The banks used for the fraud include ING Vysya Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, Dhanlaxmi Bank, YES Bank and DCB Bank.
Mobile payments alone gathered close to $1.51 billion in the year 2017 through 13 rounds of funding, according to data compiled by Tracxn
Claiming innocence, former head of the National Spot Exchange Limited (NSEL) Anjani Sinha, held in the Rs 5,600 crore (Rs 56 billion) payment crisis, on said that he was acting under the board's pressure, sources said.
Irdai's push will make insurance cheaper for consumers and enable a consolidated view of all policies.
Reserve Bank carried out the investigation and noted the deficiencies which were reflective of weaknesses and failures in internal control mechanisms
DRs have shares as an underlying asset and are typically issued by a bank, known as the depository bank, on behalf of a company.
The CBDT has begun the process of matching the deposits in accounts opened under the Pradhan Mantri Jan-Dhan Yojana (PMJDY), or Jan-Dhan accounts, with the profile of the depositors.
Fully know your customer-complaint Jan Dhan account holders will be allowed to withdraw Rs 10,000 per month from their account, while limited or Non KYC compliant account holders can withdraw Rs 5,000 per month.
'Secrecy allowed in the electoral bonds scheme legalises anonymity'
According to a legal expert, the clause of 'reasonable restriction' could still mean the government can make Aadhaar mandatory for monetary transactions and therefore, for banking.
Life insurance companies assert that the blockchain being created has strict protocols to leave no room for manipulation and exploitation, or unauthorised use of customer data and personal information.
Such listings will help internationalise our currency, give us economic heft, compel best in class regulations and further develop the professional-services ecosystem., says Amit Tandon.
The amended bill also provides for a stiff Rs 1 crore penalty and a jail term for private entities for storing Aadhaar data.
2017 saw the highest-ever mobilisation by way of IPOs of close to Rs 700 billion. The momentum is expected to continue this year as well.
At the time of filling the KYC (Know Your Customer) documents (when joining), do not sign wherever you are asked to. In particular, look closely at the power of attorney (PoA) section, experts tell Sanjay Kumar Singh
Third parties can be used to launder the proceeds of fraud schemes by criminals who gain illegal access to deposit accounts by recruiting them as 'money mules'
Don't share information over phone with anyone. Use only official apps. Keep Aadhaar locked unless needed.
'Please don't forget there's still one final piece to fall in place, which is the Supreme Court judgment. Once that happens, it will be ready for being passed.'
Insurance policy document will become digital and paperless like shares in the coming year and the policyholders would be saved from preserving the physical copies of their insurance policies.
The first private sector MF, Kothari Pioneer was registered in July 1993.
Rediff.com does a quick checklist on what the two manifestos have to say on hot-button issues of the day.
Based on the holding period, the profit you make is liable to short-term or long-term capital gains tax, experts tell Tinesh Bhasin.
In an online chat with readers, Investment Advisor Harsh Roongta answered their queries on the ban on Rs 500 and Rs 1000 notes.
Sebi is looking at further tightening the norms for P-Notes to address concerns raised by the Special Investigation Team on black money.
BSE proposes two models for making gold trading and investment transparent
What was recovered from Bhajiawala family: Rs 1.45 crore cash, of which about Rs 1.05 crore was in new currency notes, bullion worth Rs 1.49 crore, gold jewellery valued at Rs 4.92 crore, other ornaments worth Rs 1.39 crore and silver ingots priced at Rs 1.28 crore.
As advertising reaches a cacophonous pitch, as it does every year around this time, brands say they are finding newer and more effective ways to reach their audiences.
Policy lays out a 5-year road map seeking creation of 3.5 mn jobs and promoting 10,000 start-ups.
Market regulator Securities and Exchange Board of India has said one FPI can hold a maximum of 10 per cent of a company's equity shares, while existing overseas investor classes such as foreign institutional investors, sub-accounts and qualified foreign investors need to convert to the new FPI regime eventually.
SC raised questions over the government's decision ordering mandatory seeding of mobile numbers with Aadhaar.
Department of Financial Services is regularly emphasising the early issuance of RuPay Debit Cards, e-KYC based account opening, Aadhaar seeding, financial literacy and the progress in survey made.
The Reserve Bank of India (RBI) said directions have been issued in the wake of a rise in the number of cheque-related fraud cases.
'Completely disregarding ground reports of starvation deaths owing to Aadhaar and potentially disguising these deaths to look like accidents appears brutal,' says Rajendran Narayanan.
Private banks and start-ups offer instant loans on apps as well as through ATMs.
The use of Aadhaar on Skype Lite and LinkedIn will allow Microsoft to bring on board millions in small towns and rural areas lacking e-mail IDs.
The last few months have been hard on digital wallets which had a short-lived dream run post-demonetisation.
'A key trend that one should expect to see is tonnes of failures.' 'Several blockchain-focused companies will fail.'
Till June-end alone, insurance regulator is expected to bring about more than half a dozen reforms that will have a significant impact on the customer.
In barter, you have the choice of picking up a product that's available with the barter company in exchange for the stuff you want to discard.
What surprises will the finance ministry and the RBI spring on us next? Put on your thinking caps and predict the next boomerang coming our way!
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