MONEY & BANKING


Moneylife Digital Team 30 September 2022
After maintaining the status quo for small savings rates for 27 months (nine quarters), the finance ministry has hiked interest rates on some of the small savings schemes for October-December.   Interest rates were marginally hiked for 2-year and 3-year time deposits, senior citizens...

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Yogesh Sapkale Yogesh Sapkale 27 September 2022
Whenever anyone questions bad loans of scheduled commercial banks, the Union government and banking regulator often claims that written off does not mean that there would not be a recovery of dues. However, data available in the public domain from TransUnion CIBIL Ltd (CIBIL) shows that as of...

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IANS 27 September 2022
Non-banking finance companies (NBFCs), including housing finance companies (HFCs), are expected to report around 14 per cent year-on-year growth in assets under management in current financial year, India Ratings said in a report.   "GNPA could rise moderately to 5% in FY23 from 4.6%...

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Yogesh Sapkale Yogesh Sapkale 26 September 2022
Bank of Baroda (BoB), the second largest public sector bank (PSB), has written off bad loans worth Rs44,481.24 crore of big defaulters with an outstanding of Rs100 crore and more over the past 10 years. During the same period, BoB managed to recover just 25% of the written-off debt, as per...

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Yogesh Sapkale Yogesh Sapkale 24 September 2022
Following the footsteps of State Bank of India (SBI) and Bank of Maharashtra, another public sector lender, Indian Overseas Bank (IOB), has decided to keep hidden this year the names of big defaulters who have borrowed Rs100 crore and more, which were written off from its books. As reported...

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Moneylife Digital Team 23 September 2022
The Bombay High Court (HC) has suspended the operation of the Reserve Bank of India (RBI) order cancelling the banking licence of the 110-year old Rupee Co-op Bank Ltd, which was to come into effect from 22nd September. On the day on which the Bank was to cease operations, the HC has offered...

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Moneylife Digital Team 23 September 2022
The Reserve Bank of India (RBI) on 22nd September announced that it has cancelled Solapur-based The Laxmi Co-operative Bank Limited, citing the lender lacks adequate capital and earning prospects.   The Bank ceases to carry on banking business, with effect from the close of business...

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IANS 23 September 2022
The Reserve Bank of India (RBI) on Thursday directed Mahindra & Mahindra Services Ltd, Mumbai (MMFSL), to immediately cease carrying out any recovery or repossession activity through outsourcing arrangements, till further orders.   In other words, the company was directed not to use...

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IANS 20 September 2022
The Central Bureau of Investigation (CBI) on Monday filed a charge-sheet against Rana Kapoor, the then managing director (MD) and chief executive officer (CEO), Yes Bank Ltd, and Gautam Thapar, chairman, Avantha group and Oyster Buildwell Pvt Ltd in connection with Rs466.51 crore bank fraud...

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IANS 20 September 2022
The Delhi High Court on Monday allowed an appeal by Tata Sons Private Ltd to grant an ad-interim injunction against Hakunamatata Tata Founders and others using the former's trademark for doing online trading in crypto-currency 'TATA Coin'.   A bench of justices Manoj Kumar Ohri and...

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IANS 14 September 2022
A Delhi court on Tuesday ordered a court-monitored investigation into the over Rs 800 crore scam of public sector banks, including the State Bank of India (SBI), allegedly involving an infrastructure company director.   The FIR in this regard was registered by the Delhi Police's...

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IANS 13 September 2022
Three in four consumers say excessive convenience fees for digital payments are coming in the way of cashless India, a report showed on Monday.   About 77% say they are being charged convenience fees for the majority of tickets/services procured online, according to the report by...

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IANS 12 September 2022
The assets under management (AUM) of the non-banking finance companies (NBFC) to grow 11%-12%, a four-year high, to Rs13 lakh crore by the end of this fiscal, riding on macroeconomic tailwinds, ratings agency CRISIL said.   Disruption in business and economic activity amid COVID-19...

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Moneylife Digital Team 07 September 2022
The Reserve Bank of India (RBI) has imposed penalties on five cooperative banks, including Rs25 lakh on The Karnataka State Co-operative Apex Bank, Bengaluru, for deficiencies in regulatory compliance.   The penalty on The Karnataka State Co-operative Apex Bank Ltd has been imposed...

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Leading private sector lender Kotak Mahindra Bank recorded as many as 5,278 cases of fraud in the first quarter (April to June) of the current financial year (2022-23), according to Reserve Bank of India (RBI) data.   In stark contrast, the country's largest lender State Bank of India...

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The Union finance ministry has clarified that no service charge would be levied on UPI (unified payments interface) transactions.   "UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any...

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Moneylife Digital Team 19 August 2022
The Reserve Bank of India (RBI), in a discussion paper on charges in the payments system, has flagged capping credit card fees as one of the issues to be considered. According to the report, the same limit the RBI applies on debit card fees could be made applicable to credit cards, and banks...

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Moneylife Digital Team 19 August 2022
The Reserve Bank of India (RBI) on Thursday said the licence of Deccan Urban Cooperative Bank, Karnataka, has been cancelled as the lender does not have adequate capital and earning prospects. As per the data submitted by the bank, more than 99% of the depositors are entitled to receive the...

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Most banks are increasing their deposit rates for boosting deposits to support rising credit offtake as liquidity in the banking system has narrowed.   The hike in deposit rates is in line with the Reserve Bank of India's (RBI) 50bps (basis points) hike in repo rate in the August...

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The IFSO (Intelligence Fusion and Strategic Operations) unit of Delhi police's special cell has busted a gang of cheats who were engaged in duping the HDFC Bank by opening accounts on the basis of forged documents, and arrested two people in this connection, police said on...

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