Wednesday, October 16, 2019, 11:21 AM
The Reserve Bank of India has come down strictly on two banks for non-compliance of its directives and imposed monetary penalties on them. The banks are Lakshmi Vilas Bank and Syndicate Bank and the fines imposed on them are Rs 1 crore and Rs 75 lakh respectively. Explaining why this penalty is being imposed, RBI says Lakshmi Vilas Bank failed to comply with certain provisions of the directions issued by it on ‘Income Recognition and Asset Classification (IRAC) norms. The detection of the violation came about through the inspection of the statutory books maintained by the bank and the violations pertains to the financial year ended March 31, 2017. The reason the other entity, Syndicate Bank, received the order from RBI imposing a Rs 75-lakh penalty was its failure in adhering to the RBI regulations in the areas of (i) frauds classification and reporting and (ii) innovative housing loan products – upfront disbursal of housing loans.
Thursday, September 5, 2019, 11:12 AM
The Madhya Pradesh police arrested a father-son duo from Delhi for duping people using the name of the Reserve Bank of India (RBI). The father-son duo is associated with a gang adept at using the RBIs name to dupe people across the country. The gang duped Pramod Kumar, a resident of Ujjain, saying he was selected under a RBI scheme, which will provide him a profit of Rs 1.68 crore. But, he was asked to deposit the amount of tax deduction at source (TDS) in the government treasury to get this benefit. A woman associated with this gang told the victim on phone that she is part of the RBI Governor's personal staff. She told the victim to deposit the money in different bank accounts to get this benefit. Different gang members called victim between 2014 and 2018 and made him deposit Rs 23.62 lakh in multiple bank accounts.
Tuesday, August 27, 2019, 2:28 AM
This facility makes debit and credit card payments easier With the intention of promoting digital ...
Friday, August 16, 2019, 10:31 AM
The Reserve Bank asked banks not to count failed transactions at ATMs due to technical reasons as part of “free ATM transactions” permitted every month. Besides, use of ATMs for balance enquiry and fund transfers too should be not part of the free transactions facility given to a customer. Banks provide certain number of free transactions at ATMs to their customers and beyond that impose charges. The RBI’s clarification in this regard comes after it has come to notice of the central bank that transactions that have failed due to technical reasons, non-availability of currency in ATMs are also included in the number of free ATM transactions.
Friday, August 9, 2019, 10:23 AM
The Reserve Bank of India has decided to set a Central Payment Fraud Registry to track frauds in the payment systems. Payment system participants will be provided access to this registry for near-real time fraud monitoring, the central bank said. The aggregated fraud data will be published to educate customers on emerging risks. Currently, banks report all banking frauds to the Central Fraud Monitoring Cell of the Reserve Bank. "With the digital payment ecosystem making substantial progress in terms of growth of payment infrastructure as well as volume and value of digital payment transactions, fraud risk monitoring, and management by the stakeholders have assumed importance," the RBI said.
Wednesday, June 19, 2019, 10:50 AM
Reserve Bank Tuesday fined country's largest private sector lender HDFC Bank Rs 1 crore for not reporting frauds and non-compliance with other directions. The fine pertains to submission of forged bill of entries (BoEs) by certain importers to HDFC Bank for remittance of foreign currency, the RBI said. "Examination in this regard revealed violations of RBI directions on 'KYC/AML norms' (know your customer/anti-money laundering)and on reporting of frauds," RBI said on its website. A notice was issued to HDFC Bank on why monetary penalty should not be imposed for non-compliance with the directions, the apex bank said. The fine was imposed through an order last Thursday after considering HDFC Bank's reply, oral submissions made during the personal hearing and additional submission made, the apex bank said.
Thursday, December 6, 2018, 6:52 PM
Failed Digital Transaction? File Your Complaints With Ombudsman Digital payments are gaining popu ...
Thursday, November 1, 2018, 4:04 PM
Nowadays, almost everyone uses ATMs. Introduction of ATMs have eliminated the need to stand in long ...
Wednesday, October 31, 2018, 4:05 PM
People today are afraid of keeping valuables at home, because of the large number of robberies which are happening in the country. Many people prefer ...
Tuesday, October 30, 2018, 5:55 PM
A Recovery agency is usually a third-party agency, appointed by a bank to collect customer's loa ...