3.2 million debit cards compromised; SBI, HDFC Bank, ICICI, YES Bank and Axis worst hit
Posted Date : 20-Oct-2016 , 07:44:15 am | Posted By CASANSAAR
Banks in India will either replace or ask users to change the security codes of as many as 3.2 million debit cards in what's emerging as one of the biggest ever breaches of financial data in India, people aware of the matter said. Several victims have reported unauthorised usage from locations i...
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SBI's Associate banks to soon submit report on amalgamation to RBI
Posted Date : 27-Sep-2016 , 08:15:41 am | Posted By CASANSAAR
As part of the consolidation process within the SBI Group, its five associate banks including State Bank of Bikaner and Jaipur (SBBJ) will soon submit to the Reserve Bank the scheme of acquisition as ratified by shareholders.
The board of the directors has considered the report of the expert comm...
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SBT-SBI merger: Kerala HC issues notice to finance ministry, RBI
Posted Date : 31-Aug-2016 , 07:36:50 am | Posted By CASANSAAR
The Kerala high court on Tuesday issued notice to the Union finance ministry, the Reserve Bank of India (RBI), State Bank of India (SBI), State Bank of Travancore (SBT) and the state government on a petition filed against the move to acquire SBT by SBI.
A division bench comprising acting chief ...
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Govt against withdrawing Nominee directors from PSU Banks’ Boards
Posted Date : 23-Aug-2016 , 08:31:55 am | Posted By CASANSAAR
The government is not favour of the Reserve Bank of India’s suggestion seeking to withdraw the banking regulator’s nominee directors from the boards of public sector banks. The finance ministry feels that the presence of RBI nominees improves the working of boards of PSU banks, and their...
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Bank unions decide to join national strike on September 2
Posted Date : 18-Aug-2016 , 10:49:29 pm | Posted By CASANSAAR
Around five lakh bank employees and officers in banks will join the All India General Strike on September 2, 2016 to protest against the Central Government's anti-people economic policies and anti-worker labour reforms.
Employees and officers working in various public sector banks, private ba...
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SBI gets board approval for merger of associate banks
Posted Date : 18-Aug-2016 , 06:01:41 pm | Posted By CASANSAAR
State bank of India board at a meeting held on Thursday approved the merger of 3 associate banks and BMBL to create a banking giant. In a filing on BSE, the public sector lender said,”The Central Board of Directors of the State Bank of India have accorded their approval to the Scheme of Acquis...
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RBI penalises four co-operative banks for norms violations
Posted Date : 17-Aug-2016 , 07:53:49 am | Posted By CASANSAAR
The Reserve Bank on India (RBI) on Tuesday said it has imposed penalties of up to Rs 5 lakh on four co-operative banks for violation of norms.
The central bank said it has imposed a monetary penalty of Rs 5 lakh on The Co-operative City Bank, Guwahati, for flouting know-your-customer ...
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RBI simplifies KYC norms for opening a bank accounts
Posted Date : 15-Aug-2016 , 07:27:14 pm | Posted By CASANSAAR
The six documents required for proof of identity are passport, driving licence, voter identity card, PAN card, Aadhaar card issued by UIDAI, and NREGA card. You need to submit any one of these documents. If these documents also contain your address details, then it would be accepted as proof of addr...
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CBI nodal agency for banks to report high value frauds
Posted Date : 07-Aug-2016 , 01:34:45 pm | Posted By CASANSAAR
The CBI has been made the nodal authority for banks to report high value frauds worth over Rs 50 crore in public sector banks.
The move comes after Reserve Bank of India (RBI) noticed that banks do not have a focal point for filing complaints with the CBI. As a result, the investigative agency ...
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Lok Sabha clears Bill for quicker, easier debt recovery
Posted Date : 01-Aug-2016 , 09:38:14 pm | Posted By CASANSAAR
The Lok Sabha on Monday passed a law empowering banks to take possession of collateral in the case of loan default, except for farm land, while Finance Minister Arun Jaitley promised a compassionate view on education loans. He ruled out any waiver in the event of e...
