India’s top-15 banks earned a staggering Rs21,773 crore in commissions from selling life insurance, mutual funds and other financial products in FY23–24 — much of it by promoting schemes from their own group companies. In the case of Kotak Mahindra Bank, 100% of the life insurance commissions... \n\nCaught in a Debt Trap? Awareness Is the First Step Out\n\n“I have taken a loan from a bank and now cannot repay. Its agents are threatening me.” “I have taken multiple loans and now I cannot repay any of them.” “Recovery agents somehow got contact numbers of my friends and relatives and are now spreading the news that I am not paying the... \n\nFull Edition\n\nMoneylife Online Magazine Lead Article\n\nIndia Can No Longer Avoid the China Question...\n\nRajiv Bajaj, chairman of Bajaj Auto, sounded the alarm last week: if China w... \n\nTop Stories\n\nRBI’s Draft KYC Proposals: More Ti...\n\nUno Minda: Strong Growth amid Expansion,...\n\nPearl Global: Continuing To Bet Big on B...\n\nSTOCKS\n\nUnimech Aerospace Q4 Update: Profit Soar...\n\nZen Technologies Bets on Anti-Drone, Nav...\n\nFraud Alert: Cybercriminals Targeting Ha...\n\nCONSUMER ISSUES\n\nEconomy & Nation\n\nICICI Bank Officer in Kota Dupes Customers of Over Rs4 Crore Using Fake FDs, Invests in Stocks: Report\n\nIn a deeply disturbing breach of trust, a woman bank officer in Rajasthan’s Kota allegedly siphoned off more than Rs4.5 crore from customers’ accounts by manipulating fixed deposits (FDs) over two years. The accused, Sakshi Gupta, was working as a relationship manager (RM) at ICICI Bank when... \n\nRBI Imposes Rs6 Lakh Penalty 3 Cooperative Banks and PayMe India Financial Services\n\nReserve Bank of India (RBI) has imposed penalties totalling Rs6 lakh on three cooperative banks and one non-banking financial company (NBFC) for failing to comply with the directions issued by the banking regulator. Maharashtra-based Ratanchand Shah Sahakari Bank Ltd and PayMe India... \n\nRBI Cuts Repo Rate By 50bps to 5.5%, Reduces CRR by 100bps to 3%\n\nAs expected, the Reserve Bank of India (RBI), in its third monetary policy committee (MPC) meeting for 2025, decided to cut the repo rate, the central bank's rate for short-term loans to banks, by 50bps (basis points) to 5.5% from 6%, at the lowest level in nearly three years. Consequently, the... \n\nRBI Imposes Rs11.48 Lakh Penalty on 3 Cooperative Banks and 2 HFCs\n\nReserve Bank of India (RBI) has imposed penalties of Rs11.48 lakh on three cooperative banks and two housing finance companies (HFCs) for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs6 lakh has been imposed on Nodia-based Citizen Cooperative Bank... \n\nATM Fails To Dispense Cash, SBI Ordered To Refund Rs40,000 with Interest\n\nIn a significant ruling, the national consumer disputes redressal commission (NCDRC) has dismissed a revision petition filed by the State Bank of India (SBI) and upheld orders from lower consumer forums directing the bank to refund Rs40,000 along with interest and compensation to a customer... \n\nIndusInd Bank Fiasco: Time To Look at Employee Stock Options?\n\nHas anyone ever wondered why scandals keep emerging in the Indian banking sector with sickening regularity? This happens not only in the loosely regulated cooperative banks, but in high-profile private sector banks too. The latest one is the 'accounting irregularities' in one of the large... \n\nRBI To Tighten Rules To Curb Mis-selling by Banks and NBFCs\n\nReserve Bank of India (RBI) has announced plans to issue fresh guidelines aimed at curbing mis-selling of financial products and services by regulated entities (REs), including banks and non-banking financial companies (NBFCs). The initiative comes amid growing concerns over unethical practices... \n\nRBI Annual Report Flags Cybersecurity, Customer Protection as Top Priorities in Banking\n\nThe Reserve Bank of India (RBI), in its annual report for 2024-25, has put the spotlight firmly on cybersecurity, digital fraud prevention and customer-centric banking, underlining the challenges of a rapidly digitising financial ecosystem. RBI says during FY24-25, it announced a series