Manojit Saha

All stories by Manojit Saha

Private banks seeing jump in number of online frauds

Private banks seeing jump in number of online frauds

Rediff.com6 Jan 2022

The total amount of fraud reported by banks showed a drop in 2020-21 - for the first time in eight years - though there is an emerging trend of private sector banks reporting a larger number of frauds related to card and internet banking. According to the latest data released by the Reserve Bank of India, commercial banks reported Rs 1.38 trillion of frauds in 2020-21, as compared to Rs 1.85 trillion in the previous year. The first half of the current fiscal year saw banks reporting frauds worth Rs 36,342 crore.

Soon, regular yoga will get you a discount on your insurance premium

Soon, regular yoga will get you a discount on your insurance premium

Rediff.com1 Nov 2021

The Insurance Regulatory Development Authority of India (Irdai), the regulator for insurance companies, is set to allow the insurers to offer wellness programmes along with life insurance policies that can earn reward points for the policyholders. These reward points can be redeemed for getting a discount during renewal. The insurance regulator has circulated draft guidelines to insurance companies for feedback before issuing the final guidelines, as is the norm.

Can This Banker Get Srei Back To Business?

Can This Banker Get Srei Back To Business?

Rediff.com21 Oct 2021

A lot depends on how Srei shapes up under the new administrator and his team, which is critical for investors' interest.

Term insurance premiums set to surge. Here's why

Term insurance premiums set to surge. Here's why

Rediff.com7 Oct 2021

Term insurance policy premiums are set to rise by 25 to 30 per cent with Munich Re, the largest reinsurer for the Indian insurance market, increasing its rates for underwriting portfolios of pure protection plans by up to 40 per cent. According to a senior executive of a private life insurance company, the global reinsurer has communicated its decision about increasing rates. About 8-10 insurance companies have been informed about the move, sources said.

Card users may have to bear cost of RBI's new norms

Card users may have to bear cost of RBI's new norms

Rediff.com7 Oct 2021

The recent Reserve Bank of India (RBI) norms on tokenisation services, which will be offered by card networks, are likely to result in merchants and payment aggregators incurring a cost as they have to pay a fee to the networks. The merchants and the payment aggregators, in turn, may pass on the cost to the customers. The norms, which were issued by the banking regulator released on September 7, allow card networks like Visa and Mastercard to offer the tokenisation service.

'Economy is Recovering Well'

'Economy is Recovering Well'

Rediff.com9 Sep 2021

'Even if there is a third wave or a fourth wave, it is hard to see the economy will suffer like that (during the first wave).'

Covid Wanes, Credit Card Spending Rises

Covid Wanes, Credit Card Spending Rises

Rediff.com8 Sep 2021

'Spends are likely to increase from the current levels because recovery is yet to fully be over.'

'It is not wise to be an inflation nutter'

'It is not wise to be an inflation nutter'

Rediff.com7 Sep 2021

'People know if inflation is not within the tolerance band, then action will be taken so they do not expect inflation to rise above that.'

PSB reforms only on paper; 10 don't even have chairman

PSB reforms only on paper; 10 don't even have chairman

Rediff.com10 Aug 2021

The talk of governance reforms at public-sector banks seems to remain on paper, as a majority of them continue to be working with just a handful board members. Half of the board seat at these banks have been vacant. Ten of the 12 public-sector banks, even large ones like Punjab National Bank, Canara Bank and Union Bank of India - all except State Bank of India (SBI) and Bank of Baroda - don't even have a chairman. In 2014, while splitting the post of chairman & managing director (CMD), the government had decided to appoint non-executive chairmen at these banks. SBI, which has an executive chairman and four managing directors, was an exception.

