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IFSC banking units can open foreign currency current accounts

Tuesday, December 24, 2019, 11:06 AM

IFSC banking units can open foreign currency current accounts

The RBI said IFSC Banking Units can open foreign currency current accounts of entities operating in IFSC and of non-resident institutional investors to facilitate their investment transactions. However, IBUs are not allowed to open savings accounts. Issuing instructions regarding permissible activities of IBUs, the RBI further said it will not prescribe any limit for raising short-term liabilities from banks.

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Mumbai Police to probe oversight of PMC Bank irregularities in RBI audit

Thursday, October 17, 2019, 11:24 AM

Mumbai Police to probe oversight of PMC Bank irregularities in RBI audit

The Mumbai Police will investigate how various irregularities in PMC Bank transactions and functioning were omitted from the Reserve Bank of India's forensic audit report, Mumbai Police Commissioner Sanjay Barve said. Among the irregularities that went undetected was that loans by Housing Development and Infrastructure (HDIL) were shown in accounts of different names.

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RBI, government arms to build new borrower database

Monday, September 2, 2019, 9:11 AM

RBI, government arms to build new borrower database

India's banking-regulator and two-government-arms tasked with supervising companies and indirect-taxes have come together to draft a law that will help create a central-borrower-database, which would help improve underwriting standards and allow financiers to give more loans to small-businesses and individuals with limited credit-histories. The RBI, Ministry of Corporate-Affairs and CBIC are working on the bill that aims to enhance financial inclusion without compromising prudential-lending-norms.

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ATMs might soon place 6-12 hour gap between cash withdrawals: Report

Tuesday, August 27, 2019, 1:36 PM

ATMs might soon place 6-12 hour gap between cash withdrawals: Report

The Delhi State-Level Bankers' Committee (SLBC) has suggested keeping a window of 6-12 hours between cash withdrawals to prevent frauds, according to a report. "A lot of these frauds happen at night, from around midnight to early morning. A bar on transactions for a certain period can help," said Mukesh Kumar Jain, the CEO of Oriental Bank of Commerce told the publication.

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Hinduja Global Solutions looks to capture rising opportunities in social media care

Wednesday, August 7, 2019, 7:56 AM

Hinduja Global Solutions looks to capture rising opportunities in social media care

As more customers use social-media platforms to flag issues, social-media-care is emerging as one of the fastest growing businesses for the IT-business process management firm HGS. Speaking to Moneycontrol, Srinivas Palakodeti, CFO, Hinduja Global Solutions, said "We are doing a lot of work on the social-media-care, where people, instead of calling, are putting it out on Twitter, Facebook and Instagram causing damage to brands."

Article

 

15 March 2019, Friday

Impact of Digital Banking on the Financial Industry : All You Need to Know

Definition of Digital Banking Digital banking is also known as online or internet banking. When t ...

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SBI has found fraud worth Rs 7,951.3 crore in Apr-Dec: RTI reply

Thursday, February 28, 2019, 7:57 AM

SBI has found fraud worth Rs 7,951.3 crore in Apr-Dec: RTI reply

The State Bank Group has said as-much-as Rs.7,951.29-crore involving 1,885-cases of fraudulent activities have come to light during the first-nine-months of the current fiscal year. In an RTI reply, nation's largest lender said, first quarter reported 669 cases of fraudulent activities amounting to Rs.723.06-crore, the second quarter saw 660-cases involving an Rs.4,832.42-crore and the third quarter reported 556-cases amounting to Rs.2,395.81-crore.

News

 
Banking Operations Partially Affected In Bharat Bandh

Tuesday, January 8, 2019, 12:29 PM

Banking Operations Partially Affected In Bharat Bandh

Banking operations were affected in some parts of the country on Tuesday as a section of employees did not work in solidarity with the two-day nationwide strike call given by 10 central trade unions to protest against alleged anti-labour policies of the Narendra Modi government. AIBEA and BEFI have supported the strike, which has impacted banking operation where these two unions are strong.

News

 
SBI may buy out Canara Bank's loans in Ratnagiri Gas

Tuesday, December 18, 2018, 7:52 PM

SBI may buy out Canara Bank's loans in Ratnagiri Gas

SBI is looking to buy out Canara Bank's loans of about Rs.400 crore in Ratnagiri Gas and Power Pvt. Ltd, erstwhile Dabhol Power Co., said two people in the know. This is expected to be the first-resolution under the ICA, which is part of government's Project Sashakt aimed at resolving bad loans. An IBA official said they have not received any proposal from SBI.

News

 
Deutsche Bank's Frankfurt HQ searched in Panama Papers probe

Thursday, November 29, 2018, 8:01 PM

Deutsche Bank's Frankfurt HQ searched in Panama Papers probe

Deutsche Bank AG's premises, including its headquarters in Frankfurt were being searched by prosecutors in a money laundering probe, prosecutors said in a statement. Two bank employees, aged 50 and 46, were targeted as suspects in the case, according to the statement. Prosecutors said about 170 officials and police were involved in the raids. Deutsche Bank shares fell as much as 4.7% on Xetra.

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