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Indian government helps central bank to circumvent inflation law

The Indian government did not apply the law when the country’s central bank breached the 2020 inflation target, documents accessed by The Reporters’ Collective (TRC) and Al Jazeera through the Right to Information Act show. The Reserve Bank of India (RBI), under Governor Shaktikanta Das, was unable to keep inflation within the legally mandated limit …

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Fake call centre duping credit card users busted in Delhi, 3 held

Three persons were arrested for allegedly running a fake call centre that used to cheat people on the pretext of increasing the limit of their credit cards, an official said on Wednesday. The accused cyber fraudsters were identified as Prateek (25), Kuldeep (26) and Sourav (27) Deputy Commissioner of Police (southeast) Esha Pandey said a …

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Analysts expect banks to report 6-7% operating profit growth in Q4FY22

The banking system has seen a stable phase of business in the March quarter of FY22, but elevated operating costs may put a lid on operating profit growth, according to analysts tracking the sector. They see pre-provisioning operating profits for banks growing in the range of 6% to 7% during Q4FY22, even as net profit …

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WB directs banks to expedite sanctions of loans under Student Credit Card Scheme

West Bengal government has directed banks to expedite the process of sanctioning and distributing loans under the state’s student credit card scheme. In a meeting between the finance department and the State Level Bankers’ Committee, chief minister Mamata Banerjee’s principal chief advisor Amit Mitra asked lenders why there were “at least 16,000 provisionally sanctioned cases …

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Kotak Mahindra Bank gets approval to disburse pensions

Kotak Mahindra Bank has received approval to function as an authorized bank for payment of pensions. This means that now retired individuals can open their pension accounts with Kotak Mahindra Bank. According to a Ministry of Finance office memorandum, “It is informed that the Central Pension Accounting Office (CPAO) vide its letter dated 23.02.2022 has …

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Sharp rise in lending for both Ujjivan and Dhanlaxmi Bank

Ujjivan Small Finance Bank disbursed Rs 4870 crore in the December quarter, its highest ever quarterly disbursement, while asset quality improved with 100% collection efficiency in March in step with steady economic recovery. The bank’s gross loan portfolio grew 20% year-on-year to Rs 16543 crore. Its microfinance portfolio at Rs 10,979 crore accounted for 67% …

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