RBI GUIDELINES
Lost money to a UPI scam? The first 3 days could decide how much you can recover
In the blink of an eye, UPI scams can wipe out your bank savings, but there's hope for victims. The Reserve Bank of India stands ready to safeguard you against unauthorized transactions. Discover essential actions to take the moment fraud strikes, understand how liability is assessed, and find out what steps to take if your bank turns down your claim.
81-year-old Bengaluru CA helps 8 companies send Rs 200 crore overseas, seeks protection from arrest after tax evasion probe, blames staff misused his digital signature
An 81-year-old Bengaluru chartered accountant allegedly issued 163 Form 15CB certificates for eight companies involved in foreign remittances worth Rs 200.58 crore. He claimed his staff misused his digital signature. A Mumbai special court rejected his anticipatory bail plea, questioning the timing of his police complaint.
Festive stocking drives 36% jump in TReDS volumes as small businesses seek working capital
The five platforms operating under the Trade Receivables Discounting System (TReDS) financed invoices worth Rs 75,788 crore in August and September, a 36% increase from Rs 55,549 crore in the same months last year, according to RBI data.
Woman went to operate bank locker, found it surrendered, Rs 47 lakh jewellery missing; sought Rs 48 lakh compensation, gets big relief in consumer commission
A Delhi woman found that her bank locker, which contained jewellery worth Rs 47 lakh, had been surrendered. The bank continued to charge her annual rent even after the locker was surrendered without notification. After approaching the Consumer Commission, the bank was found liable for the loss and faulty handling of the locker. Know what the Commission ordered in the case.
CBI files FIR in $10 mn 'fraud' in Exim Bank involving UK-based company
The Central Bureau of Investigation has registered a case involving a USD 10 million fraud. This fraud is related to India Exim Bank and a UK-based company named Hanjer Biotech. Officials allege that the company diverted funds after requesting a loan for a recycling project. The loan was approved in 2012 but classified as a non-performing asset in 2014. The entire amount was reportedly siphoned off, leading to the investigation.
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SC to decide forum for Google billing disputes
Questioning the app developers on whether their contracts with Google allowed them to opt out of its payment system and engage other payment service providers, a bench comprising Justices PS Narasimha and Alok Aradhe said that the commission, being a market regulator, ensured that goods and services were distributed effectively without exploitation. But for contracts where there was a promise and agreement in existence, its enforcement could be sought in a civil court only, it said.
“During Congress’s time, banks were created; in Modi era, they are being sold”: Rahul Gandhi targets govt over IDBI Bank sale
Rahul Gandhi has criticised the Centre's proposed sale of a 60.72% stake in IDBI Bank, questioning the privatisation of a profitable public sector lender. Backing the bank's employees, he flagged concerns over reservation provisions, service conditions and pension benefits as the government defended the disinvestment bidding process.
SC cracks down on banks, seeks mandatory payouts to cyber fraud victims
The Supreme Court has questioned the Reserve Bank of India's effectiveness in preventing digital fraud. Financial institutions must be held accountable for their role in cybercrime under new regulations. A mandatory liability clause is essential to ensure victims are compensated for losses. The court emphasizes that banks should enhance preventive measures against unusual transactions. The Attorney General mentioned that the RBI is working on regulations to address these issues.
SC calls for compensation to digital fraud victims if banks fail due diligence
The Supreme Court has highlighted banks' accountability regarding digital fraud, asserting that victims deserve compensation for losses due to banks' lack of diligence. It called for enhanced preventive measures to spot suspicious transactions. Attorney General R Venkataramani remarked on a significant decrease in reported digital scams this year, but the court maintained that financial losses from cybercrime remain a pressing concern for the public.
City Union Bank shares rally 7% after Q2 net profit grows 27% YoY to Rs 416 Crore
City Union Bank shares rose sharply on Thursday after the lender reported a 27% year-on-year rise in Q2 FY27 net profit to Rs 416 crore. Net interest income grew 31%, while asset quality improved, with gross NPAs falling to 1.44%. Deposits and advances also recorded strong growth during the quarter.
PNB set to close these accounts soon: Bank says complete KYC by November 10 to avoid account closure
Punjab National Bank has issued a notice to its customers regarding the closure of dormant accounts. Any account with no transaction activity for over three years and a zero balance is at risk. To prevent account closure, customers need to complete their Know Your Customer requirements by November 10, 2026.
Banks seek relief from sustainable lending norms for FCNR(B) loans
Banks have approached the International Financial Services Centres Authority regarding sustainable lending targets for international banking units. The request stems from a significant rise in Foreign Currency Non-Resident deposits at GIFT City. These deposits have surged following the Reserve Bank of India's swap facility introduced in June. It is expected that the IFSCA may provide similar exemptions as the RBI has done before.
Target reached, but asset monetisation to continue: DIPAM secretary Arunish Chawla
"We have already identified a cluster of 10 national highways, which will provide the underlying capital asset. So, the second public InvITs is in the works and hopefully before the close of this financial year, it will also come to fruition," Chawla said. "We are also bringing down the equity (stake) in nationalised banks gradually to the minimum public shareholding norm of 75%, that is part of the mandate that we have to share the wealth with the people and also in line with regulations...we are moving ahead on that path."
