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    Sitharaman asks public sector banks to focus on youth; provide cool, simple banking to suit their needs
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    FM asks banks to keep pace with youth expectation; calls for outreach campaign from Oct 2
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    Cyber fraudsters invent 'boss' scam to target companies; Ahmedabad cops bust international network
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    Zeeba Revamps Packaging and Announces Chef Vikas Khanna as Its Global Brand Ambassador
    Paul Merchants Finance Launches Loan Against Silver, Becomes India’s First NBFC to Set Up Exclusive Silver Loan Branches
    CarePass Launches This Independence Day, Bringing Healthcare Savings Across India's Top and Premium Hospitals
    Keralam CM flags off containers from Vizhinjam, marking start of EXIM operations
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August 18, 2026
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Youth-focused banking requires public sector banks to deliver personalised digital services, financial awareness, and responsible credit engagement.
Public sector banks are urged to implement sustained youth-focused banking through campus outreach, simple personalised round-the-clock services, dedicated youth support and financial awareness. Engagement should develop long-term relationships beyond account opening while preserving prudential standards. Youth should receive guidance on the formal credit ecosystem, including credit scores, credit history, bank credit products and government credit schemes, to support responsible credit discipline and future financial needs. A dedicated portal may provide a single access point for banking awareness and suitable financial opportunities.
August 18, 2026
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Taxpayer service improvement and litigation reduction guide administrative planning for stronger infrastructure, systems, coordination and future tax department functioning.
Improvement of taxpayer services, reduction of tax litigation, infrastructure strengthening and preparation of an actionable roadmap for future Income Tax Department functioning were considered as operational priorities. Deliberations covered e-HRMS, service matters, reservation policy, systems administration, capacity building, expenditure budgeting, TDS administration, inter-agency coordination, and office infrastructure. Officials identified institutional challenges and priorities for strengthening taxpayer-facing and internal departmental functions.
August 18, 2026
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Duty-free UK market access strengthens export opportunities for Indian goods and services, supporting MSMEs, agriculture, manufacturing and global value-chain participation.
India-UK Comprehensive Economic and Trade Agreement provides duty-free access to the UK market for nearly all Indian exports and may improve the competitiveness of Haryana's manufacturing, agricultural, MSME and services sectors. Preferential access covers products including textiles, engineering goods, auto parts, processed foods and pharmaceuticals, while agricultural exports remain subject to exceptions for sensitive products. The agreement also provides market access across 137 UK services sub-sectors, supporting IT, digital, professional, financial and technical services and facilitating global value-chain participation.
August 18, 2026
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Youth banking outreach promotes campus engagement, financial awareness, responsible credit discipline and long-term access to formal banking services.
Public sector banks are urged to conduct a month-long "Banking for Youth" outreach campaign from 2 October 2026 for persons above 16 years of age. Outreach through educational and skill-development campuses should combine account opening, financial awareness and direct engagement. Banks should develop tailored youth strategies to build long-term banking relationships. Proposed measures include online learning content, lifestyle-linked benefits, dedicated youth banking support, and awareness of credit scores, credit products and government credit schemes. A dedicated youth banking-awareness portal may serve as a single access point for appropriate banking services and financial opportunities.
August 18, 2026
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Competition approval for Prudential's acquisition of equity shareholding in an Indian life insurer supports the proposed insurance-sector combination.
Competition approval has been granted for Prudential Corporation Holdings Limited to acquire certain equity shareholding in Bharti Life Insurance Company Limited. The acquirer is the holding company for its group's insurance and asset-management operations in Asia and supports operations in Asia and Africa. The target is an IRDAI-licensed Indian life insurer.
August 18, 2026
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Foreign remittance certification due diligence faces nationwide verification targeting shell entities, their controllers, and certifying professionals.
Nationwide verification of suspicious outward foreign remittances targets entities with little or no reported business activity, their controllers, and professionals issuing tax determination certificates. Scrutiny concerns remittances disproportionate to reported turnover, inconsistent with stated purposes, or linked to entities not operating from declared addresses. Form 15CB, or Form 146 under the corresponding framework, requires certifying accountants to assess taxability from books of account and relevant records, supporting tax deduction at source and treaty compliance through due care, diligence and professional judgment.
