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Flows into NRI deposits nosedive to mere $349 mn in June quarter

Flow of money into non-resident Indian (NRI) deposits nosedived to a mere $349 million in Q1FY23 from $2.52 billion in Q1FY22. Outstanding deposits declined to $135.9 billion at the end of June 2022 from $141.5 billion a year ago. Sequentially, NRI deposits also shrank from $139.02 billion in March 2022 and 137.08 …

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Indian banks issue more certificates of deposits to secure cheap funding

Indian banks have increased their fundraising activity through the issuance of certificates of deposits, as funding in the banking system continues to contract, analysts said. “Banks are not raising deposit rates, as they are able to get funds easily from money market by issuing CDs, and that too cheaply, and they may …

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ED attaches Rs 370 cr deposits, including crypto assets of a Bengaluru firm

The Enforcement Directorate (ED) on Friday said it has attached Rs 370 crore worth deposits — invested in bank, payment gateway and crypto accounts — of a Bengaluru-based “shell” company incorporated by two Chinese nationals who left the country in 2020. The federal agency froze the funds after it raided the premises …

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Singapore-based crypto lender Hodlnaut freezes withdrawals, deposits

Cryptocurrency lender Hodlnaut has announced to freeze withdrawals, token swaps and deposits amid the harsh crypto winter. The company has also informed the Monetary Authority of Singapore (MAS) to withdraw its licence application, no longer providing regulated digital payment token (DPT) services or token swaps. “To all users, we regret to …

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