PSBs' loan write-offs twice as much as govt's capital infusion

PSBs' loan write-offs twice as much as govt's capital infusion

Rediff.com29 Jul 2021

Public sector banks (PSBs) have written off a massive Rs 8 trillion of loans in the seven years of the Narendra Modi government in office. This is more than twice the capital infused by the Bharatiya Janata Party-led government during the period. Between 2014-15 and 2020-21 (FY21), the Centre had infused Rs 3.37 trillion into PSBs. At Rs 1.06 trillion, FY19 saw the highest capital infusion.

'RBI has given us 120 days to operationalise SFB'

'RBI has given us 120 days to operationalise SFB'

Rediff.com29 Jun 2021

Only when we are part of the same family, which will happen down the line, then, of course, we will give them (PMC depositors) all the assurance and the comfort.'

Should RBI print money and finance govt's fiscal deficit?

Should RBI print money and finance govt's fiscal deficit?

Rediff.com15 Jun 2021

Experts disagree with the idea and the Reserve Bank of India (RBI), which has the sole right to print money, is not comfortable with it as well.

Banks report loan fraud worth Rs 5 trn; SBI's amount largest

Banks report loan fraud worth Rs 5 trn; SBI's amount largest

Rediff.com2 Jun 2021

Banks operating in India reported fraud of Rs 4.92 trillion as on March 31, 2021, which represents nearly 4.5 per cent of the total bank credit, showed Reserve Bank of India (RBI) data, which was sought under the Right to Information (RTI) Act by Saurabh Pandhare. The data showed 90 banks and financial institutions reported a total of 45,613 cases of loan fraud till March 31, 2021. State Bank of India - the country's largest lender - reported the highest amount of loans as fraud - Rs 78,072 crore as on March 31, 2021.

Stable rupee is bad news for foreign currency deposits

Stable rupee is bad news for foreign currency deposits

Rediff.com27 May 2021

The flow of deposits from non-resident Indians (NRIs) hit a four-year low in the financial year 2020-21 mainly due to contraction in foreign currency deposits, latest data released by the Reserve Bank of India (RBI) shows. Total NRI deposits during FY21 were $7.3 billion as compared to $8.6 billion in FY20 - the lowest since 2016-17, when such deposits had contracted by $12.3 billion. Indian banks have three kinds of deposit accounts where NRIs or PIOs (persons of Indian origin) can park their funds: non-resident external-rupee account (NRE); non-resident ordinary rupee account (NRO); and foreign currency non-resident bank account (FCNR [B]).

Covid effect: Banks prefer govt bonds to giving loans

Covid effect: Banks prefer govt bonds to giving loans

Rediff.com20 May 2021

Record liquidity infusion by the central bank in the banking system during the financial year 2020-21 amid sluggish economic activity resulted in banks investing more in safe government papers than in extending loans, data from Reserve Bank of India (RBI) showed. This trend has not been seen in nearly two decades, barring 2016 - the year of demonetisation.

Why Citi is exiting India

Why Citi is exiting India

Rediff.com10 May 2021

The Indian regulatory framework forced Citi to hibernate -- contrary to the claim that it never sleeps!

Modi era: Private banks grow; PSBs don't

Modi era: Private banks grow; PSBs don't

Rediff.com28 Apr 2021

Since 2014, the public sector banks' branch network in rural and semi urban has grown by a mere 4,000 while for private sector banks, it doubled from 9,673 to 18,437.

Pay life insurance premium in advance and get a discount

Pay life insurance premium in advance and get a discount

Rediff.com5 Mar 2021

The discount should be equal to interest rates on savings bank account deposit of State Bank of India.

RBI's 3-pronged strategy to revive PMC Bank

RBI's 3-pronged strategy to revive PMC Bank

Rediff.com5 Feb 2021

the three investors that have submitted their final bids are not commercial banks. Among the three, one is a non-banking financial company. Another distinctive feature of the revival is that PMC may lose its cooperative bank characteristic after its reconstruction.

Banks to face RBI heat for not passing on base rate cut benefit

Banks to face RBI heat for not passing on base rate cut benefit

Rediff.com8 Oct 2015

Central bank sees action as discriminatory, unfair

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