Shocking! Here’s how much the world lost to financial crime in the last one year

Despite high spends on compliance, firms across the world remain highly vulnerable to financial crimes, as nearly 50% of large APAC organisations have been victims of fraud, theft, money laundering or other financial crimes in the last one year, says a report.

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Petrol price pinching your pocket? Go digital and save up to 10% on fuel bill, check cashbacks, offers

With petrol prices still near record high levels despite a cut in prices in the last four days, these cashback and discount offers may provide some respite to your stretched fuel budget.

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Prem Watsa's India lieutenant Harsha Raghavan to hit with new PE fund Convergent

Besides Harsha, who is the managing partner, two of his colleagues at Faifax - Sarvjit Bedi and Amruta Adukia have joined with Convergent as co-founding Partners.

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Whistle-blower levels fresh allegations of quid pro quo deals against ICICI's Chanda Kochhar

It is now being alleged that Ruias of Essar got undue favours from the bank for "round-tripping" investments into Deepak Kochhar's NuPower Group.

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Losses made by PSBs have wiped out govt’s $13-b capital infusion: Fitch

Losses by state-run banks have almost entirely wiped out the $13-billion capital infusion by the government, and the situation is unlikely to improve

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RBI likely to leave repo rate unchanged at 6%: ICRA

The six-member Monetary Policy Committee (MPC) is likely to leave the repo rate unchanged at 6 per cent in a close decision in the June 2018 policy r

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SBI, PNB, ICICI Bank raise lending rates

India's largest lender SBI has increased the lending rate by 10 basis points across all tenors up to three years.

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With many banks facing PCA, wage hike demand seems unjustified: Official

With further deterioration in financial health of these PCA banks, the RBI has restrained several banks, including Allahabad Bank, from increasing the loan book.

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An olympiad to teach the youth about personal finance

Our BureauThe Youth Money Olympiad (YMO) 2018 award function was held in Chennai yesterday. Around 20,000 students from 369 colleges, across 142 citi

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Hit by asset-quality woes, PSBs failto catch up with private lenders

Will result in PSBs losing market share, say experts

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‘We expect a total business of ₹15,000 cr by 2020’

Thomas Abraham Sitting in his fifth-floor office overlooking the serene Kaikondrahalli lake in south-east Bengaluru, Rajeev Yadav, MD & CEO of Fi

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HDFC, ICICI Bank, PNB hike lending rates, follow suit after SBI; check details here

Day after State Bank of India, the country’s largest lender, hiked the interest rate by up to 10 basis points (bps) across the tenors, HDFC, PNB and ICICI Bank too on Friday followed with a hike of 10 bps each.

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9 PSU banks under Prompt Corrective Action submit recovery plan to government

Finance Minister Piyush Goyal had last month asked 11 PSU banks to come up with a plan to strengthen finances and meet the RBI's capital adequacy norms, of which 9 banks have already submitted report to the Department of Financial Services.

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PNB pins hope on asset sale, IBC resolution to raise Rs 13,000 crore

The PSU lender, among other things, is planning to sell stake in its arm PNB Housing Finance where it holds 39.08 per cent.

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Warburg Pincus buys 26% stake in IndiaFirst Life

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RBI needs better rupee policy, says NITI Aayog VC

The Reserve Bank of India’s reserves slid $11 billion in the five weeks through May 18, partly to halt the currency’s drop, data from the central bank show. An email sent to the RBI spokesman remained unanswered.

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One of ED’s biggest attachment of assets under PMLA: Rs 4,701 cr assets of Sterling Biotech attached for bank fraud

The Enforcement Directorate has attached Rs 4,701 crore worth of assets of Gujarat-based pharmaceutical company Sterling Biotech Group in connection with a Rs 5,000 crore bank fraud money laundering case.

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Sterling Holidays to offer full travel cover; ties up with Digit Insurance

Hospitality company Sterling Holidays plans to come out with a travel insurance scheme for its customers from June 4. The scheme, will cover door-to-

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IndusInd, UCO Bank withdraw advisories on Iran trade

In a major relief to exporters of goods to Iran, IndusInd and UCO Banks have withdrawn their advisories instructing that all export transactions with

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Bank strike update: Banking services hit for 2nd day; operations likely to be normal tomorrow

There are about 85,000 branches of 21 public sector banks across the country having business share of about 70 per cent.

