MONEY & BANKING


Unified payment interface (UPI) continues to expand in three dimensions – volume, geography and consequences.   August 2023 recorded over 1,000 crore UPI transactions, totalling over Rs15 lakh crore.   UPI now works in 20 countries, the latest being Sri...

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IANS 28 September 2023
The Enforcement Directorate (ED) has arrested CPM leader P.R. Aravindakshan and former bank accountant C.K. Jilse under the provisions of the Prevention of Money Laundering Act (PMLA) in connection with the Karuvannur Service Co-Operative Society Bank scam worth Rs 150 crore, an official...

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IANS 27 September 2023
The largest workers’ union in the banking sector, the All India Bank Employees’ Association, has called for a series of strikes across the nation between 4th December and 20 January 2024 demanding staff recruitment.   “There is a deliberate attempt on the part of the Government and...

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IANS 26 September 2023
The debt recovery tribunal-I (DRT-I) here has put up a solar power plant belonging to a group entity of the absconder diamantaire Nirav D Modi to try and recover a tiny portion of the whopping dues of over Rs2,348-crore.   The solar power plant, with a capacity of 5.247MW, is situated...

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Moneylife Digital Team 18 September 2023
Charging Dhanlaxmi Bank Ltd's board of directors with unethical conduct, unilateral arrogation of power, lack of comprehension of issues and factionalism, independent director Sridhar Kalyanasundaram resigned just before the Bank's annual general meeting (AGM) on 30th September.   In...

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Ryan Gabrielson (ProPublica) 15 September 2023
This story was originally published by ProPublica.   Wall Street could always bank on used cars. In fact, for years, investors bought bonds backed by auto loans because they reliably produced handsome returns, even amid rocky markets and downturns in the economy.   But now,...

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Moneylife Digital Team 02 September 2023
Uday Kotak has resigned as managing director and chief executive officer (MD&CEO) of Kotak Mahindra Bank Ltd. He, however, would continue as a non-executive director of the Bank. As an interim arrangement, Dipak Gupta, joint managing director (MD), will carry out the duties of the MD&CEO till...

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As many as 369 big defaulters, with an outstanding of Rs100 crore and more, owe more than Rs1.39 lakh crore to scheduled commercial banks and all-India financial institutes (AIFI). Gitanjali Gems Ltd, owned by fugitive businessman Mehul Choksi, remains the top wilful defaulter with an...

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A couple of anecdotes:   - A busy tea-seller waves away a customer’s offered cash, saying 'next time' because he would rather serve other customers than waste time handling cash.   - A vegetable-seller is happy because he no longer has to waive off Rs2 or Rs3 when the customer...

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Moneylife Digital Team 24 August 2023
While the Union government and Reserve Bank of India (RBI) insist that unified payment interface (UPI) transactions are free, the State Bank of India (SBI) had collected Rs17.70 for every UPI transaction or Rs254 crore from basic savings bank deposit account (BSBDA)-holders between April 2017...

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IANS 21 August 2023
The Central government-owned mortgage lender, Bank of Baroda (BOB) laden with Rs.34,832.16 crore of gross non-performing loans, as on 30 June, has decided to withdraw its decision to auction actor Sunny Deol’s Mumbai property for non-payment of its loan about Rs 56 crore and interest on...

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After returning to India, I did a bit of corporate training, just as a hobby, in association with a company that ran training courses for large corporates and banks.    I was invited to conduct a three-day training course on ‘negotiation skills’ for State Bank of India (SBI)’s...

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IANS 17 August 2023
Indian banks may see a decline in their earnings as net interest margins (NIMs) stop rising due to the central bank's decision to extend its pause on rate hikes, S&P Global Market Intelligence said.   Tusharika Aggarwal, a dividend forecasting research analyst at S&P Global Market...

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IANS 16 August 2023
The operating environment (OE) for Indian banks has strengthened as economic risks associated with the COVID-19 pandemic have ebbed, Fitch Ratings said in a report on Wednesday.   Fitch also said other structural issues like lengthy legal process, 'bad bank’ not playing a meaningful...

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Moneylife Digital Team 11 August 2023
All public sector banks (PSBs) and major private sector banks have collected Rs35,587.68 crore from customers since 2018 for not maintaining minimum average balance (MAB), conducting additional transactions on automated teller machines (ATMs) and SMS services, the government told the Rajya...

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My next encounter with State Bank of India (SBI) was in 2007, when I was a non-resident Indian (NRI) living in Dubai.   In February that year, a news item appeared – HSBC’s subsidiary in the US had made a large provision for bad loans in its sub-prime housing loan portfolio. The news...

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During the past five financial years, public sector banks (PSBs) have made an aggregate recovery of Rs4,80,111 crore from the non-performing asset (NPA) accounts and upgradation of NPAs of Rs1,45,356 crore. However, most PSBs refuse to share the names of big defaulters whose loans were...

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Moneylife Digital Team 26 July 2023
As many six public sector banks (PSBs) are working without a chairperson, the Lok Sabha was informed. Out of the six PSBs, Bank of Maharashtra and UCO Bank do not have a chairperson since April 2015.   In a written reply, Dr Bhagwat Karad, minister of state for finance, says, "The...

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Integrated payment solutions provider Hitachi Payment Services Pvt Ltd will be acquiring the cash management business of Writer Corporation in India.   The American company, under its cash management business, provides cash services, including ATM cash replenishment and retail cash...

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The internal team of Can Fin Homes has found that employees of Ambala branch of the company have committed fraud over a period of time by transfer of funds to different personal bank accounts by misusing the cheque signing authority.   The nature of fraud has been defined as...

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