Page 6 - Bank Accounts

FIEO concerned over freezing of exporters' bank accounts, seeks govt's help

In a letter, FIEO President Sharad Kumar Saraf said freezing of bank accounts without any investigation is against the principles of natural justice and is causing irreparable damage to exporters

ED raids firms running Chinese betting apps, freezes Rs 47 cr in 4 accounts

The Enforcement Directorate has frozen four HSBC bank accounts containing Rs 46.96 crore after it raided multiple premises of companies involved in running online Chinese betting apps, according to an official statement. It said the searches were carried out at 15 locations in Delhi, Gurgaon, Mumbai and Pune on Friday under various sections of the Prevention of Money Laundering Act (PMLA). "Searches were conducted on the registered offices of the companies, their directors and chartered accountants involved in illegally running online betting apps from websites which are hosted from outside India," the federal probe agency said in the statement on Saturday. "During the course of search, ED has seized 17 hard disks, five laptops, phones, crucial incriminating documents and has also frozen Rs 46.96 crore held in 4 HSBC Bank accounts," it said. The money laundering case is based on an FIR filed by the Telangana Police against the accused early this year, it added. According to the ..

No current accounts for clients with cash credit, overdraft facilities: RBI

In a notification, the central bank said that rather than opening a new current account, all transactions should be routed through Cash Credit (CC) or OverDraft (OD) account

Money laundering probe: ED freezes 60 bank accounts on Brazil's request

The probe is linked to some high profile people of Brazil

Jan Dhan transactions spur 4-fold surge in demand for banking correspondent

However, despite the surge, the average income of banking correspondents has taken a beating due to the low value of transactions

HDFC Bank adds 250,000 customers via instant account opening in lockdown

Banks were classified as an "essential service" and allowed to be open, but the lockdown meant fewer customer footfalls, making the online alternative helpful to open new deposit accounts

Major shift to digital space demands data security, cyber insurance

The biggest nightmare for an individual in this digital age is to see an unauthorised debit in his bank account and realise he has been a victim of an online fraud

Bank liable for unauthorised online transaction

The National Commission observed that there was a security breach of the bank's net banking system

YES Bank crisis: Paying loan? Shift ECS mandate to a nationalised bank

If you are paying a personal/home loan or doing SIPs, shift ECS mandate to another bank. It just might make sense to have one account with a nationalised bank

Growth in loan disbursals lures job-seekers to Bihar's micro credit sector

Loans have become an important line of business in north Bihar.

Soon, you will be charged even for failed transactions at Axis Bank ATMs

The proposed fee will be Rs 25 per transaction; the bank has uploaded a notice on its website listing this and three other charges coming into effect from 1 April 2020

Bank savings account, fixed deposit or debt fund - the better option?

The savings bank rate and the debt fund rate of return are variable and market-driven

Have money in inactive bank accounts? Here's how you can claim them back

Ideally, you have only three accounts. One for salary and other two for investment and expenses

How vulnerable are bank ATMs?

Many customers are careless; they use overly simple and non-random PINs (such as date of birth), and do not change PINs periodically, compromising security

Sebi bans three persons for 7 years for creating sham identities

Besides, they have been asked to disgorge unlawful gain of about Rs 7 lakh, including interest. Babulal M Dugar, Manoj Kumar Dugar, and Vinod Kumar Dugar are the three persons facing ban.

Registering a company? Starting a business gets just a little bit easier

Experts suggested the MCA give access to the data and documents filed by companies to banks

No need to declare religion for opening bank accounts: Rajiv Kumar

The clarification comes after a news report suggested that Indian banks may ask depositors and customers to list their religion.

Small finance banks lag in opening Jan Dhan Yojana accounts in Odisha

This is despite their strong branch network and plans to expand retail banking operations; PSB lead race, accounting for 70% of such accounts opened in the state

Delhi govt organises camps for opening bank accounts of labourers

Revenue Dept in collaboration with Labour Department and leading banks organised camps where accounts of workers were opened

EPFO seals bank a/c of over 600 firms sealed for irregularities

During this period, 14 employees who indulged in wrong- doings in depositing their employees' PF were also arrested