now be carried out throughout the day across all SBI ATMs in the country...

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IANS 15 September 2020
The Reserve Bank of India (RBI) on Monday directed banks to complete the automation of bad loan recognition and asset classification by 30 June 2021.   In a notification, the RBI said that the processes for NPA identification, income recognition, provisioning and generation of related...

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IANS 15 September 2020
The new Banking Regulation (Amendment) Bill, 2020, introduced by the government on the first day of the Parliament's Monsoon Session, provides the Reserve Bank of India (RBI) powers to restructure cooperative banks.   The Bill was introduced by Finance Minister Nirmala Sitharaman who...

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Moneylife Digital Team 14 September 2020
Well-known bank union leader Subhash Sawant passed away on Sunday morning due to coronavirus (COVID-19). He was general secretary of Indian National Bank Employees' Federation (INBEF). While he fought several battles for bank employees and staff, his remarkable contribution was as a...

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