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News Category : Banking

CA Sunil Mehta appointed non-executive Chairman of PNB
Posted Date : 18-Feb-2017 , 08:36:15 am | Posted By CASANSAAR

Punjab National Bank (PNB) has a new non-executive Chairman in CA.Sunil Mehta. The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services (DFS) for the appointment of Mehta as non-executive Chairman of PNB, official sources said. He has be...

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Category : Banking | Comments : 0 | Hits : 239

Eight Executive Directors appointed in various Banks
Posted Date : 18-Feb-2017 , 08:26:46 am | Posted By CASANSAAR

Eight Executive Directors (EDs) have been appointed in various public sector banks on the recommendations of Banks Board Bureau. Neelam Damodharan and Atanu Kumar Das have been appointed as EDs in Bank of India. Damodharan is General Manager in Bank of Baroda and Das is GM in Vijaya Bank. K Sw...

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Category : Banking | Comments : 0 | Hits : 549

RBI to banks: Be quick to identify and declare fraudulent borrowers
Posted Date : 03-Feb-2017 , 08:17:08 am | Posted By CASANSAAR

Flagging instances of loan exposures getting seasoned as non-performing assets (NPAs) for three to four years before borrowers were declared as fraudulent, the Reserve Bank of India has called upon bankers to identify and declare loan accounts as fraud without wasting time. During FY16, advances-...

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Category : Banking | Comments : 0 | Hits : 236

Rs5,583 crore withdrawn from Jan Dhan accounts in a month post note ban
Posted Date : 31-Jan-2017 , 09:38:09 am | Posted By CASANSAAR

Jan Dhan accounts have witnessed net withdrawal of Rs5,582.83 crore since 7 December, the day deposits in these accounts soared to all time high in the backdrop of demonetisation. Total deposits in Jan Dhan accounts had increased to a record high of Rs74,610 crore on 7 December and thereafter, it...

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Category : Banking | Comments : 0 | Hits : 152

Tax to be levied on cash transaction over Rs 50,000
Posted Date : 25-Jan-2017 , 07:33:40 am | Posted By CASANSAAR

In an effort to discourage cash transactions throughout the country, the Chief Minister Sub Committee on Digital Payment today recommended to levy banking cash transaction tax (BCTT) on withdrawal of Rs 50,000 from banks. The committee-headed by Andhra Pradesh Chief Minister N Chandra Babu Naidu ...

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Category : Banking | Comments : 0 | Hits : 1770

Cabinet approves Short term market borrowing by NABARD for on lending to Cooperative Banks
Posted Date : 24-Jan-2017 , 09:55:13 pm | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its post-facto approval for the following decisions:                        i.        National Bank for Agriculture & Rural Development (...

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Category : Banking | Comments : 0 | Hits : 151

CBI arrests former IDBI Chairman in Vaijay Mallya loan default case
Posted Date : 23-Jan-2017 , 10:19:25 pm | Posted By CASANSAAR

Central Bureau of Investigation (CBI) has arrested former IDBI chairman in Vijay Mallya loan default case, according to sources. Four executives of Kingfisher Airlines and three more former executives of IDBI Bank were also arrested by CBI, according to reports.  Earlier in the day, in a dev...

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Category : Banking | Comments : 0 | Hits : 264

NSDL to seek final RBI go-ahead for payments bank
Posted Date : 21-Jan-2017 , 09:52:17 am | Posted By CASANSAAR

The leading depository NSDL on Friday said it will be applying "very soon" for the final licences to launch a payments bank and hopes to roll out the new entity over the next three months. "We have complied with all the requirements for the final licence and will be making the fina...

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Category : Banking | Comments : 0 | Hits : 126

Toll Free Helpline - 14444 for digital payments launched
Posted Date : 05-Jan-2017 , 08:38:24 am | Posted By CASANSAAR

The government, in collaboration with telecom and IT industry, has launched a toll-free helpline - 14444 - to address consumer queries on digital payments. The helpline will address questions regarding various platforms, including the newly-launched Bharat Interface for Money (BHIM), eWallets, Aa...

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Category : Banking | Comments : 0 | Hits : 418

RBI permits Paytm to launch its Payments Bank
Posted Date : 04-Jan-2017 , 08:49:39 am | Posted By CASANSAAR

Paytm Payments Bank, owned by One97 Communications and its founder Vijay Shekhar Sharma, received an approval to formally launch its services from the Reserve Bank of India (RBI), Sharma said in a blog post on Tuesday. A company official informed that the payments bank is expected to be launched by ...

