RBI puts restriction on IDBI Bank as Prompt Corrective Action
May09

RBI puts restriction on IDBI Bank as Prompt Corrective Action

Reserve Bank of India has invoked ‘Prompt Corrective Action’ (PCA) on IDBI Bank. The PCA has been invoked by RBI due to IDBI Bank’s increasing NPAs and negative Return on Assets. IDBI Bank’s net NPAs increased to 9.61% in the December 2016 quarter from 8.32% during September 2016 quarter. The annualized return on assets for the quarter ending December 2016 was (-2.32) percent. Under PCA, restriction are put on the...

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Don’t hide Top Corporate Wilful Defaulters ask Bank Employee Unions
May03

Don’t hide Top Corporate Wilful Defaulters ask Bank Employee Unions

Leaders of Bank Employees’ Unions have demanded that name of the top corporate willful defaulters should be published and made public immediately. One of the AIBOC leader from Kolkata said that “The Reserve Bank of India has been steadfastly refusing to divulge the names of top corporate wilful defaulters. In the days to come, the position of NPAs will worsen if the names of wilful defaulters are not published immediately and...

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Huge salary hike for RBI Governor Urjit Patel
Apr02

Huge salary hike for RBI Governor Urjit Patel

Government has given a big pay hike for RBI Governor Urjit Patel and Deputy Governors of RBI. Basic salary of Urjit Patel, RBI Governor has been increased from Rs.90,000 per month to Rs.2,50,000 per month and that of deputy governors, it has been increased from Rs.80,000 per month to Rs.2,25,000 per month. READ  Impact of demonetization on banks This pay hike is with retrospective effect from 1st January 2016. Urjit Patel joined...

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UPI Fraud : Bank of Maharashtra lost 25 crores
Mar31

UPI Fraud : Bank of Maharashtra lost 25 crores

Bank of Maharashtra has reported that the bank has lost Rs.25 crores due to a fraud through UPI app. The fraud took place due to a bug in UPI , which was used by a some people in Aurangabad.   How the fraud took place: A few people discovered that even if you don’t have have balance in your account UPI App of Bank of Maharashtra is successful sending money to receiver’s bank account. They did hit and trials and then...

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Banks to remain open on March 25 and March 26, 2017 for Govt. Business
Mar24

Banks to remain open on March 25 and March 26, 2017 for Govt. Business

Reserve Bank of India issued notification today that all Agency Banks to remain open for public on Saturday 25th March and Sunday 26th March 2017 too, for transacting Government Business. The notification says The Government of India has advised that all Pay and Account Offices will remain open on all days up to April 1, 2017 to facilitate government receipt and payment functions. Accordingly, all Agency Banks are advised to keep all...

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How people are exploiting Paytm flaw to earn money
Mar13

How people are exploiting Paytm flaw to earn money

The mobile wallet company Paytm has noticed that people were earning money by exploiting a flaw in the paytm wallet system. Some people were adding money to their paytm wallet using credit card, which earns them some loyalty/ reward points and then transferring the money from the paytm wallet to saving account, which will earn interest for the period till payment of credit card bill is made. There is no cost in transferring money from...

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