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First-Ever Raids In Andaman Islands In Rs 200 Crore Cooperative Bank Fraud
The Enforcement Directorate on Wednesday carried out its first-ever search operation in the Andaman and Nicobar Islands. The operation is linked to an alleged Rs 200 crore loan fraud involving the Andaman Nicobar State Cooperative Bank (ANSCB).
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RBI Imposes Rs 75 Lakh Penalty On HDFC Bank For Breach Of Norms
The Reserve Bank of India (RBI) has imposed a penalty of Rs 75 lakh on HDFC Bank, the country's largest private sector lender, for not complying with directions in the RBI's Know Your Customer (KYC) master direction, according to officials.
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Indian Nationals Can Open Accounts, Deposit Funds In Russian Banks Remotely
The Russian government announced on Wednesday that it has decided to simplify norms for Indian nationals wishing to open their bank accounts in Russian banks while staying in India.
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Recovery Agents May Be Barred From Calling Borrowers Between 7 pm And 8 am
The Reserve Bank of India on Thursday proposed stricter norms for recovery of overdue loans under which financial institutions and their recovery agents cannot call borrowers before 8 in the morning and after 7 in the evening.
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Deutsche Bank AG Seeks Approval to Operate as Crypto Custodian in Germany, Triggers Market Surge
Germany’s Deutsche Bank AG wishes to provide crypto buying, selling, staking, valuation, and fund administration services to its individual as well as institutional clients. This would ensure that investors would not flout Germany’s crypto tax norms while also safeguarding investors from financial risks.
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Ex Chief Of Cooperative Bank "Siphoned Off" Funds, Probe Agency Finds
The board of directors of the Maharashtra-based Seva Vikas Co-operative Bank, led by its former chairman Amar Mulchandani, "violated" all banking norms, deliberately sanctioned loans to shell entities and "siphoned off" funds, the ED said.
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Turbulent Year for Cryptocurrencies Could Spur Progress Towards Regulatory Norms for Digital Assets in 2023
Cryptocurrency could see more regulatory norms in 2023, after a year of turbulence that saw the collapse of massive trading platform FTX. The Reserve Bank of India has been forthright about its views on cryptocurrency and its Governor Shaktikanta Das said last month that cryptocurrencies should be "prohibited" and that if they are allowed to grow "...
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SEBI Orders Attachment Of Bank, Demat Accounts Of Sahara Group Firm
Sebi on Monday ordered the attachment of bank and demat accounts of Sahara Group firm, its chief Subrata Roy and others to recover Rs 6.42 crore for violating regulatory norms in the issuance of optionally fully convertible debentures (OFCDs).
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RBI Unlikely to Extend Card Tokenisation Deadline Despite Payment Failures, Revenue Losses, Bankers Say
The Reserve Bank of India (RBI) is unlikely to extend the deadline for businesses to use card tokenisation, a layer of security for credit card data, according to bankers and merchants. Smaller merchants have demanded a delayed deadline, but the RBI has not provided any indication that it would extend the compliance date. The central bank first int...
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Google Asked by RBI, MeitY to Step up Checks Against Illegal Lending Apps in India: Report
The government and the Reserve Bank of India have urged Google to introduce tight checks to help curb the use of illegal digital lending applications in India. Google has been asked to ensure that only whitelisted loan apps are available for download on the Google Play Store. As per RBI’s digital lending norms, all loan disbursals and repayments ...
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RBI’s Digital Lending Norms Will Help Sector Scale Up, Become More Responsible, Industry Says
The RBI’s digital lending norms, introduced on Wednesday, have been welcomed by the industry. The new regulations will help the sector scale up and become more responsible. According to the new guidelines, all loan disbursals and repayments are required to be executed only between the bank accounts of the borrower and regulated entities like bank...
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RBI Issues Stringent Norms For Digital Lending Services Aimed at Curbing Malpractice
The RBI has issued stringent norms for digital lending services and apps, as part of its attempts to curb malpractice in the sector. The central bank has mandated that digital loans must be credited directly in the bank accounts of borrowers and not through any third party, digital lending entities and not the borrowers should pay fees or charges p...
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RBI Extends Deadline to Comply With Card Tokenisation Norms Till September 30
The Reserve Bank of India (RBI) has extended the card-on-file (CoF) tokenisation deadline by three months, changing it from June 30 to September 30. This date has been pushed due to requests received from industry bodies. Card-on-file, or CoF, refers to card information stored by payment gateway and merchants to process future transactions.
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Karvy Stock Broking Head Arrested For Fraud, Securities Norms Violation
Hyderabad-based Karvy Stock Broking is accused of raising loans from IndusInd Bank, HDFC Bank, ICICI Bank, and others pledging clients' securities and using the funds as working capital. It has defaulted on several such loans, the police have said.
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DDA Plans Changes In Delhi Master Plan 2021. What The New Norms Might Be
The Delhi Development Authority or DDA on Tuesday proposed amendment in the Master Plan of Delhi 2021 under which bank lockers, if part of an existing bank, will be allowed in the basements of its premises.