August 18, 2026
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Fair Price Shop regulation introduces graded stock-shortage penalties, mandatory FIRs for major discrepancies, and restructured licensing requirements.
Fair Price Shop regulation introduces quantity-based penalties for stock discrepancies, ranging from performance-guarantee forfeiture and replenishment obligations to interim suspension, cancellation-related action and mandatory FIR registration for major shortages. Repeated or deliberate diversion or manipulation of public distribution supplies may lead to cancellation, blacklisting and FIR registration. Licensing now includes continuing regular licences and short-term temporary licences, with wider eligibility, points-based selection, card-linked performance guarantees and compulsory approved e-PoS, weighing-scale and iris-scanner use.
August 18, 2026
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Priority sector lending strengthened rural credit access through agricultural, micro-enterprise and weaker-section finance, reinforcing financial inclusion and sustainable development.
Regional Rural Banks expanded rural credit delivery while maintaining strong Priority Sector Lending performance during FY 2025-26. Almost all Regional Rural Banks met the prescribed overall priority-sector target. Agriculture and allied activities remained the largest priority-sector component, with farm credit accounting for nearly all agricultural lending. MSME finance predominantly supported micro enterprises, rural entrepreneurs, artisans and small businesses. Lending to weaker sections and finance for housing, education, renewable energy and social infrastructure promoted inclusive access to institutional credit and sustainable rural development.
August 18, 2026
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Adjustable pallet racking systems support customised, scalable warehouse storage through configurable layouts, safety assessment, installation and lifecycle support.
Adjustable pallet racking systems are configurable warehouse-storage solutions for varied inventory dimensions, weights and product types. They support bulk pallet storage, multi-level picking and high-density configurations through adjustable beams and shelves, load-bearing capacity, structural durability and space-efficient layouts. Storage configurations are customised after assessing inventory dimensions, payload requirements, available space and material-movement frequency, with support for design, installation, inspections and after-sales service.
August 18, 2026
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Domestic consumption expansion targets lower-tier markets through improved retail channels, distribution networks, employment support and household income opportunities.
China has introduced measures to strengthen domestic consumption in counties, smaller cities, townships and rural areas. The measures include upgrading township commercial centres, rural markets and local fairs; encouraging domestic and international brands to establish regional debut stores; and reusing existing land resources to improve services. They also seek better services for elderly persons and children, stronger urban-rural distribution networks, county-level employment and resident income channels. The strategy supports a shift towards household consumption amid weak domestic demand, property-sector pressures and subdued consumer sentiment.
August 18, 2026
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Currency management preserves monetary sovereignty through clean notes, secure logistics, decentralised distribution, durable banknotes, and sustainable cash-cycle operations.
Currency management supports trust in cash and monetary sovereignty through demand planning, secure production, distribution, replacement, and disposal. The Clean Note Policy requires good-quality banknotes to be available in required denominations and locations, with unfit notes continuously withdrawn and replaced. A decentralised Currency Chest network distributes fresh currency, processes returned notes, supports linked bank branches, and operates under licensing, real-time reporting, inspection, and audit requirements. Current priorities include managing uncertain cash demand, improving note durability, and reducing the carbon footprint of the cash cycle.
August 18, 2026
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Independent investigation of alleged dubious transactions requires examination of all six allegations despite prior police conclusions.
Investigation into alleged dubious transactions involving Indiabulls Housing Finance Limited and related entities must cover all six allegations identified by the Enforcement Directorate. The CBI must independently examine five allegations previously reviewed by the Delhi Police Economic Offence Wing, irrespective of its conclusion, and submit a comprehensive report. Further investigation into the sixth allegation depends on the special PMLA court deciding the CBI's pending application, after which the CBI must provide a progress or status report.
August 18, 2026
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Boss scam prevention requires independent verification of payment requests and avoidance of malicious WhatsApp attachments that enable executive impersonation.
