MONEY & BANKING


Moneylife Digital Team 26 May 2023
The Krishna district consumer disputes redressal commission directed Andhra Bank (now Union Bank of India) to pay a compensation of Rs50,000 with 6% interest for failed electronic clearing service (ECS) and then levying cheque bounce and inward ECS charges from a customer.    In an...

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The founders of ZestMoney, India's digital EMI financing platform, have reportedly resigned as the Goldman Sachs-backed fintech startup has failed to raise fresh capital.   According to a TechCrunch report, its founders Lizzie Chapman, Priya Sharma and Ashish Anantharaman informed...

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Moneylife Digital Team 15 May 2023
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs2.92 crore on Canara Bank for non-compliance with certain directions issued by RBI on know-your-customer (KYC) norms in 2016.   RBI says Canara Bank also flouted various other rules and guidelines such as...

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Moneylife Digital Team 15 May 2023
The Reserve Bank of India (RBI) has cancelled the certificate of registration of seven non-banking finance companies (NBFC), three from Chhattisgarh, two each from Karnataka and Madhya Pradesh. Separately, the central bank has said that 14 NBFCs have surrendered their certificate of...

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Japanese investment giant SoftBank has posted a record $32 billion loss at its Vision Fund for the fiscal year that ended in March 2023, as funding winter continues amid global macroeconomic conditions.   As tech startups valuations continue to dip, the Vision Fund vertical posted a...

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Moneylife Digital Team 04 May 2023
While upholding an order passed by a single judge, a division bench of Bombay High Court (HC) dismissed an appeal filed by Chanda Kochhar, former managing director and chief executive officer (MD&CEO) of ICICI Bank Ltd, seeking post retirement benefits.    In an order, the bench of...

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Ajay Banga, an Indian-origin American, was on Wednesday selected as the President of the World Bank by its executive directors for a five-year term starting June 2.   "The Board looks forward to working with Mr. Banga," the World Bank Board said in a statement.   Banga was the...

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The enforcement directorate (ED) is conducting raids at Kerala's Mannapuram Finance in connection with allegations that the non-banking financial company (NBFC) collected funds from the public without the Reserve Bank of India's approval.   The searches on Wednesday are being carried...

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Moneylife Digital Team 27 April 2023
Indian non-banking financial institutions’ (NBFIs) upcoming results for the financial year ended March 2023 (FY22-23) are likely to underscore continued appetite for brisk credit growth, says Fitch Ratings.    This, the rating agency says, should be supported by resilient domestic...

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The central bureau of investigation (CBI) has filed a case against Gujarat-based Jaihind Projects Ltd (JPL) over allegations of fraud involving loans amounting to Rs627 crore taken from five banks, including IDBI.   The case has been filed against JPL and its directors, Chetan Tolani...

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The State Bank of India (SBI) has moved the Supreme Court (SC) seeking exemption from sharing complete forensic audit reports with borrowers in connection with the 27th March judgement of the apex court.   On 27th March, SC ruled that the banks should give a personal hearing to...

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Banking frauds can be somewhat crude. Take Nirav Modi, for instance. He bribed a bank official to keep giving him facilities far in excess of his approved limits. This was a ‘breach of trust’ by an employee, exacerbated by the failure of the bank’s control systems.   But a ‘con’ is...

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A special CBI (central bureau of investigation) court in Mumbai on Monday sentenced a former Bank of Maharashtra (BoM) AGM (assistant general manager) and several directors of private companies to varying jail terms in connection with a fraud of over Rs3.50 crore, officials said...

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The Central Bureau of Investigation (CBI) has filed a charge sheet against former ICICI Bank MD and chairman Chanda Kochhar, her husband Deepak Kochhar and Videocon Group Chairman Venugopal Dhoot in connection with the ICICI-Videocon loan case.   As of now, the court has not taken...

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Public sector banks (PSBs) have transferred unclaimed deposits (till February 2023) of Rs35,012 crore to the Reserve Bank of India (RBI), the Lok Sabha was informed on Monday.   Among the PSBs, State Bank of India (SBI) tops the list with an unclaimed amount of Rs8,086 crore, while...

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A compliance audit report of the CAG has observed deficiencies in the recapitalisation of public sector banks (PSBs).   The Department of Financial Services (DFS) has recapitalised PSBs for credit growth, meeting the requirement for regulatory capital, equipping better performing PSBs...

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The Enforcement Directorate (ED) on Tuesday said it has attached properties worth Rs 114.19 crore belonging to various defaulter borrowers of Bengaluru-based Sri Guru Raghavendra Sahakara Bank Niyamitha.   The case pertains to the misappropriation of public deposits to the tune of...

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Moneylife Digital Team 24 March 2023
Rating agency ICRA Ltd has revised its outlook to positive from stable for non-banking financial companies - infrastructure finance companies (NBFC-IFCs) on expectations of a continuation of enhanced performance in FY23-24.   In a note, ICRA says overall infrastructure credit...

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Moneylife Digital Team 14 March 2023
While clarifying that no proposal to set up any new bench of the national company law tribunal (NCLT) and national company law appellate tribunal (NCLAT) is under consideration, the Union government says there are 21,205 cases pending before NCLT benches. In 611 cases for corporate insolvency...

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The successive failure of two private banks in the US—Signature Bank and Silicon Valley Bank—though it would result in tightening of liquidity in the global debt markets, the impact will be limited for most of the rated finance institutions in India and the Asia Pacific (APAC) region,...

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