Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li><keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword>) has directed all banks to keep their branches open until the end of the working hours on March 31.</li><li>The <keyword id="6378065" type="General" weightage="80" keywordseo="central" source="Orion">central</keyword> bank has written a letter to all the agency banks that they should keep their designated branches open for over-the-counter transactions.</li></ul>Mumbai (Maharashtra) [India], March 22 (ANI): With just only 10 days till the annual closing of the current financial year, the Reserve Bank of India (RBI) has directed all banks to keep their branches open until the end of the working hours on March 31. The central bank has written a letter to all the agency banks that they should keep their designated branches open for over-the-counter transactions related to government transactions up to the normal working hours on March 31, 2023. It directed all government transactions done by agency banks for the Financial Year 2022-23 must be accounted for within the same financial year. It also added, "Transactions through <keyword id="891879" type="General" weightage="50" keywordseo="national-electronic-funds-transfer" source="Orion">National Electronic Funds Transfer</keyword> (<keyword id="285745" type="General" weightage="50" keywordseo="neft" source="Orion">NEFT</keyword>) and Real Time Gross Settlement (RTGS) System will continue up to 2400 hours (12 midnight) as hitherto on March 31, 2023." The letter also read, "Regarding reporting of Central and state government transactions to RBI, including uploading of GST/ TIN2.0/ e-receipts luggage files, the reporting window of March 31, 2023, will be kept open till 1200 hours noon on April 1, 2023." (ANI) SEE ALSO: <a href="https://www.businessinsider.in/tech/news/chatgpt-prompts-to-boost-your-productivity-and-creativity-in-2023/articleshow/98693400.cms">ChatGPT prompts to boost your productivity and creativity in 2023</a> <a href="https://www.businessinsider.in/tech/news/ip-ratings-decoded-everything-you-need-to-know-about-waterproof-ratings-on-smartphones/articleshow/98738134.cms">IP ratings decoded: Everything you need to know about waterproof ratings on smartphones</a>

RBI directs all banks to keep branches open till March 31 for annual closing

Mumbai, Apr 23 () Relaxing norms, the Reserve Bank of India on Thursday permitted banks to issue electronic cards to persons having overdraft accounts that are only in the nature of personal loan without any specific end-use restrictions. Banks, as per the central bank's July 2015 directions, were permitted to issue debit cards to customers having bank/current accounts but not to cash credit/loan account holders."...it has been decided to permit banks to issue electronic cards to natural persons having Overdraft Accounts that are only in the nature of personal loan without any specific end-use restrictions," the RBI said in a circular. However, the card should be issued for a period not exceeding the validity of the facility and should also be subject to the usual rights of the banks as lenders.The electronic card for overdraft accounts in the nature of personal loans should be allowed to be used for domestic transactions only, the RBI added. "Further, adequate checks and balances shall be put in place to ensure that the usage of such cards is restricted to facilitate online/ non-cash transactions," it said. The circular also added that the restriction on cash transaction will not apply to overdraft facility provided along with Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts.It also asked the banks that prior to launching the product, they should frame a board approved policy on issuance of the electronic cards, encompassing appropriate risk management, periodic review procedures, grievance redressal mechanism, which will be subject to supervisory review. NKD MR

