Page 2 - Bank Accounts

Paytm shifts nodal account to Axis Bank from Paytm Payments Bank

Fintech firm One97 Communications -- owner of the brand Paytm -- has shifted its nodal account to Axis Bank from Paytm Payments Bank. The move will allow continuity of Paytm QR, Soundbox, card machine after the March 15 set by the Reserve Bank of India, as per a regulatory filing. The RBI has advised customers and merchants of Paytm Payments Bank Ltd (PPBL) to shift their accounts to other banks by March 15, giving 15 more days to the beleaguered entity to close most of its operations, including deposit and credit transactions. "The company has also shifted its nodal account to Axis Bank (by opening an escrow account) to continue seamless merchant settlements as before. "This arrangement is expected to seamlessly replace the nodal account that OCL was using with Paytm Payments Bank. Paytm Payment Services Ltd (PPSL), OCL's wholly owned subsidiary has already been using the Axis Bank services, since its inception," Paytm said in a filing. The nodal account of Paytm is like a master

Cos to submit bank details to GST officers in 30 days of registration: GSTN

Businesses will be required to submit valid bank account details to GST authorities within 30 days of grant of GST registration to avoid suspension, the GST Network has said. In an advisory to GST-registered businesses, GSTN said all registered taxpayers are required under the Goods and Services Tax (GST) law to furnish details of their bank account/s within 30 days of the grant of registration or before the due date of filing GSTR-1/IFF, whichever is earlier. GSTR-1 filed by a company contains statement of outward supplies, while Invoice Furnishing Facility (IFF) can be availed by businesses opting for Quarterly Returns with Monthly Payment (QRMP) scheme under GST. "Taxpayers are therefore advised to promptly furnish their bank account details, who have not provided it so far if 30 days period is shortly going to expire to avoid disruption in business activities and the subsequent suspension of GSTIN," it said. GSTN further said that a new functionality is being developed as per .

Over 8,600 bank accounts linked to cybercriminals frozen in Jharkhand

The maximum of 2,002 accounts were frozen in Deoghar district, followed by 1,183 in Dhanbad and 959 in Ranchi, he said

Over 8,600 bank accounts linked to cybercriminals frozen in Jharkhand

Altogether 8,674 bank accounts, allegedly linked to cybercriminals, have been frozen in Jharkhand on suspicion that these were being used for phishing activities, a CID official said on Tuesday. The maximum of 2002 accounts were frozen in Deoghar district, followed by 1,183 in Dhanbad and 959 in Ranchi, he said. We received the details of frozen accounts from the Indian Cybercrime Coordination Centre and prepared a district and bank-wise list of such information. "The data will be shared with the superintendent of police of all districts and banks for verification of the accounts, Jharkhand Crime Investigation Department (CID) Director General Anurag Gupta told PTI. He said that the details of such account holders would be traced. If these accounts are found fake or linked to cybercriminals, action will be taken against the account holders," he said. The CID has been carrying out a massive operation against cybercriminals in Jharkhand. As many as 495 people have been arrested fo

RBI asks banks not to classify zero balance account as inoperative

An account which has not been operated for two years is classified as inoperative accounts. RBI said that customers have to submit KYC documents afresh for reactivating the account

'Balance batao', 'digital didi': Fintech transforming financial inclusion

From the government's coffers, Rs 5,000 for opening an account for a child born into a poor family will be yet another milestone for financial inclusion, after PMJDY

About 20% of 510 mn Jan Dhan accounts inoperative: MoS finance informs RS

About 20 per cent of Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts in the country are inoperative, the government said on Tuesday. As on December 6, of the total 10.34 crore inoperative PMJDY accounts, 4.93 crore belong to women, Minister of State for Finance Bhagwat K Karad said in a written reply to the Rajya Sabha. As per data received from banks, of the approximately 51.11 crore PMJDY accounts, around 20 per cent accounts were inoperative as on December 6, he said. The percentage of inoperative PMJDY accounts is similar to the percentage of overall inoperative accounts in the banking sector, he said. The deposited balance in the inoperative PMJDY accounts is around Rs 12,779 crore, which is around 6.12 per cent of the total deposited balance in PMJDY accounts, he said. This balance continues to earn interest at par with that applicable to operative accounts and can be claimed and withdrawn by depositors at any point of time after the account becomes operative again, he ...

