Page 2 - Bank Accounts

EPFO eases withdrawal process, no need for bank account verification

Retirement fund body EPFO on Thursday said applicants seeking withdrawal from provident funds online do not have to upload the image of a cancelled cheque and their bank accounts need not be verified by employers. The move is expected to fast-track claim settlement process for nearly eight crore members and ensure ease of doing business for employers. At present, members of Employees' Provident Fund Organisation (EPFO), while applying for withdrawal of funds from PF accounts online, need to upload image of cheque leaf or attested photo copy of the passbook of the bank account seeded with the UAN (Universal Account Number) or PF number. The employers are also required to approve the bank account details of the applicant. The EPFO has completely dispensed with the requirement of uploading an image of a cheque leaf or attested bank passbook while filing online claims, the labour ministry said in a statement. These two steps have been done away with to ensure 'ease of living' for EPF .

DGGI blocks 357 illegal online gaming sites, attaches 2,400 bank accounts

GST intelligence officers have blocked 357 websites of illegal offshore online gaming firms and attached about 2,400 bank accounts, the Finance Ministry said on Saturday. The ministry also cautioned the public against engaging with offshore gaming platforms, even though many Bollywood celebrities and cricketers, besides social media influencers, are found to be endorsing these platforms. About 700 offshore e-gaming companies are under the Directorate General of Goods and Services Tax Intelligence (DGGI) scanner, as these entities are evading GST by failing to register, concealing taxable pay-ins, and bypassing tax obligations. Investigations also revealed that these offshore companies operated through 'mule' bank accounts to process transactions, the ministry said, adding the DGGI blocked 166 'mule' accounts. "So far, 357 websites/URLs of illegal/non-compliant offshore online money gaming entities have been blocked by the DGGI, in coordination with the Ministry of Electronics and .

Dhaka court orders to freeze 31 bank accounts related to Hasina, her family

A Dhaka court on Tuesday ordered the freezing of 31 bank accounts linked to ousted prime minister Sheikh Hasina, her family members and their associates over corruption allegations against them, according to media reports. According to the Anti-Corruption Commission (ACC), these bank accounts belonging to Hasina, her son Sajeeb Wazed Joy, daughter Saima Wazed Putul, sister Sheikh Rehana, nephew Radwan Mujib Siddiq Bobby and their related organisations hold a total of Tk 394.6 crore (INR 281.2 crore approximately), reports Prothom Alo. The organisations whose bank accounts have been ordered frozen include Bangladesh Awami League and Jatir Janak Bangabandhu Sheikh Mujibur Rahman Trust, according to The Daily Star newspaper. Judge Md Zakir Hossain passed the order after ACC Deputy Director Md Monirul Islam, who is leading the inquiry team, submitted an application in this regard. In the application, the ACC said Hasina and others are trying to transfer the money from these accounts. S

Financial services adoption increases with more women participation

The survey was conducted across 10,000 agents in the country, recording financial transactions of women consumers

RBI invites application for SRO in account aggregator space by June 15

The complexity necessitates frequent coordination among REs to address various operational issues

Citi accidentally credits client account with $81 trn instead of $ 280

The transfer was missed by two employees and detected by a third employee 90 minutes after it was posted

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