RBI allows banks to issue electronic cards for overdraft accounts

<ul class="summary-list"><li>Four new charges against Sam Bankman-Fried were unsealed on Thursday.</li><li>Prosecutors say FTX.US was denied opening a California bank account as it wasn't a licensed money services business.</li></ul>When a California bank refused to give FTX an account in early 2020 because it wasn't registered as a money services business, prosecutors say that Sam Bankman-Fried started a new company to skirt that prohibition, and subsequently made false statements on a due dilligence questionnaire.The allegations form part of new charges against Bankman-Fried unsealed this week for conspiracy to commit bank fraud, and conspiracy to operate an unlicensed money-transmitting business – two of four new counts that were made public Thursday. The bank's name was not revealed in the court filing. The low-profile company, called North Dimension, was founded in August 2020 and was previously revealed in other complaints against Bankman-Fried. Last December, <a href="https://www.businessinsider.com/5-key-takeaways-from-sec-case-against-sam-bankman-fried-2022-12?r=US&amp;IR=T">the Securities and Exchange Commission said that some FTX customers</a> were told to make their deposits to North Dimension.While the company didn't appear to have any links to FTX or its sister hedge fund, Alameda, the SEC said "Bankman-Fried had directed FTX to have customers send funds to North Dimension in an effort to hide the fact that the funds were being sent to an account controlled by Alameda."Bankman-Fried previously told <a href="https://www.bloomberg.com/news/features/2022-12-02/inside-sam-bankman-fried-s-bahamian-penthouse-after-ftx-s-collapse">Bloomberg</a> he "<a href="https://www.businessinsider.com/sam-bankman-fried-says-misaccounted-8-billion-in-ftx-collapse-2022-12?r=US&amp;IR=T">misaccounted" $8 billion</a> after double-counting customer funds that were wired to Alameda.FTX filed for bankruptcy in November following a run on the firm after <a href="https://www.coindesk.com/business/2022/11/02/divisions-in-sam-bankman-frieds-crypto-empire-blur-on-his-trading-titan-alamedas-balance-sheet/" target="_blank" rel="noopener">CoinDesk reported</a> that the crypto exchange's funds were conflated with Alameda's. FTX didn't have the money to cover all those withdrawals because <a href="https://www.businessinsider.com/sam-bankman-fried-secret-backdoor-worth-65-billion-court-hears-2023-1?r=US&amp;IR=T">executives had partly spent it on luxuries,</a> with Alameda described as <a href="https://markets.businessinsider.com/news/currencies/sam-bankman-fried-ftx-bankruptcy-collapse-crypto-exchange-houses-bahamas-2022-11">Bankman-Fried's "personal piggy bank"</a> by the SEC.<a href="https://www.nbcnews.com/tech/crypto/north-dimension-ftx-bankman-fried-rcna63175">NBC News</a> previously reported that <a href="https://markets.businessinsider.com/news/currencies/ftx-sam-bankman-fried-customer-funds-crypto-north-dimension-website-2022-12">North Dimension was billed as an online electronics retailer, with a website full of misspelled words and nonsensical prices.</a> Thursday's indictment says it also had no employees or business operations other than its bank account.Now, prosecutors say this was an elaborate scheme to defraud a bank and operate an unlicensed money business. While FTX's American company was registered as a money services business in 2020, prosecutors say there was never an attempt to get a license for FTX. So when the bank said they couldn't open an account for the crypto exchange, Bankman-Fried invented North Dimension and said it was for "trading" and "market making" even though it would actually take FTX deposits according to the indictment. "Under Bankman Fried's supervision, employees of Alameda completed an account application that falsely stated that the purpose of the North Dimension bank account was for 'trading' and 'market making,'" the indictment unsealed on Thursday reads."Bank-I was also given a completed North Dimension due diligence questionnaire — which Bankman-Fried signed — that falsely stated that North Dimension 'trades on multiple cryptocurrency exchanges worldwide for its own account' and that North Dimension 'also participates in direct peer-to-peer, OTC purchases and sales with certain third parties for its own account.'"In the 39-page document, signed by US Attorney Damian Williams, prosecutors wrote that the FTX cofounder told the bank "a false story" and made false claims on a due diligence questionnaire, because Bankman-Fried "knew that the account would be used to receive and transmit customer funds in the operation of a cryptocurrency exchange."Prosecutors have also alleged that <a href="https://www.businessinsider.com/sam-bankman-fried-deleted-messages-amid-ftx-scheme-prosecutors-say-2023-2?r=US&amp;IR=T">Bankman-Fried deleted a Slack message from FTX's top lawyer</a> telling employees to preserve records, and that he made <a href="https://www.businessinsider.com/sbf-political-donations-2-executives-republicans-democrats-woke-prosecutors-2023-2?r=US&amp;IR=T">$100 million in political donations in other executives' names</a>.A spokesperson for Bankman-Fried declined to comment when contacted by Insider.