Bandhan Fin to explore health insurance foray post stabilisation of recent acquisitions: Chairman Ghosh
Bandhan Financial Services is exploring opportunities in the health insurance sector after recent acquisitions. The company intends to focus on consolidating its existing businesses before expanding further. Recent acquisitions include IDFC Mutual Fund and Aegon Life Insurance, which will need to be streamlined. A parliamentary panel has suggested introducing a composite insurance license for better market penetration. The group is also considering investment banking and wealth management opportunities.
No meddling as 'middlemen' in forex conversion by banks: New rules forbid conversion of foreign earnings into rupees to detriment of exporters
The Foreign Exchange Dealers' Association of India (FEDAI) has directed banks not to convert foreign currency remittances into rupees without specific instructions from the sender or beneficiary. The move follows concerns that intermediary banks were converting dollars at unfavourable exchange rates, leaving small exporters and individuals receiving overseas payments with less money. Banks have also been asked to ensure transparent forex service charges and disclose currency conversion rates on their websites.
IMF applauds India’s GDP data revamp, says currency pain is no sign of failure as country entered energy shock with strong fundamentals
The International Monetary Fund has raised India's growth forecast to 7% for this year and next. India is seen as having strong fundamentals which allow it to manage external pressures effectively. The exchange rate fluctuations are not indicative of economic failure according to IMF officials. Structural reforms and domestic demand contribute to India's resilience in the global economy. However, risks such as geopolitical tensions and fiscal pressures remain present.
Stocks in news: Reliance Industries, Jio Financial, Tata Tech, HDB Financial and Wipro
Indian equity benchmarks ended lower after a volatile session influenced by strong wholesale inflation and elevated crude oil prices. The Nifty 50 declined, testing the support zone of 22,580-22,620, which might weaken with repeated tests. Several companies, such as Reliance Industries and Tata Technologies, are expected to be in focus due to upcoming quarterly earnings.
Fairfax's IDBI deal premium justified by strategic fit, scale: Analysts
Analysts believe this acquisition holds considerable potential, greatly enhancing Fairfax's branch network and deposit portfolio in India, paving the way for a diversified financial ecosystem.
Banks seek clarification on implementation of RBI forex measures
Indian lenders have requested clarification from the Reserve Bank of India regarding new currency-supporting measures. They seek guidance on calculating the foreign exchange risk reserve and its impact on liquidity ratios. Additionally, banks are uncertain about cost transmission to customers and how exposure limits are assessed. Clarifications on the treatment of cash reserves and their classification as high-quality liquid assets have also been requested.
SBI refused to close higher fee credit card given to woman who asked for cheaper one; charged Rs 2,999 instead of Rs 499; SBI Card ordered to pay Rs 50,000
A Delhi consumer commission has ordered SBI Card to pay Rs 50,000 to a cardholder who asked for a cheaper credit card and was refused. The company has also been told to close the card and issue a bill as on 4 August 2023.
Saturday bank holiday: Are SBI, HDFC Bank, ICICI Bank and others open or closed today on October 10, 2026?
On October 10, 2026, banking services will be suspended due to the second Saturday of the month coinciding with Mahalaya Amavasye celebrated in Karnataka and West Bengal. Following the Reserve Bank of India’s directives, banks close on the second and fourth Saturdays. With various festivals and holidays marked in October, it's essential for customers to plan their banking transactions wisely ahead of this date.
Compensation of Rs 100 to Rs 5,000 per day for delay by bank in processing your request in these 5 situations
From stuck credit card closure requests to lost property papers, RBI rules require banks to pay you for every day they're late. A customer earlier this year won Rs 3.21 lakh for a delayed credit card closure. Here are 5 situations where the clock ticks in your favour, with compensation ranging from Rs 100 to Rs 5,000 a day.
RBI moves to quell forex reporting confusion, says individuals need not report imports, export earnings
The RBI on Wednesday clarified that individuals are not required to report imports or export earnings under the new foreign exchange regulations, and said FAQs will be issued shortly to address confusion. Governor Sanjay Malhotra said reporting on the RBI platform is handled by banks and authorised dealers, not traders.
Soon, FD details will be part of your CAS statement; Here’s how it helps you
Soon you will get to see your fixed deposit (FD) details in CAS statements. CAS stands for consolidated account statements and it is usually sent by NSDL, CDSL, Karvy or CAMS. This CAS statement at present shows your demat and non-demat holdings including mutual funds, bonds, listed shares.
Tata Sons mulling legal view on Trusts offer, not seen as a Trusts resolution to be considered
Tata Sons board has not yet formally met to consider the restructuring proposal from Tata Trusts. The proposal aims to avoid the mandatory listing of Tata Sons required by the Reserve Bank of India. Legal opinions on the proposal's validity are being sought by the board as it assesses its options. Tata Trusts, as majority shareholders, suggested the restructuring to ensure compliance with regulatory requirements.
Noel Tata seeks Tata Sons meeting video, minutes; questions legal opinions on Chandrasekaran reappointment
Tata Trusts chairman Noel Tata has sought the video recording and minutes of the September 17 Tata Sons board meeting that reappointed N Chandrasekaran for another five years, executives said. He also questioned the process of obtaining legal opinions after the meeting and said he was not given adequate time to present his views.
RBI eases bank stake rules, allows one-time approval for MFs, insurers for holdings up to 10%
The Reserve Bank of India (RBI) on Thursday finalised its July proposal to simplify bank shareholding rules, allowing eligible mutual funds, insurance companies and pension funds to seek one-time approval for subsequent acquisitions of major shareholding of up to 10 per cent in the same bank.
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