'At the first sign of real trouble, that money will move. There will be a run.'
The Reserve Bank of India's (RBI) cap on banks' forex positions provided only a temporary boost to the rupee, with the currency quickly reversing gains and breaching the 95-per-dollar mark due to persistent underlying pressures.
Delhi Police have registered an FIR concerning allegations of a 'ticket-for-money' scheme involving individuals connected to the Congress party, following a complaint by a Haryana-based man who claims he was asked to pay substantial amounts to secure an election ticket for his wife.
The RBI on Friday gave 15 days more till March 15, 2024 to Paytm Payments Bank Ltd (PPBL) to stop deposits, credit transactions or top-ups in any customer accounts, wallets, and FASTags, keeping in view the interest of customers, including merchants. As per a January 31 order of the central bank, PPBL was asked to stop further deposits, credit transactions, or top-ups in any customer accounts, prepaid instruments, wallets, FASTags, and National Common Mobility Cards, after February 29.
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This means individuals like Vikram Pandit, former Citibank chief, can be a promoter only if he comes back to the country permanently.
A 72-year-old doctor in Mumbai was defrauded of 10,000 by cyber criminals posing as Mahanagar Gas Limited personnel who tricked him into downloading a malicious file.
The RBI will now charge banks different deposit insurance fees based on how risky they are, allowing safer banks to pay less premium.
Focus to be on unbanked areas; initial capital is set at Rs 100 crore; India Post can apply.
The RBI has created a stunted business model by which payment banks are supposed to shoulder the noble objective of financial inclusion without being able to make much money.
Several non-banking financial companies (NBFCs) are observing an increase in early-stage delinquencies within their micro, small and medium enterprises (MSME) loan portfolios, primarily driven by supply chain disruptions and escalating raw material costs exacerbated by the ongoing conflict in West Asia.
Delhi Police have dismantled a cyber fraud operation that swindled a railway employee out of approximately Rs 60,000 under the guise of an online lottery. The investigation led to multiple arrests and uncovered a network using fake identities to open bank accounts for illicit transactions.
Noida Cyber Crime Police arrested four individuals in Sector 76 for allegedly defrauding foreign nationals through a tech support scam. The accused posed as technical support agents, falsely claiming hacking incidents to extort money from victims.
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.
All 'grameen dak sevaks' in rural post offices will be given handheld devices by March 2017.
Gurugram police have arrested two individuals, including a director of an infra firm, for allegedly defrauding investors through fake real estate projects linked to Dhirendra Shastri's 'Aparna Ashram' in Silokhera village.
Gurugram police have arrested two individuals, including a director of an infra firm, for allegedly defrauding investors through fake real estate projects connected to Dhirendra Shastri's 'Aparna Ashram'.
Fraudsters in Thane, Maharashtra, allegedly duped 11 residents by promising low-cost housing under a government scheme and forging their credentials to open bank accounts for larger financial transactions.
Over the past three years, the appointments of 20 candidates selected through the Institute of Banking Personnel Selection were cancelled or offers were withdrawn due to poor credit history.
Moving beyond digital payments, the National Payments Corporation of India (NPCI), the operator of Unified Payments Interface, is planning to add more muscle to the country's digital infrastructure by setting up a fourth subsidiary, NPCI Tech Solutions Ltd (NTSL).
Life Insurance Corporation (LIC) has launched two new mobile applications, MyLIC for policyholders and Super Sales Saathi for its sales intermediaries, aiming to enhance digital agility and cater to the younger generation's needs. The apps, part of LIC's DIVE digital transformation platform, offer features like policy management, premium payments, and personalised recommendations.
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.
Markets regulator Sebi on Tuesday proposed introducing gift cards or gift prepaid payment instruments (PPIs) for investments in mutual funds to improve financial inclusion through onboarding of new investors in the space.
Former Haryana deputy chief minister Dushyant Chautala has criticised the state government for failing to ensure proper crop procurement arrangements and timely compensation for farmers affected by unseasonal rain.
Delhi Police have arrested two individuals for allegedly defrauding a 25-year-old man of Rs 1.46 lakh through a fake online investment scheme. The accused lured the victim with promises of high returns for completing online tasks.
The Reserve Bank of India (RBI) Governor Sanjay Malhotra is now confronting the classic growth-inflation tradeoff, a situation exacerbated by the West Asia war, which threatens to end the 'goldilocks period' of low inflation and robust growth.
Rajasthan Police have dismantled a cyber fraud racket operating from a remote island in Dungarpur district, arresting 12 individuals involved in offering fake escort services and scamming victims across the country.
Brokerage firm Jefferies maintains a 'Buy' rating for Paytm, citing its dominant merchant payments platform and projected revenue growth.
As India's biggest Unified Payments Interface (UPI) app PhonePe prepares to list, the updated draft red herring prospectus (DRHP) shows the impact of regulations on the business, and concentration of payments-linked revenue even as UPI lacks MDR (merchant discount rate).
The Commercial Taxes Department has arrested Mohammed Tauqeer for his involvement in generating and routing fraudulent ITC across multiple states, unearthing a GST fraud worth Rs 410 crore.
Non-resident individuals (NRIs) have also been allowed to apply for the niche banking licence, provided they plan to return to India.
While payments banks surely lose money, their operating ratios were looking better in 2017-18 compared to the year before. This implies that as customer volumes start picking up, the business models may perk up too, says R Jagannathan.
Four individuals have been arrested for allegedly running a sophisticated cyber fraud operation, duping people with fake discounted air tickets across multiple cities. Police recovered a substantial amount of cash and luxury items from the accused.
Even if there is an early agreement on a cessation of hostilities in West Asia, the price shock will not go away easily, points out A K Bhattacharya.
"It is quite possible that the rates will remain low in the near to medium term, but that will depend on how conditions evolve," said RBI Governor Sanjay Malhotra.
Kotak Mahindra Bank to have a 19.9% stake in the proposed banking venture.
Unbanked customers can expect easier access to banking.
The State Election Commission (SEC) has barred the Maharashtra government from releasing the January instalment of the 'Ladki Bahin' scheme in advance, citing the enforcement of the model code of conduct for municipal elections. The decision follows complaints about the timing of the release, coinciding with upcoming municipal elections.
It will enable real-time intel sharing among banks and other financial sector participants to strengthen customer protection against digital fraud.
CEO Shashi Arora discusses his roadmap for Airtel Payments Bank with Karan Choudhury.
Wipro will be implementing the core banking solution for Paytm.
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