Latest news with #CitiBank
Mint
06-08-2025
- Business
- Mint
Supreme Court rejects woman's ₹12 crore, BMW alimony demand: ‘LinkedIn profile not reliable…'
The Supreme Court on Monday stated that a LinkedIn profile cannot be used as proof of income to grant alimony, while ending an eight-year marriage dispute. The court granted her a flat in Mumbai as alimony but declined her requests for ₹ 12 crore, a BMW, and additional compensation. The top court said that the wife's claims were disproportionate and unsupported, considering an earlier settlement that both parties had agreed upon. The case gained significant attention after the wife demanded ₹ 12 crore and a flat in Mumbai from her estranged husband, according to a report by Bar and Bench. The wife relied on the husband's LinkedIn profile to claim he was still earning a lucrative salary, but the Court rejected that as credible evidence. While rejecting the woman's additional alimony claim, the court clarified, 'We refuse to place any reliance on the 'LinkedIn' profile.' The court mentioned that the husband's income had dropped significantly. The report stated that his income decreased from over ₹ 2.5 crore annually at Citi Bank to below ₹ 18 lakh in recent years, and the Court acknowledged he was no longer employed there. 'We find absolutely no reason to disbelieve the appellant's contention that he is no more in employment with Citi Bank,' the report quoted the Court. It highlighted that in 2022, the wife signed a comprehensive mutual settlement agreement, accepting a Mumbai flat and two parking spots. At that time, she did not claim ₹ 12 crore or request additional maintenance. 'As far as permanent alimony is concerned, the respondent had no such claim when entering into a settlement,' the Court added. Additionally, the Court acknowledged the wife's educational qualifications and employment history, concluding that she did not require ongoing financial support. 'The respondent-wife is also a graduate Engineer with a Post-Graduate qualification in Management and was admittedly working, even at the time of the estrangement,' it stated. The husband had agreed to give her a flat in Kalpataru Habitat in Mumbai, with two parking spaces. The Court described this as a reasonable arrangement. 'The gift of the said property by the appellant to the respondent would reasonably take care of the respondent-wife even after divorce,' the Court said.
Mint
06-08-2025
- Business
- Mint
Supreme Court rejects woman's ₹12 crore, BMW alimony demand: ‘LinkedIn profile not reliable…'
The Supreme Court on Monday stated that a LinkedIn profile cannot be used as proof of income to grant alimony, while ending an eight-year marriage dispute. The court granted her a flat in Mumbai as alimony but declined her requests for ₹ 12 crore, a BMW, and an additional compensation. The top court said that the wife's claims were disproportionate and unsupported, considering an earlier settlement that both parties had agreed upon. The case gained significant attention after the wife demanded ₹ 12 crore and a flat in Mumbai from her estranged husband, according to a report by Bar and Bench. The wife depended on his LinkedIn profile to claim he was still earning a lucrative salary, but the court rejected that as credible evidence. While rejecting additional alimony claim of the woman, the court clarified, 'We refuse to place any reliance on the 'LinkedIn' profile." The court mentioned that the husband's income had dropped significantly. His income decreased from over ₹ 2.5 crore annually at Citi Bank to below ₹ 18 lakh in recent years, and the Court acknowledged he was no longer employed there, the report stated. 'We find absolutely no reason to disbelieve the appellant's contention that he is no more in employment with Citi Bank,' the report quoted the court. It highlighted that in 2022, the wife signed a comprehensive mutual settlement agreement, accepting a Mumbai flat and two parking spots. She did not claim ₹ 12 crore or request additional maintenance at that time. 'As far as permanent alimony is concerned, the respondent had no such claim when entering into a settlement," the Court added. Additionally, the Court acknowledged the wife's educational qualifications and employment history, concluding that she did not require ongoing financial support. 'The respondent-wife is also a graduate Engineer with a Post-Graduate qualification in Management and was admittedly working, even at the time of the estrangement,' it stated. The husband had agreed to give her a flat in Kalpataru Habitat in Mumbai, with two parking spaces. The Court described this as a reasonable arrangement. 'The gift of the said property by the appellant to the respondent would reasonably take care of the respondent-wife even after divorce,' the Court said. Along with the flat, the husband agreed to settle ₹ 25.9 lakh in housing dues.
