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Kotak Mahindra and Axis Bank allege Rs 1,200 crore fraud by Cox & Kings, probe begins

Finance
(This story originally appeared in on Aug 09, 2020)MUMBAI: A probe has been initiated into two complaints of alleged fraud to the tune of Rs 1,204 crore against travel company Cox & Kings Ltd. The complaints, which have been lodged by two banks — Kotak Mahindra and Axis Bank — are being investigated by the economic offences wing of the Mumbai police. Director and group chief executive officer of Cox & Kings, Ajay Peter Kerkar, said: “It’s an inquiry.” Already, a preliminary enquiry has been registered against the travel company on the basis of a complaint lodged by IndusInd Bank, which has alleged a default in payment of Rs 239 crore. Now, Kotak Bank has stated that it has been extending financial facilities to the travel firm since 2012, and on June 24, 2019 the outstanding amoun
CDSL gets UIDAI nod for e-KYC Aadhaar authentication

CDSL gets UIDAI nod for e-KYC Aadhaar authentication

Finance
NEW DELHI: Leading depository CDSL on Friday said it has received clearance from UIDAI to carry out e-KYC authentication using Aadhaar. The clearance has been obtained to act as a local Authentication User Agency (AUA) or e-KYC User Agency (KUA), CDSL said in a statement. Once market intermediaries register as KUA, they can open accounts using Aadhaar-based e-KYC (electronic Know Your Customer). CDSL said it will facilitate intermediaries to offer seamless online account opening using Aadhaar-based e-KYC. The depository maintains and services over 2.4 crore demat accounts of investors spread across the country. In July, CDSL Ventures, a wholly-owned subsidiary of Central Depository Services (India) Limited, had obtained UIDAI approval to carry out e-KYC authentication using Aadhaar. In Ma...

Personal Finance 101: The complete guide to managing your money

Finance
This guide lays out the seven key steps to focus on to get you working toward long-term financial security. Step 1: Set short-term and long-term goals Step 2: Create a budget Step 3: Build an emergency fund Step 4: Pay off costly credit card debt Step 5: Save for retirement Step 6: Invest for retirement with a long-term focus Step 7: Borrow smartIntroductionCreating a financially secure life can feel like a daunting task that requires the skills of expert mapmaker and GPS programmer. You need to figure out where you are today and where you want to get to. As if that's not a big enough lift, you're then in charge of finding the best route to get from here to there without veering off into costly detours.Take a deep breath. Relax your shoulders. This Personal Finance 101 guide lays out ...

Some foreign workers were sent stimulus checks in error. Fixing the mistake won’t be easy

Finance
Cabania | iStock | Getty Images PlusWhen the U.S. government sent out urgent stimulus checks this spring, some people who had already died received money.Now it seems another ineligible group may be getting checks: foreign workers.Reports surfaced this week that a number of those recipients are now living in their home countries. Just how big the problem could be is unknown.To date, an estimated 160 million stimulus checks have been sent, according to the Treasury Department.More from Personal Finance:How negotiations over second $ 1,200 stimulus checks could shape upWhy you might not see cash from a payroll tax cutWhy IPOs like Rocket Companies can be a tricky play for investors"They were learning while doing," Janet Holtzblatt, senior fellow at the Urban-Brookings Tax Policy Center, sai...
RBI asks banks not to open current accounts for customers having cash credit, overdraft facilities

RBI asks banks not to open current accounts for customers having cash credit, overdraft facilities

Finance
With a view to improve credit discipline, the Reserve Bank on Thursday barred banks from opening current accounts for customers who have availed cash credit or overdraft facilities, stressing that there is a "need for discipline" on this front. In a notification, the central bank said that rather than opening a new current account, all transactions should be routed through Cash Credit (CC) or OverDraft (OD) account. However, the RBI did not specify the exact reasons for initiating such a move. It can be noted that in recent instances of fraud like the over Rs 4,000 crore PMC co-operative Bank scam, it was discovered that multiple accounts were opened. Officials in the know said the move will avoid hoodwinking of the system and reduce the blind spots, which will ultimately lead to protectio...