Page 5 - Banking

EOW arrests son of absconding businessman in New India Coop Bank fraud case

The Mumbai police's economic offences wing (EOW) has arrested the son of a businessman wanted in connection with the embezzlement of Rs 122 crore at the New India Cooperative Bank, an official said on Friday. The EOW on Thursday arrested Manohar Arunachalam (33), the son of absconding accused Unnathan Arunachalam, the official said. This is the fourth arrest in connection with the case, he said. The EOW had earlier arrested three persons, including the bank's ex-general manager, Hitesh Mehta, and real estate developer, Dharmesh Paun. The official said Manohar allegedly helped his father, Unnathan Arunachalam alias Arun Bhai, to flee, and a probe has revealed that he was with his father when the latter absconded. He will be produced in a court later in the day, the official said. EOW officials have been searching for Unnathan Arunachalam for the last several days, and a lookout circular has been issued against him According to the EOW, the bank's ex-general manager, Hitesh Mehta,

Ujjivan Small Finance Bank calls for counterbids on Arcil's anchor offer

Anchor bid translates to nearly 90% haircut for lender

RBI announces mega $10 billion FX swap to infuse rupee liquidity

The RBI will conduct the buy/sell swap on February 28

Bima-ASBA will eliminate unauthorised deductions: Insurance sector players

Irdai's decision to implement ASBA facility for insurance premium payment will benefit customers by eliminating unauthorised deductions and delayed refunds, say experts. Insurance Regulatory and Development Authority of India (Irdai) has directed life and health insurers to provide Bima-ASBA, a facility wherein a policyholder blocks the amount towards premium in his or her bank account which gets debited only when the policy is issued. Insurers have been asked to implement the new payment mechanism Bima-ASBA (Applications Supported by Blocked Amount) through Unified Payments Interface (UPI). ASBA facility or blocking of funds through UPI is widely used by retail investors in stock market. Commenting on the Irdai's decision, Jitendra Attra, Chief Financial Officer, SBI General Insurance said Bima-ASBA is a significant step toward enhancing transparency, security, and ease in insurance premium payments. "By enabling policyholders to authorise premium payments directly from their ban

PNB ONE to Axis mobile: Top banking apps to manage & secure your finances

Apps have services to pay bills, make investments and even purchase loans

Green loan expansion can boost loan portfolios of Indian banks: IIM study

The IIM Lucknow study seeks to address this gap by designing a framework to identify non-carbon-intensive sectors and assess their impact on loan portfolio quality

A stable banking system: Deposit insurance must be extended substantially

There is an ongoing debate whether India still needs cooperative banks, given the increased reach of commercial banks, enabled by technology

Poor governance: RBI replaces New India Co-op Bank's board for 12 months

Customers queued outside New India Cooperative Bank's branches in Mumbai on Friday seeking answers on the abrupt shut down of certain key services

Rate cut as expected; FY26 growth forecast slightly optimistic: Aditi Nayar

Looking ahead, we believe that the growth-inflation outlook suggests that there is room for another 25 bps rate cut in either the April or the June 2025 meetings

Gift City gains traction as more entities explore redomicile opportunities

GIFT City started with the concept that we could pull an international financial centre in India

Tableau like Lakhpati Didi highlights India's progress at R-Day parade

Tableaux from various states, union territories and Central Ministries, rolled down the Kartavya Path, mesmerising the audience with their designs, decorations, and themes

New norms likely to reduce Bank of Maharashtra's LCR by 5 basis point

The Reserve Bank of India (RBI) proposed revised LCR norms in late July 2023, suggesting that banks assign an additional 5 per cent run-off factor for retail deposits accessible through IMB

A first in 12 years: Banks to overhaul terms of engagement with BCs

Viability package for agents in NE states on cards

UN's NZBA in trouble: Why big banks are pulling out of climate accords

After major US and Canadian banks, now European banks threaten to exit climate alliance amid concerns over net zero policies

Dealing with recovery agents, baking a cake: Top personal finance stories

Our weekly newsletter this week has stories on loan customers' rights and the boom in bakery business

Ahead of Feb policy, RBI guv Malhotra to meet bank chiefs on Thursday

The interaction is part of the pre-monetary policy consultations

Threat or opportunity: India needs to be prepared for AI-driven changes

A recent study by Bloomberg Intelligence indicates that jobs in banking and finance are among the most vulnerable to AI induction

TCS expects retail, manufacturing revival after banking recovery, says CFO

Retail and manufacturing are the second- and fourth- largest revenue contributors to the $29 billion behemoth

Argentina's Milei scores win with $1 bn repurchase deal from five top banks

Argentina's sovereign bonds climbed on Friday's announcement. Benchmark notes due in 2035 touched a session high before paring gains

India's investment banking fees reach $1.3 bn in 2024, Kotak Mahindra leads

Kotak Mahindra Bank took the top position for overall investment banking fee ranking in India with a total of US$92.8 million, accounting for 7.2% wallet share of India's investment banking fee pool