standard chartered bank

Censuring Standard Chartered Bank for raising undue credit card bills against a customer and trying to 'extort' money from him, a Delhi district consumer forum has asked the bank to pay him Rs 1.1 lakh as damages.The District Consumer Disputes Redressal Forum said raising undue credit card bill of Rs 74,000 and putting the customer's name in defaulters' list due to which he could not avail the services of any other bank was illegal and asked Standard Chartered to desist .. Full Article

StanChart Bank expects food prices to push up overall inflation to 8.3 per cent in December, which will prompt the Central Bank to raise policy rates by 50 basis points in the current fiscal. The bank said in its report that it expects the first rate Full Article

The money recovered from Harshad Mehta-led 1992 banking securities scam is lying idle. The distribution of 2,200 crore recovered from Mehta group by the custodian appointed under a Special Act by government is not taking place due to differences between two major claimants — the I-T department and banks and financial institutions (FIs) — which have lost money in the scam. Full Article

Banks may soon have to cap the charges on basic services such as issuing a draft, remittances or for stop-payment instructions. Faced with a rising number of customer complaints on excessive charges, the Reserve Bank of India (RBI) has asked the Indian Banks’ Association (IBA) to come up with guidelines on what the reasonable charges should be. Full Article

SUMMARY OF CASE LAW The waiver amount of term loan availed by the assessee does not partake the character of assessable income either under section 28(iv) or under section 41(1) of the Income-tax Act, 1961. CASE LAW DETAILS Decided by: ITAT, COCHIN BENCH, COCHIN, In The case of: Accelerated Freez & Drying Co. Ltd.V.DCIT, Appeal No.: ITA [...] Full Article

The Reserve Bank of India, citing its powers as banking regulator, has put on hold the salaries of Chief Executive Officers of three private sector banks, ING Vysya Bank, Axis Bank and Development Credit Bank, arguing that these are inflated and not in sync with the market. Incidentally, all three banks have recently hired CEOs [...] Full Article