'The new ceiling will cover around 93 per cent of all deposit accounts, up from 90 per cent earlier,' notes Tamal Bandyopadhyay.
Most of the legal cases in the UK are switching to videolink and telephonic options where possible, with all new jury trials suspended amid the social distancing rules in place to combat the COVID-19 pandemic.
Banks and brokerage firms have plans to test a small device that would help customers prove their identities while logging on to online banking, brokerage and bill-payment programmes, in an effort to fight Internet fraud.
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.
He said the Aadhaar programme violated informational privacy, self-determination and data protection.
'The RBI is not releasing Rs 2,000 notes for the last 10 days; probably they have stopped printing it.'
Swiss authorities have always maintained that assets held by Indian residents in Switzerland cannot be considered as 'black money' and they actively support India in its fight against tax fraud and evasion.
As many as 267 of 453 companies from the BSE500 index are trading above their consensus price targets, according to the data compiled by Bloomberg. Not all companies in the BSE500 index are tracked by analysts.
Jaitley slams Rajan for MSME banking crisis statement, says postmortem is easier than action
RBI seeks detailed report on what happened between 2011 and now; bankers to recall loans to Nirav Modi entities.
Adani Group is expected to report a 20 per cent rise in its earnings before interest, tax, depreciation, and amortisation (Ebitda) at Rs 61,200 crore for the year that ended in March 2023 (2022-23, or FY23), according to a note submitted by the group to lenders recently. The group had earned Ebitda of Rs 57,299 crore in the preceding financial year that ended in March 2022 (2021-22). The group's gross debt was Rs 2.27 trillion as of March 31, 2023, and has projected to not take on additional debt until it lowers its existing one.
Sebi on Thursday sent a notice to fugitive businessman Mehul Choksi asking him to pay Rs 5.35 crore in a case pertaining to fraudulent trading in the shares of Gitanjali Gems Ltd and warned of arrest and attachment of assets as well as bank accounts if he fails to make the payment within 15 days. The demand notice came after Choksi failed to pay a fine imposed on him by the Securities and Exchange Board of India (Sebi). Choksi, who was the chairman and managing director as well as part of promoter group of Gitanjali Gems, is the maternal uncle of Nirav Modi.
The regulatory actions, undertaken by the RBI and the government, came hours after finance ministry sources confirmed that SBI was directed to bail out the troubled lender. For the next month, Yes Bank will led by the RBI-appointed administrator Prashant Kumar, an ex-chief financial officer of SBI.
'Investors should not commit fresh money to these stocks right now, unless they can hold for the next three to four years.'
Markets regulator Sebi on Monday imposed a penalty of Rs 25 crore on Yes Bank in the matter of misselling the lender's AT-1 bonds few years ago. Besides, the watchdog has imposed a fine of Rs 1 crore on Vivek Kanwar, who was the head of the private wealth management team, and Rs 50 lakh each on Ashish Nasa and Jasjit Singh Banga. The two individuals were part of the private wealth management team at the time of violation. They need to pay the penalty within 45 days, Sebi said in its order.
Prajwal Revanna is the grandson of JD-S patriarch and former Prime Minister HD Deve Gowda, and is the only candidate from the party to have won the Lok Sabha elections in Karnataka in 2019.
The banking sector's credibility is on thin ice. Unless the government takes strict steps, things could get worse.
More than 1,000 independent directors have quit since January 2017; more could be on their way out
Finance Minister Arun Jaitley said the magnitude of the alleged black money transfer through state-owned BoB will only be known after completion of the multi-disciplinary probe.
An FIR has been registered against Shivraj and his parents for allegedly duping a Mumbai businessman and his wife of Rs 13 crore (Rs 130 million) while he was out on bail.
Raids have been conducted at 21 places in Ahmedabad, Mumbai and Delhi.
And will sell its 50 per cent stake to State Bank of India in Russia as part of rationalisation of overseas branch network.
Diamond merchant Nirav Modi on Wednesday lost his appeal against extradition on mental health grounds as the high court in London ruled that his risk of suicide is not such that it would be either unjust or oppressive to extradite him to India to face charges of fraud and money laundering. Lord Justice Jeremy Stuart-Smith and Justice Robert Jay, who presided over the appeal hearing at the Royal Courts of Justice earlier this year, said in their verdict that District Judge Sam Goozee's Westminster Magistrates' Court order from last year in favour of extradition was "sound". The leave to appeal in the high court had been granted on two grounds - under Article 3 of the European Convention of Human Rights (ECHR) to hear arguments if it would "unjust or oppressive" to extradite 51-year-old Modi due to his mental state and Section 91 of the Extradition Act 2003, also related to mental health.
Stressing a coordinated mechanism between the central agencies and departments like Securities and Exchange Board of India and the Serious Fraud Investigation Office, the Andhra Pradesh chief minister said the scope of probe underway by the state government included Satyam's connection with the Maytas firms.
For non-banks, the IL&FS crisis was nothing short of India's Lehman moment, which has for a foreseeable future reset the sector on multiple grounds.
The Bombay high court on Friday heard prosecution and defence arguments on the applications of former ICICI Bank CEO and MD Chanda Kochhar and her businessman-husband Deepak Kochhar, challenging their arrest by the Central Bureau of Investigation (CBI) in an alleged loan fraud case, and reserved its verdict which will be delivered on Monday. The Kochhars, along with Videocon group founder Venugopal Dhoot, were arrested by the CBI late last month for their alleged roles in the case and the trio is currently in jail under judicial custody. The Kochhar couple has termed their arrest as "illegal" on the ground that no sanction was obtained prior to the CBI action as required under provisions of the Prevention of Corruption Act (PCA).
The order grants permission to the UK High Court Enforcement Officer to enter the 62-year-old tycoon's properties in Hertfordshire, near London.
Delhi Police has unearthed a major investment fraud involving a whopping Rs 980 crore (Rs 9.8 billion) and arrested three directors of a company and an assistant sub-inspector of police
Sebi said Thapar-promoted and -related entities owed Rs 1,723.19 crore as receivables to the company, while connected parties owed another Rs 462.74 crore.
The bank has one of the highest current account savings account share, stable credit quality, robust credit growth, adequate capital and low cost-to-income ratio, said PNB chief Sunil Mehta.
Reserve Bank has almost finalised the structure of Central Fraud Registry.
Digitisation is changing the banking business. This shift has resulted in a change in banking job profiles.
The Ministry of Home Affairs amended its guidelines on October 12 to include the chairman, managing director or chief executive officer of each public sector bank on the list of authorities who can issue requests for opening look-out circulars against whom an FIR is yet to be filed.
The net NPA ratio declined to 3.7 per cent in September 2019 from just below 4 per cent in March 2019, reflecting increased provisioning.
The review will help all the banks find if there is any loophole.
Efficient use of data and a great sense of timing are two things that stand out in the Sebi whole-time member's order in the matter of Reliance Petroleum
The World Bank has blacklisted Videocon Industries on allegations of fraud and corruption for three years.
A 40-year-old freelance journalist has claimed a person 'hypnotised' him over the phone and duped him of Rs 40,000, but police and experts said this is one of the 'most normal kinds of cyber fraud' and not a case of hypnosis.
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