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A family in Thane, Maharashtra, was allegedly defrauded of over Rs 1.66 crore by a man who exploited their fear of black magic, promising divine remedies through rituals and pilgrimages.
Cyber intelligence firm CloudSEK reports that online fraudsters are using a new toolkit called 'Digital Lutera' to bypass security features of UPI apps and carry out fraudulent financial transactions.
Currently, only three have completed more than six months of operation in the space - Fino Payments Bank, Airtel Payments Bank and Paytm
While a wallet is convenient, payments bank offers interest on deposits and ATM facility.
Experts contend that this setback, even if temporary, could put the company at a disadvantage to its competitors in acquiring new customers.
Customers will qualify for compensation even if they mistakenly share the OTP.
In August, RBI allowed 11 business houses to start a payments bank.
Congress leader K C Venugopal has filed a defamation complaint against a Haryana-based man, alleging politically motivated accusations ahead of the Kerala Assembly elections.
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Of the 11 licence holders, only eight remain in the fray as concerns about profitability and rising competition are making them think twice before jumping in.
Bihar Police arrested 141 people in a state-wide crackdown on mule bank account networks allegedly used for cyber fraud. The operation, 'Cyber Prahar 2.0', led to the registration of 86 FIRs and uncovered collusion by bank employees.
Delhi Police have arrested five individuals for allegedly abducting and robbing a man after luring him through a dating application in the Kalkaji area. The victim was assaulted, forced to transfer money, and later abandoned.
Jaitley said banking network is expanding hugely and the health of banks reflects on the challenges for the economy.
Delhi Police have arrested four individuals involved in a sophisticated roadside extortion scheme, posing as fake loan recovery agents and targeting vehicle owners with pending EMIs.
Payment banks may not be viable option to attain financial inclusion.
The Enforcement Directorate has restored assets worth over 15,000 crore to a Supreme Court-appointed committee for distribution to investors defrauded in the PACL (Pearls Group) Ponzi scheme.
Telecoms investor Aditya Birla Nuvo Ltd and retailer Future Group were among the first big names to apply for licenses to run so-called payments banks
It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
The Enforcement Directorate has filed a chargesheet against former Reliance Communications president Punit Garg and another individual in connection with a money laundering probe linked to an alleged Rs 40,000 crore bank loan fraud.
Regulators will need to allow the model to evolve to allow profits to flow, says Una Gulani.
Mastercard and Visa are introducing passkeys that will allow users to authenticate card payments with face scans or fingerprints, eliminating the need for one-time passwords (OTPs).
A total of 41 companies had applied for the permit
Bharti Airtel aims to leverage its 180 million plus digital service customers and its wide presence in rural areas to grow its payment bank business. "We are well placed as we can leverage the 180 million plus customers we have across our digital assets. "We offer a plethora of services such as lucrative interest rates, gift cards, FASTag, telecom recharges, payments and debit cards. "Our large merchant base of more than eight million allows us to drive both engagement and monetisation.
The Delhi High Court has extended the suspension of actor Rajpal Yadav's sentence in cheque bounce cases until April 1, acknowledging his 'substantial' payment towards the outstanding amount.
Delhi Police have arrested two individuals from Rajasthan for allegedly defrauding a Delhi resident of over 21 lakh through a high-return online investment scam. The accused lured the victim with promises of lucrative returns and prepaid tasks.
The Allahabad High Court has rejected a petition to dismiss a case against a woman accused of defrauding an aspirant of over Rs 22 lakh with false promises of a PhD degree and a university job.
Samsung has unveiled a pair of fresh Galaxy handsets for the Indian market, expanding its A-range with the A57 5G alongside the A37 5G.
The board is likely to take up the matter this month.
Most public sector banks, flush with deposits now, offer 3-4% interest on savings deposits, while a few private sector banks go up to 6%.
To deepen the financial inclusion process, and help get more people under the formal financial system, the RBI has mooted the idea of small banks and payments banks.
The contraction in total reserves was driven by a fall in gold reserves, which dropped $13.49 billion to $117.19 billion during the reported week.
An Indian-origin couple in the UK has been sentenced for breaching a disqualification order, operating companies despite a ban imposed after tax fraud claims.
A cybersecurity expert warns that cyberattacks are increasingly targeting critical infrastructure, posing direct risks to human lives beyond mere data theft. The convergence of IT and OT expands the attack surface, making sectors like aviation, transport, and public utilities highly vulnerable.
Payments banks are niche banks set up by the Reserve Bank of India to further the agenda of financial inclusion.
The Economic Offences Wing of Crime Branch in Kashmir conducted searches at multiple locations in Srinagar and Budgam districts concerning the alleged siphoning of government funds during the COVID-19 pandemic.
Only bona fide victims would be compensated by banks within five days of receiving the complaint.
The RBI has doubled the limit of maximum balance that an individual customer can hold with payments banks to Rs 2 lakh from Rs 1 lakh earlier with immediate effect to expand the ability of such lenders to cater to the needs of MSMEs and other businesses.
The Supreme Court has ruled that a bank's one-time settlement (OTS) scheme cannot be invoked as a matter of right and that borrowers must strictly comply with its mandatory conditions, including upfront payment of a specified portion of dues, to avail themselves of the benefits of the scheme.
To meet liquidity pressure because of advance tax outflows this month, the Reserve Bank of India (RBI) has adopted a measured approach with its latest announcement of open-market operations (OMOs), worth Rs 1 trillion.
Police in Navi Mumbai have dismantled a fraudulent call centre accused of swindling individuals out of over Rs 1 crore by falsely promising high returns on share market investments. Two individuals have been arrested, and investigations are ongoing.
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