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Financial Institutions News

15 Jan 2023

India lets banks to use face recognition, iris scan for some transactions

Indian govt is allowing banks to verify individual transactions that exceed a certain annual limit using facial recognition and an iris scan in some cases. It is in a bid to reduce fraud and tax evasion. Indian government is allowing banks to verify individual transactions that exceed a certain annual limit using facial recognition and an iris scan in some cases.

27 Oct 2022

RBI directs banks to provide account details of 10 terrorists to Govt

RBI asks financial institutions inc. banks to provide account details of 10 terrorists to govt. MHA had designated 10 members as terrorists on October 4. Regulated entities of RBI also advised to comply the order.

OBC Creamy layer

30 Aug 2017

Ambit of OBC 'creamy layer' extended to PSUs, financial institutions

Union Cabinet on Wednesday decided to extend the concept of creamy layer in OBC reservations to PSUs and financial institutions.

17 Aug 2017

CREDAI seeks PM's intervention for proper rollout of RERA

Real estate industry body CREDAI on Thursday sought the prime minister's intervention to ensure proper and expeditious implementation of the new real estate regulatory law to protect the interest of property buyers and developers.

28 Jul 2017

North Korea hacking increasingly focused on making money than espionage: South Korea study

The US government has blamed North Korea for the Sony hack and some US officials have said prosecutors are building a case against Pyongyang in the Bangladesh Bank theft.

Income Tax department

26 May 2017

Banks, MFs should obtain identification nos for filing SFT

The Income Tax department on Friday said banks, mutual funds and financial institutions should obtain an identification number and file the statement of financial transaction (SFT) by May 31.

19 Apr 2017

How does CIBIL score impact your borrowing

CIBIL (Credit Information Bureau India Limited) is credit information company in India, that gathers financial data for maintaining credit records.

Central Board of Direct Taxes

13 Apr 2017

Bank accounts to be blocked if not self-certified by April 30 – Key things you should know

The CBDT has advised all financial institutions that all efforts should be made by them to obtain self-certification.

15 Jan 2017

NSE likely to start the interview process for CEO this week

The interview process for selection of the Managing Director and CEO at National Stock Exchange (NSE) is all likely to start this week. As per reports, eight to ten candidates are in serious contention.

03 Jan 2017

SC seeks data from Centre on recovery cases filed by banks, financial institutions pending for 10 years

The bench also sought a response on the question as to whether the recovery tribunals are equipped to decide the loan recovery cases within a fixed time frame, stipulated under the law.

11 Oct 2016

G7 boost banking cybersecurity as new SWIFT threat emerges

The G7 group of leading economies laid out a new framework for battling the hacking of financial institutions Tuesday as a new threat using the SWIFT interbank network emerged.

15 Aug 2016

Fear of CBI bizzare; apply wisdom in funding NPA: Panel to banks

Finding banks working under the fear of CBI and CVC as "bizzare", a Parliamentary panel has asked lenders to take decision on financing of stressed assets as per their "own wisdom" and on the basis of the project's viability.

12 Jun 2016

Loan fraud cases: CBI to hire tax experts from RBI, other financial institutions

CBI is looking for tax experts from RBI and other financial institutions to help it in probing high-profile cases including multi-crore rupees chit-fund scams and alleged loan fraud by businessman Vijay Mallya.

28 May 2016

FIs can obtain self-certification via internet banking: CBDT

Under the FATCA and CRS, Financial Institutions (FIs) can now obtain self-certification through internet banking platform from the user account where the customer has transaction rights, the CBDT said on Friday.

Finance Ministry

22 Oct 2015

FinMin eases rule for foreign trip for MD of PSU banks, FIs

Managing directors and other executive board members of state-owned banks as well as financial institutions will not be required to take permission of the Finance Ministry for undertaking foreign tours.

Finance Ministry

21 Oct 2015

Domestic investors, MFs pitch for easier taxation, uniform KYC

Rationalisation of tax rules and introduction of uniform KYC were some of the steps which were suggested by the domestic financial institutions (FIs) to promote ease of doing business and encourage retail participation in the securities market.

02 Jul 2015

RBI to allow new kind of NBFC as account aggregator

The Reserve Bank will allow setting up new kind of NBFC which would act as account aggregator to help people see their accounts across financial institutions in a common format.

06 May 2015

Equifax appoints HSBC's Manish Sinha to head country ops

Sinha, appointed as the managing director and country head for Equifax, will be focusing on retail banking as the head of consumer assets and customer value management.

15 Apr 2015

Target announces $19 million data breach settlement with MasterCard

Target Corp said it had agreed to reimburse about $19 million to financial institutions who had issued MasterCard-branded cards that were a part of the massive data breach at the retailer in 2013.

09 Apr 2015

Moody's raises outlook for 15 banks, FIs to 'positive'

Credit rating agency Moody's Thursday revised upwards the outlook to positive, from stable, for 12 state-owned banks and financial institutions including SBI, PNB, Canara Bank, REC and PFC.

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