Latest news with #JanaSmallFinanceBank
Time of India
12 hours ago
- Business
- Time of India
Who owns the flat? Bengaluru DCP buys property from one bank, only to find it claimed by another bank; Shocking scam drama unfolds
A Deputy Commissioner of Police (DCP) in Bengaluru has filed a police complaint, claiming that he was cheated by a bank which sold him a flat already mortgaged to another financial institution. The officer, VC Gopala Reddy (DCP, City Armed Reserve - West), alleges that he was misled during an e-auction deal involving Rs 28 lakh. Flat Purchased Through E-Auction, Then Seized by Another Bank According to the complaint, Reddy bought a fourth-floor flat in Sri Shankara Meadows, Kaggalipura, through an e-auction by Jana Small Finance Bank on 24 July 2023. He paid Rs 28 lakh for the flat and received a sale agreement. However, the property was not yet registered in his name. On 8 May 2025, Swarna Bharathi Sahakara Bank issued him a notice, claiming the flat was already mortgaged to them and that he was staying there illegally. The bank later seized the property. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like New Barefoot Shoe Has Seniors Walking Off the Weight Barefoot Vitality Learn More Undo Jana Bank Officials Failed to Disclose Key Information Reddy said he approached Jana Bank officials, named as Rajesh, Babu Srijith, Umesh, and Ranjan, to ask why they didn't inform him about the mortgage. However, he claimed the officials did not respond clearly. He has accused both Jana Bank and Swarna Bharathi Sahakara Bank of hiding facts and cheating him. He also wrote to Jana Bank asking for his Rs 28 lakh to be returned, but got no response. Live Events All Documents Were Verified Before Purchase Reddy said he learnt about the flat through an advertisement and verified all documents, including the e-khata, before bidding. He even sought legal opinion. As no encumbrance was found, he believed the property was clear and proceeded with the purchase. Case Registered Under BNS for Cheating and Fraud Based on Reddy's complaint, the Central Crime Branch (CCB) has registered a case under the Bharatiya Nyaya Sanhita (BNS): Section 316: Criminal breach of trust Section 318: Cheating Police have named the four Jana Bank staff, Jana Small Finance Bank, and Swarna Bharathi Sahakara Bank in the case. An officer said the investigation will reveal who is responsible for the alleged fraud and for not disclosing the loan on the flat. Inputs from TOI
Hindustan Times
30-06-2025
- Business
- Hindustan Times
Cyber fraud: Multi-state hunt on for scammers who duped Panchkula mayor of ₹42L
The district cybercrime police have launched a multi-state operation to apprehend the perpetrators behind sophisticated cyber fraud amounting to ₹ 42.52 lakh, targeting city mayor Kulbhushan Goyal. Teams have been dispatched to states including Uttar Pradesh, Bihar, and West Bengal, etc. following fraudulent transactions. The case was registered under various sections 316(2), 318(4), 336(3), 338, 340, and 61 of the BNS. (HT photo for representation) According to police sources, the initial transfers of the illicit funds were traced to accounts in Kolkata (West Bengal) and Sewarhi, Kushinagar, Uttar Pradesh. These accounts were opened in Jana Small Finance Bank and HDFC Bank. Police suspect these may be 'mule accounts' used by the fraudsters, indicating a complex money trail that the cyber police are now diligently tracking with the assistance of bank officials and other government agencies to identify the actual scammers. Further inquiries with Punjab and Sind Bank, from where the funds were debited, have been initiated to obtain transaction details. The role of bank officials was also scrutinised but they were found to not be involved in the fraud, said a cop. Mayor Kulbhushan Goyal, 64, a resident of Sector 6, lodged the complaint on the cyber portal on June 26. In his complaint, Goyal, who is a director of Amarnath Aggarwal Investment Private Limited with an office in Sector 2, stated that he received a call from his son from Spain on June 26. His son informed him about two suspicious transactions totalling ₹ 42.52 lakh ( ₹ 22,56,000 and ₹ 19,96,000) from the company's account at the Punjab and Sind Bank's Sector 17 branch. He had received debit alerts for these transactions and inquired if his father had authorised them. The mayor denied any such payment. Upon investigation, Goyal contacted his company's accountant, Birbhan Garg, who confirmed that no such payments were made by the company, despite the funds being debited. The accountant was subsequently asked to visit the bank, and a cyber complaint was filed. It was later discovered that ₹ 22,56,000 was transferred to an individual named Deepak Kumar and ₹ 19,96,000 to an individual named Okender from the company's account. Further investigation revealed that the fraudsters had created a forged letterhead of Goyal's company and sent a fake WhatsApp message to the mobile number of the bank manager, instructing him to deposit the specified amounts into two account numbers provided to him. The case was registered on June 27 at the cybercrime police station under various sections 316(2), 318(4), 336(3), 338, 340, and 61 of the Bharatiya Nyaya Sanhita (BNS).
