Banking Current Affairs

RBI fines Paytm Payments Bank and Western Union

Reserve Bank of India (RBI) has imposed monetary penalty on two payment system operators viz., Paytm Payments Bank Ltd (PBBL) as well as Western Union Financial Services Inc. Key Points RBI levied a penalty of Rs 1 crore on PBBL. Penalty was imposed because of an offence related to Payment and Settlement Systems Act, 2007 ..

Month: 

Category: 

Topics: 

RBI Data on Bank deposits in FY21

Reserve Bank of India (RBI) released its “Deposits with Scheduled Commercial Banks – March 2021 data” on September 23, 2021. Highlights As per RBI data, Bank deposits have increased by 11.9 per cent year-on-year during 2020-21 as compared to 8.8 per cent in 2019-20. Deposits increased in light of high growth in current account and ..

Month: 

Category: 

Topics: 

Trojan posing as I-T refund attacking Android users

According to India’s federal cyber security agency, CERT-In, a banking Trojan malware has been detected in Indian cyberspace. This trojan is lurking to attack bank customers using Android phones. Highlights As per Indian Computer Emergency Response Team (CERT-In), Trojan malware has already targeted customers of more than 27 public and private sector banks. The phishing ..

Month: 

Category: 

Topics: 

RBI cancels licence of Madgaum Urban Co-operative Bank Ltd, Margao

The Reserve Bank of India cancelled the license of Madgaum Urban Cooperative Bank Co., Ltd., located in Margao, Goa, because due to the current financial situation of the bank they will not be able to pay its current depositors in full. Highlights The Reserve Bank of India further stated that based on the data submitted ..

Month: 

Category: 

Topics: 

Deposit Insurance Credit Guarantee Corporation Bill 2021 to be introduced

On 28th July, 2021, the Union Cabinet cleared changes to the deposit insurance laws of the country. According to these changes up to Rs 5 lakh of funds will be provided to an account holder within 90 days in the event of a bank being put under moratorium by the RBI. Key Points Previously, account ..

Month: 

Category: 

Topics: