Bank 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

BoB announces special offers for female account holders on Women's Day

State-owned Bank of Baroda on Thursday announced special offers for its women account holders on the occasion of International Women's Day. International Women's Day is celebrated on March 8. This offer is applicable for accounts, either a BoB Mahila Shakti Savings Account or a BoB Women Power Current Account, opened till June 30, 2024, and loan facilities availed till December 31, 2024, Bank of Baroda (BoB) said in a statement. These women-centric accounts come with a bundle of offers exclusively for women, including up to 25 basis points interest rate concession on retail loans (concession of 0.25 per cent on two-wheeler loans, 0.15 per cent on education loans, 0.10 per cent on auto loans, home loans and mortgage loan). Besides, there would be a complete waiver of processing charges on retail loans (including personal loans) and a 50 per cent discount on annual safe deposit locker charges, it said. "On this International Women's Day, we are pleased to extend our support to women

30 banks join RBI UDGAM to search for recipients of unclaimed deposits

The Reserve Bank on Tuesday said 30 banks are facilitating people to search their unclaimed deposits/accounts through UDGAM portal, and the remaining banks are in the process of getting on-boarded. UDGAM -- Unclaimed Deposits-Gateway to Access inforMation -- is an online portal developed by RBI. It facilitates the registered users to search unclaimed deposits/accounts across multiple banks in one place in a centralised manner. All unclaimed deposits/accounts that are part of the Depositor Education and Awareness (DEA) Fund of RBI can be searched in the UDGAM portal. "As on March 4, 2024, there are 30 banks, which are part of UDGAM portal, and they cover around 90 per cent of unclaimed deposits (in value terms) in DEA Fund of RBI," the central bank said in a set of Frequently Asked Questions on UDGAM portal. A user is required to register on the portal by providing his/her name and mobile number. The portal facilitates only the search of unclaimed deposits/accounts across multiple

Bihar Raj Bhavan directs banks to de-freeze accounts of state-run varsities

Bihar Raj Bhavan on Sunday wrote to banks to overrule an education department order that had frozen the accounts of state-run universities, barring one. This comes after vice-chancellors of the universities allegedly failed to attend a recent review meeting convened by the education department. Meanwhile, the standoff between the Raj Bhavan and the education department seemed to worsen with the authorities lodging a police complaint against at least one of the VCs on Sunday. Robert L Chongthu, principal secretary to the governor (who is also the chancellor of state universities), directed the banks to de-freeze the accounts of the universities immediately. The letter stated, "The chancellor (governor) has ordered that the orders of the education department stands withdrawn." The a copy of the letter is with PTI. Earlier, the education department had ordered the freezing of bank accounts of all state-run universities, except one, and withheld salaries of their vice-chancellors for

Bihar Congress stages protest over freezing of party's bank accounts

Congress workers in Bihar on Monday staged a protest here against freezing of the party's bank accounts by the Income Tax Department, a move they blamed on the ruling BJP at the Centre. Congress activists led by legislature party leader Shakil Ahmed Khan held the demonstration at the Income Tax roundabout in the city, carrying placards and raising slogans against the Narendra Modi government at the Centre. Talking to reporters on the occasion, Khan alleged that the BJP is "trying to squeeze the finances of opponents while ensuring that its own coffers overflowed, thanks to opaque things like electoral bonds". Notably, electoral bonds, through which a lion's share of funds is said to have gone to the BJP, were struck down by the Supreme Court last week. Khan also asked, "Why is it that only our accounts are being examined and no questions are being posed to the BJP, which has spent crores in the last five years on setting up offices in districts across the country? Its new headquart