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Category : Banking | Comments : 0 | Hits : 359

SBI pushes merger of 5 associate banks, Bharatiya Mahila Bank to next fiscal
Posted Date : 04-Jan-2017 , 08:40:50 am | Posted By CASANSAAR

SBI Chief Arundhati Bhattacharya has hinted that the mega merger of its five associate banks and Bharatiya Mahila Bank could be pushed to the next financial year as it is still awaiting the government notification in this regard.  Ms. Bhattacharya said undertaking the merger process in the l...

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Category : Banking | Comments : 0 | Hits : 302

Supreme Court asks Centre to give details of recovery cases filed by banks
Posted Date : 03-Jan-2017 , 10:27:45 pm | Posted By CASANSAAR

The Supreme Court today asked the Centre to give details of recovery cases filed by banks and financial institutions and those pending in debt recovery tribunals and their appellate bodies for the last ten years. A bench headed by Chief Justice T S Thakur also sought a response on the question as...

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Category : Banking | Comments : 0 | Hits : 168

Rs 3,285 Cr withdrawn from Jan Dhan a/cs in last 15 days
Posted Date : 01-Jan-2017 , 10:20:57 pm | Posted By CASANSAAR

Jan Dhan accounts witnessed net withdrawal of Rs 3,285 crore in the last fortnight after a huge surge in deposits post demonetisation in November. Total deposits increased to a record high of Rs 74,610 crore for the week ended December 7 and thereafter, it started gradual decline to close at Rs 7...

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Category : Banking | Comments : 0 | Hits : 305

SBI, PNB, UBI cuts lending rate by up to 90 bps
Posted Date : 01-Jan-2017 , 10:19:04 pm | Posted By CASANSAAR

Top PSU lenders State Bank, Punjab National Band and Union Bank today slashed their benchmark lending rates by up to 90 basis points. The country's largest lender, SBI, in a statement said, it has reduced marginal cost of funds based lending rate (MCLR) by 0.9 per cent from 8.90 per cent to 8...

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Category : Banking | Comments : 0 | Hits : 273

Cash withdrawal limit from ATMs increased to Rs 4,500 per day
Posted Date : 31-Dec-2016 , 08:27:04 am | Posted By CASANSAAR

In a major relief for the common man, Reserve Bank of India (RBI) increased the daily limit of ATM withdrawal to Rs 4500 from current Rs 2500 with effective from January 1, 2017.  RBI in a notification issued has said that there has been no change in the weekly withdrawal limit, which stands...

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Category : Banking | Comments : 0 | Hits : 216

President approves promulgation of Specified Bank Notes Ordinance, 2016
Posted Date : 31-Dec-2016 , 08:26:05 am | Posted By CASANSAAR

President Pranab Mukherjee on Friday gave his assent for the promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016. The Union Cabinet had earlier approved the ordinance. It provides for making holding of old 1,000 and 500 rupee notes after 31st of March next year a o...

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Category : Banking | Comments : 0 | Hits : 212

Currency worth Rs 5.92 lakh crore issued since demonetisation
Posted Date : 21-Dec-2016 , 08:48:10 pm | Posted By CASANSAAR

The Reserve Bank today said banks have issued currency worth over Rs 5.92 lakh crore to the public since the demonetisation of old high value notes last month. The central bank also said that it has issued 2.2 billion (220 crore) pieces of notes of new Rs 500 and Rs 2,000 during the period -- Nov...

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Category : Banking | Comments : 0 | Hits : 165

RBI to issue new Rs 500 note with inset letter in new series
Posted Date : 21-Dec-2016 , 08:12:57 am | Posted By CASANSAAR

The Reserve Bank of India, RBI will shortly issue 500 rupee banknotes in Mahatma Gandhi New series with the inset letter E having star mark in the number panel.  The banknote will bear the signature of RBI Governor Dr Urjit R. Patel, year of printing 2016 and Swachh Bahrat Logo. In a stat...

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Category : Banking | Comments : 0 | Hits : 414

Old notes worth more than Rs 5000 can be deposited only once per account until Dec 30
Posted Date : 19-Dec-2016 , 10:00:30 pm | Posted By CASANSAAR

The Reserve Bank today imposed stiff restrictions on depositing more than 5,000 rupees in the scrapped 500 and 1,000 rupees notes. The bank said, it can be deposited only once per account till December 30th, that too after explaining to bank officials the reasons for not having done that so far. ...

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Category : Banking | Comments : 0 | Hits : 483

Under pressure, banks hand over scrutiny to their Auditing firms
Posted Date : 19-Dec-2016 , 08:59:33 am | Posted By CASANSAAR

UNDER PRESSURE from the RBI and the Finance Ministry’s Department of Financial Services (DFS), following multiple seizures of high-value notes and arrests of employees, several banks have asked hundreds of chartered accountants engaged in the concurrent audit of their branches to carry out add...

