Banking
Key players behind multiple bank frauds in Chandigarh and Haryana
Reported by AI Image generated by AI
Nearly Rs 950 crore in public funds have been siphoned off in multiple frauds involving IDFC First Bank, Kotak Mahindra Bank and others in Chandigarh and Haryana. Investigations reveal a collusive network of bank officials, government employees and private intermediaries using fake fixed deposits, forged documents and shell firms. The Haryana government has asked the CBI to take over the probe.
Colombian platform Addi has secured a license from Colombia's Superintendencia Financiera to operate as a financing company. The approval enables it to capture public deposits and provide banking solutions to its ecosystem of over 2.5 million consumers and 33,000 merchants. CEO Santiago Suárez described the milestone as defining for the company.
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The Central Bank of Egypt (CBE) has instructed banks not to grant or renew credit facilities to non-banking credit providers unless officially registered, assigned a CBE code, and listed on its information network and the Egyptian Credit Bureau. Existing indebtedness will be placed under liquidation if these entities fail to regularize their status within three months, with banks tasked to notify them.
Axis Bank intends to infuse Rs 389 crore into Axis Max Life, raising its combined stake to 19.99 percent, close to the regulatory limit. The investment aims to bolster the bank's presence in the expanding insurance sector. Max Financial will maintain majority ownership at around 80 percent, pending regulatory approvals.
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Rubén Moreira, PRI coordinator in Mexico's Chamber of Deputies, presented an initiative to ban banking fees on basic, payroll and social program accounts. The bill aims to amend laws of the Bank of Mexico and credit institutions to eliminate charges for opening, maintenance and withdrawals. Moreira noted that fees accounted for 94% of the financial system's profits in 2025.
HDFC Bank has engaged three law firms, including domestic and international ones, to investigate former chairman Atanu Chakraborty's sudden departure. The review will examine board meeting records and whistleblower complaints. The move seeks an objective assessment amid concerns over governance.
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Kotak Mahindra Bank is poised to acquire Deutsche Bank's retail operations in India for around Rs 4,500 crore. The deal aims to bolster Kotak's retail lending and deposit base. Deutsche Bank's move aligns with its global strategy to streamline operations.
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