Prosecutors say Sam Bankman-Fried helped create a new company with no employees to get round FTX being rejected for a bank account in California

<ul class="summary-list"><li>U.S. Bank has been fined $35.7 million for preventing some customers from accessing unemployment funds during the pandemic.</li><li>The CFPB said it froze tens of thousands of accounts and made it hard for customers to regain access.</li></ul>U.S. Bank has been fined $35.7 million by two different federal regulators for freezing some customers' access to unemployment benefits during the pandemic.U.S. Bank had contracts with at least 19 states and the District of Columbia to deliver unemployment benefits to millions of Americans through its ReliaCard prepaid card, the Consumer Financial Protection Bureau (CFPB) <a target="_blank" href="https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-us-bank-to-pay-21-million-for-illegal-conduct-during-covid-19-pandemic/">said</a>.But the bank "froze tens of thousands of accounts" after it expanded anti-fraud controls and didn't provide a reliable and quick way for customers to prove their identities and regain access to their unemployment funds, the CFPB said. For freezes U.S. Bank imposed between August and November 2020, it took on average a month or longer for consumers to unfreeze their ReliaCard accounts, the regulator <a target="_blank" href="https://www.consumerfinance.gov/enforcement/actions/us-bank-national-association-prepaid-cards-2023/">noted</a>."Many out-of-work Americans throughout the country had little choice but to rely on U.S. Bank for their unemployment benefits," CFPB Director Rohit Chopra said in a statement. "U.S. Bank blocked access to accounts and demanded burdensome paperwork in order for consumers to regain access to their frozen benefits."Meanwhile, thousands of other customers found that U.S. Bank failed to provide provisional account credits after they reported unauthorized transfers, the CFPB said.Banks have to provide provisional account credits if their investigations take more than 10 days, but U.S. Bank failed to do so "in thousands of cases" because it improperly required customers to first provide additional written confirmation about the suspected unauthorized transfers, the CFPB said.U.S. Bank violated the Consumer Financial Protection Act and the Electronic Fund Transfer Act, the CFPB said. The CFPB ordered U.S. Bank to pay $5.7 million to affected consumers whose ReliaCard accounts were frozen, as well as a $15 million penalty.The Office of the Comptroller of the Currency also <a target="_blank" href="https://www.occ.treas.gov/news-issuances/news-releases/2023/nr-occ-2023-141.html">ordered</a> U.S. Bank to pay a $15 million civil money penalty, which it said would be paid to the US Treasury and was coordinated with but separate from the CFPB's order.The bank did not <a target="_blank" href="https://files.consumerfinance.gov/f/documents/cfpb_us-bank-stipulation_2023-12.pdf">admit or deny</a> any wrongdoing, the CFPB said.Business Insider has contacted U.S. Bank for comment. A spokesperson for the bank told <a target="_blank" href="https://www.cnbc.com/2023/12/19/us-bank-fined-36-million-for-frozen-unemployment-benefits.html">CNBC</a> that a small portion of cardholders were affected due to extended holds, but that it had prevented more than $375 million of fraud and also returned hundreds of millions sent to questionable accounts to the states. The bank has also since improved its ReliaCard program, the spokesperson said.The CFPB said that U.S. Bank, based in Minneapolis, Minnesota, is the US' fifth largest commercial bank. Last year, <a target="_blank" href="https://www.businessinsider.com/us-bank-fined-375-million-for-illegally-using-customer-data-2022-7">the CFPB fined U.S. Bank</a> $37.5 million for allegedly pressuring employees to meet sales goals by opening fraudulent checking and savings accounts, credit cards, and lines of credit without customers' permission.