of... \n\nRBI Slaps Rs40 Lakh Penalty on Lendbox for Violating P2P Lending Norms\n\nReserve Bank of India (RBI) has imposed a penalty of Rs40 lakh on Transactree Technologies Pvt Ltd, which operates under the brand name 'Lendbox', for violations of norms governing peer-to-peer (P2P) lending platforms. The penalty was levied under the provisions of the Reserve Bank of India... \n\nUCO Bank's Ex-CMD SK Goel Arrested in Rs6,210.72 Crore Concast Steel Bank Fraud\n\nThe Kolkata zonal office of the directorate of enforcement (ED) has arrested Subodh Kumar Goel, former chairman and managing director (CMD) of UCO Bank, in connection with a multi-crore bank fraud case linked to Concast Steel & Power Ltd (CSPL). The arrest was made on 16 May 2025 from Mr Goel’s... \n\nUnion Bank of India Penalised Rs63.60 Lakh for Collateral on Small Agri Loans, Delay in DEA Fund Transfer\n\nReserve Bank of India (RBI) has imposed a penalty of Rs63.60 lakh on Union Bank of India (UBI) for failing to comply with the provisions of Section 26A of the Banking Regulation Act, 1949 (BR Act), as well as certain guidelines related to the flow of credit to the agriculture sector,... \n\nRBI’s New Capital Framework Aims To Future-proof Balance Sheet, Surplus Transfers\n\nThe Reserve Bank of India (RBI) has approved a revised economic capital framework (ECF), introducing key changes aimed at strengthening the central bank’s risk resilience while allowing greater flexibility in the transfer of surplus to the government. The changes were approved by the RBI's... \n\nAska Central Cooperative Bank Slapped with Rs10,000 Penalty\n\nReserve Bank of India (RBI) has imposed a penalty of Rs10,000 on Aska Central Cooperative Bank Ltd based in Odisha for failing to comply with its guidelines regarding cooperative banks' membership in credit information companies (CICs). RBI statutory inspection, which was conducted by the... \n\nHCBL Cooperative Bank’s Licence Cancelled by RBI\n\nReserve Bank of India (RBI) has cancelled the certificate of registration (CoR) of Lucknow-based HCBL Cooperative Bank Ltd due to inadequate capital and the lender's poor earnings prospects. RBI has asked HCBL Cooperative Bank to stop its banking business from 19 May 2025. According to RBI,... \n\nDeutsche Bank and Yes Bank Fined Rs79.60 Lakh by RBI\n\nReserve Bank of India (RBI) has imposed a penalty of Rs50 lakh on Deutsche Bank AG and Rs29.60 lakh on Yes Bank Ltd for non-compliance with the directions issued by the banking regulator. Deutsche Bank has been penalised for not complying with specific RBI guidelines related to the creation... \n\nKYC Norms Blocking Benefits, Wages and Pensions: Moneylife Foundation Study Reveals How Banking Rules Are Hurting Rural Poor\n\nA new study by Moneylife Foundation confirms the depth and scale of challenges caused by the rigid enforcement of know-your-customer (KYC) norms, particularly in rural India. What was intended as a safeguard against financial crimes has, in practice, become a significant barrier to financial... \n\nGST on Penalties: How Banks Are Double-dipping on your Hard-earned Money\n\nThe Hidden Cost of Falling Short Imagine this: You’re juggling bills, groceries and school fees and one month you dip below your bank’s minimum balance requirement. Next thing you know, your bank slaps you with a penalty. Annoying, right? But wait—there’s more! On top of this penalty, you’re... \n\nNirav Modi's Bail Plea Again Rejected by UK Court\n\nFugitive diamond merchant Nirav Modi's troubles have deepened once again, as a UK court on Thursday rejected his fresh bail petition. Mr Modi has been in a London prison for nearly six years after losing his extradition battle to face fraud and money laundering charges in India. The bail...

Latest News about Indian Money and Banking

The article highlights India's top-15 banks earning significant commissions from financial products, regulatory actions by the RBI, and multiple banking scandals. It covers penalties imposed on banks for non-compliance, cuts in interest rates, and issues like fraud, mis-selling, and cybersecurity concerns in the Indian banking sector.