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‘More incentives needed to grow digital payments’

Priyanka Pani / K RamkumarThe National Payments Corporation of India (NPCI) is one of the biggest changemakers in India in the context of financial

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Fintech start-up CredRight raises ₹9 crore

Our BureauFintech start-up CredRight has raised ₹9 crore from Accion Venture Lab, a seed-stage investor, YourNest, an early stage venture capital fun

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Home finance companies’ margins may come under pressure this year: CRISIL

Our BureauThe profitability of housing finance companies (HFCs) may come under pressure in the coming quarters of the current fiscal (FY19). While t

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Banking services remainsuspended for second day

More employees join strike; PSBs to resume normal operations from today

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Non-food credit growth up to 10.7% for April: RBI

The gross bank credit, including the food credit, was up 10.4 per cent during the same period, as against 3.8 per cent in the year-ago period.

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UIDAI relaxes daily Aadhaar updation target for bank branches

Banks have been asked to open Aadhaar enrolment centres in 10 per cent of their branches as part of this initiative being driven by Unique Identification Authority of India (UIDAI).

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UIDAI relaxes daily Aadhaar updation target for bank branches

Banks that achieve the target of minimum eight Aadhaar enrolments or updations per day per branch in July will not have to face "financial disincentives" up to July 2018.

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PFC aims for Rs 800 cr provision write-back from government projects

During the March quarter, the company managed to decrease the restructured assets by 53 per cent to Rs 19,167 crore, compared with Rs 40,852 crore in the previous quarter.

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UIDAI relaxes daily Aadhaar updation target for bank branches

The target - that was so far pegged at 16 daily enrolments or updations per branch - has been relaxed in view of "field difficulties".

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AUM of housing finance cos up 24%, NPAs rising to

An increase in the home loan segment boosted the overall assets under management (AUM) of housing finance companies (HFCs), leading to a 24 per cent

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Bank strike enters second day, salary withdrawals from branches may be affected

Banking services were hit across the country for the second day today as about 10 lakh bankers continued their strike to protest a "meagre" 2 per cent salary hike offered by Indian Banks Association (IBA).

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ICICI Bank to set up probe against Kochhar on whistle-blower plaint

Bank CEO alleged to have flouted conduct rules, engaged in quid pro quo

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Need to harness technology to make payments system 100 per cent accurate: B P Kanungo

Speaking at NPCI National Payments Excellence Awards function here yesterday, the Deputy Governor, however said that India's payment systems are among the best in the world.

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IndoStar Capital net up 6% at ₹224 crore

Our BureauNon-banking financial company IndoStar Capital Finance (IndoStar), which went public earlier this month, witnessed a 6 per cent jump in its

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Mortgage guarantee provider IMGC to step up focus on ₹5-15-lakh loans

Plans to develop its own scoring model for underwriting

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Day 1 of bank strike impacts more than ₹21,700 cr of transactions

Business as usual at private banks; strike likely to have a bigger impact today

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IOB Q4 loss rises five-fold at₹3,607 cr on higher provisions

Posts a marginal increase in revenue at ₹5,814 crore

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Bank strike may hit transactions worth Rs 20,000 crore: Assocham

Since the strike coincides with the month-end, salary withdrawals from branches are likely to get affected.

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Bank strike: Services hit all over India, impact to continue tomorrow

Operations in the new-generation private banks like ICICI Bank, HDFC Bank, Axis Bank were however almost normal, barring few activities including cheque clearance.

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Banks told to withdraw advisory for exporters on Iran by August: FIEO

UCO Bank and IndusInd Bank have been advised to withdraw the communications asking the exporters to complete their financial dealings with Iran by August, the FIEO said today.

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ICICI Bank to launch enquiry against Chanda Kochhar over alleged quid pro quo

Amid the ongoing controversy over the Videocon loan case, ICICI Bank on Wednesday said that it has decided to launch an enquiry against MD and CEO Chanda Kochhar over an alleged quid pro quo.

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Is this the JPMorgan of Europe? French Giant BNP Paribas is on a roll

Jean-Laurent Bonnafé has heard all the reports, all the speculation. For months now, the market has been buzzing with the possibility that his bank, BNP Paribas SA, might take a run at acquiring a beleaguered competitor, Commerzbank AG.