U.S. Bank has been fined nearly $36 million for freezing some customers' access to unemployment benefits during the pandemic

<ul class="summary-list"><li><keyword id="6361649" type="UNKNOWN" weightage="60" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> CEO <keyword id="691526" type="PERSON" weightage="60" keywordseo="David-Solomon">David Solomon</keyword> has released a new single, with proceeds going to charity. </li><li>The single comes days before the company's expected return to the office.</li><li>The bank chief, who sometimes uses the name "DJ D-Sol," posted the song on<a href="https://www.instagram.com/davidsolomonmusic/?hl=en"> his Instagram account</a>.</li></ul>David Solomon, the CEO of Goldman Sachs, dropped a new single as part of his dance-music side project. The bank chief, who has been known to spin tunes under the name "DJ D-Sol," posted the song on<a href="https://www.instagram.com/davidsolomonmusic/?hl=en"> his Instagram account on Friday</a>. It comes as employees prepare to return to the office <a href="https://www.businessinsider.com/goldman-sachs-return-to-office-back-june-memo-reopening-employees-2021-5">on June 14</a>. Sources told <a href="https://nypost.com/2021/06/10/goldman-ceo-david-solomon-to-drop-single-on-eve-of-return-to-work-plan/">the New York Post that</a> Soloman may be trying to send employees an underhand message with the title of the song: "Learn to Love Me." A Goldman spokesperson <a href="https://nypost.com/2021/06/10/goldman-ceo-david-solomon-to-drop-single-on-eve-of-return-to-work-plan/">told the outlet: </a>"David enjoys producing music, and he is dedicated to giving back. All proceeds from his releases go to benefit charity, specifically those committed to the battle against addiction and those in need as a result of the COVID-19 pandemic."In February, Solomon made clear that he wanted staff back in the office, as <a href="https://www.businessinsider.com/goldman-sachs-ceo-david-solomon-wants-people-back-in-office-2021-2">Insider's Reed Alexander reported</a>. "This is not a new normal," Solomon said.The company has come under fire in recent months after a <a href="https://assets.bwbx.io/documents/users/iqjWHBFdfxIU/rSEzNw9cve9E/v0">leaked survey </a>exposed conditions that were described as "inhumane." In the survey, <a href="https://www.businessinsider.com/goldman-sachs-junior-bankers-inhumane-working-conditions-survey-2021-3">13 first-year analysts</a> in the US described declining health, 100-hour work weeks, and a lack of sleep. Bosses at Goldman sent <a href="https://www.businessinsider.com/goldman-sachs-junior-bankers-snack-fruit-hampers-100-hours-peloton-2021-3">snack boxes</a> to London bankers in response to the survey. One employee told <a href="https://www.theguardian.com/business/2021/mar/22/goldman-sachs-boss-responds-to-leaked-report-into-inhumane-working-hours">The Guardian</a> that the bank should be doing more for the junior bankers who have to work grueling hours, however.Insider's Anna Cooban and Kate Duffy <a href="https://www.businessinsider.com/goldman-sachs-office-us-staff-report-covid-vaccination-status-2021-6">recently reported</a> that the investment bank was seeking to know how many employees have been vaccinated, per a memo first viewed by The New York Times' <a href="https://www.nytimes.com/2021/06/10/business/dealbook/consumer-price-index-inflation.html">Dealbook newsletter. </a>The bank gave staff a deadline of 12 p.m. Thursday to report their vaccination status.The bank has made it mandatory for staff to submit their vaccination status on an app. According to the Times, it said it "strongly encourages" getting vaccinated, but said the choice "is a personal one."