Economic Times
24-06-2025
- Business
- Economic Times
Indian bonds jump as traders lap up debt after Israel-Iran ceasefire
An Israel-Iran ceasefire and the ensuing slump in oil prices boosted Indian government bonds on Tuesday, as traders resumed buying and covered short positions. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads An Israel-Iran ceasefire and the ensuing slump in oil prices boosted Indian government bonds on Tuesday, as traders resumed buying and covered short yield on the benchmark 10-year bond ended over 5 basis points lower at 6.2504%, the sharpest decline since May 13. The five-year 6.75% 2029 bond yield was at 5.9870%, versus its previous close of 6.0304%.Yields move inversely to bond prices.U.S. President Donald Trump announced on Monday a ceasefire between Israel and Iran. Both Israel and Iran confirmed the ceasefire, but reports of a violation hours later raised some doubts about the global markets were largely relieved by the prospect of an end to the 12-day crude was down nearly 2.7% at $69.52 per barrel in Asian hours, after easing over 7% on Monday."The tensions are dying down after the ceasefire," said Gopal Tripathi, head of treasury and capital markets at Jana Small Finance Bank "Commodity prices are also cooling down, so local factors like demand and supply should take precedence now."He expects the yield on the new 10-year bond to be rangebound between 6.20% and 6.30% in the near India's banking system liquidity surplus shrunk to its lowest in three weeks due to tax surplus was at 2.44 trillion rupees($511.50 billion) on Indian overnight index swap (OIS) rates declined across tenors on Tuesday, in line with government bond recommended receiving the most liquid 5-year OIS rate, with a view that the rate could extend its slide if oil prices fell one-year OIS rate ended 4 basis points lower at 5.48% and the two-year OIS rate fell by 6 basis points to 5.47%.The liquid five-year dropped 8 basis points to 5.67%. ($1 = 86.0220 Indian rupees)
Time of India
24-06-2025
- Business
- Time of India
Highest FD interest rate up to 9%; These 5 banks are offering the highest fixed deposit interest rate now
Several banks have reduced fixed deposit rates following the Reserve Bank of India's repo rate cut. However, some small finance banks still offer interest rates above 8% for regular citizens. Slice Small Finance Bank provides 9% on specific tenures. Unity, Suryoday, Utkarsh, and Jana Small Finance Banks offer rates up to 8.60%, 8.40%, 8.25%, and 8.20% respectively. Tired of too many ads? Remove Ads FD rate up to 9% FD rate up to 8.60% FD rate up to 8.40% Tired of too many ads? Remove Ads FD rate up to 8.25% FD rate up to 8.20% Bank Fixed Deposit Rates Bank Name Interest Rates (p.a.) Highest slab 1-year tenure (%) 3-year tenure (%) 5-year tenure (%) % Tenure SMALL FINANCE BANKS Jana Small Finance Bank 8.20 5 years 7.50 7.75 8.20 slice Small Finance Bank 9.00 18 months 1 day to 18 months 2 days 6.75 8.25 7.75 Suryoday Small Finance Bank 8.40 Above 30 months to 3 years 7.90 8.40 8.00 Unity Small Finance Bank 8.60 1001 days 7.00 8.00 8.00 Utkarsh Small Finance Bank 8.25 2 years to 3 years 6.25 8.25 7.75 What is Small Finance Bank? Particulars Commercial Bank Small Finance Bank Regulatory Requirement Regulated by the RBI Regulated by the RBI Loan Offers all types of loans Provides basic loan facilities such as personal loans, gold loans, MSME loans, vehicle loans, etc. Target Customers Not restricted to any one or any entity Small borrowers, unorganised workers, MSMEs Remittance Services Can provide remittance services Can provide remittance services Online Banking Solutions Can offer digital banking solutions Can offer digital banking solutions Capital Limit Requires enormous amounts of capital Minimum capital should be up to 100 crores After the Reserve Bank of India cut the repo rate this year by 100 basis points since February 2025, many banks have slashed their fixed deposit interest rates in tandem with repo rate cuts. However, there are only a few banks which still offer above 8% for regular citizens even after the FD rate cut. Individuals looking for a higher FD interest rate should lock their FD before even these banks slash their are the banks offering fixed deposit interest rates above 8% for general citizens on amounts below Rs 3 Small Finance Bank, earlier known as North East Small Finance Bank is offering a higher FD interest rate of 9% on FD tenure of 18 months 1 day to 18 months 2 daysUnity Small Finance Bank is offering the highest FD interest