RBI directs banks to put purchaser’s name on demand drafts
Your cloned card is being swiped abroad
Beware loan, credit card defaulters! Notice served through WhatsApp is valid, rules Court
SC extends deadline for linking Aadhaar to mobile, bank accounts till judgment
De-jargoned: The penalty for not maintaining average monthly balance
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- RBI Master Direction 25.02.2016 (Updated as on July12, 2018) – Know Your Customer (KYC) Direction, 2016
- RBI Circular dated 12.07.2018 – Period for Submission of Agency Commission Claims
- RBI Circular dated 12.07.2018 – Priority Sector Lending – Targets and Classification: Lending to non-corporate farmers – System wide average of last three years
- RBI Circular dated 12.07.2018 – Incorporation of Name of the Purchaser on the Face of the Demand Draft
- DEA Notification dated 09.07.2018 – Auction for Sale (Re-issue) of Government Stock (GS) >>> RBI Circulars
□ The amended definition of the expression “NPA” under Section 2(1)(o) of the SARFAESI Act is constitutionally valid. – SC Judgment dated 28.01.2015 – Keshavlal Khemchand and Sons Pvt. Ltd. Vs. Union of India & Others >>> Supreme Court Judgements
Jul 13, 2018
MUMBAI: In a bid to curb money laundering using anonymous demand drafts (DDs), the Reserve Bank of India (RBI) has made it mandatory to incorporate the name of the purchaser on the face of the financial instrument. …
Jun 22, 2018
NEW DELHI: Fraudsters cloning debit cards seem to be conducting their transactions abroad to avoid detection. In a recent case, a home ministry official approached the Delhi Police with a complaint in which her card was found to be cloned and used at an apparel store in the US. The transactions too were made in US dollars. …
June 16, 2018
Have you defaulted on your loan or credit card payment and are evading the bank by not receiving their calls or changing your residence? Better mend your ways as even a notice about a litigation served by your bank or the concerned party via WhatsApp is valid, the Bombay High Court has ruled recently. …
Aadhaar case: The Supreme Court is hearing petitions challenging Constitutional validity of the Aadhaar Act. This extension, however, will not apply to availing services and subsidies under section 7 of Act.
March 13, 2018
The Supreme Court on Tuesday extended the deadline for linking Aadhaar to one’s bank account, mobile phone, and other financial services till it passes its judgment in the matter. The top court is hearing petitions challenging Constitutional validity of the Aadhaar Act. This extension, however, will not apply to availing services and subsidies under section 7 of Act. In December last year, the top court had extended till March 31 the deadline for mandatory linking of Aadhaar with various services and welfare schemes. …
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Most banks impose a penalty on their customers for not maintaining the stipulated amount of minimum balance in their savings accounts. The State Bank of India has announced it is reducing the quantum of this penalty
Mar 13 2018
If you have been upset about the charges imposed by public-sector banks for various reasons including non-maintenance of minimum balance, there is some relief. The country’s largest lender State Bank of India (SBI) has announced reduction of these charges from 1 April 2018. However, the minimum amount to be maintained in the account remains the same. With SBI taking this step, it can be expected that other banks would follow too. …
Feb 14, 2018
MUMBAI: State-run Punjab National Bank said on Wednesday it had detected some “fraudulent and unauthorised” transactions worth about $1.8 billion (more than Rs 11,500 crore) at one of its branches in Mumbai.
The bank said in a regulatory filing the transactions were “for the benefit of a few select account holders with their apparent connivance” and that “based on these transactions other banks appear to have advanced money to these customers abroad.” …
Jan 2, 2018
NEW DELHI: Union minister Shiv Pratap Shukla on Tuesday said no proposal regarding merger of Public Sector Banks (PSBs) is under consideration of the government.
However, the government has put in place an approval framework for proposals to amalgamate nationalised banks, the Minister of State for Finance said in a written reply to Rajya Sabha. …
Jan 1, 2018
NEW DELHI: Customers will not have to pay any transaction charges for payments through debit card, BHIM app and other payment made for up to Rs 2,000 from today onwards.
Last month, Union Cabinet approved a proposal that government will bear the merchant discount rate (MDR) charges on transactions up to Rs 2,000 made through debit cards, BHIM UPI or Aadhaar-enabled payment systems to promote digital transactions. …
More: RBI Circular dated 21.12.2017 – Prompt implementation of Governments’ instructions by agency banks >>> RBI Circulars
Dec 25, 2017
BENGALURU: An elderly Bengalurean who fell prey to hackers and lost Rs 10 lakh from his Axis Bank account was at his wit’s end when the bank refused to help him track the fraud. Finally, it took a city consumer court to cite an RBI mandate and come to the senior citizen’s rescue. On December 16, the court ordered the bank to fully refund the lost amount and also pay for the complainant’s court expenses. …
Dec 15, 2017
NEW DELHI: Supreme Court today extended the Aadhaar linking deadline to March 31, 2018.
The Centre had yesterday offered to extend the deadline from December 31, 2017
The apex court is hearing a host of petitions challenging the Constitutional validity of the Aadhaar Act.
Yesterday, a five-judge Constitution bench headed by Chief Justice Dipak Misra said the final hearing on the petitions challenging the Aadhaar scheme itself would commence from January 17 next year. …
Dec 14, 2017
NEW DELHI: The government on Wednesday extended the deadline for linking bank account with Aadhaar.
“It has been decided by the Government to notify 31st March, 2018 or six months from the date of commencement of bank account based relationship by the client, whichever is later, as the date of submission of Aadhaar number & PAN or Form 60 by the clients to the reporting entity,” a tweet by the Ministry of Finance said. …
Dec 13, 2017
NEW DELHI: Prime Minister Narendra Modi on Wednesday accused the Congress-led UPA government and big industry for the banking sector crisis, even as he demanded to know if institutions like FICCI had raised their voice against the wrong-doings of the previous regime.
“When some in the government pressured the banks to give loans to a select few industrialists, where were organisations like FICCI then? Everybody knew what was happening was wrong,” PM Modi said in his address at FICCI’s 90th Annual General meeting in New Delhi. …
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