The Reserve Bank of India has imposed a penalty of Rs 41.8 lakh on Canara Bank for non-compliance with KYC norms and incorrect account classification, and Rs 3.1 lakh on Puran Associates Pvt Ltd for asset classification violations.
Around 80 lakh women in Maharashtra have been disqualified from the Mukhyamantri Majhi Ladki Bahin scheme after failing to meet the e-KYC deadline, leading to accusations from opposition parties that the state government is reducing beneficiaries due to financial constraints.
Delhi Police arrested a 30-year-old cyber fraudster from Jharkhand for allegedly duping a Delhi resident of Rs 6 lakh under the guise of KYC verification. The accused, Bimal Rabidas, confessed to the crime and was found to be involved in similar cases across multiple states.
A tribal woman walked nearly 3 km carrying her 90-year-old mother-in-law on her back to a bank to collect the latter's Rs 500 monthly pension, pending for four months due to incomplete KYC (Know Your Customer) formalities, in Chhattisgarh's Surguja district.
Amid the buzz over a split in the ranks of Lok Sabha MPs of Shiv Sena-Uddhav Balasaheb Thackeray through "Operation Tiger", Maharashtra Chief Minister Devendra Fadnavis on Sunday said the "operation" has been successful. His deputy and Shiv Sena president Eknath Shinde said he never leaves an operation incomplete.
Delhi Police have arrested three individuals for allegedly defrauding a resident of Rs 15.26 lakh by promising to increase his credit card limit. The fraudsters used mule bank accounts to channel the illicit funds, and police recovered several devices used in the crime.
Investments under the framework would remain voluntary for employees.
Hyderabad Police have apprehended 66 individuals linked to a nationwide 'ghost' SIM card network, connected to 76 cybercrime cases involving over Rs 101 crore.
Read all account documents, ask questions, and conduct basic due diligence before agreeing to become a joint holder.
The Delhi High Court denied anticipatory bail to a man accused in an organised cyber fraud case involving the transfer of approximately Rs 1 crore in cryptocurrency. The court emphasised the need for custodial interrogation to unearth the larger conspiracy and recover the cheated amount.
Delhi Police dismantled an interstate cyber fraud network involved in routing illicit funds through bank account kits, SIM cards, and ATM credentials, leading to the arrest of three key individuals from Haryana and Himachal Pradesh.
Automobile manufacturers have informed NITI Aayog that they face significant challenges in tracing 20-25-year-old vehicles due to multiple ownership changes, hindering their ability to meet Extended Producer Responsibility (EPR) targets for end-of-life vehicles (ELVs). They are seeking government support, including access to updated Vahan registration records, to locate these vehicles and encourage owners to use authorised scrapping centres.
The Reserve Bank of India (RBI) has removed the prior approval requirement for non-bank entities to form tie-up arrangements for facilitating outward remittance services through banks in India, aiming to streamline the process and enhance efficiency.
Fintech platform Decentro has received final approval for a Payment Service Provider (PSP) licence from the IFSCA at GIFT City, enhancing its cross-border payment capabilities.
Four individuals, including two bank managers, have been arrested in Telangana for allegedly siphoning off Rs 2.65 crore from a state-owned bank branch in Nalgonda district.
Hyderabad Police Commissioner V C Sajjanar has proposed a Joint Working Group with the RBI and banks to address the issue of mule bank accounts used in cyber fraud. The proposal follows 'Operation Octopus,' which exposed vulnerabilities in KYC verification. Sajjanar also recommended strict directives for banks to fix accountability and adopt advanced technology to detect suspicious transactions.
'There has to be a safe harbour for licensed entities, which have followed all the norms prescribed by the RBI.'
State Bank of India has embarked on a drive to cut the Know Your Customer (KYC) process to a single one across its branches, a top official said on Tuesday.
Hyderabad Police Commissioner V C Sajjanar convened a meeting with bankers to address the misuse of bank accounts in cyber frauds and implement preventative measures, following 'Operation Octopus' which dismantled cyber fraud networks and led to arrests of complicit bank officials.
