MONEY & BANKING


Moneylife Digital Team 17 May 2024
The Reserve Bank of India (RBI) has imposed a total penalty of Rs7 lakh on Gujarat-based Sutex Cooperative Bank Ltd and Bapunagar Mahila Cooperative Bank Ltd for failing to follow directions issued by the banking regulator on cyber security framework, levying charges on inoperative accounts and...

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Moneylife Digital Team 16 May 2024
The Reserve Bank of India (RBI) has imposed a total penalty of Rs7.10 lakh on Sundaram Home Finance Ltd, Belstar Microfinance Ltd and The Vaijapur Merchants Cooperative Bank Ltd for failing to follow directions issued by the banking regulator on know your customer (KYC) and sanctioning fresh...

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Among the many arrogant quips and replies given by foreign banks immediately following the securities scam of 1992, was: “If you keep your front door unlocked, you are likely to be burgled.” This comment came from a cowboy banker from Citibank. He was justifying how foreign banks had hoodwinked...

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Moneylife Digital Team 10 May 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs50,000 on Thoothukudi District Central Cooperative Bank Ltd for delay in reporting of fraud.    Thoothukudi District Central Cooperative Bank was penalised for non-compliance with the directions issued by the on frauds - guidelines for...

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Moneylife Digital Team 08 May 2024
Holding State Bank of India (SBI) deficient in service in respect of lapses in the due care and attention to the safety and security of its locker, the national consumer disputes redressal commission (NCDRC) asked SBI to pay a compensation of Rs10 lakh to the customer. NCDRC, however, reduced...

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Moneylife Digital Team 07 May 2024
Reserve Bank of India (RBI) has imposed a Rs1.50 lakh penalty on Odisha Gramya Bank for non-compliance with the directions issued by the banking regulator.    Odisha Gramya Bank has been penalised for non-compliance with the directions issued by RBI on strengthening prudential norms -...

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Moneylife Digital Team 06 May 2024
While upholding an order passed by the state commission, the national consumer disputes redressal commission (NCDRC) directed IDBI Bank Ltd to pay Rs42.80 lakh along with interest at 6%pa (per annum) to a customer for failing to detect and prevent processing of a cheque with a forged signature....

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Moneylife Digital Team 03 May 2024
Reserve Bank of India (RBI) has lifted restrictions placed on Bajaj Finance Ltd on sanction and disbursal of loans under two lending products, 'eCOM' and 'Insta EMI Card'. In November last year, RBI imposed restrictions on Bajaj Finance due to non-adherence to digital lending guidelines,...

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Moneylife Digital Team 03 May 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs8 lakh on three cooperative banks from Maharashtra for non-compliance with the directions issued by the banking regulator. A maximum penalty of Rs5 lakh has been imposed on Lokmangal Cooperative Bank Ltd.   The other cooperative banks...

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Moneylife Digital Team 03 May 2024
The central bureau of investigation (CBI) has filed a charge-sheet against Alok Kumar Misra, former chairman and managing director (CMD) of Bank of India (BoI) and Oriental Bank of Commerce (OBC), along with 33 other individuals and companies, while exonerating 49 other companies named...

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Moneylife Digital Team 02 May 2024
Terming the media report about its managing director and chief executive officer (MD&CEO) Sandeep Bakhshi leaving ICICI Bank as a 'figment of imagination', the lender says the report is 'baseless and misleading'. The Morning Context, a news portal, published a report titled 'ICICI Bank in a...

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Moneylife Digital Team 30 April 2024
Krishnan Venkat Subramanian (KVS Manian), the whole-time director designated joint managing director (Jt MD) of Kotak Mahindra Bank Ltd, resigned with immediate effect. In his resignation letter, he says 'for pursuing other opportunities in financial services' that he is exploring. Mr Manian, a...

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Moneylife Digital Team 30 April 2024
RBL Bank Ltd has filed a fraud case against the national head of its credit card department and 10 other senior officers from its Gurugram, Mumbai, Rajkot and Ahmedabad offices and their unknown associates, for allegedly defrauding the Bank of Rs12.02 crore, says a report.   According to the...

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Moneylife Digital Team 30 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs4.75 lakh on five cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs2 lakh has been imposed on The Central Cooperative Bank Ltd from Rajasthan.   Other banks penalised by...

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Moneylife Digital Team 29 April 2024
While refusing to intervene in the 2020 merger of Tamil Nadu-based Lakshmi Vilas Bank (LVB) with DBS Bank India Ltd (DBIL), the Madras High Court (HC) has asked the Reserve Bank of India (RBI) to conduct a fresh valuation of the assets and shares of both LVB and DBIL to determine any reduction...

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Moneylife Digital Team 29 April 2024
The Reserve Bank of India (RBI) has cancelled the license of Acemoney (India) Ltd, a Delhi-based non-banking financial company (NBFC), citing irregular lending practices by the NBFC. Acemoney (India) was under the radar of law enforcement agencies probing the Chinese links of fintech companies....

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Moneylife Digital Team 26 April 2024
The Reserve Bank of India (RBI) has ordered Kotak Mahindra Bank Ltd to cease and desist, with immediate effect, from on-boarding of new customers through its online and mobile banking channels and issuing fresh credit cards due to serious deficiencies related to information technology (IT)...

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Moneylife Digital Team 26 April 2024
Ashok Vaswani, managing director and chief executive officer (MD&CEO) of Kotak Mahindra Bank, says while the Bank has paused issuing new credit cards as per directions from the Reserve Bank of India (RBI), it is actively working to address the concerns raised by the regulator.   In a...

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Moneylife Digital Team 26 April 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs1 lakh each on five cooperative banks for non-compliance with the directions issued by the banking regulator.   The banks penalised by RBI are Madhya Pradesh (MP)-based Sadbhav Nagarik Sahakari Bank Maryadit, Chhattisgarh-based Bilaspur...

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Moneylife Digital Team 26 April 2024
Following the exposure of credit card data of nearly 17,000 customers, ICICI Bank Ltd says after blocking, it is issuing new cards to these customers and will also appropriately compensate a customer in case of any financial loss. The incident occurred following a security flaw in ICICI Bank's...

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