MONEY & BANKING


Moneylife Digital Team 20 January 2025
The Mumbai office of the directorate of enforcement (ED) has restituted immovable properties worth Rs289.54 crore to the competent authority appointed under the Maharashtra Protection of Interest of Depositors (MPID) Act by the Maharashtra government in the case of the Pen Cooperative Urban...

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Moneylife Digital Team 20 January 2025
Reserve Bank of India (RBI) has imposed a penalty of Rs1.75 lakh on Mukkuperi Cooperative Urban Bank Ltd from Tamil Nadu for non-compliance with specific directions issued by RBI under the supervisory action framework (SAF), on loans and advances to directors, their relatives and firms or...

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Moneylife Digital Team 17 January 2025
Reserve Bank of India (RBI) has imposed a penalty of Rs5 lakh on Parbhani District Central Cooperative Bank (DCC) Ltd from Maharashtra for contravention of provisions of Section 20 and Section 26A of the Banking Regulation Act (BR Act).   The statutory inspection of Parbhani DCC Bank was...

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Moneylife Digital Team 15 January 2025
Small finance banks (SFBs) witnessed a strong growth momentum in FY22-23 and FY23-24, with expansion driven by buoyant credit demand and improved product offerings. However, given the industry-wide headwinds, specifically in the microfinance segment, rating agency ICRA expects SFB growth to...

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Moneylife Digital Team 15 January 2025
The Reserve Bank of India (RBI) has cancelled the certificates of registration (CoR) of 10 non-banking financial companies (NBFCs) based in West Bengal, citing supervisory concerns.   The companies affected by this action include East India Leasing Company Ltd, Kakrania Trading Pvt Ltd,...

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Moneylife Digital Team 14 January 2025
Shares of State-run Indian Overseas Bank (IOB), Bank of Maharashtra (BoM), Punjab & Sind Bank, UCO Bank and Central Bank of India jumped nearly 13% to 20% Tuesday amid reports about the Union government approving fundraising plans for these public sector banks (PSBs).    IOB was the biggest...

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Moneylife Digital Team 14 January 2025
As many as seven non-banking financial companies (NBFCs) have surrendered their certificates of registration (CoR) to the Reserve Bank of India (RBI). Of these, four have chosen to exit the NBFC business entirely. According to RBI, two NBFCs ceased operations due to corporate actions such as...

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Moneylife Digital Team 14 January 2025
Reserve Bank of India (RBI) has imposed penalties of Rs3.75 lakh on five cooperative banks from Tamil Nadu for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs2 lakh has been imposed on Kamaraj Cooperative Town Bank Ltd.   The other cooperative...

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Ratna Singh (Bar  and   Bench) 10 January 2025
The Bombay High Court recently criticised the Indian Overseas Bank (IOB) for apathetically refusing to roll back a decision to transfer an employee to Chennai on promotion, even though the employee was willing to give up the promotion to take care of her disabled child in Mumbai.   A Bench of...

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Moneylife Digital Team 10 January 2025
The Reserve Bank of India (RBI) has cancelled the certificates of registration (CoR) of 10 non-banking financial companies (NBFCs) based in West Bengal, citing supervisory concerns.     The companies affected by this action include Adhay Equi Pref Pvt Ltd, Agarani Credit and Finvest Pvt Ltd,...

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Moneylife Digital Team 10 January 2025
Reserve Bank of India (RBI) has imposed penalties of Rs19.50 lakh on four cooperative Banks and a non-banking financial company (NBFC) for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs17.50 lakh has been imposed on Janata Sahakari Bank Ltd from...

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Moneylife Digital Team 31 December 2024
Reserve Bank of India (RBI) has cancelled the certificate of registration (CoR) of Bihar-based Vaishali Shahari Vikas Cooperative Bank Ltd due to inadequate capital and the lender's poor earning prospects. RBI has asked Vaishali Shahari Vikas Cooperative Bank to stop banking business from 30...

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Moneylife Digital Team 31 December 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs51.40 lakh on five cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs36.40 lakh has been imposed on Punjab Gramin Bank.   Other banks penalised by RBI are Yavatmal Urban...

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Moneylife Digital Team 30 December 2024
While the total number of employees of private sector banks surpassed that of public sector banks (PSBs) during FY23-24, their attrition has increased sharply over the past three years, with an average attrition rate of around 25%, according to data released by Reserve Bank of India (RBI)....

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Moneylife Digital Team 27 December 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs5.50 lakh on four cooperative banks from Karnataka for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs3 lakh has been imposed on Bengaluru-based Bharat Cooperative Bank Ltd.   Other banks...

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Moneylife Digital Team 27 December 2024
The Reserve Bank of India (RBI) has raised concerns about the growing risks associated with unsecured lending and private credit markets, urging heightened vigilance amidst a cooling credit growth environment. In its annual report on Trends and Progress of Banking in India 2023-24, RBI...

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Moneylife Digital Team 26 December 2024
While the number of bank frauds was significant during the first half (H1) of FY24-25, the amount involved in these cases jumped more than eight-fold to Rs21,367 crore, according to data from the Reserve Bank of India (RBI).   In its Report on Trend and Progress of Banking in India 2023-24,...

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Moneylife Digital Team 26 December 2024
The Reserve Bank of India (RBI) announced the setting up of an eight-member committee to develop a framework for responsible and ethical enablement of artificial intelligence (FREE-AI) in the financial sector. In the December monetary policy review, RBI's former governor Shaktikanta Das...

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Moneylife Digital Team 24 December 2024
Reserve Bank of India (RBI) has imposed a total penalty of Rs12.10 lakh on five cooperative banks from Gujarat for non-compliance with the directions issued by the banking regulator.   The banks penalised by RBI are: Thasra People’s Cooperative Bank Ltd, Chanasma Commercial Cooperative Bank...

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Moneylife Digital Team 23 December 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs47.30 lakh on IndusInd Bank and Manappuram Finance Ltd for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs27.30 lakh has been imposed on IndusInd Bank.   IndusInd Bank has been fined for...

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