MONEY & BANKING


Moneylife Digital Team 16 May 2025
A new study by Moneylife Foundation confirms the depth and scale of challenges caused by the rigid enforcement of know-your-customer (KYC) norms, particularly in rural India. What was intended as a safeguard against financial crimes has, in practice, become a significant barrier to financial...

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Chandramouli Mohan 16 May 2025
The Hidden Cost of Falling Short Imagine this: You’re juggling bills, groceries and school fees and one month you dip below your bank’s minimum balance requirement. Next thing you know, your bank slaps you with a penalty. Annoying, right? But wait—there’s more! On top of this penalty, you’re...

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Moneylife Digital Team 16 May 2025
Fugitive diamond merchant Nirav Modi's troubles have deepened once again, as a UK court on Thursday rejected his fresh bail petition. Mr Modi has been in a London prison for nearly six years after losing his extradition battle to face fraud and money laundering charges in India.    The bail...

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Moneylife Digital Team 16 May 2025
Reserve Bank of India (RBI) has imposed penalties of Rs5 lakh on four cooperative Banks and one non-banking financial company (NBFC) for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs2 lakh has been imposed on Karnataka Central Cooperative Bank...

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Moneylife Digital Team 12 May 2025
Reserve Bank of India (RBI) has imposed a penalty of Rs2.72 crore on State Bank of India (SBI) and Jana Small Finance Bank Ltd for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs1.72 crore has been imposed on SBI. Jana Small Finance Bank has been...

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Moneylife Digital Team 09 May 2025
Union Bank of India is facing intense scrutiny after it placed an unusually large book order worth Rs7.25 crore for nearly 200,000 copies of India@100: Envisioning Tomorrow’s Economic Powerhouse, a book authored by former chief economic adviser (CEA) Krishnamurthy V Subramanian. As first...

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The surfacing of the shameful skullduggery in the accounting for derivatives at the IndusInd Bank, presumably, with the connivance of the top echelons, sheds a sordid light on the quality of persons helming such institutions and the lack of supervision, governance and the accountability of the...

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Right to information (RTI) applicant Shiv Kumar Kanoi, who filed over 100 RTI applications including 65 from January to December 2024 to the Central Bank of India’s Kolkata and Mumbai branches, with the same number of first appeals and second appeals, was reprimanded with all his appeals being...

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Moneylife Digital Team 09 May 2025
As many as four non-banking finance companies (NBFCs) have surrendered their registration certificates to the Reserve Bank of India (RBI), while the regulator cancelled the registration of one NBFC and an asset reconstruction company (ARC). The reasons for surrendering registration include...

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Moneylife Digital Team 09 May 2025
In a landmark cross-border investment, Japan’s Sumitomo Mitsui Banking Corporation (SMBC) has entered into a definitive agreement to acquire a 20% stake in Yes Bank, becoming the Indian lender’s largest shareholder. The deal, involving a combination of secondary stake purchases, marks a pivotal...

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Moneylife Digital Team 09 May 2025
Reserve Bank of India (RBI) has imposed a penalty of Rs4 lakh on five cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs1.50 lakh has been imposed on Nicholson Cooperative Town Bank Ltd from Tamil Nadu.   Other banks penalised...

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Debayan Roy (Bar  and   Bench) 09 May 2025
The Supreme Court on Friday emphasised that courts must not order takedown of media reporting of court proceedings without valid reason at the cost of public debate and impartiality.   The Bench of Justices Abhay S Oka and Ujjal Bhuyan added that there must be a robust debate for the...

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The Leaflet 09 May 2025
On Thursday, the chief justice of India (CJI) sent a missive to the President of India and the Prime Minister, along with a copy of the report of the in-house inquiry which is learnt to have found allegations against Justice Yashwant Varma credible.    The letter from CJI Sanjiv Khanna also...

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Moneylife Digital Team 07 May 2025
Reserve Bank of India (RBI) has imposed a total penalty of Rs13 lakh on four Maharashtra-based cooperative banks for failing to follow directions issued by the banking regulator. The highest penalty of Rs7.50 lakh has been imposed on Pusad Urban Cooperative Bank Ltd.   The other cooperative...

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Moneylife Digital Team 05 May 2025
Reserve Bank of India (RBI) has imposed a penalty of Rs2.52 crore penalty on ICICI Bank Ltd, Axis Bank Ltd, Bank of Maharashtra (BoM), IDBI Bank Ltd and Bank of Baroda (BoM) for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs97.80 lakh has been...

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Moneylife Digital Team 02 May 2025
The national consumer disputes redressal commission (NCDRC) has upheld an order directing the State Bank of Travancore (SBT), now State Bank of India (SBI), to refund the outstanding loan amount and pay compensation to the widow of a deceased home loan borrower, holding the bank accountable for...

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Moneylife Digital Team 02 May 2025
Following the exit of two topmost executives, the Reserve Bank of India (RBI) has approved setting up a two-member committee of executives to discharge the duties, roles and responsibilities of the chief executive officer (CEO) of IndusInd Bank. In the past two days, Sumant Kathpalia, managing...

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Debayan Roy (Bar  and   Bench) 30 April 2025
In a landmark judgment, the Supreme Court on Wednesday ruled that digital access is a fundamental right and issued a slew of directions to ease the Know-Your-Customer (KYC) process for acid attack survivors who may have suffered eye injuries and other persons who may suffer visual impairment or...

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Moneylife Digital Team 29 April 2025
IndusInd Bank Ltd, which has been under severe scrutiny after reporting discrepancies in its derivatives portfolio, saw the resignations of two top executives. Sumant Kathpalia, managing director and chief executive officer (MD&CEO) of the Hinduja group-promoted lender, resigned on Tuesday, a...

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Moneylife Digital Team 28 April 2025
Reserve Bank of India (RBI) has imposed penalties of Rs2.96 crore on Indian Bank, Indian Overseas Bank (IOB) and Mahindra & Mahindra (M&M) Financial Services Ltd, a non-banking financial company (NBFC), for non-compliance with the directions issued by the banking regulator. The highest penalty...

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