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Bank employees on strike today against merger with SBI
Posted Date : 29-Jul-2016 , 09:16:16 am | Posted By CASANSAAR
Normal banking operations may take a hit today as public sector bank employees will go on strike to protest against proposed merger of associate banks with SBI and banking reforms announced by the government. The United Forum of Banks Unions, an umbrella organisation of nine bank employees and offic...
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RBI slaps Rs 27-cr penalty on 13 banks for FEMA
Posted Date : 27-Jul-2016 , 09:50:39 pm | Posted By CASANSAAR
In a major crackdown for FEMA violations and KYC lapses, the RBI has imposed Rs 27-crore penalty on 13 public and private sector banks, including PNB and HDFC Bank, while asking eight others including SBI and ICICI Bank to ensure strict compliance with guidelines.
On the basis of inputs received ...
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RBI slaps penalty on UCO Bank, Allahabad Bank, Bank of India
Posted Date : 26-Jul-2016 , 10:48:55 pm | Posted By CASANSAAR
RBI has imposed penalty of Rs 2 crore each on Allahabad Bank and UCO Bank, and Rs 1 crore on Bank of India for violation of anti-money laundering norms.
UCO Bank in a BSE filing said that the Reserve Bank has "imposed a penalty" of Rs 2 crore on it on account of "few lapses in adhe...
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RBI slaps penalty on BoB, HDFC Bank & PNB
Posted Date : 26-Jul-2016 , 08:20:42 am | Posted By CASANSAAR
The Reserve Bank of India on Monday slapped penalties ranging from ₹2 crore to ₹5 crore on Bank of Baroda, HDFC Bank, and Punjab National Bank over the issue of advance import remittances.
Bank of Baroda said the RBI has imposed a penalty of ₹5 crore on it. This follows the banking regulato...
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Cyber attack on Union Bank’s offshore accounts
Posted Date : 23-Jul-2016 , 08:39:18 am | Posted By CASANSAAR
Public sector Union Bank of India on Friday said one of the bank’s offshore accounts was breached in a cyber attack but the money trail was traced and movement of funds was blocked.
“There was an attempted cyber incidence in USD Nostro Account of the bank. The money trail was prompt...
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HSBC may come under RBI lens for forex scam
Posted Date : 23-Jul-2016 , 08:37:14 am | Posted By CASANSAAR
The Reserve Bank of India may look into the latest disclosure of an alleged foreign exchange fraud committed by two British executives working for HSBC while servicing Cairn Energy. The alleged scam took place in 2010 when Cairn Energy sold its Indian subsidiary to Vedanta for $3.5 billion...
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Govt allocates Rs 22,915 cr capital to 13 PSU banks for FY17
Posted Date : 19-Jul-2016 , 08:28:34 pm | Posted By CASANSAAR
Government has allocated 22,915 crore rupees capital to 13 public sector banks for the current fiscal. An official release said government has undertaken an exercise to assess the capitalization needs of Public Sector Banks in line with the announcements made under the Union Budget.
The cap...
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Bank employees to go on strike on July 12-13
Posted Date : 10-Jul-2016 , 08:43:48 pm | Posted By CASANSAAR
Bank employees have decided to go strike, as earlier planned on July 12 and 13, since the conciliation meeting failed to yield any results. The unions have called for a strike against proposed closure of associate banks and their merger with the State Bank of India (SBI), and pro...
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Cabinet clears bill for speedy recovery of bad loans
Posted Date : 16-Jun-2016 , 08:22:04 am | Posted By CASANSAAR
Cabinet today approved a bill seeking to amend the debt recovery laws with an overall objective of improving the ease of doing business.
"Cabinet approves ex-facto 'The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions Bill, 2016," an official ...
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Cabinet approves merger of 5 associate banks with SBI
Posted Date : 15-Jun-2016 , 10:55:38 pm | Posted By CASANSAAR
The Union Cabinet on Wednesday approved the merger of five associate banks — State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad as well as Bharatiya Mahila Bank with State Bank of India, according to TV repor...