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ICICI Bank to probe charges against CEO Chanda Kochhar

"The scope of enquiry would be comprehensive and include all relevant matters arising out of and in the course of examination of the facts and wherever warranted, use of forensics/e-mail reviews and recordal of statements of relevant personnel etc," the filing said.

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ICICI Bank to hold ‘independent’ probe into allegations against Kochhar

Private sector lender ICICI Bank today said it instituted an independent enquiry into the allegations levelled by an anonymous whistle-blower agains

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Bank strike may hit transactions worth Rs 20K cr: Assocham

Urges bank unions to call off strike

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Bank strike may hit transactions worth Rs 20k crore: Assocham

Operations in the new-generation private banks like ICICI Bank, HDFC Bank, Axis Bank were almost normal, barring few activities including cheque clearance.

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ICICI Bank okays external probe into charges against CEO Chanda Kochhar

The bank informed the stock exchanges that its Board of Directors decided to institute an enquiry, which will be headed by independent person.

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Banking operations hit in Kerala as 30,000 employees go on strike

In the state capital, as part of the agitation, employees took out a march from Fine Arts College at Palayam to State Bank of India's city branch near the Secretariat.

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Banking services in AP, Telangana hit as employees go on strike

United Forum of Bank Unions (UFBU), an umbrella body of various bank unions like AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC, NOBW and NOBO called for the two-day strike today and tomorrow.

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Rajasthan: Banking services hit as 30,000 employees go on two-day strike

He added that the bank employees will tomorrow lodge a protest here at Ambedkar Circle.

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Why are PSB employees on two-day bank strike? A look at their demands

The two-day bank strike today has disrupted operations in state-run banks across India. Since the bank strike comes at the month-end when several companies pay their employees, salary withdrawals from branches are likely to get affected.

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RBI digs in its heels, resists lobbying by US payment firms to ease local data storage rules

A joint lobbying effort by American Express Co, Mastercard Inc, and Visa Inc to dilute or reverse the directive has failed to shift the central bank's position, with the RBI telling the firms in a meeting this month to comply, not complain.

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Public sector banks lost Rs 9,000 crore every hour in 2017-18

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Finding the path to reviving India's banking system

India should learn a few lessons from the 1990s' Japanese Banking crisis when poor lending and delayed recognition of losses ended up creating "zombie banks".

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Government expects state-run banks to cut bad loans by Rs 3 lakh crore in FY19

PSBs won’t need capital infusion in excess of what’s planned thanks to this as they improve performance and raise resources through sale of non-core assets.

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ICICI Bank appoints former Bank of Baroda boss as a director

Mallya was also engaged extensively with the government as Indian Banks’ Association or IBA chairman.

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Indian banks ask exporters to close Iran deals due to sanctions

India and Iran have long-standing political and commercial ties, but New Delhi has been careful to not fall foul of U.S. sanctions on Iran.

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Mazars aims to double headcount in 3-4 years

Aims to foray into insolvency practice through proposed IPE

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National Health Insurance premium likely to be ₹1,050

Govt wants insurers to leverage scheme’s scale and make it affordable for people

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Sudha Balakrishnan appointed 1st RBI CFO

NSDL Vice-President Sudha Balakrishnan has been appointed as the first chief financial officer (CFO) of the Reserve Bank, as part of the organisational change brought in by Governor Urjit Patel, banking sources said. Balakrishnan, a chartered accountant, will hold the rank of executive director.

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Cash logistics: Private security agencies' grouping flags concerns over RBI directive

In this regard, the grouping of private security agencies has written to Prime Minister Narendra Modi and Competition Commission of India (CCI) Chairperson D K Sikri, among others.

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HDFC Bank's Aditya Puri figures in Barron's top 30 global CEO list

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ED attaches Rs 177-cr assets in Rotomac bank fraud case

The Enforcement Directorate (ED) today said it has attached assets worth Rs 177 crore in connection with its money laundering probe against Kanpur-b

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Fuel prices to weigh on RBI’s MPC 3-day meet

First time Monetary Policy Committee to meet for three days instead of two days

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Rotomac bank fraud case: ED attaches Rs 177 crore assets

The Enforcement Directorate (ED) today said it has attached assets worth Rs 177 crore in connection with its money laundering probe against Kanpur-based Rotomac group in an alleged bank loan fraud of Rs 3,695 crore.

