CBI books Auro Gold Jewellery, directors in ₹229-crore bank fraud case

The FIR alleges that the company directors diverted the funds to personal accounts. The money was then transferred as their contribution towards equity share capital. “This has resulted into wrongful loss to the tune of ₹387.69 crore to the bank and wrongful gain to themselves,” it said.

Sashidhar Jagdishan to take over as HDFC Bank CEO from Aditya Puri: Reports

The Reserve Bank of India (RBI) has given approval to HDFC Bank to replace its CEO Aditya Puri with Sashidhar Jadishan, said reports from various media houses on Tuesday. Aditya Puri, who has been at helm of HDFC Bank since 1994, will move out from office in October 2020 after turning 70. At the recently […]

Sashidhar Jagdishan to take over as HDFC Bank CEO from Aditya Puri

The Reserve Bank of India (RBI) has given approval to HDFC Bank to replace its CEO Aditya Puri with Sashidhar Jagdishan. Aditya Puri, who has been at helm of HDFC Bank since 1994, will move out from office in October 2020 after turning 70. Jagdishan will take over on October 27, 2020 for a period […]

ICICI Bank launches digital OD facility for its salary account holders

ICICI Bank has launched a new facility for its customers. Called the ‘Insta Flexicash’, it offers instant and paperless approval for overdraft (OD) to the salary account holders of the bank. The service can be availed using the bank’s internet banking platform. Under the new facility, select pre-approved customers of the ICICI Bank can apply […]

Digital banking: Mondo hopes to become the Google or Facebook of the sector

To prove the point, Blomfield blocks his card using his iPhone, just as he puts it in the self-service till at his local supermarket. The card is declined. Moments later he swipes it back on from the phone. The card is accepted. The purchase – two bananas for 40p – shows up on his iPhone […]

Digital revolution presents banks with more change in 10 years than last 200

But a new round of fines for bad behaviour won’t help in that effort. The 81% taxpayer-owned Royal Bank of Scotland is awaiting a financial penalty as punishment for the IT meltdown in June 2012 that left customers without access to their cash for up to a week. It also faces fines for rigging currency […]

World’s oldest lender fails European banking stress test

Monte dei Paschi di Siena, which is already in the midst of a restructuing exercise, said it had been penalised by the methodology used by the regulators and appointed UBS and Citigroup to advise it of its options and “explore all strategic alternatives for the bank”.

Banks sanction Rs 1.36 lakh cr under ECLGS: CARE Ratings

Emergency Credit Line Guarantee Scheme (ECLGS) till July 29, a CARE Ratings report said on Monday.The total sanctioned amount works out to be 46 per cent of the target of Rs 3 lakh crore set up by the government while announcing the relief package for industry, especially the MSME sector, which was hit hard by […]

Bank of England warns City misconduct is undermining public trust

The consultation paper could signal a sweeping review of the way the markets operate, from looking at competition between the big players to the way trades are handled by market makers and to the penalties that could be faced. It also left open the door for an industry-brokered solution to the problem rather than more […]

Timo joins hands with Viet Capital Bank as new banking partner

After rigorous study and due diligence, Timo and Viet Capital Bank decided to form the strategic partnership. With this partnership, the new digital banking application, Timo Plus, will continue to have all the best features of the current Timo app and will continue to innovate on Viet Capital Bank’s core banking platform and technology.