Boss scam, or CEO impersonation fraud, uses malicious WhatsApp attachments and impersonation of regulatory officials or company executives to obtain control of WhatsApp sessions and issue fraudulent payment instructions. The alleged network supplied SIM cards, dummy SIMs, WhatsApp accounts and one-time passwords to cyber-fraud operators, illustrating a Cybercrime as a Service model. Preventive measures include avoiding suspicious ZIP, executable, library and APK files and independently verifying all financial-transfer requests.
August 18, 2026
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Floating-rate personal loan prepayment protections prohibit charges and compulsory lock-ins for qualifying individual non-business borrowers from 2026.
Prepayment charges are prohibited for part or full repayment of qualifying floating-rate loans availed by individual borrowers for non-business purposes and sanctioned or renewed on or after 1 January 2026. Compulsory lock-in periods cannot restrict prepayment of such loans. Fixed-rate personal loans may still attract prepayment or foreclosure charges under lender policy and contractual terms. Borrowers should check the loan's rate type, sanction letter, loan agreement and key fact statement, where applicable, and compare applicable charges with potential interest savings before early repayment.
August 18, 2026
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Premium Basmati rice positioning drives Zeeba's packaging refresh and ambassador-led campaign focused on quality, authenticity and domestic expansion.
Zeeba has refreshed its packaging and appointed Chef Vikas Khanna as global brand ambassador to support expansion in India. Its "Aisa Basmati Nahi Dekha" campaign positions the brand around export-quality Basmati rice, consistency, authenticity and a superior culinary experience. Promotional activity will extend across digital, retail and consumer touchpoints. The premium Basmati range is described as carefully sourced, naturally aged and processed according to global quality standards, with emphasis on grain quality, authentic taste, purity and consistency.
August 18, 2026
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Silver-collateral lending creates a formal secured-credit channel for eligible borrowers, subject to regulatory requirements and lender policies.
Loans against silver collateral have been introduced following the Reserve Bank of India's Lending Against Gold and Silver Collateral Directions, 2025, enabling eligible regulated lenders to accept silver as security. The offering provides a formal and transparent credit channel against eligible silver jewellery, ornaments and approved silver coins. It is intended for individuals, proprietors and MSMEs requiring liquidity for personal, business and other legitimate financial needs, subject to lending policies and applicable regulatory requirements.
August 18, 2026
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Healthcare discount membership provides instant savings on out-of-pocket care at participating premium providers without insurance claims or paperwork.
CarePass is a healthcare savings membership card providing instant point-of-billing discounts at participating premium healthcare providers across India. It covers out-of-pocket spending on hospital treatment, diagnostics, dental, vision, dermatology, hair and skin care, and IVF and maternity services, without claim processing, waiting periods or paperwork. Members present a digital CarePass at a participating provider to receive the applicable discount. Four membership tiers offer differing benefits, with higher tiers including tele-consultations and annual health checks. CarePass is a discount membership and not an insurance product.
August 18, 2026
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EXIM operations at Vizhinjam commence with container movement, supported by investor facilitation, infrastructure backing and port-led logistics development.
EXIM operations at Vizhinjam international seaport commenced with the flagging off of two containers after a successful trial export shipment. The state government proposes investor engagement, regulatory facilitation and infrastructure support to expand global export activities through the port. Mission Samudra is to operate as a port-led industrial and logistics development scheme. The deep-water port was developed under a public-private partnership model and had received commercial commissioning certification.
August 18, 2026
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Money-laundering investigation under PMLA expands through searches into alleged consultancy payments linked to CMRL and Exalogic Solutions.
Money-laundering investigation under the Prevention of Money Laundering Act involves fresh searches connected with Cochin Minerals and Rutile Ltd and Exalogic Solutions. The inquiry concerns alleged fraudulent payments made under the guise of IT consultancy services and a purported money trail involving persons allegedly connected with those transactions. The action follows earlier searches and questioning in relation to the same matter.
August 18, 2026
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Recruitment examination irregularities trigger money-laundering investigation into alleged bribery, paper leaks, answer-sheet tampering, and preferential veterinary officer selections.
Money-laundering investigation under the Prevention of Money Laundering Act concerns alleged irregularities in veterinary officers' final selection through a public recruitment examination. Searches covered premises linked to commission officials, alleged intermediaries, the digital evaluation entity, and selected candidates. Allegations include bribery demands, examination-paper leakage, OMR answer-sheet tampering, and facilitation of selection for relatives of commission officials.

