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Zafar Abbas (IANS) 14 September 2020
Online fraudsters might have mastered the art of duping people with various new stratagems but their inability to communicate fluently in English has limited their reach to the Hindi-speaking belt. An analysis of complaints received on the National Cyber Crime Reporting Portal reveals that...

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Moneylife Digital Team 10 September 2020
In a bid to promote digital transactions, ICICI Bank reportedly plans to impose a 'Cash Transaction Charge' on customers who go to a bank branch and deposit their EMI (equated monthly installment) in cash to repay loans.    The move has caused consternation for two reasons – first, it...

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IANS 10 September 2020
The Supreme Court on Thursday asked the Centre to consider a plea for not charging interest on interest on deferred EMIs during the moratorium period and also not downgrade the credit/asset classification of the borrowers.   A bench headed by Justice Ashok Bhushan, R Subhash Reddy and...

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IANS 10 September 2020
As part of the EASE Reforms, public sector banks (PSBs) on Wednesday launched the doorstep banking service that will bring convenience of banking services to the customers at their homes through the universal touch points of the call centre, web portal or mobile app.   The new service...

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ZAFAR ABBAS (IANS) 08 September 2020
Fraudsters are now cashing on the trust and goodwill of the Indian Army and paramilitary forces to cheat people online. A web is woven around potential buyers or sellers on sites such as OLX and Quikr and people are lured by either the promise of a second-hand car in good condition or any...

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Moneylife Digital Team 09 July 2020
When it comes to ease of doing business, it is not merely the government and its bureaucracy that adds to hardship and inconvenience. Private banks, which are supposed to be tech savvy and smarter than their public sector counter-parts are no different.    Despite clear rules of the...

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Even as some of us, in states like Maharashtra, begin the fourth month in lock-down, the rest of the country seems determined to put COVID-19 behind it. This has two significant financial implications for all of us. First, several concessions offered during the lock-down have been rolled...

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Moneylife Digital Team 22 June 2020
A committee appointed by the Reserve Bank of India (RBI), headed by chief executive of Indian Banks’ Association (IBA) and consisting of representatives from all stakeholders, except bank customers, has recommended an increase in interchange charges for all transactions carried out on...

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It has been a few years since the Reserve Bank of India (RBI) had allowed financial institutions and merchants to use contactless credit or debit cards for transactions. However, several customers are still apprehensive about using such contactless cards, especially about payment being...

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Moneylife Digital Team 30 May 2019
HDFC Ltd, India’s premier housing finance company has disbursed subsidy amounting to over Rs2,300 crore benefitting over 1,04,000 families under the government’s flagship housing scheme - Pradhan Mantri Awas Yojana (PMAY).   The corporation has approved Rs22,136 crore of home loans...

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Nishant Vivek 21 January 2019
If you are a growing business or want to widen your reach by tapping into the online market then you must be able to accept credit card payments. By accepting credit card payments your business can witness up to a 40% boost in sales. So, put the right software and hardware in place so as to...

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When it comes to bank-related problems, there are no class barriers—each one of us is equally at risk and at the mercy of abysmal grievance redress system. Consider the stories of these two harried bank customers that Moneylife Foundation has been trying to help.    Prakash Awadhesh...

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Moneylife Digital Team 27 June 2018
A Special Court on Wednesday granted bail to Ravindra Marathe, managing director (MD) and chief executive officer (CEO) of Bank of Maharashtra (BoM). Last week, Marathe, along with five others were arrested by the Pune Police in the DS Kulkarni fraud and cheating case.   SN Sardesai,...

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Moneylife Digital Team 27 June 2018
Lenders to Alok Industries Ltd took a haircut of 84% in approving Reliance Industries Ltd (RIL)-JM Financial Asset Reconstruction Company (ARC)’s resolution plan to take over the bankrupted textile company. However, in a statement, DT Franco, General Secretary of All India Bank Officers'...

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Shrikrishna Kachave 26 June 2018
Every day for the past two months, even existing customers of Axis Bank have received a promotional mailer captioned - "Get Your Zero Balance AXIS ASAP Savings Account in 3 Easy Steps”. For the first time in its history, the Reserve Bank of India’s (RBI) has also woken up to the need to...

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V Jayaraman 26 June 2018
Last week a consortium of Reliance Industries Ltd (RIL) and JM Financial Asset Reconstruction Co (ARC) succeeded in their bid for Alok Industries Ltd. This may appear as a great success of a bad loan resolution attempt but it is in fact a sad day in the history of Indian banking. The...

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According to news reports, the Life Insurance Corp of India (LIC) will now buy shares in IDBI Bank from the government of India. Logically the price should not exceed one rupee for the entire lot (one rupee so that there is some accounting entry possible). Of course, if wound down, the...

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Moneylife Digital Team 25 June 2018
Without even understanding the meaning of orders passed by the Supreme Court or reading the notification issued by Ministry of Finance, several banks are found harassing customers for want of Aadhaar. In fact, to her utter shock, Anoo Bhuyan, a journalist, found three of her bank accounts...

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Moneylife Digital Team 23 June 2018
A consortium of Reliance Industries Ltd (RIL) and JM Financial Asset Reconstruction Co (JMFARC) got debt-ridden Alok Industries Ltd for just about Rs5,000 crore out of which lender would get about Rs4,700 crore. Since Alok Industries owe a whopping Rs29,600 crore to lenders, the bankers have...

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Moneylife Digital Team 21 June 2018
Political and social activists, academics and financial analysts included, a large number of people gathered at the inaugural of Peoples’ Convention on Infrastructure Financing in Mumbai, ahead of the Annual Meeting of Asian Infrastructure Investment Bank (AIIB), decried investments of AIIB...

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