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Punjab National Bank releases updated list of wilful defaulters
Posted Date : 15-Jun-2016 , 07:58:26 am | Posted By CASANSAAR
Punjab National Bank (PNB), the nation’s second biggest state-run lender, Tuesday declared a list of 913 wilful defaulters, including Kingfisher Airlines and NAFED, with total outstanding dues of Rs 11,486 crore.
PNB has added eight defaulters to its February list to take the nu...
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SBI begins working on framework for merger of subsidiaries
Posted Date : 13-Jun-2016 , 08:33:45 am | Posted By CASANSAAR
The State Bank of India (SBI) has set up a crack team to prepare a framework for amalgamation of five associate banks with itself, even as the political opposition to the proposed move is gaining ground and the government approval is still awaited.
“A team of 15-20 members has been set up...
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Govt for settlement bad loans, empowering PSBs: FM
Posted Date : 06-Jun-2016 , 09:52:24 pm | Posted By CASANSAAR
Committing to support NPA-ridden public sector banks, Finance Minister Arun Jaitley on Monday said they would be empowered and protected in case of "commercially prudent" settlement of bad debts.
With provisioning for NPAs or bad debts leading to Rs 18,000 crore of accumulated net loss ...
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HC seeks Centre, RBI response on debit, credit card surcharge
Posted Date : 18-May-2016 , 07:37:17 am | Posted By CASANSAAR
The Delhi high court on Tuesday sought Centre and Reserve Bank of India’s (RBI) response on a plea alleging “illegal” surcharge levied on transactions done through debit and credit cards.
The petition filed in public interest has contended that public sector oil mark...
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Five associate banks propose merger with parent SBI
Posted Date : 18-May-2016 , 07:28:07 am | Posted By CASANSAAR
After over five years of hiatus, associate banks of SBI including State Bank of Bikaner and JaipurBSE 4.22 % have proposed to merger with the parent lender.
The respective boards have proposed merger with the State Bank of IndiaBSE -0.08 % (SBI), the parent, in a meeting held today, sources...
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701 bad loan accounts owe PSU banks Rs 1.63 lakh cr
Posted Date : 27-Apr-2016 , 09:10:09 am | Posted By CASANSAAR
As many as 701 accounts with bad loans exceeding Rs 100 crore owed public sector banks (PSBs) Rs 1.63 lakh crore at the end of December, with State Bank of India accounting for the biggest chunk.
SBI had 85 such accounts with aggregate non-performing assets (NPAs) of Rs 23,726 crore, followed b...
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Plea in HC against surcharge on debit, credit cards payments
Posted Date : 03-Apr-2016 , 06:04:46 pm | Posted By CASANSAAR
A plea has been filed in the Delhi High Court against "illegal" surcharge levied on transactions done through debit and credit cards across the country while no such charge is imposed on cash payments.
Advocate Amit Sahni in his public interest litigation, likely to be heard by a bench ...
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Extended Bank hours for conducting Govt. Business on 31st March, 2016
Posted Date : 30-Mar-2016 , 10:20:50 pm | Posted By CASANSAAR
In view of closing of the current financial year and to facilitate the tax-payers in payment of taxes, the Reserve Bank of India has issued instructions vide notification RBI/2015-16/342 dated March 17, 2016 directing all agency banks to keep the counters of their designated branches conducting gove...
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Govt, RBI taking tough action to recover bank dues: PM
Posted Date : 29-Mar-2016 , 07:37:02 am | Posted By CASANSAAR
Amid rising concern over default by large borrowers like liquor baron Vijay Mallya, Prime Minister Narendra Modi today stressed that the government as well as RBI is taking "tough action" to recover loans from corporate defaulters.
"The only segment showing an increase in (corporat...
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HC tells IDBI staff not to go on strike from Monday
Posted Date : 26-Mar-2016 , 08:23:42 pm | Posted By CASANSAAR
The high court has not only restrained Industrial Development Bank of India (IDBI) staff in Karnataka from going ahead with their strike from Monday (March 28), but also told them not to disrupt bank work during the crucial March 28-31 period (end of the financial year). "Needless to say, ...
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