The Centre has announced that the Viksit Bharat -- Guarantee for Rozgar and Ajeevika Mission (Gramin) Act will come into force across the country from July 1, replacing the Mahatma Gandhi National Rural Employment Guarantee Act.
The CBI has filed three chargesheets against former Karnataka minister B Nagendra and his associate Nekkanti Nagaraj for allegedly diverting Rs 89 crore in state government funds intended for Scheduled Tribes.
An EY India report suggests that banks must compete on customer experience and evolve physical branches into phygital advisory hubs. The report highlights the importance of anticipating customer needs and blending digital tools with human interaction.
Insights from behavioural economics suggest that an ambitious nudge can be effective if three conditions are met, points out Ram Singh Insights from behavioural economics suggest that an ambitious nudge can be effective if three conditions are met, points out Ram Singh, director, Delhi School of Economics.
Delhi Police have arrested two individuals from Jharkhand for allegedly defrauding a 65-year-old man of over Rs 10 lakh through a cyber fraud involving APK files.
The Centre has notified draft rules for the Viksit Bharat - Guarantee for Rozgar and Ajeevika Mission (Gramin) Act, 2025, outlining the framework for the new rural employment programme replacing MGNREGA. The draft rules are open for public feedback until June 21, 2026.
Under the new rules, users must take a "live selfie" using software that verifies their presence, typically through eye-blinking or head movement. The measure helps prevent the use of static photos or deepfakes.
A 32-year-old man has been arrested in Delhi for allegedly defrauding a resident of 2 lakh under the guise of selling a second-hand car online. The accused impersonated an employee of a reputable online car sale platform to gain the victim's trust.
A 35-year-old bank employee in Delhi has been arrested for allegedly facilitating a cyber fraud racket by opening a bank account using forged documents. The employee misused his position to help fraudsters siphon off money through a fake account, which was part of a larger scheme involving fake investment offers on social media.
The Enforcement Directorate (ED) has attached properties worth Rs 1.06 crore in connection with the 'Global Media App' fraud, an online earning platform that allegedly generated over Rs 45 crore through illicit means.
Odisha Police have arrested a former banking correspondent for allegedly misappropriating around Rs 27 lakh of depositors' money in Jajpur district.
Delhi Police have arrested five individuals from Uttarakhand's Udham Singh Nagar for their involvement in an interstate cyber fraud racket. The syndicate supplied mule bank accounts to cyber criminals, routing cheated money from online investment and task-based scams.
The Indian government has announced the replacement of the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) with the Viksit Bharat Guarantee for Rozgar and Ajeevika Mission (Gramin), or VB-G RAM G Act, 2025, effective July 1. The new scheme aims to expand guaranteed wage employment and link it more closely with infrastructure development and climate resilience, but faces concerns from opposition parties and labour rights activists.
A senior bank executive in Mumbai was defrauded of 97.78 lakh by cyber criminals through a fake share market investment scheme.
'First-time applicants may witness longer approval times or higher rejection rates and requests for more documentation.'
A 20-year-old man was arrested for allegedly posing as an employee of a digital payment platform and duping shopkeepers in East Delhi by claiming to check defective sound boxes.
Understand your travel insurance policy before travelling abroad this summer. This article outlines what travel insurance covers, including trip cancellations, missed connections, and medical emergencies, and what it excludes, such as war-related disruptions and pre-existing conditions.
A 78-year-old woman in Mumbai was defrauded of over 25 lakh after a scammer gained access to her mobile phone under the guise of updating her electricity bill details.
Kapil Chugh, accused of masterminding a Rs 1,825 crore GST refund fraud, has been arrested by DGGI officers upon his return from Dubai. He is alleged to have evaded investigation and is wanted in other economic criminal cases.
The Indian government has extended the deadline for implementing SIM-binding rules for mobile messaging apps like WhatsApp and Telegram to December 31, following requests from the industry. The Department of Telecom has also relaxed the mandatory six-hour log-out rule for web versions of these apps.
The Reserve Bank of India (RBI) has proposed several measures to develop a more conducive framework for the long-term growth of Prepaid Payment Instruments (PPIs), including enhanced transaction security and clearer rules on refunds and grievance redressal.
