Author: admin@thebankingtimes.in
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RBI Launches One-Year Incentive Scheme to Clear Inoperative Accounts & Return Unclaimed Deposits
The Reserve Bank of India has introduced a one-year scheme (Oct 1, 2025 – Sept 30, 2026) to encourage banks to reactivate inoperative accounts and settle unclaimed deposits. Banks will receive payouts up to 7.5% (capped at Rs 25,000) per account, helping them revive customer relationships, reduce dormant balances, and improve compliance.
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Gold Hits Record Rs 1.21 Lakh/10g After US Shutdown, Fed Rate Cut Hopes
Gold surged by Rs 1,100 to a record Rs 1.21 lakh per 10 grams in Delhi, tracking global gains amid the US government shutdown and rising bets on Federal Reserve rate cuts. Silver, however, remained flat at Rs 1.50 lakh/kg at record highs.
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RBI Data: Outward Remittances Under LRS Fall 10.9% in July 2025
Outward remittances under RBI’s Liberalised Remittance Scheme fell 10.9% YoY in July 2025 to $2.45 billion. The decline was led by lower travel ($1.4 bn, down 13%) and overseas education spends ($0.22 bn, down 16%), even as equity, deposits, and property investments rose. Overall April–July 2025 remittances dropped 28% compared to the same period last…
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RBI Orders BNPL Startup Simpl to Stop Payment Operations
The Reserve Bank of India has directed fintech firm Simpl to immediately halt all payment operations for operating without authorisation under the PSS Act, 2007. The move follows ED proceedings alleging ₹914 crore foreign exchange irregularities. Simpl, backed by global investors and partnered with 26,000 merchants, now faces regulatory and compliance hurdles.
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RBI Allows Co-operative Banks to Invest in NABARD’s Shared Service Entity
The Reserve Bank of India has permitted State and Central Co-operative Banks to invest up to 5% of their owned funds in NABARD’s Shared Service Entity, Sahakar Sarathi. The move, exempt from non-SLR prudential limits, is expected to modernize co-operative banking with digital services like UPI, AEPS, cybersecurity, and CBS support, helping rural banks compete…
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ED Charges Raj Kundra in ₹150-Crore Bitcoin Scam
The Enforcement Directorate has filed a chargesheet against Raj Kundra, alleging he was the beneficial owner of 285 Bitcoins worth ₹150 crore received from late crypto-scam mastermind Amit Bhardwaj. The ED claims Kundra concealed wallet details, failed to surrender the Bitcoins, and carried out sham transactions with his wife Shilpa Shetty to disguise the funds.…
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IndusInd Bank Faces ₹2,000-Crore Hit After Whistleblower Flags Accounting Lapses
Former CFO Gobind Jain has alleged that IndusInd Bank’s accounting irregularities in its derivatives portfolio date back to 2015. Despite repeated calls for an external audit, the bank delayed disclosures until March 2025, when it admitted nearly ₹2,000 crore in one-time losses. Law enforcement agencies are now probing insider trading and regulatory violations.
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BOI Officer Arrested for ₹16-Crore Fraud and Gambling
Hitesh Singla, a suspended Bank of India officer, allegedly siphoned ₹16.10 crore from vulnerable customer accounts between 2023 and 2025. He diverted funds from fixed deposits, PPFs, and senior citizen schemes, before losing nearly all of it in stock market F&O trades, crypto, and online gambling. Arrested in a moving train in Gujarat, Singla is…