Central banks are unlikely to go for co-ordinated withdrawal of stimulus measures as it may hamper global economic recovery, a top financial services expert said on Wednesday.
Police FIR reveals the bank had replaced 44 loan accounts of HDIL with 21,049 fictitious loan accounts. These 21,049 were actually not created in the core banking solution of the bank, but were mere entities in the advances master indent submitted to RBI for conducting its inspection for the year ended March 2018.
Citizens are encouraged to deposit jewellery, bars or coins with banks so it can be refined to meet fresh demand and cut the need for imports
Inching closer to resolving the Punjab and Maharashtra Cooperative (PMC) Bank issue, the Reserve Bank on Monday came out with a draft scheme for takeover of the crisis-hit bank by the Delhi-based Unity Small Finance Bank (USFB). The draft scheme of amalgamation envisages takeover of the assets and liabilities of PMC Bank, including deposits, by USFB, thus giving a greater degree of protection for the depositors, the RBI said. In September 2019, the RBI had superseded the board of PMC Bank and placed it under regulatory restrictions, including cap on withdrawals by its customers, after detection of certain financial irregularities, hiding and misreporting of loans given to real estate developer HDIL.
The staff at post offices misappropriated Rs 95.62 crore of public money between November 2002 and September 2021, the Comptroller and Auditor General has said. The money may seem small but it is what common citizen invested in post office savings, the oldest and the largest banking system in the country. The system serves the investment needs of urban and rural clients through schemes such as savings bank, recurring deposits, time deposits, national savings certificates, kisan vikas patras, public provident fund, monthly income account scheme, sukanya samriddhi accounts and senior citizens savings scheme.
'RBI was focusing on public sector banks perhaps thinking that private sector banks are managed efficiently while PSU banks are not.' 'Now, RBI has to focus on private sector banks too.'
One incident should not be used to generalise the health of all cooperative banks, says RBI governor Shaktikanta Das.
The ATMs will open on Friday and at many places they will open on Thursday, he said.
rediffGURU Hemant Bokil answers your personal finance queries
Since the first Aadhaar number was issued in September 2010, more than 1.33 billion Aadhaar cards have been generated till June 2022. With the Aadhaar enrolment of adult Indians nearing 100 per cent, the main objective of the Unique Identity Authority of India (UIDAI), which was to give Unique Identification numbers (UID) to all residents of India, is almost achieved, said a senior government official. "Enrolment will now be much more update-based, because people keep updating their mobile numbers and addresses.
Finance Minister Nirmala Sitharaman on Wednesday said the National Rural Livelihood Mission has achieved remarkable success by mobilising rural women into 1 lakh SHGs (self help groups).
Key lending rate (repo) raised by 50 basis points to 4.9 per cent; 2nd increase in 5 weeks
The apex bank has sent a communication in this regard to Indian Banks' Association and this is expected to be implemented shortly, IBA chairman K Ramakrishnan told PTI. Since April 1, RBI had declared third party ATM usage, including cash withdrawals and account enquiries, free for all customers and said that banks can charge Rs 18-20 per month from other banks in case of third party ATM transaction.
Anticipating panic and rush at bank counters, the Reserve Bank of India as well as the government has set up control rooms in Mumbai and the national capital to avoid any crisis, Department of Economic Affairs Secretary Shaktikanta Das said.
'The India which was all about glamour and razzmatazz through which he could earn the trust of people of the other India, which was Bharat.'
While some of the banks mentioned in the report said they have not come across any such fake apps, others have started an inquiry and also informed the CERT-In -- the national nodal agency for responding to computer security incident.
Foreign investors pumped in Rs 11,119 crore in the Indian equities in December, making it the second consecutive monthly inflow, despite increasing concerns over the re-emergence of Covid-19 cases in some parts of the world. However, foreign portfolio investors (FPIs) have turned cautious in recent days. The inflow in December was much lower compared to Rs 36,239 crore invested by FPIs in the month of November, data with the depositories showed.
The RBI 'assured people' that enough cash in small denominations is also available at banks.
Only when the RBI inspection started on September 19 did they realise that their game was up and one of them had sent a letter to the central bank, leading to the RBI crackdown, report Anup Roy and Subrata Panda.
Employees of public sector banks on Wednesday withdrew their proposed strike on Friday, called to protest the cases filed by the management of Central Bank of India against its employees for going on strike last month.
More people are now comfortable using their debit cards.
The Enforcement Directorate arrested Yes Bank founder Rana Kapoor under money-laundering charges in Mumbai in the early hours of Sunday, officials said. The banker was held under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am as he was allegedly not cooperating in the probe, they said.
rediffGURU Dev Ashish answers your personal finance and mutual fund queries.
Thanks to the recapitalisation by the government and measures taken by the central bank, collapse of any large housing finance company won't pose as big a risk as it had six months ago.
The average, fixed cost of setting up an ATM is estimated at Rs 600,000-800,000. There are about 30,000 ATMs in India. The RBI norms will enable small banks to benefit from low-cost, switch-enabled ATM services without opting for expensive bilateral tie-ups.
A 2008-style bank run seems unlikely, but if it did happen, the sector is much better prepared.
In its scheme of things, tackling inflation now comes ahead of ensuring growth in the world's sixth largest economy, points out Tamal Bandyopadhyay.
In one of the biggest ever bank heists, a global cyber crime ring stole $45 million by hacking into credit card processing firms.
The members of the Reserve Bank of India's (RBI's) Monetary Policy Committee (MPC) voiced different views on the interest rate and stance, with two of them indicating they may not vote for further rate increases even if Governor Shaktikanta Das and Deputy Governor Michael Patra maintain bringing down inflation as their primary objective, the minutes of the December review of the monetary policy showed. The other two members remained neutral. The MPC increased the policy repo rate by 35 basis points (bps) - which was lower than the previous three hikes of 50 bps. The repo rate has been hiked by 225 bps to 6.25 per cent since May this year.
Investors looking for a fixed-income product that is free of credit risk may invest in these bonds.
HSBC's Swiss bank routinely allowed clients to withdraw "bricks" of cash
Benchmark indices fell over 1 per cent each on Monday in sync with weak global markets and a sharp fall in IT stocks. The BSE benchmark Sensex tanked 861.25 points or 1.46 per cent to settle at 57,972.62. During the day, it tumbled 1,466.4 points or 2.49 per cent to 57,367.47. Similarly, the NSE Nifty fell 246 points or 1.4 per cent to 17,312.90.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
Discussion paper fixes Rs 1,000 cr as minimum capital for these specialised banks
The Covid winter seems to be finally ending for debt-oriented mutual fund (MF) schemes as interest rates peak, especially for those that invest in shorter-maturity papers. In the past two months, shorter-horizon debt schemes - ultra-short, low-duration, and money-market - have together raked in net inflows of Rs 48,000 crore, the highest for two months since April-May 2021. These schemes invest in shorter-maturity papers ranging from three months to a year.
The government plans to expand mobile banking services to benefit the common man.
Your nearest grocery shop might soon become a one-stop shop for depositing and withdrawing money.
Every customer, on opening a Payments Bank account, will get a cashback of Rs 250 as soon they bring deposits of Rs 25,000 in their bank account. The account will have zero balance requirement and every online transaction (such as IMPS, NEFT, RTGS) will be free of charge.
