MONEY & BANKING


Sharpening the attack on Facebook, a group of US Democrats has asked Facebook CEO Mark Zuckerberg to end his digital wallet and cryptocurrency project, adding that the social network can't be trusted to manage cryptocurrency.   In a letter, Senators Brian Schatz (D-Hawaii), Sherrod...

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Moneylife Digital Team 19 October 2021
Gross non-performing assets (NPAs) of Indian banks will rise to 8%-9% this fiscal, well below the peak of 11.2% seen at the end of fiscal 2018. COVID-19 relief measures such as the restructuring dispensation, and the emergency credit line guarantee scheme (ECLGS) will help limit the rise,...

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Moody's has revised the outlook for the Indian banking system to stable from negative suggesting that the deterioration of asset quality since the onset of the coronavirus pandemic has been moderate and an improving operating environment will support asset quality.   In its banking...

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The Central Bureau of Investigation (CBI) has raided at least nine official and residential premises in Mumbai and other parts of Maharashtra in connection with a case for allegedly defrauding the State Bank of India (SBI) and seven other consortium banks to the tune of over Rs862 crore, an...

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Moneylife Digital Team 11 October 2021
A bizarre circular issued by public sector lender, Union Bank of India had made it mandatory for “all staff and vendor partners working on-site” to adhere to a special ‘Navratri’ dress code or be ready to cough up a steep penalty of Rs 200. The bank was forced to withdraw the circular on...

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In order to promote digital transactions, the Reserve Bank of India (RBI) on Friday enhanced the transaction limit using immediate payment service (IMPS) of banks to Rs5 lakh.   RBI governor Shaktikanta Das said that the limit has been raised in view of importance of the IMPS system...

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Moneylife Digital Team / IANS 08 October 2021
The Reserve Bank of India (RBI) has reduced the retail inflation projection for the ongoing financial year to 5.3 per cent from the previous estimate of 5.7 per cent.   In a virtual address post the monetary policy meet, RBI Governor Shaktikanta Das said on Friday that consumer price...

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People looking forward to watching their favourite shows on OTT platforms such as Netflix, Amazon and others would not face any disruption in service over non-payment or delayed payment of subscription fee owing to new payment security feature made mandatory by the Reserve bank of India from...

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The Supreme Court on Thursday granted interim bail to Yes Bank founder Rana Kapoor's wife Bindu Kapoor and two daughters - Radha and Roshni Kapoor in the Rs 4,000 crore Yes Bank-DHFL scam.   A bench comprising Justices S.K. Kaul and M.M. Sundresh said: "In the meantime, the...

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The Reserve Bank of India (RBI) retained its key short-term lending rates during the October monetary policy review of FY21-22.   Besides, the growth-oriented accommodative stance was retained to give a push to economic activity.   Accordingly, the monetary policy committee...

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Moneylife Digital Team 07 October 2021
Bharatiya Janata Party (BJP) leader and member of Parliament Dr Subramanian Swamy says the Supreme Court ruling  gives him the mandate to pursue the issue of non-performing assets (NPAs) in banks with the Reserve Bank of India (RBI) for a transparent action from the...

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Yogesh Sapkale Yogesh Sapkale 05 October 2021
Time and again, public sector banks (PSBs) in India, which are public authorities defined under the Right to Information (RTI) Act, avoid sharing information about big defaulters. State Bank of India (SBI), while refusing to share names, has still accepted that  it recovered a mere 11% or...

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Moneylife Digital Team 04 October 2021
The Reserve Bank of India (RBI) on Monday superseded boards of Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL) due to governance concerns and defaults. RBI has appointed Rajneesh Sharma, former chief general manager (CGM) of Bank of Baroda as an administrator of...

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Moneylife Digital Team 04 October 2021
Several well-known names, with links to trusts in tax havens, have been exposed by the Pandora papers, which is the latest trove of leaked data exposing tax haven secrecy by the global super rich. The files were leaked to the International Consortium of Investigative Journalists (ICIJ), which...

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Moneylife Digital Team 30 September 2021
Suryoday Small Finance Bank (SFB) has decided to shut down its automated teller machines (ATMs) from 1 October 2021 due to operational reasons.   However, customers will be able to use their Suryoday Bank ATM or debit card at most ATMs of other banks for cash withdrawal. Additionally,...

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Moneylife Digital Team 30 September 2021
The twists and turns for Thrissur-based Dhanlaxmi Bank do not seem to end. At the annual general meeting (AGM), the lender’s shareholders rejected the appointment of its statutory auditors and branch auditors. The shareholders also refused to give authorisation to the board of directors of...

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Moneylife Digital Team 28 September 2021
Bharatiya Janata Paty (BJP) leader and former member of Parliament (MP) Kirit Somaiya has welcomed the arrest of Shiv Sena's five-time MP and former union minister Anandrao Adsul, in the City Cooperative Bank Ltd scam worth Rs900 crore.    Mr Somaiya said, "Anandrao Adsul sank City...

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Moneylife Digital Team 27 September 2021
Gradual phasing out of social restrictions has improved monthly collection ratios of securitised pools which had declined between April and June 2021 following the second wave of the COVID-19 pandemic, says a research note.   In the report, CRISIL Ratings says, "The trend in...

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Moneylife Digital Team 23 September 2021
The twists and turns for Thrissur-based Dhanlaxmi Bank do not seem to end. Three people, including former directors, have filed a petition in Kerala High Court (HC) seeking a seat on the bank's board.   Dhanlaxmi Bank’s shareholder KN Madhusoodan, and P Mohanan and Prakash DL have...

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Moneylife Digital Team 23 September 2021
Updated on 24 September 2021 at 4pm to include clarification from DICGC   The Union government has announced that the Deposit Insurance & Credit Guarantee Corporation (DICGC) would be paying a maximum of Rs5 lakh to depositors of 21 banks, including Punjab and Maharashtra Cooperative...

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