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FY22 witnessed sharp decline in banking frauds above Rs100 crore

With banks reporting cases of Rs41,000 crore in 2021–22 compared to Rs 1.05 lakh crore the year before, frauds in the banking sector involving amounts over Rs100 crore have drastically decreased. 118 fraud instances were reported in private and public sector banks in FY22, down from 265 in FY21, according to government data. According to …

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Banking Central | India’s PSB privatisation bid needs political resolve

Privatising India’s dozen public sector banks (PSBs) has been an unkept promise. Time and again, both the United Progressive Alliance (UPA) and the National Democratic Alliance (NDA) have flashed this as the top reform agenda. But beyond that, nothing happened. What lacked was sheer political will. PSBs are dominated by heavily politicised employee trade unions. …

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Banks to reopen some branches, operating hours adjusted

Local financial institutions will reopen some of their branches to the public on Monday (July 4) under certain guidelines, the Monetary Authority of Macau (AMCM) indicated after coordinating with the Macau Association of Banks and the Macau Insurers Association. Banks’ operating hours will be adjusted to between 10am. and 4pm. All bank branches have been …

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Delhi Police busts interstate gang of cyber frauds, arrest four

Delhi Police busted an interstate gang of hi-tech fraudsters and arrested four persons who allegedly used to cheat gullible people on the pretext of facilitating online loans. According to Delhi Police, the gang used to deal in cryptocurrency. They learn tactics from YouTube and get in touch with Chinese nationals on telegram. The accused have …

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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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