RBI permits banks to open additional current account for export proceeds

The Reserve Bank of India (RBI) on Friday permitted banks to open additional current account for exports proceeds in addition to special rupee vostro accounts with a view to provide greater operational flexibility to exporters. To provide greater operational flexibility to exporters, banks maintaining special rupee vostro account as per the provisions of the RBI circular dated July 11, 2022 are permitted to open an additional special current account for its exporter constituent exclusively for settlement of their export transactions, RBI said in a notification. In July 2022, the RBI had asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency. "In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR, it has been decided to put in place an additional ...

Sebi orders to attach bank, demat accounts of ex-officials of Karvy Group

Sebi has ordered the attachment of bank and demat accounts of Karvy Group's three former officials to recover Rs 1.80 crore for the misappropriation of client's funds by Karvy Stock Broking Ltd (KSBL). The recovery proceedings against KSBL's former VP (finance and accounts) Krishna Hari G; KSBL's former compliance officer Srikrishna Gurazada; KSBL's General Manager of back office operation Srinivasa Raju for Rs 1.80 crore, includes interest, all costs, charges and expenses, Sebi said in three attachment orders on Tuesday. In its notices, Sebi asked all banks, depositories, and mutual funds not to allow any debit from the accounts of Krishna Hari G, Srikrishna Gurazada and Srinivasa Raju. However, credits have been permitted. Further, the market regulator has directed all the banks to attach all accounts, including lockers, of the defaulters. Last month, Sebi sent demand notices to -- Krishna Hari G, Srikrishna Gurazada and Srinivasa Raju -- asking them to pay about Rs 1.8 crore in

Crypto fraud: Navi Mumbai cyber police freeze accounts worth Rs 32.66 cr

The Navi Mumbai cyber police conducting the probe into a cryptocurrency fraud have frozen several bank accounts involving amounts worth Rs 32.66 crore, an official said on Wednesday. Senior police inspector Gajanan Kadam of the cyber police station in Navi Mumbai said they received a cheating complaint in August from a man who claimed to have invested more than Rs 6.6 crore in cryptocurrency trading. The man stated in the complaint that a woman caller befriended him and later asked him to invest in cryptocurrency trading while assuring good returns. As the complainant started investing huge amounts, he received a total of Rs 75 lakh in returns on various occasions, but later stopped getting the same, the official said. An offence in this connection was registered with the cyber police under various sections of the Indian Penal Code and the Information Technology Act. A police probe team enquired with various banks where the money was paid by the complainant and as a first step, go

Non-residents, foreign cos without PAN can open bank a/cs in IFSC-Gift City

Non-residents and foreign companies opening bank accounts in IFSC Gift City will not have to furnish PAN and instead file a declaration. The non-resident or the foreign company opening a bank account at the International Financial Services Centres (IFSC) will have to file a declaration in Form 60 and should not have any tax liabilities in India. The Finance Ministry has amended Income Tax Rules exempting non-residents opening a bank account from the requirement of submitting PAN. Gujarat International Finance Tec-City (GIFT)-IFSC is being promoted as a tax-neutral enclave for the financial sector. Nangia Andersen LLP Partner - Financial Services Sunil Gidwani said this relaxation will make it easy for foreign companies, NRIs and other non-residents to open a bank account with an IFSC bank. "It will boost the liability/deposits side as well as the retail business segment of a bank in IFSC," Gidwani said.

India gets 5th set of Swiss bank details under info exchange framework

This is fifth such annual exchange of information between Switzerland and India with officials saying that new details shared with Indian authorities pertain to "hundreds of financial accounts"

Cybercrime network busted in Bengaluru: Rs 854 cr detected in 84 accounts

Notably, the accused were managing the accounts from Bengaluru while residing abroad

NRIs can now open new bank accounts using SBI YONO app; Here's how

The service has been designed for the "new to bank" (NTB) customers and aims to smoothen the process of account opening at SBI for NRIs

60% people think their banks are 'bureaucratic, inefficient': Report

In a second survey, of the 11,357 participants, 41 per cent families have 1 or more bank accounts that they are unable to access online

PMJDY account to touch 500-million mark; about 55% beneficiaries are women

As on July 19, the number of total account holders under the PMJDY has reached 495.6 million, of which 275.6 crore are women

What is the average balance in a bank account in your state? Check it here

Using RBI data, we found out the average balance in a savings, current or a term deposit account across states in India. Read more to find out

Digital push minus customers' safety

The bank is apparently working on a clean-up, but that is not enough. The regulator is also investigating the case, but what will come of it?

SBI starts 34 transaction banking solutions hubs, 21 district centres

SBI raised Rs 1,000 cr in current account deposits at centres under revamped systems

Banks seek clarification from govt before TCS on credit cards kicks in

Banks are particularly concerned about use of several cards and bank accounts to make a simple remittance