[ad_1] Bank accounts being suddenly frozen due to KYC issues is a growing crisis across India, leaving millions locked out of their savings. While customers blame banks and banks blame regulations, the real issue runs much deeper. Banks are bound by regulations, including the Prevention of Money Laundering Act (PMLA), which requires them to track…
[ad_1] As digital banking evolves in India, the primary threat to consumer security lies not in the domain names of websites, but in the proliferation of fraudulent apps and inadequacy of protections. A change in domain name, in isolation, will do little to combat the growing menace of digital fraud. Also Read: Proving you’re human…
[ad_1] India’s central bank, the Reserve Bank of India (RBI), superseded the Maharashtra-based New India Co-operative Bank for the upcoming 12 months on Friday, February 14, after flagging concerns over poor governance standards and irregularities in its core lending operations. A former general manager of the bank, Hitesh Pravinchand Mehta, was allegedly involved in siphoning…
[ad_1] The Mumbai police have registered a case against the New India Cooperative Bank’s General Manager and Head of Accounts along with his associates for allegedly embezzling â‚ą122 crore of funds, officials said on Saturday. The case has been transferred to the Economic Offences Wing (EOW) of the city police for further investigation, an official…
[ad_1] A new credit card fraud is in the works where scammers are posing as employees of the State Bank of India, asking unsuspecting customers to avail an offer to increase their credit limits. A Reddit user with the ID Fresh_Journalist5116 flagged the new scam, saying that his father almost fell for it. According to…
[ad_1] The Reserve Bank of India’s (RBI) latest revision of its Master Circular on Fraud Risk Management in banks and other regulated entities has not come a day too soon. Given the rising incidence of financial frauds, it is imperative that lenders adopt a fool-proof process that does not leave any scope for dishonest borrowers…
[ad_1] Mule accounts, so named because they act as conduits for sending and receiving funds that do not belong to the bank account holder, usually remain dormant but can see a sudden spurt in typically low-value, high-volume transactions. The Reserve Bank of India (RBI) has urged banks to keep a close watch on such accounts….