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Category : Banking | Comments : 0 | Hits : 1249

Govt to release app for Aadhaar-linked e-payments soon
Posted Date : 17-Dec-2016 , 12:05:11 pm | Posted By CASANSAAR

Government will soon launch a mobile application to facilitate Aadhaar-linked digital payments and roll out a nation-wide programme to train over 1 crore people on e-payments. "We are going to promote Aadhaar-enabled payment system (AEPS) in coordination with Finance Ministry. About 40 crore...

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Category : Banking | Comments : 0 | Hits : 268

Delhi Police seize Rs 13.56 crore cash from lawyer's office in Delhi
Posted Date : 12-Dec-2016 , 05:24:06 pm | Posted By CASANSAAR

Delhi police have seized nearly Rs 13.56 crore in a raid at a law firm in southeast Delhi's GK-I area, of which Rs 2.6 crore is in new currency released after demonetisation, a senior police official said on Sunday. The raid was carried out by Crime Branch at the office of T&T law firm la...

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Category : Banking | Comments : 0 | Hits : 494

Govt announces several incentives on payments through digital modes
Posted Date : 09-Dec-2016 , 07:56:15 am | Posted By CASANSAAR

Government announced several incentives on payments made through digital modes. Addressing media in New Delhi, Union Finance Minister Arun Jaitley said, petroleum companies will offer a discount of 0.75 percent on diesel and petrol to consumers who pay through digital means. Mr Jaitley also said,...

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Category : Banking | Comments : 0 | Hits : 448

Auditors of 50 Bank Branches are under Examination
Posted Date : 08-Dec-2016 , 08:53:14 am | Posted By CASANSAAR

On the heels of allegations of bank officials being involved in largescale money laundering across the country, the Enforcement Directorate is examining the documents of at least 50 bank Branches to determine if there is any truth in the charges. Sources said the banks on the list have seen the l...

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Category : Banking | Comments : 0 | Hits : 4375

Bombay HC asks RBI to file response to PIL on blind unable to identify notes
Posted Date : 07-Dec-2016 , 10:05:34 pm | Posted By CASANSAAR

The Bombay High Court has asked the Reserve Bank of India (RBI) to file within six weeks its response to a PIL highlighting difficulty faced by blind persons in identifying currency notes and coins in recent years. A division bench headed by Chief Justice Manjula Chellur, hearing a petition filed by...

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Category : Banking | Comments : 0 | Hits : 121

Axis Bank suspends 19 officials; Hires KPMG for forensic audit
Posted Date : 06-Dec-2016 , 09:58:01 pm | Posted By CASANSAAR

Axis Bank on Tuesday said it has suspended its 19 officials allegedly involved in illegal activity post demonetisation. Following arrest of two of its managers in Delhi by Enforcement Directorate in connection with money laundering probe, Axis Bank has hired KPMG to do forensic audit and strength...

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Category : Banking | Comments : 0 | Hits : 934

Government departments to make all payments above Rs 5000 electronically
Posted Date : 06-Dec-2016 , 08:59:35 am | Posted By CASANSAAR

The Finance Ministry on Monday said any payment by government departments or ministries above Rs 5,000 should be made electronically, lowering the threshold limit from Rs 10,000. This move is intended to bring about a complete digitisation of payments, the ministry said in a statement. All the...

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Category : Banking | Comments : 0 | Hits : 380

ED arrests 2 bank managers for money laundering
Posted Date : 06-Dec-2016 , 08:17:05 am | Posted By CASANSAAR

The enforcement directorate (ED) on Monday arrested two officials of Axis Bank Ltd in Delhi and seized 3kg of gold, saying they were helping money launderers convert banned currency notes into gold, the ED said. “Banks have been advised to stop activity in eleven accounts,” the ED add...

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Category : Banking | Comments : 0 | Hits : 426

Govt nudges shopkeepers to accept card payments
Posted Date : 05-Dec-2016 , 09:37:26 pm | Posted By CASANSAAR

As part of its efforts to promote digital payments after demonetising old high value notes, the government today nudged shop owners to use debit cards, saying it will reduce cash handling costs while digital transaction records will help them seek more funds from banks. Merchants will benefit by ...

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Category : Banking | Comments : 0 | Hits : 185

Depositing black money in banks will not make it white - FM
Posted Date : 03-Dec-2016 , 08:49:23 pm | Posted By CASANSAAR

What can be termed as veiled warning to the black money hoarders, Finance Minister Arun Jaitley said that just merely by depositing black money in the bank accounts, one must not think that it has been converted to white as taxes are still to be paid on the unaccounted cash. Jaitley said, “...

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Category : Banking | Comments : 0 | Hits : 480

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