-The Hindustan Times The sorry plight of thousands of small savers duped by a deposit-collecting firm in West Bengal is, perhaps, symptomatic of a wider malaise that runs deep in the Indian economy. What if a company asked you to invest Rs. 200,000 and promised to give you Rs. 8,000 a month for five years and a swanky sedan at the end of the fifth year? What if a company asked...
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Cobrapost sting: RBI gets stricter on money laundering, banks ask customers to resubmit IDs -Sangita Mehta
-The Economic Times MUMBAI: If you get a phone call from your long-time banker asking you to resubmit your name and address proofs, don't be surprised or irritated. It is the fallout of the Reserve Bank going beyond the cobrapost.com expose on unethical practices of banks, forcing them to go back to the drawing boards to weed out bogus and wrong documentation that allowed many people to open accounts and launder...
More »Cobrapost sting: Staff at ICICI Bank, HDFC Bank and Axis Bank may have violated KYC norms, says RBI
-The Economic Times MUMBAI: The employees at ICICI Bank, HDFC Bank and Axis Bank may have violated know-your-customer norms and helped clients evade taxes, the Reserve Bank of India's investigation has found. "Banks opened current account based on power of attorney without KYC," ET Now reported citing people familiar with the report. "Banks gave cash advances for gold purchases", which is a violation of norms, it said. The central bank and the...
More »PSU banks express reservation against usage of Aadhaar number for cash-transfers -Ahona Ghosh & M Rajshekhar
-The Economic Times The government's plan to make the Aadhaar number the centrepiece of the cash-transfer system is now facing opposition from a new quarter: banks. Several banks, led by the State Bank of India, have expressed reservation against jettisoning their current systems in favour of the platform created by the Unique Identification Authority of India (UIDAI), which issues the Aadhaar number and wants to make it the basis to authenticate...
More »The RTI activists' fights -Barkha Mathur
-The Times of India NAGPUR: After voting rights if there has been any other weapon which has empowered an Indian citizen it is the Right to Information (RTI). RTI is used to seek information about matters which affect the aamadami. How much of information is being handed out is still a contentious issue, but the act has definitely created a battalion of social activists. An RTI activist is not exactly the harried...
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