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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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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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