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ED attaches Rs 177 crore assets in Rotomac bank fraud case

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Bank strike alert: 2-day nationwide strike from tomorrow; ATM, salary withdrawal likely to be affected

Bank Strike May 2018: As bank employees have called for a nationwide strike on Wednesday and Thursday, it could impact various operations of the banks including ATM services and salary withdrawal.

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Bank of India Q4 loss trebles to ₹3,969 cr on higher provisioning

Gross NPAs drop to ₹62,328 crore despite categorising ₹5,107 crore restructured advances as bad

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At ₹20,000-crore, retail bond issues to hit a new high in FY19, says ICRA

Our BureauRating agency ICRA has forecast that the number of retail bond issues in the current fiscal (FY19) may surpass their previous high of ₹42,3

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Rupee snaps six-week fall

But the upside could be capped by the 67.10-67.00 resistance region

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JM Financial Credit looks to expand loan book by 25%

Plans geographical diversification and add new clients

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PFRDA eyes NRIs, corporates to expand NPS member-base

Our BureauThe Pension Fund Regulatory and Development Authority (PFRDA) will be focussing more on corporates and Non-Resident Indians (NRIs) to expa

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West Bengal bank strike alert: Operations to be hit on May 30, 31

The two-day nationwide bank strike called by the United Forum of Bank Unions (UFBU) on May 30 and 31 to press for higher wage revision is likely to hit banking operations in West Bengal.

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Bank of India Q4 loss widens to about Rs 4,000 cr on bad loans

Bank of India today reported widening of its net loss to Rs 3,969.27 crore in the March quarter due to higher provisioning for mounting bad loans.

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Bank strike stands on May 30-31 as talks fail: UFBU

The proposed nationwide bank strike on May 30 and May 31 stands as the conciliatory talks convened by the Chief Labour Commissioner here on Monday f

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Banks penalising poor customers? How Jan Dhan, no-frills accounts are converted without warning

With an aim of increasing financial inclusion in the country, basic savings bank deposit accounts (BSBDAs) or no-frills accounts were kept free of all charges.

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21 PSBs lost Rs 25,775 crore to bank frauds in 2017-18: RTI

Twenty-one public sector banks (PSBs) have incurred losses totalling Rs 25,775 crore due to banking frauds in the financial year 2017-18, a Right to Information reply has stated.

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How inordinate delays can ruin the purpose of bankruptcy code

NCLT’s strict adherence to the 270-day ceiling is critical. The Essar matter before NCLAT sheds light on the issues that may ensue if things continue unchecked.

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Mobilising deposits will be a major challenge in FY19: Shikha Sharma

Retail business is the bedrock of our financial performance, says Axis Bank CEO

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Basic Savings Bank Deposit Account: How banks overcharge, penalise no-frills a/c holders without letting them know

No-frills account holders are facing penalty for exceeding the limit of four withdrawals in a month as several banks are using the 5th debit as a trigger to convert the Basic Savings Bank Deposit Account (BSBDA) into a regular one, says a report.

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Nirav Modi may soon lose Rs 7000 crore assets as ED plans new move in PNB fraud case

The ED is set to move a special court in Mumbai to seek permission for "immediate confiscation" of about Rs 7,000 crore assets of designer diamond jeweller Nirav Modi under the recently promulgated Fugitive Economic Offenders Ordinance.

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No-frills account holders pay heavy penalty for exceeding withdrawal limit: Report

The key restriction on a BSBDA is that the a/c holder can't make more than four withdrawals in a month, though there is no such limit on number of deposits.

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New India Assurance looks to lower health-loss ratio to 95%

State-run New India Assurance is looking at bringing down its health-loss ratio to 95 per cent in the current financial year and hopes to break-even

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Mounting NPAs: RBI Governor Urjit Patel to brief parliamentary panel

RBI Governor Urjit Patel will appear before a parliamentary panel on June 12, of which former prime minister Manmohan Singh is a member, to brief them about banking frauds and mounting non-performing assets (NPAs).

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ET View: Tribunals cannot ignore the spirit of the bankruptcy code

The government will now amend the code, the biggest reform by the NDA to clean up the mess in the banking sector, to make decision making easier for lenders and smoothen the resolution process.

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EPFO cuts administrative charges to 0.5%; firms to save together ₹900 cr annually

Now over five lakh employers together would save around ₹900 crore annually following the retirement fund body EPFO’s decision to cut administrative

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