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Disposal of Complaints received by bank Ombudsman

August 1, 2017

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The. Bank-wise details regarding number of complaints received by Banking Ombudsmen (BO) and disposed of in the last three years i.e. 2014-15, 2015-16 and 2016-17 are given in Annexure.

Majority of the complaints received under the Banking Ombudsman Scheme are resolved through conciliation and mediation of BO. In very few cases, where conciliation and mediation fails to achieve mutually agreeable settlement, BO passes an Award or rejects the complaint.

Bank-wise details of Complaint received/disposed/pending at  the Offices of Banking Ombudsmen

Bank Name

2014-15

2015-16

2016-17

Public Sector Banks

Received

Disposed

Pending

Received

Disposed

Pending

Received

Disposed

Pending

STATE BANK OF INDIA

24113

22750

1363

25611

25635

1339

30581

28610

3310

STATE BANK OF BIKANER & JAIPUR

1199

1186

13

1267

1197

83

2033

2039

77

STATE BANK OF HYDERABAD

642

625

17

777

744

50

862

882

30

STATE BANK OF MYSORE

316

296

20

351

361

10

450

449

11

STATE BANK OF PATIALA

530

497

33

760

767

26

1167

1109

84

STATE BANK OF TRAVANCORE

790

766

24

819

837

6

849

782

73

ALLAHABAD BANK

1143

1095

48

1218

1167

99

1413

1326

186

ANDHRA BANK

682

680

2

1051

1023

30

1307

1285

52

BANK OF BARODA

3038

2907

131

3916

3701

346

5043

4889

500

BANK OF INDIA

2808

2660

148

3210

3127

231

4191

3972

450

BANK OF MAHARASHTRA

590

561

29

652

645

36

845

758

123

CANARA BANK

2992

2866

126

3838

3737

227

5248

5029

446

CENTRAL BANK OF INDIA

2095

1974

121

2295

2262

154

2716

2540

330

CORPORATION BANK

792

754

38

804

790

52

1254

1143

163

DENA BANK

718

683

35

784

774

45

1140

1085

100

INDIAN BANK

1246

1217

29

1369

1345

53

1673

1654

72

INDIAN OVERSEAS BANK

1534

1494

40

2376

2313

103

2633

2616

120

ORIENTAL BANK OF COMMERCE

834

788

46

1080

1039

87

1522

1456

153

PUNJAB AND SIND BANK

390

374

16

554

539

31

690

661

60

PUNJAB NATIONAL BANK

4454

4265

189

4735

4577

347

6227

5919

655

SYNDICATE BANK

1195

1146

49

1225

1193

81

1416

1383

114

UCO BANK

1262

1223

39

1406

1370

75

1747

1709

113

UNION BANK OF INDIA

2141

2013

128

2249

2249

128

2559

2308

379

UNITED BANK OF INDIA

953

937

16

733

700

49

958

972

35

VIJAYA BANK

411

398

13

489

481

21

690

666

45

IDBI BANK LIMITED

854

808

46

10

9

47

2079

2033

93

Bhartiya Mahila Bank

2

2

0

1453

1410

43

16

16

43

 

57724

54965

2759

65032

63992

3799

81309

77291

7817

CATHOLIC SYRIAN BANK LTD

82

81

1

80

78

3

66

66

3

CITY UNION BANK LIMITED

120

119

1

124

120

5

136

136

5

FEDERAL BANK LTD

331

327

4

387

376

15

503

467

51

JAMMU AND KASHMIR BANK LTD

157

146

11

168

168

11

140

133

18

KARNATAKA BANK LTD

163

162

1

140

138

3

222

207

18

KARUR VYSYA BANK LTD

195

191

4

242

238

8

298

299

7

LAKSHMI VILAS BANK LTD

102

100

2

166

167

1

120

116

5

NAINITAL BANK LTD

15

12

3

45

45

3

25

23

5

RATNAKAR BANK LTD

127

121

6

224

219

11

417

388

40

SOUTH INDIAN BANK LTD

165

163

2

195

191

6

206

204

8

TAMILNAD MERCANTILE BANK LTD

133

133

0

122

118

4

144

144

4

THE DHANALAKSHMI BANK LTD

89

88

1

71

72

0

64

61

3

AXIS BANK LIMITED

3242

3080

162

4966

4861

267

6748

6506

509

BANDHAN BANK LIMITED

0

0

0

26

23

3

102

100

5

DEVELOPMENT CREDIT BANK LTD.

131

128

3

263

252

14

316

301

29

HDFC BANK LTD.

5684

5542

142

7712

7815

39

9885

9331

593

ICICI BANK LIMITED

6379

6097

282

7897

7707

472

9541

9331

682

IDFC BANK LIMITED

0

0

0

1

1

0

29

24

5

INDUSIND BANK LTD

824

785

39

1214

1188

65

1436

1393

108

KOTAK MAHINDRA BANK LTD.

1576

1512

64

2394

2287

171

3711

3608

274

YES BANK LTD.

342

322

20

496

481

35

969

935

69

 

19857

19109

748

26933

26545

1136

35078

33773

2441

AMERICAN EXP. BANKING CORP.

106

88

18

156

171

3

187

175

15

BARCLAYS BANK PLC

92

87

5

95

96

4

55

57

2

CITIBANK N.A

813

789

24

890

881

33

1242

1173

102

DBS BANK LTD.

11

10

1

13

11

3

28

28

3

DEUTSCHE BANK AG

63

58

5

90

89

6

105

94

17

HONGKONG AND SHANGHAI BANKING CORPN.LTD.

298

288

10

403

385

28

415

408

35

ROYAL BANK OF SCOTLAND

197

190

7

181

175

13

126

132

7

STANDARD CHARTERED BANK

2012

1945

67

1558

1557

68

1086

1075

79

Others Foreign Banks

18

17

1

27

28

0

42

40

2

 

3610

3472

138

3413

3393

158

3286

3182

262

RRBs/SCBs/Others

7247

7116

131

7516

7188

459

11315

11082

692

Grand Total

88438

84662

3776

102894

101146

5524

130988

125330

11182

* Complaints disposed includes those pending at the end of the previous year

This was stated by Shri Santosh Kumar Gangwar, Minister of State for Finance in written reply to a question in Rajya Sabha today.

Topics

Acts Income Tax