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Axis Bank ordered to pay ₹3.19 crore for refusing demonetised notes in 2016

Axis Bank must pay Procure Logistics Services Pvt Ltd Rs 3.19 crore. The National Consumer Disputes Redressal Commission found the bank deficient in service. Axis Bank refused to accept demonetised currency notes from the company during the 2016 demonetisation period. This refusal caused the company a direct and irreversible loss. The commission ordered payment with interest. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/30ruo7e via IFTTT
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IDBI Bank sale may stall as bids trail reserve price

IDBI Bank sale: An outright cancellation of the strategic sale of IDBI will make it harder for the government to realise its FY27 disinvestment and asset monetisation target of ₹80,000 crore. At Friday's share price on the BSE, the sale of a 30.48% stake in IDBI Bank could fetch the government about ₹30,215 crore. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/CbPWf91 via IFTTT
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Banks recorded higher credit and deposits growth in the fortnight to February 28

Bank credit saw a strong 14.5% year-on-year growth by February 28. Deposits also expanded, reaching 11.9% growth. This marks an acceleration from the previous fortnight. Scheduled commercial banks hold Rs 251.90 lakh crore in deposits, with fixed deposits forming 87% of this amount. Total bank credit stands at Rs 207.54 lakh crore. The credit-deposit ratio slightly eased to 82.39%. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/f0j8IzT via IFTTT
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ED raids 19 locations in Rs 597 crore IDFC First Bank fraud; over 90 bank accounts frozen

The Directorate of Enforcement has searched 19 locations in a Rs 597-crore scam. Public funds meant for fixed deposits were allegedly siphoned off. The investigation involves former bank employees and shell entities. Proceeds were routed through jewellers and real estate developers. Over 90 bank accounts were frozen during the searches. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/a5ionOT via IFTTT
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Banks urged to devise low-interest loans for retail, MSME clients

Banks will discuss internally how such schemes can be designed with a uniform loan application and other credit appraisal metrics. The retail loans will cover all consumer loans, including housing loans, subject to prudent lending guidelines, said an official. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/b72uMlj via IFTTT
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IDFC First Bank fraud case: 11 accused arrested so far, 100 bank accounts frozen

IDFC First fraud: According to the Bureau, a breakthrough has emerged in the case, revealing that several fake firms and companies were created by the prime accused to illegally divert government funds into multiple bank accounts. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/B5oT0ng via IFTTT
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Banks directed to monitor non-submission of digital life certificates for pension: Centre to Rajya Sabha

Pension disbursing banks must now monitor and ensure pensioners submit digital life certificates. The government has introduced face authentication for easier submission using smartphones. Services of India Post and Payments Bank are also utilized. Mega camps are held to assist elderly, sick, and disabled pensioners. Pension adalats have resolved thousands of long-pending grievances. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/SPWwJFg via IFTTT
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