Latest news with #CentralRepositoryofInformationonLargeCredits
Time of India
3 days ago
- Business
- Time of India
Finance ministry, RBI & NPCI tighten digital fraud safeguards
NEW DELHI: Union finance ministry, along with Reserve Bank of India and National Payments Corporation of India (NPCI), has rolled out several crucial measures to secure digital financial transactions and combat fraud, official sources said, rejecting allegations that frauds have soared. The ministry of home affairs had set up Indian Cyber Crime Coordination Centre (I4C) in Jan 2020 as the national agency for a coordinated response to all cybercrimes. The total number of digital payment frauds was 63,315, as reported by commercial banks and all India financial institutions under the specific category 'card/internet and digital payments' (for amounts involving Rs 1 lakh and above) between 2014-15 and Dec 2024 (covering a period of nearly 10 years), the sources said citing official data. The total extent of financial loss attributed specifically to these digital payment frauds during this period amounted to Rs 733.26 crore, sources said. Detailing steps taken by finance ministry, they said these included setting up of an online searchable database of frauds reported by banks - central fraud registry - by RBI to enable timely identification, control and mitigation of fraud risk. Credit discipline has been instilled through enactment of Insolvency & Bankruptcy Code, setting up of Central Repository of Information on Large Credits by RBI to collect, store, and disseminate credit data to lenders, sources added.
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Business Standard
16-05-2025
- Business
- Business Standard
RBI penalises Deutsche Bank, YES Bank for breaching compliance norms
Deutsche Bank and YES Bank fined ₹50 lakh and ₹29.6 lakh respectively for violating RBI directions on credit reporting and disclosure of customer complaints Mumbai The Reserve Bank of India (RBI) has imposed monetary penalties on Deutsche Bank and YES Bank for non-compliance with specific regulatory directions. A penalty of ₹50 lakh was levied on Deutsche Bank for violating RBI directives on the 'Creation of a Central Repository of Large Common Exposures – Across Banks' and the 'Central Repository of Information on Large Credits (CRILC) – Revision in Reporting'. The bank failed to report credit information of certain borrowers to the CRILC. These deficiencies were observed during the Statutory Inspection for Supervisory Evaluation (SE) with reference to the bank's financial position as on 31 March 2024. Separately, YES Bank was fined ₹29.60 lakh for non-compliance with the RBI's directions on 'Financial Statements – Presentation and Disclosures'. The bank did not disclose correct and complete information about customer complaints in its annual financial statements for FY24. The RBI clarified that these actions are based solely on deficiencies in regulatory compliance and are not intended to question the validity of any transactions or agreements entered into by the banks with their customers. The penalties are without prejudice to any other regulatory or supervisory action that the RBI may initiate in future.
