BANK RECONCILIATION STATEMENT
Sebi slaps penalty of Rs 11 lakh on IIFL Securities in violation of stock brokers' norms
IIFL Securities has been imposed with a Rs 11 lakh penalty by Sebi for breaching stock broker regulations. An inspection in August 2022 uncovered lapses such as faulty fund settlement and inaccurate retention statements.
Lending to SMEs and mid-corporates a ¡®strategic priority¡¯ for us: Rajan Pental, Executive Director, YES BANK
The Mumbai-based lender is providing MSMEs financial support to run their businesses and also improve their energy efficiency.
Parliament panel calls for in-built validation checks to avoid invalid entries into AB-PMJAY database
The committee also flagged that patients earlier recorded as having "died" in the Transaction Management System (TMS) (used for claims settlement) continued to avail treatment under the scheme.
UPI Lite launched for Federal bank; how customers can use it
Federal Bank has launched unified payment interface (UPI) lite functionality for small value digital payments. UPI Lite functionality is an offline small value UPI payment method which can be used within specified transactional limits. However there is no requirement of installing a seperate app for UPI Lite as existing UPI apps supports this feature.
EnKash launches automated financial solution for SMEs
The platform is focused on small and medium businesses and has a plus & play integration capability.
Deutsche Bank tells investors some of their Russian shares are missing
Germany's largest bank said in a note dated June 9 and viewed by Reuters that it had uncovered a shortfall in the shares that back the depositary receipts (DRs) the bank had issued before the Ukraine invasion. The shares have been held in Russia by a different depositary bank.
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TreZix integrates with Centre's ULIP initiative to solve reconciliation issues faced by exporters, importers
The TreZix platform is expected to ease processes like the bill of entry and shipping with the help of ULIP data.
Hindenburg-Adani probe: SEBI asks SC for six months more
Markets regulator SEBI has asked the Supreme Court for more time for its investigation into the allegations levelled by US-based short-seller Hindenburg on billionaire Gautam Adani's conglomerate. Earlier On March 2, the Supreme Court set up an expert committee amid the controversy arising out of a report by US short-seller Hindenburg Research on the Adani Group. It directed SEBI to investigate whether there has been a violation of Section 19 of SEBI rules and any manipulation of stock prices.
Bank of Baroda hikes interest rates on domestic retail term deposits by 25 bps
Bank of Baroda on Friday increased interest rates on domestic retail term deposits, including NRO and NRE term deposits, by 25 basis points on select tenors.
Nirmala Sitharaman Budget 2023 Speech: Here is the full text
This Budget hopes to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100. We envision a prosperous and inclusive India, in which the fruits of development reach all regions and citizens, especially our youth, women, farmers, OBCs, Scheduled Castes and Scheduled Tribes, FM said.
ICICI Bank launches digital solutions for exporters
The set of solutions also offer industry-first facilities such as instant disbursal of Export Packing Credit (Insta EPC) and Trade APIs.
RBI introduces CBDC pilot project; crypto industry gives a thumbs up
The RBI said a pilot of the retail version is planned for launch within a month in select locations in closed user groups comprising customers and merchants. It published a 50-page concept note for the introduction of CBDC earlier this month.
Smartkarma Research: Dixon Technologies: Forensic Analysis
PEPL has set off certain import payable amounting to INR 1.4 bn with assets (trade receivables and obsolete inventory) in F20. Therefore, both assets and liabilities are reported to be lesser by the said amount.
UPI fund transfer timed out? NPCI developing real-time fix
NPCI is working on a feature that will allow real-time settlement of such transactions.
Cheque, DDs to be submitted in name of commissioner only: MCD
The already existing accounts of erstwhile corporations would be kept active till June 5, 2022 so that online payments processed by third party agencies or any cheques in pipeline can be realised and get credited to old bank accounts, the MCD had said on Friday.
Volopay hires Nirvikar Jain as global business officer
Jain has an MS (Sloan fellow) from Stanford GSB and is co-authoring an MIT press book on fintech-led disruption. He has scaled businesses across his career and has worked at Citibank, First Abu Dhabi Bank (India CEO), and Bank of America.
Anmi calls for withdrawal of penalty for incorrect client statement submission
As per the new penalty structure by NSE, a penalty of Rs 1 lakh will be levied in case of procedurally incorrect submission of client level holding statement, cash and cash equivalent balances and bank account balances.
GoM to look into GST rates on Covid vaccines, drugs, devices
States including Odisha, Gujarat, Punjab, Chhattisgarh, Kerala and West Bengal sought full GST waiver for Covid vaccines, drugs and related essentials in the public interest amid the second wave of the pandemic.
ICICI Bank launches contactless banking platform for merchants
It aims to empower over two crore retail merchants in the country with seamless banking services digitally.
Does an RBI cryptocurrency need to set aside the private ecosystem?
The announcements have on the one hand led to fright and fear in the eyes of those who have been dabbling into trading of cryptocurrencies, while on the other hand, this law and the RBI announcement may be seen as the first steps toward creating a positive central bank crypto currency.
Are middleware solutions the need of the hour for Indian Banks?
Globsyn¡¯s NOTIVA is one such middleware solution that offers a high-end solution for banks and financial institutions in the field of transaction monitoring and security.
Banks, insurance companies are getting GST notices from small towns
Tax experts said the firms have been struggling to cope with the document demands. Officials have also asked company representatives to travel to these towns to submit documents in person.
ICICI Bank introduces iStartup2.0 as a ¡®one-stop-shop¡¯ for early and growth stage needs of startups
Startups can open an account and get the account number at the time of incorporation as the Bank has integrated its APIs with the website of the Ministry of Corporate Affairs.
Oyo witnessing green shoots in India: Ritesh Agarwal, founder, Oyo Hotels & Homes
In China occupancies continue to grow steadily and are in the mid-forties. Given the fluid Covid situation, any talk of bounceback needs adequate caution, said Ritesh Agarwal while replying to a question.
ICICI Bank launches digital banking platform ¡®InstaBIZ¡¯ for MSMEs
Any MSME (account holder or not) can download the app to get instant online overdraft facility upto Rs 15 lakh.
InstantPay launches neo-banking services for SMEs
This will enable SMEs to avail cash management and other financial services which were earlier only accessible to large corporates and ERP solution providers.
31st GST Council Meeting - The hits and misses
The Council had in detail evaluated the various proposals of rate reduction; specifically for the goods covered under the 28% list, with an aim to restrict the higher rate list only to luxury and sin goods.
Andhra Pradesh to introduce web-based financial management system
The system would also provide regular information to the Reserve Bank of India (RBI) on the flow of funds in the Andhra Pradesh government.
BBMP working towards bank reconciliation system
The city's civic body is working towards a bank reconciliation system with which it hopes to keep its financial records in line with bank transactions.
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