The Delhi High Court has ordered the Reserve Bank of India to implement a Beneficiary’s Name Lookup Facility for RTGS and NEFT transactions to combat cyber fraud. Justice Pratibha M Singh underscored the urgent need for this system to protect consumers from fraudulent transfers, highlighting its significance in enhancing security in digital payments.
Today, On 20th December, The Supreme Court set-aside the NCDRC’s 2008 decision that limited credit card interest rates to 30%. The NCDRC earlier criticized banks for charging high rates of 36% to 49% on overdue payments. The Supreme Court’s ruling will affect how banks set interest on credit card dues. This decision shows a change in financial regulation policies.
Today, On 20th August, The Supreme Court requested a status report from CBI on alleged defaced currency exchange at RBI by separatists, emphasizing the sensitivity of the issue. A PIL filed by Satish Bhardwaj claimed Rs.30 crore worth of defaced currency exchanged. The Court instructed the Solicitor General to closely examine the matter and scheduled further hearings to monitor the investigation’s progress.
The Delhi High Court dismissed Subramanian Swamy’s PIL alleging a Rs 5,100 crore scam in the Axis Bank-Max Life deal, directing SEBI and RBI to conclude their investigation promptly. Swamy accused Axis Bank of illegal gains through Max Life shares transactions and emphasized the need to prevent similar incidents. The Court noted broader concerns about corruption in the banking and insurance sectors.
Today, On 24th July, The Kerala High Court reserved its decision on petitions filed by the Kerala Infrastructure Investment Fund Board (KIIFB) and former State Finance Minister Dr. TM Thomas Isaac regarding the Enforcement Directorate’s (ED) summons in the masala bonds case. The court questioned the delay caused by challenging the summons and highlighted the need for compliance. This ongoing legal battle raises questions about jurisdiction and investigation procedures under the Foreign Exchange Management Act of 1999.
Today, On 4th July, The Kerala Infrastructure Investment Fund Board (KIIFB) challenged the Enforcement Directorate’s (ED) investigation into the Masala Bonds case, arguing that the Reserve Bank of India (RBI) has sole authority over such matters. The case revolves around allegations of FEMA violations, with KIIFB and former State Finance Minister Thomas Isaac contesting summonses issued by the ED. The legal battle continues.
The Supreme Court of India, led by Chief Justice DY Chandrachud, is investigating alleged privacy breaches by major foreign credit information companies like TransUnion CIBIL, Experian, Equifax, and CRIF High Mark. The companies are accused of mishandling sensitive financial data of Indian consumers without proper consent, potentially infringing on the privacy rights of over a billion individuals. The petitioner has requested the Court to enforce stricter regulations on data sharing.
Yesterday, 6th April, The Calcutta HC ruled that Google Play is not a Payment Aggregator, but the RBI will make the final decision. The court rejected Hoichoi’s plea for protection against removal from the platform for not adopting Google Play Billing System. The matter is referred to the RBI for further judgment.
RBI Governor Shaktikanta Das highlighted the regulatory action against Paytm Payments Bank, emphasizing the gravity of the violation and the central bank’s commitment to compliance and innovation. The decision followed unsuccessful bilateral engagements aimed at corrective measures. The RBI’s proactive approach reflects its dedication to maintaining financial system integrity while supporting fintech innovation.
![[Rs 5,100 Crore Scam in Axis Bank-Max Life Deal] Delhi High Court Urges RBI and SEBI to Conclude Probe "without delay"](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/08/image-63-2.png?resize=447%2C367&ssl=1)
![[Masala Bonds Case] Kerala HC Criticizes KIIFB’s Thomas Isaac for Delaying ED Probe](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/07/image-27-4.png?resize=447%2C350&ssl=1)
![[Masala Bonds Case] "Why only Kerala being probed by ED?": KIIFB to Kerala HC](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/07/image-46.png?resize=447%2C350&ssl=1)
