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CREDIT INSTRUMENTS FRAUD
Change drivers : creating industry-wide impactThis article highlights individuals driving innovation and trust in various sectors. Shiva Sankeerth Reddy Yarradla is revolutionizing ente...- Why India cannot build a world-class fintech champ yetIndia boasts world-class digital finance but lacks global consumer fintechs. Regulatory hurdles prevent innovation, unlike in markets with ...
- How managements hide debt, losses, and disputes without breaking a single accounting rule – and take investors for a rideA listed company rarely operates alone. Behind it can sit a web of subsidiaries, step-down entities, associates, overseas arms, and special...
- RBI brings cross border transactions under e-mandate rules, allows customer to opt out anytimeThe Reserve Bank of India is enhancing digital fraud prevention. Cross-border recurring electronic payments via cards, prepaid instruments,...
- AI without safeguards can amplify existing weaknesses in financial sector: RBI DGIn a recent conference, Reserve Bank Deputy Governor Swaminathan J raised a red flag regarding the integration of AI in finance. He emphasi...
- AI without safeguards can amplify existing weaknesses in financial sector: RBI deputy governorReserve Bank Deputy Governor Swaminathan J cautioned about AI in finance, saying that without proper safeguards, AI adoption can worsen exi...
- Dubai regulator probe found HDFC’s DIFC branch kept quiet for 5 years, failed to meet integrity standardsBanks own ethics panel found high number of regulatory breaches while onboarding clients; Deloitte, Kroll also had conducted probe. Funding...
- HDFC Bank penalises 12 execs for role in mis-selling AT1 bondsHDFC Bank has penalized at least 12 senior and mid-level executives, including Ashish Parthasarthy, for their alleged role in the mis-selli...
- Banks increase employee background checks as mule accounts and frauds riseBanks are increasing regular background checks on employees and agents to fight fraud, driven by regulatory scrutiny and the need to preven...
- Payment system operators to report fraud on RBI's DAKSH from Jan 1All RBI-authorised Payment System Operators (PSOs) / providers and payment system participants operating in India are required to report al...
- Payment system operators to report fraud on RBI's DAKSH from Jan 1In addition to the existing bulk upload facility to report payment frauds, DAKSH provides additional functionalities, like a maker-checker ...
- Parliamentary panel calls for restoration of financial credit instruments with proper safeguardsVoicing concern over discontinuation of LoU/ LoC that is impinging trade and commerce in labour intensive and MSME Sectors, the Panel expre...
- Watch out, cyber fraud cases in banks are spikingSpike in cyber frauds is bigger than most other types of bank frauds (5,917) reported in 2017-18
- Importers pay more for loans post ban on LoUsSome importers are also availing themselves of foreign currency denominated loans (FCNR Loans) against their foreign currency bank deposits.
- Banks leave worries behind, disburse Rs 1 lakh crore in 2 weeksThe trend is in line with the seasonal uptick as credit demand accelerates before the end of the fiscal year but it’s also part of the over...
- Wisdom of RBI’s move to restrict trade finance instruments questionableBanks would now need to issue guarantees or letters of credit (stand-by letters of credit which are in the nature of guarantees), in lieu o...
- Big bank loot: Importers feel the heatRBI has been facing a lot of flak ever since the PNB scam rocked the Indian financial market.
- RBI discontinues Letter of Undertaking, Letter of Comfort as instruments of trade creditBanks can continue to issue guarantees and letter of credit for trade purposes as they have features that makes the claim on the issuer str...
- Number of cyber financial frauds jumps to 16,468 in 2015-16As per the data made available by RBI, 9,500, 13,083 and 16,468 cases related to Cyber Frauds were reported by the banks during 2013-14.
- CAs being equipped to fight Madoff-like corporate dupingCorporate duping through a complex use of exotic financial market instruments like the USD 50-bn scam masterminded by US stock dealer Berna...
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