MONEY & BANKING


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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Moneylife Digital Team 17 June 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs96.40 lakh on Bangladesh State-owned Sonali Bank PLC for non-compliance issues.   Sonali Bank has been penalised for violating the Credit Information Companies Regulation Act (CIC (R) Act) and RBI directives related to membership in...

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Chandramouli Mohan 14 June 2024
When you read this news, RBI Slaps Rs11.50 Lakh Penalty on 3 Cooperative Banks from Uttar Pradesh, you think the regulator penalises the banks that are non-compliant in transferring the unclaimed deposits to the depositor education and protection fund (DEAF) within the prescribed period.   It...

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Moneylife Digital Team 14 June 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs1.45 crore on Central Bank of India for sanctioning a working capital demand loan to a corporation against receivable from government subsidies and failing to credit money to customer accounts in the unauthorised electronic...

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Moneylife Digital Team 14 June 2024
Highlighting the lackadaisical attitude displayed by the banking ombudsman and Bank of Baroda (BoB) while handling a cyber fraud case of the bank customer, the Bombay High Court (HC) directed BoB to refund Rs76.9 lakh fraudulently debited from the customer's account with an interest of 6%pa...

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Moneylife Digital Team 14 June 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs4.25 lakh on four cooperative banks for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs2 lakh has been imposed on Nandani Sahakari Bank Ltd from Maharashtra.   Other banks penalised by RBI are...

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Moneylife Digital Team 14 June 2024
The Reserve Bank of India (RBI) has restored functionality to its automated sweep-in and sweep-out (ASISO) system following a technical disruption.   The glitch, which occurred on RBI's ASISO facility within the e-Kuber platform, temporarily hindered Bank’s access on Wednesday. This platform...

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Moneylife Digital Team 12 June 2024
The financial intelligence unit-India (FIU-IND) has slapped a penalty of over Rs1.66 crore on Axis Bank for 'failing' to detect a fraud account in the name of the National Security Guard (NSG), the country's counter-terrorist commando force. According to FIU-IND, the lender failed to establish...

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Moneylife Digital Team 11 June 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs2.75 lakh on three cooperative banks and India Home Loan Ltd, a housing finance company (HFC), for non-compliance with the directions issued by the banking regulator.   The cooperative banks penalised by RBI are: Angul United Central...

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Moneylife Digital Team 10 June 2024
Following specific amendments in the Insolvency and Bankruptcy Code (IBC) for real estate projects to aid resolutions, asset reconstruction companies (ARCs) are set to see an increase in the cumulative recovery rate for stressed residential real estate projects by 500-700bps (basis points) to...

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Sponsored Post 07 June 2024
In today's dynamic world, financial needs can be unpredictable. Unexpected expenses, dream purchases, or even that perfect home renovation can wreck your budget. This is where Flexi Loans come in – a financial tool designed to offer flexibility and convenience for managing your...

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Moneylife Digital Team 07 June 2024
Reserve Bank of India (RBI), while revising upwards bulk deposit limits and rationalising export and import regulations, introduced new facilities within the e-mandate framework for recurring payments without fixed periodicity to streamline digital payments.   RBI increased to Rs3 crore from...

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Sponsored Post 04 June 2024
Credit cards are a convenient tool to manage your day-to-day finances. To avail this, you need to meet certain eligibility criteria set by the issuer. A good credit score, a steady income, and valid documents are needed. Your salary slip or income proof plays an important role in this sequence....

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Moneylife Digital Team 04 June 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs3.75 lakh on two cooperative banks for non-compliance with the directions issued by the banking regulator.   The highest penalty of Rs3 lakh has been imposed on Bavla Nagarik Sahakari Bank Ltd from Gujarat, while Ron Taluka Primary...

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