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FRAUDULENT RBI CIRCULAR
Is there shortage of Rs 10, Rs 20 and Rs 50 currency notes this Diwali? RBI clarifiesThe Reserve Bank of India has reassured the public that there will be an ample supply of currency notes for the upcoming Diwali festival. T...- Home loan getting costlier? How a higher credit score can save you lakhs even when interest rates riseIn today’s competitive lending environment, many homeowners are successfully reducing their mortgage rates thanks to improved credit scores...
- Canara Bank erases 'fraud' tag from Anil Ambani's RCom loanCanara Bank has withdrawn its order classifying Reliance Communications' loan account, promoted by Anil Ambani, as fraudulent, leading the ...
- Canara Bank withdraws ‘fraud’ tag on Reliance Communications' loan accountCanara Bank informed the Bombay High Court that it has withdrawn its earlier decision to classify the loan accounts of industrialist Anil A...
- Anil Ambani case: When does a loan account turn fraudulent?The Bombay High Court raised concerns over the arbitrary process by banks declaring loan accounts as fraudulent without following proper RB...
- Cyber fraud: Supreme Court orders SBI to refund full money lost in an online scam to its customerState Bank of India (SBI): A person from Assam fell victim to a cyber fraud when he tried to return a Louis Philippe blazer. However, inste...
- Soon, you can verify beneficiary bank account name for RTGS, NEFT transactionsThe Reserve Bank of India will introduce a name look-up facility for RTGS and NEFT systems by April 1, 2025. This will allow remitters to v...
- These 10 transactions will be reported as fraud to RBI, as per new rulesThe RBI said in a circular dated July 16, 2024, “These master directions have been prepared based on a comprehensive review of the earlier ...
- Bombay High Court orders Bank of Baroda to refund Rs 76 lakh in cyber fraud caseThe Bombay High Court ordered Bank of Baroda to refund Rs 76 lakh to a company due to online fraud. The ruling emphasized the importance of...
- Top 50 wilful defaulters owe Rs 87,295 crore to banks: Finance ministryThe finance ministry on Tuesday said top 50 wilful defaulters including Gitanjali Gems Limited, Era Infra Engineering Limited, REI Agro Lim...
- When a loan account is tagged fraud: Borrower's respite is bank's worryA loan acocunt is categorised as a 'fraud account' after it is red-flagged on the basis of practices like fund diversion (even if there is ...
- Lender bound to give opportunity for hearing to borrower before classifying account as fraudulent: SCRejecting the stand of both RBI and the consortium of lenders led by SBI, a Bench led by the Chief Justice said that a decision classifying...
- Borrowers must be accorded hearing before declaration of bank account as fraud: SCThe Supreme Court on Monday said a borrower must be accorded a hearing before an account is classified as "fraud" and a reasoned order must...
- Misuse of fraud classification guidelines by banks is rampant: Sunil Kanoria, co-founder Srei Infrastructure FinanceOn July 1, 2016, the Reserve Bank of India came out with a Master Circular on "Frauds – Classification and Reporting" under Section 35 A of...
- ‘Banks can’t recover money lost in fraud from customer’As per SARFAESI Act, a bank can decide the liability and does not have to approach a court or tribunal to enforce any security interest cre...
- Former MD of PNB was aware of Nirav Modi fraud, says CBIThe agency alleged that Usha Ananthasubramanian, then MD and CEO of PNB, was aware of the fraudulent dealings and deliberately misled the R...
- PNB misrepresented factual position on LoUs to RBI: CBI charge sheetAn LoU is a guarantee given by an issuing bank to Indian banks having branches abroad to grant short-term credit to the applicant.
- RBI makes card, online payments safer; customer liability cutThe proposal to limit customer liability in a fraudulent transaction was floated in a draft circular in August 2016, with RBI coming out wi...
- RBI questions banks for lending Rs 5,262 crore to REI AgroThe consortium led by UCO Bank alleged that the company had defrauded them through conspiracy, cheating and forgery and handed over the cas...
- Fraud & fictitious offers increase in 2 years: RBIReserve Bank of India on Friday said fraudulent and fictitious offers though e-mails, mobile phones and SMSs had increased significantly in...
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