The National
24-07-2025
- Business
- The National
Here's why UAE bank customers will no longer receive OTPs via texts and emails
Customers of UAE banks will no longer receive one-time passwords for online financial transactions through SMS and email starting on Friday, according to messages seen by The National. Instead of the passwords, or OTPs, customers will have to authenticate transactions within their mobile banking apps, which experts say is step in the right direction to in efforts to boost security of digital banking and customer protection. 'SMS and email OTPs for online transactions will be phased out from July 25. Switch to ADIB mobile app for in-app authentication,' says an SMS received from Abu Dhabi Islamic Bank, Abu Dhabi's biggest Sharia-compliant lender. Citi Bank customers have also received an email notifying them of the change. 'We are enhancing the way you approve your online card transactions to provide you with greater security. As part of this upgrade, SMS OTP is no longer supported,' the email says. The lender says the change will be rolled out in phases and asks customers to download the bank app and complete their registration. After registration, customers will receive in-app authorisation requests to approve online purchases. However, the Central Bank of the UAE told The National on Thursday that it has not issued an official notice particularly addressing the cancellation of OTP through SMS or email. Mashreq, Dubai Islamic Bank and First Abu Dhabi Bank offered no comment, while Abu Dhabi Commercial Bank, Emirates NBD and Commercial Bank of Dubai did not respond to requests for comment. Experts say the move is aimed at improving security and reducing fraud attempts through SMS or email-based OTPs. These methods are increasingly used by cyber criminals to steal from customers. The rise of fraud involving contactless payments has raised questions about consumer protection and banks' security measures. The UAE's status as a regional business centre, with a high concentration of wealth, makes it a target for cyber criminals, personal finance experts say. Fraudsters are drawn to the Emirates due to its affluent population, high internet use and the perception that consumers may be less cautious when conducting online transactions, says Carol Glynn, founder of Conscious Finance Coaching. Internet penetration – the percentage of a population that uses the internet – in the UAE stands at more than 96 per cent, making it one of the world's highest, Ms Glynn says. Customers travelling outside the UAE have complained of not receiving the SMS containing the OTP or receiving it after the valid time period. A banker who spoke to The National on condition of anonymity said they received a circular from the Central Bank outlining this change in May. 'This is part of comprehensive guidelines for banks and financial institutions with the subject line of prevention of fraud. The regulator said OTPs should not be shared through weak modes of communication, such as SMS and emails, as they are vulnerable and can be compromised,' they said. 'Instead, the Central Bank want to have more secure modes of communication, or two-way authentication in a way. So, they consider in-app as one of the better modes of communication.' The circular was issued with immediate effect, so banks and financial institutions were required to fast-track this transition, the banker said. Better modes of communication and transmission of financial information will reduce the potential for fraud incidents, which is an 'industry-wide concern'. This change will benefit not just banks, but the entire payment ecosystem in the UAE, he added. The move by UAE lenders is a critical step in strengthening digital banking security and reducing exposure tied to telecom system vulnerabilities, Benjamin Ward, regional financial institutions leader for the Middle East and North Africa at professional services firm Marsh, said. "This shift also places full responsibility for authentication integrity squarely on the banks themselves," he said. "However, threat actors won't stop - they'll shift tactics." Phishing activity and attempts at social engineering by scammers of tricking users into approving app-based transactions will continue. "Instead of SIM swaps or message interception, attackers will increasingly target internet banking, mobile apps, and core authentication systems directly," he added.
The Hindu
28-06-2025
- The Hindu
Man duped of ₹1.9 lakh by fraudster posing as relative
A 37-year-old resident of Edi Bazar was duped of ₹1.9 lakh by a fraudster posing as his nephew living in Saudi Arabia. The case unfolded on June 25 and involved the use of familiar photographs and WhatsApp messages to gain the victim's trust. The fraudster claimed to be sending money to the victim for safekeeping and requested his bank account number, mobile number, and IFSC code. After receiving the details, the fraudster shared a fake Citi Bank voucher as proof of the transfer. He then introduced an 'agent', citing problems with his passport and visa. Claiming that the agent needed ₹1.1 lakh to resolve these issues, the fraudster convinced the victim to transfer ₹1 lakh via UPI. Further demands followed, with assurances that the requested sums would be deducted from the funds already sent. Under this belief, the victim made additional transfers of ₹50,000 and ₹40,000. Only after realising that the money had not been received did the victim approach the Cybercrime Wing of Hyderabad Police to lodge a complaint.
See - Sada Elbalad
21-06-2025
- Business
- See - Sada Elbalad
Silver Continues Its Rise Locally and Globally… 800 Silver Reaches EGP 51.25
Waleed Farouk Silver prices recorded a notable increase in local markets during Saturday's trading, boosted by global gains in the white metal, which hit its weekly peak at $36.78 per ounce, according to Safe Haven Hub. Locally, 800 silver climbed to EGP 51.25 per gram, while 999 silver reached EGP 64, and 925 silver stood at EGP 59.25 per gram. Meanwhile, the silver pound (925) was priced at EGP 474. Despite escalating geopolitical tensions in the Middle East, silver closed the week with a slight decline to $35.93 per ounce, as some investors took profits after a strong rally that pushed prices above the $36 mark. Globally, around 80% of silver demand comes from key industrial sectors such as solar energy, automotive, and electronics. With sustained strong demand, and despite potential cooling due to higher prices, silver maintained its upward momentum. Over the past month, silver has gained nearly 9%, or about $3, while the past three months saw a 13.56% increase, equivalent to $4.30. Since the beginning of 2025, silver prices have jumped by approximately 25%. On a longer-term basis, silver has more than doubled in value—by 102%—since January 2020, when it traded at $17.92 per ounce. Its historical peak was $48 in 2011, while the lowest level recorded since 1990 was $3.55 in 1991. In another development, Citi Bank analysts maintained their bullish outlook on silver, projecting the price could reach $40 within the next 6 to 12 months, and potentially $46 by Q3 2025, supported by tight supply and sustained industrial demand. At the same time, gold prices stood at $3,369 per ounce, placing the gold-to-silver ratio at 93.79:1—meaning one ounce of gold is currently equivalent to roughly 94 ounces of silver. This historically high ratio suggests that silver may still be undervalued relative to gold, which could support further upside. Despite ongoing speculation about U.S. monetary policy, silver continues to benefit from an environment of economic uncertainty and regional geopolitical tensions. As a result, investors remain cautiously optimistic, carefully weighing geopolitical catalysts against monetary pressures in global markets. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
