The acquiring banks have to pay the amount paid by the bank without doubt within three working days of the issuing bank raising the claim, failing which the RBI would be constrained to compensate the issuing bank by debiting the account of the acquiring bank maintained with the bank.
'I think of that young baby, still in her diapers, balancing with her arms held up by her mother, a Tamil woman wearing a salwar kameez and a dupatta, seated on a stoop,' recalls Aseem Chhabra.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
Cardholders must ensure their debit cards are used in their presence.
Days after billionaire Mukesh Ambani-led group took some of the stores of Future Group, whose lease had expired due to the non-payment of rent, Amazon.com Inc on Tuesday accused the two of 'fraud' and said such 'contumacious' transfer will be liable to legal action.
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
Days after the fraud allegedly masterminded by diamantaire Nirav Modi came to light, the prime minister asked the management of financial institutions as well as the supervisory bodies to do their job diligently to check such frauds.
Thanks to its indemnity cover, Citibank may not have to provide for the alleged multi-crore fraud by Shivraj Puri, the relationship manager at its Gurgaon branch.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
At the heart of Paytm's slide lies the abject failure of its Super App strategy, notes Indrajit Gupta.
The case of phishing involves a senior manager with Dabur India Ltd, Sahibabad, who lost about Rs. 8 lakh in the fraud.
Sena said many banking frauds have come to fore during the Modi regime.
The plea also sought a directive for the constitution of a committee of experts who would find the details of bad debt cases in the country.
Armed with court order, a consortium of lenders led by SBI can now sell certain real estate properties and securities belonging to fugitive Vijay Mallya to recover loans turned bad with failure of Kingfisher Airlines. A consortium of 11 banks that gave Mallya loans, led by State Bank of India (SBI), had approached a special Prevention of Money Laundering Act (PMLA) court seeking restoration of his properties seized by the Enforcement Directorate. The special PMLA court in Mumbai on Tuesday allowed the restoration of properties worth Rs 5,646.54 crore to banks.
The event will also hurt PNB's asset quality in the March 2018 quarter. While the finer details of the fraud have not been provided, making it difficult to gauge the exact impact, analysts say it will dent the bank's financials.
CBI had filed two FIRs in May 2022 against seven people in two cases related to alleged fixing of matches in IPL 2019.
Bankers have decided to fight back against 'arbitrary arrests' and 'harassment' by probe agencies.
Adani Ports and Special Economic Zone will prepay $195 million of debt due in 2024 as the conglomerate helmed by Gautam Adani looks to boost investors' confidence post being targeted by a US short-seller. In a stock exchange filing, APSEZ said it will buy back $195 million of bonds due in 2024 using its cash reserves. Out of the $520 million principal outstanding, $325 million will be left after the buyback, it said.
For the baning sector, 2018 was a 'Year of Exits' - borrowers fled from the country as loans went kaput and many bank CEOs were forced to leave
CBI officials booked for graft by the central probe agency were not only receiving regular kickbacks for compromising investigation, but were also acting as conduits to bribe their peers on behalf of companies accused of siphoning off crores of public money from banks, the FIR against them alleges.
The attached properties include three commercial assets based in Dubai, a Mercedes Benz car and a number of fixed deposits in bank accounts in the country and outside, the agency said.
Three-four big gem and jewellery firms are showing financial weaknesses and might find it tough to withstand shocks
'The Indian private sector knows how to build and run educational organisations, what is needed is a large dose of removal of restrictions.' 'Government restrictions hold back universities in India from launching medical schools,' argue Ajay Shah and Vijay Kelkar.
A special court in Mumbai on Monday rejected Jet Airways founder Naresh Goyal's applications seeking medical checkup by his personal doctor on regular basis and home-cooked food inside prison.
The size of corporate fraud in India almost doubled after 2009, and such cases also increased in number, said a report from Thought Arbitrage, a think tank in Delhi.
The most difficult case for the consumer is when your card is cloned and used online.
It further asked the government to make suitable arrangements for smooth functioning of the bank.
Do you think financial or corporate crimes are on the rise in India? What would you say is the cause for these scams: lack of monitoring, corruption in high places, pure greed.? Tell us what you think.
Sandeep Raut has been asked to depose before the central agency at its office in Mumbai next week, they said, adding his statement will be recorded under the Prevention of Money Laundering Act.
With auditing under the scanner and two of the Big Four firms stopping non-audit services for audit clients, auditors will now be subjected to a more stringent standard of reporting.
"Photographs (Nirav Modi Davos photo) mean nothing. Even you people are sitting with me and we being photographed and if somebody does anything will I be linked?" he told reporters.
The federal agency said it conducted raids against a director of Zanmai Lab Pvt Ltd, which owns WazirX, on August 3 in Hyderabad and alleged he was "non-cooperative". The agency's probe against the crypto exchange is linked to its ongoing investigation against a number of Chinese loan apps (mobile applications) working in India.
Goa Cricket Association president Chetan Dessai, secretary Vinod Phadke and treasurer Akbar Mulla were today arrested by police for alleged misappropriation of over Rs three crore belonging to the organisation.
Nehal, 41, is charged in a New York Supreme Court indictment with Grand Larceny in the First Degree, Manhattan District Attorney Cy Vance, Jr. said.
Nirmala Sitharaman said Nirav Modi may have been able to run away from the country, but the government is taking action against him, and claimed that it will "surely nab him".
"The Reserve Bank of India... has levied an aggregate penalty of Rs 10 million (Rs 1 crore) on the bank for non-compliance of regulatory directions observed during assessment of implementation of SWIFT-related operational controls," Yes Bank said in a regulatory filing.
Dubai-based billionaire BR Shetty has sued Bank of Baroda (BoB) and audit firm Ernst & Young (EY) in a New York court, accusing them of ignoring fictitious and fraudulent transactions that resulted in NMC Healthcare going bankrupt. Shetty is seeking $8 billion in damages in the suit that also names the top management of NMC Healthcare, and Netherlands-based Credit Europe Bank. A top NMC Healthcare official confirmed the development to Business Standard and said despite several meetings, senior BoB officials in India did not take remedial steps for fear of getting involved in an international ponzi scheme perpetrated by then senior management officials.
This is part of India's drive to get back the money stashed abroad.
Goldman Sachs is seeking to avoid a fraud charge as part of its settlement with the United States market regulator SEC, which had charged the investment banking major with defrauding investors by misrepresenting facts, a media report said.
The ED wants to question Varsha Raut with regard to "receipt" of some funds that were allegedly siphoned from the bank, official sources claimed.
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