Goldman CEO David Solomon releases charity single called 'Learn to Love Me' as part of his electronic-dance side project

The <keyword id="50190" type="General" weightage="80" keywordseo="asian-development-bank" source="Orion">Asian Development Bank</keyword> on Tuesday said <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s economic growth is expected to moderate to 6.4 per cent in the current financial year due to tight monetary conditions and elevated oil prices as compared to a 6.8 per cent expansion for the financial year ended March 2023. However, <keyword id="6355976" type="General" weightage="80" keywordseo="adb" source="Orion">ADB</keyword> expects the country's economic growth to accelerate to 6.7 per cent in FY25 driven by private consumption and private investment on the back of government policies to improve transport infrastructure, logistics, and the business ecosystem. The projections are part of the latest edition of ADB's flagship economic publication, <keyword id="1006845" type="General" weightage="50" keywordseo="asian-development-outlook" source="Orion">Asian Development Outlook</keyword> (<keyword id="199985" type="General" weightage="50" keywordseo="ado" source="Orion">ADO</keyword>) April 2023. The growth moderation for India in FY24 is premised on an ongoing global economic slowdown, tight monetary conditions, and elevated oil prices, the report said. However, FY25 is expected to see faster growth in investment, thanks to supportive government policies and sound macroeconomic fundamentals, lower non-performing loans in banks, and significant corporate deleveraging that will enhance bank lending, it said. ADB Country Director for <keyword id="17036939" type="General" weightage="50" keywordseo="india-takeo-konishi" source="Orion">India Takeo Konishi</keyword> said that despite the global slowdown, India's economic growth rate is stronger than many peer economies and reflects relatively robust domestic consumption and lesser dependence on global demand. "The Government of India's strong infrastructure push under Prime Minister's Gati Shakti (National Master Plan for Multimodal Connectivity) initiative, logistics development, and industrial corridor development will contribute significantly to raising industrial competitiveness and boosting future growth," he said. Improving labour market conditions and consumer confidence will drive growth in private consumption, ADB said, adding that the central government's commitment to significantly increase capital expenditure in FY24 despite targeting a lower fiscal deficit of 5.9 per cent of GDP will also spur demand. Helped by a recovery in tourism and other contact services, the services sector will grow strongly in FY24 and FY25 as the impact of COVID-19 wanes, it said. However, ADB noted that manufacturing growth in FY24 is expected to be tamped down by a weak global demand but it will likely improve in FY25. Recent announcements to boost agricultural productivity such as setting up digital services for crop planning and support for agriculture startups will be important in sustaining agriculture growth in the medium term. "Inflation will likely moderate to 5 per cent in 2023-24, assuming moderation in oil and food prices, and slow further to 4.5 per cent in 2024-25 as inflationary pressures subside," it said. In tandem, ADB said that monetary policy in FY24 is expected to be tighter as core inflation persists while becoming more accommodative in FY25. The current account deficit is projected to decline to 2.2 per cent of GDP in FY24 and 1.9 per cent in FY25. Growth in goods exports is forecast to moderate in FY24 before improving in 2024 as production-linked incentive schemes and efforts to improve the business environment such as streamlined labour regulations, improved performance in electronics and other areas of manufacturing growth. Services export growth has been robust and is expected to continue to strengthen India's overall balance of payments position. However, geopolitical tensions and weather-related shocks are key risks to India's economic outlook, it said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/two-tax-regimes-rise-of-freelancers-drive-people-to-tax-experts-chartered-accountants/articleshow/99243392.cms">Two tax regimes &amp; rise of freelancers drive people to tax experts, chartered accountants</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/ipl-2023-rajasthan-royals-and-royal-challengers-bangalore-emerge-as-experts-top-picks/articleshow/99243483.cms">IPL 2023: Rajasthan Royals and Royal Challengers Bangalore emerge as experts' top picks</a>

You Searched For "Electronic bank account" and got 6 results

RBI directs all banks to keep branches open till March 31 for annual closing

ANI

RBI allows banks to issue electronic cards for overdraft accounts

PTI

Prosecutors say Sam Bankman-Fried helped create a new company with no employees to get round FTX being rejected for a bank account in California

Pete Syme

U.S. Bank has been fined nearly $36 million for freezing some customers' access to unemployment benefits during the pandemic

Grace Dean

Goldman CEO David Solomon releases charity single called 'Learn to Love Me' as part of his electronic-dance side project

Zahra Tayeb

India's growth to moderate to 6.4% in FY24: Asian Development Bank

PTI

Popular Keywords

Buying Guides