MONEY & BANKING


Thomas Franco (CFA) 04 October 2024
In a recent interview with the press in the industrial town of South India, Coimbatore, Nirmala Sitharama, the Union Finance Minister clarified to Mr Sundarraman, a reporter from The Indian Express, that according to the bank’s data available to her (which she cross-checked on her tablet), 49.5...

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Moneylife Digital Team 02 October 2024
Rapping the State Bank of India (SBI) for hurriedly filing a transfer application to block proceedings before a district commission and causing a trial by media, the national consumer disputes redressal commission (NCDRC) dismissed the transfer application filed by SBI.    In an order last...

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Moneylife Digital Team 01 October 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs1.50 lakh penalty on Jai Bhawani Sahakari Bank Ltd for contravention of the provisions of section 26 A of the Banking Regulation Act (BR Act), non-compliance with directions on know-your-customer (KYC) and maintenance of deposit accounts –...

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Moneylife Digital Team 27 September 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs63.10 lakh on two cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs61.60 lakh has been imposed on Gujrat-based Surat People's Cooperative Bank Ltd. Bihar Awami Cooperative...

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Moneylife Digital Team 20 September 2024
The Reserve Bank of India (RBI) has imposed a penalty of Rs50,000  Penalty on Dr Babasaheb Ambedkar Sahakari Bank Ltd from Maharashtra for non-compliance with directions on loans and advances to directors, relatives and firms or concerns in which they are interested.   The statutory...

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Moneylife Digital Team 19 September 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs8 lakh on two cooperative banks for failing to comply with the directions issued by the banking regulator. The highest penalty of Rs5 lakh has been imposed on Urban Cooperative Bank Ltd from Jammu and Kashmir (J&K).   Lucknow University...

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Moneylife Digital Team 16 September 2024
Reserve Bank of India (RBI) has imposed penalties of Rs73.20 lakh on BNP Paribas and three non-banking financial companies (NBFCs), including Hewlett Packard Financial Services (India) Pvt Ltd, SMFG India Credit Company Ltd and Muthoot Vehicle & Asset Finance Ltd for non-compliance with the...

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Moneylife Digital Team 13 September 2024
As many as 13 non-banking finance companies (NBFCs) have surrendered their registration certificates to the Reserve Bank of India (RBI), while the regulator cancelled the registration of four NBFCs. This includes reasons such as exiting the business, being deemed unregistered core investment...

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Moneylife Digital Team 10 September 2024
The Reserve Bank of India (RBI) has imposed a penalty of Rs1 crore on HDFC Bank Ltd for failing to follow guidelines on interest rates on deposits, the use of recovery agents, customer service standards in banks and the management of risks and code of conduct for outsourcing financial...

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Moneylife Digital Team 10 September 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs10.50 lakh on four cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs4.50 lakh has been imposed on Samarth Sahakari Bank Ltd from Maharashtra.   Other banks penalised by RBI...

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Mohsin Dar (Bar  and   Bench) 09 September 2024
The High Court of Jammu and Kashmir and Ladakh recently ruled that a complaint under Section 138 (dishonor of a cheque) of the Negotiable Instrument Act (NI Act) is maintainable even if the reason why a cheque has bounced was because the drawer's bank account was frozen (Sheikh Owais Tariq V/s...

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Moneylife Digital Team 09 September 2024
Reserve Bank of India (RBI) has imposed penalties worth Rs13.50 lakh on three housing finance companies (HFCs) for non-compliance with the directions issued by the banking regulator. The HFCs penalised by RBI are Godrej Housing Finance Ltd, Aadhar Housing Finance Ltd and Housing and Urban...

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With ICICI Bank Ltd issuing some clarification on 2 September 2024, in the light of a political storm brewing in the context of the allegations made against the chairperson of Securities and Exchange Board of India (SEBI), it is difficult not to get piqued by a curiosity to find out what has...

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Last week, finance minister (FM) Nirmala Sitharaman asked public sector banks (PSBs) to make concerted efforts to mobilise deposits through special drives because deposits have been lagging behind loan growth. By July-end, deposits grew 10.6% year-on-year compared to a 13.7% growth in loans....

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Moneylife Digital Team 30 August 2024
Persons from the queer community (lesbian, gay, bisexual, and transgender -LGBT community) can open joint bank accounts and also nominate a person in the queer relationship as a nominee for the account, the Union government says.                                  In an advisory, the Union...

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Moneylife Digital Team 28 August 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs3.50 lakh on two cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs2 lakh has been imposed on Manipur State Cooperative Bank Ltd.   The other bank penalised by RBI is...

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Moneylife Digital Team 23 August 2024
The National Financial Reporting Authority (NFRA) has intensified its crackdown on auditing malpractices related to Coffee Day Enterprises Ltd (CDEL) and its subsidiaries. In its latest action, NFRA has imposed a record-breaking penalty of Rs10 crore on KPMG affiliate M/s BSR & Associates LLP...

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Moneylife Digital Team 23 August 2024
Reserve Bank of India (RBI) has cancelled the certificate of registration (CoR) of Margdarshak Financial Services Ltd, a non-banking financial company (NBFC) based in Lucknow, effective 20 August 2024. This decision, made under Section 45-IA (6) of the RBI Act, 1934, prohibits the company from...

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Moneylife Digital Team 23 August 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs36.50 lakh on five cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs25 lakh has been imposed on Nagpur-based Shikshak Sahakari Bank Ltd.   Other banks penalised by the RBI...

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Prashant Jha (Bar  and   Bench) 22 August 2024
The Delhi High Court on Thursday questioned the appointment of Pankaj Dwivedi as Executive Director of the Union Bank of India despite a sexual harassment chargesheet pending against him.   A Division Bench of Acting Chief Justice Manmohan and Justice Tushar Rao Gedela questioned the counsel...

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