Customers Financial News

YES Bank has launched YES Grandeur, a banking program targeted at the emerging affluent section of the society. So, only banking customers with an average monthly balance (AMB) of Rs 5 lakh or a net relationship value (NRV) of Rs 20 lakh will be eligible for the program, with additional consideration to loan relationships. “With a relentless focus on industry-first features and a profound understanding of the evolving needs of elite and emerging affluent households, YES Grandeur sets a new benchmark in personalised banking,” said Rajan Pental, Executive Director, YES Bank. YES Grandeur is aimed at enhancing and personalising the customer experience by offering unique banking, travel and lifestyle privileges. The banking benefits will include premium service, such as dedicated relationship managers, preferential rates on banking services, exemption across a host of charges, discounts on locker facilities, and a special 3-in-1 account with demat, trading and savings accounts.

Crypto lender Genesis Global received court approval on Friday to return about $3 billion in cash and cryptocurrency to its customers in a bankruptcy liquidation, leaving its owner, Digital Currency Group (DCG), with no recovery from the bankruptcy. US Bankruptcy Judge Sean Lane approved Genesis' Chapter 11 liquidation plan and overruled an objection raised by DCG, which had argued that Genesis should pay its customers and creditors no more than what the crypto assets were valued at in January 2023, when Genesis filed for bankruptcy.

FTX says that nearly all of its customers will receive the money back that they are owed, two years after the cryptocurrency exchange imploded, and some will get more than that

Many current and former BetterHelp customers have begun receiving refund eligibility notices spanning from a $7.8 million settlement reached with the online therapy provider last year over allegations that it shared sensitive health data with advertisers

Bankrupt cryptocurrency exchange FTX announced a new restructuring plan that, if approved, could finally give most of its customers access to money they lost—plus interest.

barred the bank from onboarding new customers on its bob World mobile app due to certain “material supervisory concerns observed in the manner of onboarding customers onto this mobile application." “Any further onboarding of customers of the bank on the ‘bob World’ application will be subject to rectification of the deficiencies observed and strengthening of the related processes by the bank to the satisfaction of RBI. The bank has been further directed to ensure that already onboarded ‘bob World’ customers do not face any disruption on account of this suspension," RBI had said in a press release last October.

Global fintech firm Revolut has introduced its standalone crypto trading platform  called Revolut  X, catering to  UK  retail customers.

Coinbase faces a new legal battle as customers filed a class-action lawsuit on Friday. The suit accuses two of the exchange’s subsidiaries — Coinbase Global and Coinbase Asset Management — of repeatedly breaking securities laws since Coinbase began operating.

The health insurer Aetna has agreed to settle a lawsuit over whether its fertility treatment coverage discriminates against LGBTQ+ patients

There may be an untapped market for exchange-traded funds.

If you are a loan borrower, the RBI’s latest revelations on banks’ loan activities might concern you! The apex bank has observed that banks have not been fair and transparent when it comes to handling of loan disbursement and repayment.

Microsoft has reported that its profit rose 20% for the January-March quarter as it tries to position itself as a leader in applying artificial intelligence technology to make workplaces more productive

The Federal Trade Commission is sending more than $5.6 million in refunds to consumers as part of a settlement with Amazon-owned Ring, which was charged with failing to protect private video footage from outside access

In a big setback for Kotak Mahindra Bank, the Reserve Bank of India (RBI) has restricted the private sector bank from onboarding new customers through digital channels and issuing fresh credit cards, according to a press release issued by the apex bank on Wednesday.

RBI) barred Kotak Mahindra Bank from signing up new customers through its online and mobile banking channels, and issuing fresh credit cards, among the toughest curbs imposed on a scheduled bank. The regulator said Kotak had failed to fix its IT systems after being asked to do so continuously over the past two years. The regulator cited «serious deficiencies and non-compliances» by Kotak in a statement shortly after the stock market closed on Wednesday. The third-most valued private bank in terms of market capitalisation was asked to stop the functions cited «with immediate effect». The stock closed at ₹1,843.05, up 1.64% on the BSE, at a market cap of ₹3.66 lakh crore. Kotak said it would resolve the matter quickly and assured customers there wouldn't be any interruption to services.

The backdrop to these new rules is the spike in complaints during the height of the COVID-19 pandemic in 2020. Complaints related to airlines and ticket agents rejecting or delaying refunds made up 87% of all air travel service complaints during that period. US Transportation Secretary Pete Buttigieg, in a statement, emphasized, “Passengers deserve to get their money back when an airline owes them — without headaches or haggling.” Passengers will be entitled to refunds if there's a «significant change» to their flights. This includes the following scenarios:

Bank of India (RBI) on Wednesday asked Kotak Mahindra Bank to cease issuing new credit cards and onboard new customers through its online and mobile banking channel. This directive comes as part of regulatory actions taken by the RBI in response to concerns regarding compliance and risk management at the bank. The RBI, however, directed the bank to continue providing services to its existing customers, including its credit card customers.

A crackdown on how California utilities spend customers' money has failed to pass the state Legislature

₹5 per order, Economic Times quoted the Gurugram-based firm's app as saying. According to the report, the platform fee has surged in cities like National Capital Region, Bengaluru, Mumbai, Hyderabad and Lucknow. Earlier on 1 January, the firm had last increased the platform fee for users from ₹3 to ₹4.

The French government has announced a new rule that will require stores to tell customers when a product becomes smaller but its price stays the same or increases

Singapore-based payments company Triple-A has announced plans to integrate PayPal’s stablecoin into its  list of  supported tokens for customer payments.