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First-Ever Raids In Andaman Islands In Rs 200 Crore Cooperative Bank Fraud
The Enforcement Directorate on Wednesday carried out its first-ever search operation in the Andaman and Nicobar Islands. The operation is linked to an alleged Rs 200 crore loan fraud involving the Andaman Nicobar State Cooperative Bank (ANSCB).
-
RBI Imposes Rs 75 Lakh Penalty On HDFC Bank For Breach Of Norms
The Reserve Bank of India (RBI) has imposed a penalty of Rs 75 lakh on HDFC Bank, the country's largest private sector lender, for not complying with directions in the RBI's Know Your Customer (KYC) master direction, according to officials.
-
Indian Nationals Can Open Accounts, Deposit Funds In Russian Banks Remotely
The Russian government announced on Wednesday that it has decided to simplify norms for Indian nationals wishing to open their bank accounts in Russian banks while staying in India.
-
Recovery Agents May Be Barred From Calling Borrowers Between 7 pm And 8 am
The Reserve Bank of India on Thursday proposed stricter norms for recovery of overdue loans under which financial institutions and their recovery agents cannot call borrowers before 8 in the morning and after 7 in the evening.
-
Deutsche Bank AG Seeks Approval to Operate as Crypto Custodian in Germany, Triggers Market Surge
Germany’s Deutsche Bank AG wishes to provide crypto buying, selling, staking, valuation, and fund administration services to its individual as well as institutional clients. This would ensure that investors would not flout Germany’s crypto tax norms while also safeguarding investors from financial risks.
-
Ex Chief Of Cooperative Bank "Siphoned Off" Funds, Probe Agency Finds
The board of directors of the Maharashtra-based Seva Vikas Co-operative Bank, led by its former chairman Amar Mulchandani, "violated" all banking norms, deliberately sanctioned loans to shell entities and "siphoned off" funds, the ED said.
-
Turbulent Year for Cryptocurrencies Could Spur Progress Towards Regulatory Norms for Digital Assets in 2023
Cryptocurrency could see more regulatory norms in 2023, after a year of turbulence that saw the collapse of massive trading platform FTX. The Reserve Bank of India has been forthright about its views on cryptocurrency and its Governor Shaktikanta Das said last month that cryptocurrencies should be "prohibited" and that if they are allowed to grow "...
-
SEBI Orders Attachment Of Bank, Demat Accounts Of Sahara Group Firm
Sebi on Monday ordered the attachment of bank and demat accounts of Sahara Group firm, its chief Subrata Roy and others to recover Rs 6.42 crore for violating regulatory norms in the issuance of optionally fully convertible debentures (OFCDs).
-
RBI Unlikely to Extend Card Tokenisation Deadline Despite Payment Failures, Revenue Losses, Bankers Say
The Reserve Bank of India (RBI) is unlikely to extend the deadline for businesses to use card tokenisation, a layer of security for credit card data, according to bankers and merchants. Smaller merchants have demanded a delayed deadline, but the RBI has not provided any indication that it would extend the compliance date. The central bank first int...
-
Google Asked by RBI, MeitY to Step up Checks Against Illegal Lending Apps in India: Report
The government and the Reserve Bank of India have urged Google to introduce tight checks to help curb the use of illegal digital lending applications in India. Google has been asked to ensure that only whitelisted loan apps are available for download on the Google Play Store. As per RBI’s digital lending norms, all loan disbursals and repayments ...
-
RBI’s Digital Lending Norms Will Help Sector Scale Up, Become More Responsible, Industry Says
The RBI’s digital lending norms, introduced on Wednesday, have been welcomed by the industry. The new regulations will help the sector scale up and become more responsible. According to the new guidelines, all loan disbursals and repayments are required to be executed only between the bank accounts of the borrower and regulated entities like bank...
-
RBI Issues Stringent Norms For Digital Lending Services Aimed at Curbing Malpractice
The RBI has issued stringent norms for digital lending services and apps, as part of its attempts to curb malpractice in the sector. The central bank has mandated that digital loans must be credited directly in the bank accounts of borrowers and not through any third party, digital lending entities and not the borrowers should pay fees or charges p...
-
RBI Extends Deadline to Comply With Card Tokenisation Norms Till September 30
The Reserve Bank of India (RBI) has extended the card-on-file (CoF) tokenisation deadline by three months, changing it from June 30 to September 30. This date has been pushed due to requests received from industry bodies. Card-on-file, or CoF, refers to card information stored by payment gateway and merchants to process future transactions.
-
Karvy Stock Broking Head Arrested For Fraud, Securities Norms Violation
Hyderabad-based Karvy Stock Broking is accused of raising loans from IndusInd Bank, HDFC Bank, ICICI Bank, and others pledging clients' securities and using the funds as working capital. It has defaulted on several such loans, the police have said.
-
DDA Plans Changes In Delhi Master Plan 2021. What The New Norms Might Be
The Delhi Development Authority or DDA on Tuesday proposed amendment in the Master Plan of Delhi 2021 under which bank lockers, if part of an existing bank, will be allowed in the basements of its premises.
