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Moneylife Digital Team 06 March 2023
MTAR Technologies (MTAR) reported another quarter of stellar performance. MTAR is a beneficiary of the clean energy boom. We had earlier covered MTAR in detail here.     In Q3FY22-23, revenue more than doubled y-o-y (year-on-year) to Rs160 crore, driven primarily by growth in...

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Moneylife Digital Team 02 March 2023
While imposing a litigation cost of Rs10,000 and dismissing a revision petition filed by State Bank of India (SBI), the national consumer disputes redressal commission (NCDRC) stated the overall approach and conduct of the Bank concerning the loan transaction with the complainant was not only...

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Moneylife Digital Team 01 March 2023
Market regulator Securities and Exchange Board of India (SEBI) has cancelled the registration certificate of BRH Wealth Kreators Ltd (formerly BMA Wealth Creators Ltd) for multiple offences, including misusing, diverting client's securities and funds, non–redressal of grievances, wrong...

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Moneylife Digital Team 01 March 2023
The Reserve Bank of India has sent show-cause notices to a few asset reconstruction companies (ARCs), seeking answers on why their licences should not be cancelled, says a report quoting two people close to the development. According to the report, the move follows a special audit conducted...

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Moneylife Digital Team 28 February 2023
Dismissing an appeal filed by ICICI Bank Ltd, the national consumer disputes redressal commission (NCDRC) says it sees no reason to disagree with the concurrent findings of both the fora below. Holding the Bank guilty of deficiency in service, the Andhra Pradesh state consumer disputes...

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Ryan Gabrielson  and   J David McSwane (ProPublica) 27 February 2023
This story was originally published by ProPublica.   Bonnie Martin kept the bleeding secret for as long as she could. Her sisters, boyfriend and sons knew nothing of her illness until suddenly, during a family gathering in October 2018 at a diner in Annapolis, Maryland, she began...

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Moneylife Digital Team 24 February 2023
Holding IDBI Bank Ltd responsible for not returning all original title documents of the flat entrusted to them by the home-buyers, the National Consumer Disputes Redressal Commission (NCDRC) asked the lender to pay Rs20 lakh compensation, Rs1 lakh towards mental agony and harassment and...

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Moneylife Digital Team 14 February 2023
Coming down heavily on ICICI Bank Ltd for not keeping safe an original property document of a borrower, the national consumer disputes redressal commission (NCDRC) says there is nothing on record to show that the Bank had conducted any inquiry to fix accountability or undertaken any action to...

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IANS 08 February 2023
The Reserve Bank of India (RBI) will soon come out with draft guidelines on levying of penal charges by its regulated entities, acceptance of green deposits, governor Shaktikanta Das announced on Wednesday.   Announcing the 25 basis points (bps) hike in the repo rate to 6.5%, Das also...

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Moneylife Digital Team 12 January 2023
For those home-buyers who believe in oral promises of builders to pay equated monthly instalments (EMIs) on home loans till possession, here comes a shocker from the apex consumer forum. In a ruling, the National Consumer Disputes Redressal Commission (NCDRC) dismissed complaints filed by...

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Moneylife Digital Team 11 January 2023
Coming down heavily on ICICI Prudential Life Insurance Co Ltd and ICICI Bank Ltd for denying an insurance policy on a home loan and charging excess interest from the borrower, respectively, the National Consumer Disputes Redressal Commission (NCDRC) upheld decisions of the district and state...

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Moneylife Digital Team 03 December 2022
Pointing out an error by an appellate authority, the National Company Law Appellate Tribunal (NCLAT) says that the consortium of four participating banks, including IDBI Bank Ltd, bound themselves while considering their effect in the adjudication of Section 7 (of Insolvency and Bankruptcy...

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Ken Schwencke (ProPublica) 02 December 2022
This story was originally published by ProPublica.   Financial technology firms at the front lines of approving loans through the Paycheck Protection Program — intended to help small businesses survive during the pandemic — lacked fraud controls, chased high fees to the detriment of...

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Moneylife Digital Team 17 November 2022
Personal data breach is increasingly common in the financial services sector. With 59% of respondents claiming that their data has been compromised by loan agencies, 40% allege that it has been the insurance provider and 34% believe that it is the banks that misused their data. It is clear...

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Moneylife Digital Team 31 October 2022
Expressing concern over the mushrooming of digital lending apps or DLAs, many of which do not abide by any regulations or fair practice codes, Shaktikanta Das, governor of Reserve Bank of India (RBI), feels that the technology revolution has opened the backdoor for unregulated technology...

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Moneylife Digital Team 11 October 2022
Buoyancy in securitisation, supported by a favourable macroeconomic scenario and healthy credit demand, resulted in volumes increasing by nearly 70% to Rs73,000 crore in the first half of FY22-23 (H1FY22-23). Mortgage-backed loans formed the largest chunk of total securitised volumes at about...

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IANS 15 September 2022
The enforcement directorate (ED), after conducting raids at multiple locations belonging to payment gateways, viz., Paytm and PayU, in connection with a case of Chinese loan apps, asked Paytm to freeze certain amounts from a few merchant IDs (MIDs).   Sources said the raids were...

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Reserve Bank of India (RBI) governor Shaktikanta Das, while speaking on monetary policy, said recently: “The key to monetary policy calibration lies in understanding the drivers of inflation: global supply chain disruptions, Ukraine-Russia War, external value of rupee, social schemes in the...

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IANS 25 August 2022
Google on Thursday said it has purged more than 2,000 controversial personal loan apps from its Play Store in India in the January-June period after consulting with the law enforcement agencies.   The information came as the Indian government plans to ban 300 such predatory personal...

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IANS 24 August 2022
The rising interest rates scenario in last few months and expectation of further rate hike is expected to impact homebuyers attitude, albeit for the short-term and housing sales too could take a hit, experts believe.   "Just as in the case of falling number of applicants for new home...

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