Budget 2020

Irdai cautions public not to fall prey to fraud by Digital National Motor Insurance

NEW DELHI: Insurance sector regulator Irdai has cautioned the general public against falling prey to fraud and cheating by Digital National Motor Insurance in selling policies without a license. It has been brought to the notice of Irdai that an entity by the name of Digital National Motor Insurance operating from Bangalore has been selling […]

News Headlines

ED arrests 2 after raids against Maharashtra MLA in PMC Bank fraud case

MUMBAI: The Enforcement Directorate has arrested two people following raids on the premises of a firm promoted by a Maharashtra MLA for alleged “illegal diversion of bank funds” in the Rs 4,300-crore PMC Bank fraud and money laundering case, official sources said on Saturday. On Friday, the agency searched five residential and business premises linked […]

Budget 2020

Some lending apps thrive on India’s Google Play despite policy violations

The Reuters review of 50 popular lending apps available on Google Play found that nearly all of them require borrowers to give them permission to access their phone contacts. (Subscribe to our Today’s Cache newsletter for a quick snapshot of top 5 tech stories. Click here to subscribe for free.) At least 10 Indian lending […]

Budget 2020

Lakshmi Vilas Bank: Has ease of credit availability in our system encouraged fraud?

By Uma Shashikant There is reason to cheer the move to merge Lakshmi Vilas Bank with DBS. Stakeholders will cry as if they have been cheated, but this solution has its merits. No one will deny that the Indian banking system requires serious repair. There are multiple reasons for the serious systematic risks posed by […]

News Headlines

Nations long targeted by US chide Trump’s claims of fraud

BOGOTA: Demands to stop the vote count. Baseless accusations of fraud. Claims that the opposition is trying to “steal” the election. Across the world, many were scratching their heads Friday – especially in countries that have long been advised by Washington on how to run elections – wondering if those assertions could truly be coming […]

Budget 2020

Properties worth ₹33.39 crore attached in pisciculture bank fraud case

A part of the loan funds was diverted for the production of a Telugu movie, says ED. The Enforcement Directorate has attached 27 immovable properties, having a current market value of ₹33.39 crore, in a pisciculture bank loan fraud case. About ₹1.72 crore from the loan funds was diverted for the production of a Telugu […]

Budget 2020

Positive pay system for cheque payments to come into effect from January 1, 2021: RBI

Mumbai: In order to check banking fraud, the Reserve Bank of India has decided to introduce from January 1, 2021, the ‘positive pay system’ for cheque, under which re-confirmation of key details may be needed for payments beyond Rs 50,000. Availing of this facility would be at the discretion of the account holder. However, banks […]