Page 2 - Bank Accounts

HC asks agencies to exercise caution over blanket freezing of bank accounts

The Delhi High Court has asked probe agencies to exercise care and caution over blanket freezing of bank accounts. The matter before Justice Manoj Jain related to one such action of the agencies on the petitioner company's account, having a withdrawal balance of more than Rs 93 crore, but witnessing an innocuous entry of Rs 200. "Such blanket measures, if taken recourse to, without offering any reason, can certainly play havoc with the financial concerns of such account holders," it said. The court's February 20 order said, "It is, therefore, high time that the investigating/law enforcement agencies, in the context of freezing bank accounts, act with requisite care, caution and yes, compassion as well." Instead of freezing the bank account, the court said, authorities should explore the possibility of marking a lien on the disputed amount to mitigate the undue hardship caused to account holders and ensure the disputed amount was secured. Taking note of multiple such cases, the cou

State Bank of India opens 0.63 mn accounts under Har Ghar Lakhpati scheme

Most of these accounts were opened with zero balance. Through continuous engagement with customers, the bank now has the lowest number of zero-balance Jan Dhan accounts, he added

In Europe, Russians struggle as wary banks shunned them after 2022 attack

Thousands of Russians living in the European Union have struggled to open a bank account or had one closed since Russia's February 2022 invasion of Ukraine

RBI issue revised guidelines for inoperative accounts, unclaimed deposits

Purpose is to assist bank customers and consolidate operational instructions on inoperative accounts

RBI Innovation Hub develops MuleHunter.ai to combat mule account frauds

The RBI has taken several measures to prevent and mitigate digital frauds in the financial sector, including the issuance of cybersecurity and cyber fraud prevention guidelines, among others

Punjab & Sind Bank seeks bids to sell Rs 403 cr bad loans in 9 accounts

Out of the nine accounts put up for sale by the lender, two accounts - Diksha Greens and Star Bazar Group - have been classified as "fraud" accounts, and only ARCs can bid for these accounts

Rs 42,300 cr loans given since launch of account aggregator framework

Nearly half of it has been facilitated in the second half of financial year 2024 (H2FY24)

No restrictions for queer community to open joint bank accounts: FinMin

The ministry also said that a clarification in this regard has also been issued by the Reserve Bank of India (RBI) to all the scheduled commercial banks on August 21, 2024

10 years of Pradhan Mantri Jan-Dhan Yojana: Stepping aside and looking back

PMJDY is testimony to how digital technology can be put to use for the poor so that they also benefit from the economic growth

Former B'desh PM Khaleda Zia's bank accounts to be unfrozen after 17 years

Tax authorities in Bangladesh on Monday decided to unfreeze the bank accounts of Bangladesh Nationalist Party Chairperson Khaleda Zia, 17 years after banks were ordered to block them. The National Board of Revenue (NBR) has instructed banks to unfreeze the accounts of BNP Chairperson Zia, the Daily Star newspaper reported. In August 2007, the NBR's Central Intelligence Cell directed banks to freeze the accounts of the BNP Chairperson, who has been elected Bangladesh's prime minister twice since 1990. The decision was based on a recommendation of a panel formed during the then Army-backed caretaker government, said a senior official of the NBR. Since then, her accounts have remained blocked. The BNP has on several occasions demanded that they be unfrozen. The latest move comes after a mass uprising toppled Sheikh Hasina, a long-time rival of Khaleda, on August 5, ending the Bangladesh Awami League's 15-year rule. An interim government led by Nobel laureate Muhammad Yunus was sworn

Only 21% money in bank accounts belongs to women, shows NSO data

Shows only 36% bank accounts are held by women

FATF calls on India to boost scrutiny of politicians' bank accounts

The recommendation is part of a FATF review of India's anti-money laundering systems that began in 2023

RBI red flags 'lakhs' of accounts used for fraud and evergreening

Says nudging NBFCs to enhance disclosure quality

Perils of keeping surplus money in bank accounts

Keeping surplus money in the bank account has become risky. Bank employees sometimes target such money to mis-sell products

Goldman Sachs aims to double lending to wealthy private bank clients

Goldman's total deposits jumped to $441 billion in the first quarter, with over 39 per cent coming from consumer accounts, versus $190 billion in total deposits at the end of 2019

10 Best Business Bank Account for LLCs

Discover the top-rated and ranked LLC business bank accounts for 2024 with our guide. Unlock financial success for your business with the 10 best choices.

Non-residents allowed to open margin accounts for derivative contracts

The move by RBI is expected to enhance efficiency in managing margin obligations

PNB account holders, beware: Your inactive a/c will be closed from June 1

PNB is taking this measure to avoid security risks and ensure that inactive accounts are not misused

LS polls: In MP, Congress seeks donations on claims of frozen bank accounts

The Congress in Madhya Pradesh on Sunday launched a "one note, one vote" campaign seeking donations to contest Lok Sabha elections claiming the party has run out of money since its bank accounts have been frozen by the BJP-led Central government. Speaking on the occasion, MP Congress chief Jitu Patwari said the move to freeze the bank accounts after the model code of conduct kicked in was aimed at financially weakening the party in the run-up to elections. The campaign was launched at the busy Roshanpura crossing. Congress candidates from Bhopal and Jabalpur, namely Arun Shrivastava and Dinesh Yadav, campaigned with boxes in their hands and sought one rupee from a voter, besides seeking votes for the party. Congress nominees from other seats in Madhya Pradesh also joined the campaign. Top Congress leaders, including its president Mallikarjun Kharge, Sonia Gandhi and Rahul Gandhi, had earlier put the spotlight on their party's precarious finances ahead of the Lok Sabha polls.

Frozen Bank Account: Key causes and its impact on account holders explained

India's main opposition party, the Congress, cannot access its money, and that too right before the Lok Sabha elections. What is a frozen bank account? What causes it and what's the impact? Find out