MONEY & BANKING


Moneylife Digital Team 17 July 2024
Holding HDFC Bank Ltd responsible for rendering due service and failing to send SMS alerts for cash withdrawal from automated teller machines (ATMs) from seven places, including cities from Assam and Haryana, within four days, the national consumer disputes redressal commission (NCDRC) directed...

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Moneylife Digital Team 16 July 2024
The Reserve Bank of India (RBI), while revising its master directions on fraud risk management in the regulated entities (REs), directed lenders, including commercial banks, all India financial institutions, cooperative banks and non-banking finance companies (NBFCs),  including housing finance...

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Moneylife Digital Team 16 July 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs7.25 lakh on five cooperative banks for non-compliance with the directions issued by the banking regulator.    The banks penalised by RBI are: Mahabaleshwar Urban Cooperative Bank Ltd, Nagarik Sahakari Bank Ltd and Abasaheb Patil Rendal...

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Moneylife Digital Team 09 July 2024
Microfinance Industry Network (MFIN), an industry association and self-regulatory organisation (SRO) for micro-finance, says micro-credit indebtedness for every borrower should be limited to Rs2 lakh with just a maximum of four lenders providing the loan. The decision will help reduce...

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Moneylife Digital Team 08 July 2024
The Reserve Bank of India (RBI) has cancelled the certificates of registration (CoR) of Star Finserv India Ltd and Polytex India Ltd, the two non-banking financial companies (NBFCs) for violating digital lending norms. Star Finserv India is based in Telangana, while Polytex India operates in...

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Moneylife Digital Team 08 July 2024
The Reserve Bank of India (RBI) has imposed a penalty of Rs1.32 crore on Punjab National Bank (PNB) for non-compliance with directions related to loans and advances, as well as statutory and other restrictions and know-your-customer (KYC) directions.   In a release, the RBI says that the...

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Moneylife Digital Team 08 July 2024
Reserve Bank of India (RBI) has cancelled the certificate of registration (CoR) of Karnataka-based Shimsha Sahakara Bank Niyamitha due to inadequate capital and the lender's poor earning prospects. RBI has asked the Bank to stop banking business from 5 July 2024.   RBI says Shimsha Sahakara...

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Moneylife Digital Team 05 July 2024
Holding Bank of Maharashtra (BoM) responsible for allowing a fraudster to open a current account without following know-your-customer (KYC) norms through which Rs27 crore was siphoned off, the national consumer disputes redressal commission (NCDRC) directed the lender to pay Rs27 crore with an...

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Digitalisation requires vision, strategy, leadership, change management and investment on a continuing basis.   Micro and small manufacturing enterprises (MSMEs), that constitute approximately 98% of the total number of manufacturing enterprises (34%-35% of the Udyam registrations of all the...

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Moneylife Digital Team 05 July 2024
Reserve Bank of India (RBI) has cancelled the certificate of registration (CoR) of Varanasi-based Banaras Mercantile Cooperative Bank Ltd due to inadequate capital and poor earnings prospects of the lender. RBI has asked the Bank to stop banking business from 4 July 2024.   RBI says Banaras...

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Moneylife Digital Team 05 July 2024
While upholding an order passed by the national company law tribunal (NCLT) for a resolution plan (RP) for corporate debtor DS Kulkarni Developers (DSK Developers) Ltd, the national company law appellate tribunal (NCLAT) deleted some clauses from the RP that were contrary to the law.   In an...

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Moneylife Digital Team 03 July 2024
As many as nine non-banking financial companies (NBFCs) have surrendered their certificates of registration (CoR) to the Reserve Bank of India (RBI). Of these, five have chosen to exit the NBFC business entirely. According to RBI, one NBFC ceased operations due to corporate actions such as...

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Moneylife Digital Team 02 July 2024
Refuting allegations made by US-based short-seller Hindenburg Research over K-India Opportunities Fund Ltd (KIOF), Kotak Mahindra International Ltd (KMIL) and KIOF stated that Hindenburg has never been a client of the firm nor has it ever been an investor in the Fund.    In a statement, a...

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Moneylife Digital Team 02 July 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs12 lakh on four cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs7.50 lakh has been imposed on Gujarat Rajya Karmachari Cooperative Bank Ltd.   Other banks penalised by RBI...

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Moneylife Digital Team 28 June 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs29.60 lakh on Hongkong and Shanghai Banking Corporation Ltd (HSBC) for non-compliance with directions on credit card, debit card and rupee-denominated co-branded pre-paid card operations.   After a statutory inspection for supervisory...

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Moneylife Digital Team 28 June 2024
Two unions, the All India Bank Officer's Confederation (AIBOC) and the All India Bank Employees Association (AIBEA), representing over 600,000 bank employees, have urged the Union ministry of finance (MoF) to merge regional rural banks (RRBs) with their respective sponsor banks to ensure...

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Moneylife Digital Team 25 June 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs2.25 lakh on Hirasugar Employees' Cooperative Bank Ltd and National Insurance Employees Cooperative Credit & Banking Society Ltd for violating various rules and regulations prescribed by the regulator.   The highest penalty of Rs2 lakh...

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Moneylife Digital Team 20 June 2024
Emphasising the role of regulatory and supervisory frameworks in safeguarding financial stability,  Reserve Bank of India (RBI) governor Shaktikanta Das says the regulator is now looking at the sustainability of business models of banks and non-banking finance companies (NBFCs). "Root cause...

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Moneylife Digital Team 19 June 2024
To enhance financial security, Reserve Bank of India (RBI) has successfully completed the testing phase of the fourth cohort of the regulatory sandbox (RS) focused on the prevention and mitigation of financial frauds. Six entities participated in this initiative that started from 5 January 2023...

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Moneylife Digital Team 17 June 2024
The Reserve Bank of India (RBI) has cancelled the certificate of registration (CoR) of Uttar Pradesh-based Purvanchal Cooperative Bank Ltd due to inadequate capital and poor earning prospects of the lender. RBI has asked the Bank to stop banking business from 15 June 2024.   RBI says...

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