Bank frauds more than doubled to Rs 1.85 trillion in FY20: RBI

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Bank frauds of Rs 1,00,000 or more have more than doubled in value to Rs 1.85 trillion in FY20, with the number of such cases increasing 28% in the same period, the Reserve Bank of India’s annual report showed on Tuesday. These frauds occured over the past few years but have been accounted for in the financial year they were reported.  Data from the central bank also showed that a majority of these frauds are in loan portfolios of banks, both in terms of number and value. 

“There was a concentration of large value frauds, with the top 50 credit-related frauds constituting 76% of the total amount reported as frauds during 2019-20. Incidents relating to other areas of banking, like off-balance sheet and forex transactions, fell in 2019-20,” said RBI. 

The report further revealed that 80 per cent of these reported frauds happened in the

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Does Homeowners Insurance Cover Renovations?

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The amount of homeowners insurance you buy depends on factors like your home’s size, condition, and the cost to rebuild it if disaster were to strike. But what if those variables change—say, because you add a deck or update the kitchen? Does homeowners insurance cover renovations? If there’s a remodel or renovation in your future, here’s what you need to know about insurance coverage for your home.

Key Takeaways

  • Your existing homeowners insurance policy may cover renovations, but any significant updates and upgrades could leave you underinsured.
  • Verify that your contractor has adequate liability insurance and workers’ compensation coverage.
  • Consider increasing your liability coverage limits in case there’s a makeover mishap and/or someone gets injured.
  • Speak with your home insurance agent about your renovation plans before you get started to find out if you need to change your coverage limits.

Should I Notify My Home Insurance Agent If I Renovate

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Bank’s COVID relief turned to financial pain for BMO customer, now reimbursed for her trouble

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a woman wearing a dress: Marissa Stowe's application to BMO's COVID-19 financial relief program led to almost five months of confusion as she was passed back and forth between numerous bank employees, while receiving calls from the bank's collection department and watching her credit score take a nose dive.


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Marissa Stowe’s application to BMO’s COVID-19 financial relief program led to almost five months of confusion as she was passed back and forth between numerous bank employees, while receiving calls from the bank’s collection department and watching her credit score take a nose dive.

The Bank of Montreal is waiving a Vancouver woman’s entire credit card balance and lowering her interest rate after a botched application to its COVID-19 financial relief program drove her further into debt. 

The problems started at the end of March, when Marissa Stower, 33, applied for a credit card payment deferral program with BMO shortly after being laid off from her job at a restaurant.

That application led to almost five months of confusion as she was passed back and forth between numerous bank employees, while receiving calls from the bank’s collection department and watching her credit score take a nose dive. 

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Exclusive: Belarus Won’t Introduce Capital Controls to Stop Rouble Slide – Central Bank | Investing News

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MINSK (Reuters) – The Belarusian central bank will not introduce capital controls to prevent the depreciation of the Belarusian rouble as these would be counterproductive, central bank board member Dmitry Murin told Reuters on Tuesday.

A political crisis sparked by mass protests against President Alexander Lukashenko has dragged the rouble to record lows against the euro this week and sent Belarusians scrambling to buy foreign currency at exchange points. [nL8N2FQ1J2]

On Tuesday, the rouble weakened further, losing 1.2%-1.5% against the dollar and the euro. It has lost 30% so far this year against the euro

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But the central bank is not contemplating imposing restrictions, Murin said, adding: “We believe that the introduction of restrictions will have the exact opposite effect.”

Asked if the National Bank of Belarus could return to the obligatory sale of foreign exchange earnings, introduce targeted sales of foreign currency, restrict deposits or foreign exchange

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