rate of 8.60% on tenure of 1001 days for general citizens. Suryoday Small Finance Bank is offering the highest FD interest rate of 8.40% on tenure above 30 months to 3 years for general citizens. Utkarsh Small Finance Bank is offering the highest FD interest rate of 8.25% on tenure of 2 Years (730 Days) up to 3 Years (1095 Days for general citizens. Jana Small Finance Bank is offering the highest FD interest rate of 8.20% on tenure of 5 Years (1825 Days) for general PaisabazaarData as on June 18, 2025Disclaimer: While deposits in small finance banks are insured by the Deposit Insurance Credit Guarantee Corporation (DICGC) up to Rs 5 lakh, experts advise investors to exercise caution when investing in their FDs. Given their unique business model, the risk associated with investing in small finance bank FDs might differ slightly from that of scheduled commercial to AU Small Finance Bank, 'A Small Finance Bank is a segment under the banking system, and every bank under this segment is regulated by the Reserve Bank of India (RBI). The banks are set up to promote the objective of financial inclusion by offering basic banking facilities to the un-served and underserved sections.'Difference between -commercial Bank & small finance bankAccording to the AU Small Finance Bank, here are few difference between commercial bank and small finance bank
Time of India
21-06-2025
- Business
- Time of India
FD rate up to 8.8% for senior citizens investing for three years; Know the list of banks
Bank FD interest rate for senior citizens FD rate up to 8.8% FD rate up to 8.75% for senior citizens Academy Empower your mind, elevate your skills Bank Name FD rate Suryoday Small Finance Bank 8.8% Utkarsh Small Finance Bank 8.75% Unity Small Finance Bank 8.5% slice Small Finance Bank 8.25% Jana Small Finance Bank 8.25% FD rate up to 8.5% FD rate up to 8.25% When is TDS deducted from bank FDs? There are still some banks who continue to offer up to 8.8% interest rate on fixed deposits (FD) made by senior citizens (age 60 years and above) for three year tenure and not exceeding Rs 3 below to know the list of banks offering FD interest rate up to 8.8%. Suryoday Small Finance Bank is offering 8.8% interest rate on FD of three year tenure. Utkarsh Small Finance Bank is offering 8.75% interest rate on FD for three year tenure for senior as of June 18, 2025Unity Small Finance Bank is offering up to 8.5% interest rate on FD for three year Small Finance Bank is offering 8.25% interest rate on FD for three year Jana Small Finance Bank is offering 8.25% interest rate on FD for three year While deposits in small finance banks are insured by the Deposit Insurance Credit Guarantee Corporation (DICGC) up to Rs 5 lakh, experts advise investors to exercise caution when investing in their FDs. Given their unique business model, the risk associated with investing in small finance bank FDs might differ slightly from that of scheduled commercial banks. To mitigate potential risks, it's recommended that investors limit their exposure to small finance bank FDs to an amount that falls within the DICGC coverage. This ensures that their principal and interest are protected in unforeseen is required to be deducted by banks if the interest amount in an FD is above Rs 1 lakh in a particular bank. Do note that TDS is not any additional tax, you can get this tax back as a refund or adjust it with your total tax liability at the time of income tax return filing (ITR). Moreover, if you are eligible for a tax refund then you might be eligible for interest on tax instance, if a senior citizen's income is Rs 11 lakh then, it's not subject to income tax due to Section 87A tax rebate under the new tax regime for FY 2025-26. Section 87A tax rebate is available for up to Rs 12 lakh income level under the new tax a senior citizen can submit Form 15H to prevent TDS deduction if his total income after all deductions claim and Section 87A rebate is below the taxable limit like Rs 12 lakh for the new tax regime or Rs 5 lakh for the old tax the fact that no income tax is levied on such an income level (below Rs 12 lakh), banks and other financial institutions will still deduct TDS. This is because the law mandated them to deduct TDS once the interest/income amount crossed a particular threshold which was Rs 1 lakh for senior citizens. This happens because banks are not aware about tax liability and deduct TDS whenever the annual interest amount crosses Rs 1 lakh. So, can such a senior citizen file form 15H to avoid TDS on fixed deposits in such situations.
