MONEY & BANKING


IANS 08 December 2023
For the employees of public sector banks (PSBs), 2023 ends on a happy note as the Indian Banks' Association (IBA) on Thursday inked a 17 per cent annual wage hike agreement with bank unions.   The wage revision will be effective from 1.11.2022 for a period of five years.   The...

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Moneylife Digital Team 06 December 2023
Holding State Bank of India (SBI) and SBI Life Insurance Co Ltd (SBI Life) guilty of unfair trade practice and deficiency in service in rejecting the death insurance claim of a borrower of a home loan, the national consumer disputes redressal commission (NCDRC) directed them to settle the...

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IANS 05 December 2023
Days after registering the case in connection with the suspicious transaction case of Rs 820 crore from the UCO Bank, the Central Bureau of Investigation (CBI) on Tuesday said that it has carried out searches at 13 locations in West Bengal and Karnataka at the premises of accused and others...

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IANS 30 November 2023
The Enforcement Directorate (ED) said on Wednesday that it carried out searches at seven locations in Mumbai, Delhi and Pune in connection with a money laundering case related to a bank fraud to the tune of Rs 22,842 crore involving ABG Shipyard Limited and others.   The financial...

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IANS 29 November 2023
HSBC is facing a 'hit' of more than £6.3bn (billion) as a result of unsecured commercial property loans in China, a UK-based tax consultant has warned, a media report said.   Payments and banking consultant Bob Lyddon branded the situation as a ‘disaster’, and warned of a 'financial...

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IANS 29 November 2023
The Delhi High Court has said that banks should respond diligently to information requests from the Cyber Crime cells of police.   While addressing cases related to fraudulent transactions and duping of customers, Justice Prathiba M Singh directed several banks to submit their...

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Moneylife Digital Team 27 November 2023
Referring to the recent mobile payment service (IMPS—immediate payment service) glitch resulting in an erroneous transfer of Rs820 crore to various account-holders of UCO Bank, Bank Bachao Desh Bachao Manch (BBDBM or Manch), a civil society organisation, has suggested four measures to protect...

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I have the pride and honour of serving, for 28 years, the State Bank of India (SBI), till February 1994 and as a pensioner for the past 29 years. But the SBI I served is certainly different from the SBI now as it is now SBI plus seven associates assimilating diverse cultures of the...

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Moneylife Digital Team 24 November 2023
Calling for reviewing of mis-selling of third-party products, especially IndiaFirst Life Insurance (IFLI) policies, the Bank of Baroda Officers' Union (BoBOU) has requested the top management to delink the insurance product from employees. Bank of Baroda owns a 65% stake, while Carmel Point...

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In the past, banks were known for high-ceilinged banking halls, gloomy staff and tons of paper. Since the arrival of computers in the late 1980s, banks began to change, but not entirely.   A quick look at today’s banks:   - ‘Brick & mortar’ branches continue, but with a...

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Moneylife Digital Team 23 November 2023
The latest notification by the Reserve Bank of India (RBI) to increase the risk weights for consumer credit exposure (mainly on unsecured asset classes) of banks and non-banking financial companies (NBFCs) by 25% is likely to impact the loan sell-downs of personal loan retail pools which had...

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IANS 22 November 2023
Reserve Bank of India (RBI) governor Shaktikanta Das on Wednesday expressed grave concern over the high 'concentration' of credit that non-banking finance companies (NBFCs) were availing from banks to finance their lending operations and said this has emerged as 'a risk' in the...

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Moneylife Digital Team 18 November 2023
Reserve Bank of India (RBI)'s former governor, S Venkitaramanan, passed away Saturday morning in Chennai due to illness. The 92-year-old officer from the Indian Administrative Service (IAS) is survived by his two daughters, Girija and Sudha, and their families. Mr Venkitaramanan was RBI...

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Moneylife Digital Team 17 November 2023
In a shocking incident, UCO Bank revealed that due to technical issues in IMPS (immediate payment service), certain transactions initiated by other bank account-holders resulted in credit to its account-holders without actual receipt of money from these banks. UCO Bank says it blocked...

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Moneylife Digital Team 11 November 2023
Dhruba Narayan (DN) Ghosh, an authority in banking and financial history, a bureaucrat, banker, professor and corporate leader, passed away in Kolkata. The former chairman of State Bank of India (SBI) was 95 and is survived by his wife and daughter. In a statement, SBI says it was very...

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The Bombay High Court has refused to squash the arrest and remand of Naresh Goyal, founder of Jet Airways, by the enforcement directorate (ED) on 1st September on charges of money laundering. On 7th November, the Court dismissed his plea challenging his arrest as being ‘illegal’, noting there...

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Moneylife Digital Team 03 November 2023
UPDATED at 9.50am on 3 November 2023 After facing a backlash on social media, UCO Bank has decided to withdraw its letter for distributing sweet packets to the top-10 account-holders with non-performing assets (NPAs) in each branch for Diwali. On 1st November, in one more example of...

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Rana Mitra (The Leaflet) 01 November 2023
The third and final part of this three-part series does a deep-dive into NABARD and some important milestones in its development, and suggests a way forward.   —   NABARD and climate action in the light of global trend of banking    NABARD is the national implementing...

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IANS 01 November 2023
Unified Payment Interface (UPI) transactions soared to an all-time high of Rs17.16 lakh crore in October with a 9% increase from Rs15.8 lakh crore in September this year, according to data.   In volume terms also the number of transactions touched a record 11.41 billion, up 8%...

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IANS 01 November 2023
A team of bank employees, who had gone to a village in Uttar Pradesh's Gonda district to recover a loan, was allegedly attacked and taken hostage by the loan defaulter and his supporters, police said on Wednesday.   The bank employee was later rescued by the police and a case has been...

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