BUSINESS
'Affects right to reputation': SC asks banks give hearing before labelling borrowers as fraudulent
The apex court accepted the contention that the action of the banks of classifying an account as "fraud" is stigmatic and further added that the "bar from raising finances could be fatal for the borrower leading to its 'civil death' in addition to the infraction of their rights under Article 19(1)(g) of the Constitution".
US CFTC sues crypto exchange Binance over trading, derivative violations
According to the filing, the exchange has never registered with the CFTC and has "disregarded federal laws" that govern US financial markets, including laws designed to prevent and detect money laundering and terrorism financing. Moreover, the CFTC noted that the company's monthly revenue earned $1.14 billion from derivatives transactions in May 2021, up from $63 million in August 2020.
Paytm Wallet now universally acceptable on all UPI QRs, online merchants
"As the pioneer of mobile payments and QR based payments, this move presents incredible growth opportunities for India's payment ecosystem. In line with RBI's mission of making 'Har Payment Digital', we are the largest acquirer for UPI merchant payments," a Paytm Payments Bank Spokesperson said in a statement.
ED takes possession of Benami assets worth Rs 245.05cr
The ED had registered a money laundering case against Unitech Group on August 6, 2018. During the course of investigation, the ED arrested five individuals namely Sanjay Chandra, Ajay Chandra, Ramesh Chandra, Preeti Chandra and Rajesh Malik. Later, two chargesheets were filed in this matter.
'44 airports in country don't have night landing facility'
The provision of night landing facility, which is purely based on the demand and operational requirements of the airlines, is a continuous process and is undertaken by Airports Authority of India (AAI) and other airport operators from time to time depending on the availability of land, commercial viability, socio-economic considerations, traffic demand and willingness of airlines to operate to/from such airports etc., said a written reply by the Ministry of Civil Aviation on Monday in Rajya Sabha.
CAG report: Deficiencies noticed in recapitalisation of PSBs
The Department of Financial Services (DFS) has recapitalised PSBs for credit growth, meeting the requirement for regulatory capital, equipping better performing PSBs placed under Reserve Bank of India's prompt corrective action framework to come out of it and meet capital requirement on account of amalgamation of PSBs.
Saudi National Bank chair resigns after his Credit Suisse comments caused investor panic
The Saudi National Bank (SNB), which was Credit Suisse's largest shareholder, announced on Monday that it has "accepted" Ammar al-Khudairy's resignation, and that he would be immediately replaced by its chief executive, The Guardian reported. The bank gave little detail regarding the swift replacement, only saying that al-Khudairy was stepping down "due to personal reasons", according to a statement released to the Saudi stock exchange.
Why You Should Choose Jupiter Money for Your Salary Account
Based in Mumbai, Maharashtra, Jupiter is a digital banking company or a neobank allowing young India to manage their money easily. Working on the model of one app for everything money-related, this neobank offers its end users a range of digital banking services to allow them open and manage a bank account within the comfort of their homes.
OYO to reduce target share price of its planned IPO amid tech mayhem
As early as this week, the company plans to file a new initial public offering (IPO) document, according to Bloomberg, citing sources. The company will describe plans in the filing to sell only one-third of the new shares it had intended, reducing the amount of fresh capital it is projected to receive.
RBI may pause repo rate hike next month: SBI Report
"We expect the RBI to pause in April policy... It has enough reasons to pause in April. There are concerns of a material slowdown in affordable housing loan market and financial stability concerns taking centre stage," SBI's research report titled "Prelude to MPC Meeting", which was released on Monday, said.
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