YES Bank, ICICI Bank to adjust service charges on savings accounts, discontinue some offerings from May 1
The banks will make changes to various savings account types. Here's more
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RBI imposes ₹1-crore penalty on ICICI Bank, fines YES Bank ₹91 lakh
RBI penalizes ICICI Bank ₹1 crore and Yes Bank ₹91 lakh for non-compliance with banking regulations.
Withdrawing money from ATM to become costlier? Here’s how
India's ATM operators are lobbying the RBI and NPCI for a Rs 2 increase in the interchange fee for cash withdrawals, aiming to boost business sustainability. The Confederation of ATM Industry (CATMI) is advocating for the hike to ensure adequate funding for ATM operations., Personal Finance...
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Bombay High Court Orders Bank of Baroda To Refund Rs 76 Lakh, Says Account Holder Not Liable For Unauthorized Transactions Due To Third Party Breach
The Bombay High Court has directed the Bank of Baroda to refund Rs. 76,90,017 to a company and its director who lost the amount in a cyber fraud incident involving unauthorized electronic banking ...
Purvanchal Cooperative Bank’s Licence Cancelled by RBI
The Reserve Bank of India (RBI) has cancelled the certificate of registration (CoR) of Uttar Pradesh-based Purvanchal Cooperative Bank Ltd due to inadequate capital and poor earning prospects of the lender. RBI has asked the Bank to stop banking business from 15 June 2024.
Under Pressure To Present Success Stories On Digital India & Financial Inclusion, Many Banks Engaged In Fraud, Malpractice
Whether government or Reserve Bank of India programmes or their own business metrics, many banks have inflated data to present a rosy picture of deposits, loan recovery, digital transactions. Some coerced employees to do multiple daily digital transactions to pad up performance. This legacy of...
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A Crisis In Indian Banking: How High Targets, Work Pressure Are Driving Employees To Despair, Suicide
Work woes pushed nearly 500 bank employees in India to suicide over the past decade. Some left damning letters citing abuse by seniors, and unions said staff were being coerced to commit fraud in order to present a rosy picture of achieved targets. Customers are not unaffected—fraudulent...
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Rs 2,000 currency notes becoming tokens for hawala transactions: CEIB
Each 2,000 note is valued at Rs 5 lakh among the racketeers.
India tops list of countries receiving highest remittances; Indian diaspora sends home record $107 billion - Times of India
India Business News: India continues as the top remittance recipient, with the US being the major source. The World Bank predicts a 3.1% growth in remittances to low-and-m
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