IFSC banking units can open foreign currency current accounts
Posted Date : 24-Dec-2019 , 08:11:02 am | Posted By CASANSAAR
The RBI on Monday said IFSC Banking Units can open foreign currency current accounts of entities operating in IFSC and of non-resident institutional investors to facilitate their investment transactions. However, IBUs are not allowed to open savings accounts.
Issuing instructions regarding permis...
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Public sector bank unions decide to join national strike called on Jan 8
Posted Date : 21-Dec-2019 , 10:10:06 am | Posted By CASANSAAR
Bank unions have decided to join the national general strike which has been called on January 8, 2020. The strike has been called in protest against the central govt's labour policies and banking reforms, said the unions.
Central Trade Unions viz. INTUC, AITUC, HMS, CITU, AIUTUC, TUCC, SEWA, ...
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PNB loses UK High Court appeal in USD 45-million deceit claim
Posted Date : 19-Dec-2019 , 09:40:19 am | Posted By CASANSAAR
The British subsidiary of Punjab National BankNSE -0.55 % (PNB) has lost its UK High Court appeal in a USD 45-million deceit claim against seven individuals and two companies, based in India and the US.
The issue in contention was whether the High Court of England and Wales should accept jurisdic...
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Forensic Audit reveals LoUs worth Rs 25,000 Cr fraudulently issued in PNB fraud
Posted Date : 05-Dec-2019 , 10:52:54 am | Posted By CASANSAAR
Punjab National Bank (PNB) 'fraudulently issued' Letters of Undertaking (LoUs) worth Rs 25,000 crore to the Nirav Modi group, The Indian Express reports.
Belgian forensic auditor found that PNB issued 1,561 LoUs, valued at Rs 28,000 crore, to the Nirav Modi group. Of this, 1,381 LoUs...
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PSU Banks report fraud of more than Rs. 95700 Cr in 6 months
Posted Date : 22-Nov-2019 , 09:31:40 am | Posted By CASANSAAR
Public sector banks reported frauds of over Rs 95,700 crore in the first six months of the current financial year, Parliament was informed on Tuesday.
Finance Minister Nirmala Sitharaman said that according to the Reserve Bank of India, PSBs reported 5,743 incidents of fraud involving a total amo...
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Banking |
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Prevention of Fraudulent Banking Practices
Posted Date : 20-Nov-2019 , 09:54:20 am | Posted By CASANSAAR
The Ministry of Finance has taken number of steps to eliminate fraudulent banking practices. This was stated by Shri Anurag Thakur Minister of State for Finance & Corporate Affairs in a written reply to a question in the Rajya Sabha today. He stated that steps include, inter-alia, the following:...
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Govt mulls raising insurance cover on bank deposits to above Rs 1 lakh - FM
Posted Date : 16-Nov-2019 , 08:48:27 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharman on Friday said the government will bring legislations on raising insurance cover on bank deposits from the current Rs 1 lakh and regulating multi-state cooperative banks.
These legislations will be brought during the Winter Session of Parliament starting coming ...
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Four-year-old Bandhan Bank makes more profit than 17 PSU banks combined
Posted Date : 15-Nov-2019 , 09:13:35 am | Posted By CASANSAAR
The aggregate profit of 17 public-sector banks was lower than the net profit of private-sector lender Bandhan Bank Ltd alone in the September quarter of the current financial year, data compiled by Capitaline report.
While the combined net profit of these public-sector banks stood at Rs.466.4 cro...
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0 | Hits : 1202
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Over 3,400 branches of 26 public sector banks closed or merged in last 5 years
Posted Date : 05-Nov-2019 , 09:01:06 am | Posted By CASANSAAR
Over 3,400 branches of 26 public sector banks (PSBs) have been either closed or merged during the last five financial years due to merger under the consolidation exercise in the banking space, revealed an RTI query.
Of this, 75 per cent of the affected branches belong to the country's biggest...
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Credit and Debit card details of 13 lakh Indians on sale
Posted Date : 01-Nov-2019 , 09:09:03 am | Posted By CASANSAAR
Earlier in the day, reports of a debit and credit card detail selling online came up, revealing a massive risk of privacy on 13 lakh Indian credit and debit card users. Now the Reserve Bank of India(RBI) has swung into action in order to safeguard the interest of these affected Indian customers.
...
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RBI Imposes Rs.1 Crore Penalty On Bandhan Bank
Posted Date : 30-Oct-2019 , 08:23:04 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday imposed a penalty of Rs. 1 crore on Bandhan Bank for not bringing down the promoter shareholding to 40 per cent. Bandhan MFI had obtained in-principle universal banking license from the central bank in 2014 and started full-fledged operations as a bank from...
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Regulator, auditor should be held responsible for frauds in banks- Anurag Thakur
Posted Date : 18-Oct-2019 , 07:01:32 am | Posted By CASANSAAR
The regulator, auditor and management should be held responsible for fraud in Punjab and Maharashtra Co-operative Bank or other banks, Minister of State for Finance Anurag Thakur said on Thursday. Thakur said that in case of PMC Bank, the Reserve Bank of India has allowed withdrawal of Rs 40,000, wh...
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RBI imposes penalty on Lakshmi Vilas and Syndicate Bank
Posted Date : 15-Oct-2019 , 09:17:29 am | Posted By CASANSAAR
The Reserve Bank of India has imposed a monetary penalty of Rs.1 crore on Lakshmi Vilas Bank (LVB) and Rs.75 lakh on Syndicate Bank.
In the case of LVB, the RBI said the penalty has been imposed for non-compliance with certain provisions of directions issued by it on ‘Income Recognition and...
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PMC Bank created more than 21,000 fake accounts to hide loans
Posted Date : 02-Oct-2019 , 09:25:09 am | Posted By CASANSAAR
Punjab and Maharashtra Co-operative Bank (PMC) used more than 21,000 fictitious accounts to hide loans it made, according to a police complaint lodged by officials, in the latest banking fraud case to spook the country's depositors and investors.
The complaint, filed with the Economic Offence...
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SBI becomes first Indian bank to have office in Australia’s Victoria
Posted Date : 01-Oct-2019 , 09:33:44 am | Posted By CASANSAAR
State Bank of India opened its Melbourne office on Monday, becoming the first Indian bank to have a branch in the Australian state of Victoria.
The Melbourne office will assist the growing trade and investment relations between Victoria and India and is the outcome of the state’s 10-year In...
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Bank unions defer 2-day strike; operations to be normal on Sept 26-27
Posted Date : 24-Sep-2019 , 09:37:04 am | Posted By CASANSAAR
Officers' unions of public sector banks have deferred the proposed two-day strike following an assurance from Finance Secretary Rajiv Kumar to look into their concerns.
Four unions of bank officers had threatened to go on a two-day strike from September 26 to protest against the consolidation...
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Merged entity of UBI, PNB, OBC to become operational from April 1, 2020
Posted Date : 15-Sep-2019 , 10:59:07 am | Posted By CASANSAAR
The amalgamated entity of United Bank of India (UBI), Punjab National Bank (PNB) and Oriental Bank of Commerce (OBC) will come into effect from April 1 next year, a top official said on Saturday.
The merged unit, likely to have a new name, will be the second-largest bank in the country after Stat...
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Canara Bank board gives approval for merger with Syndicate Bank
Posted Date : 14-Sep-2019 , 08:43:20 am | Posted By CASANSAAR
The board of Canara Bank has given in-principal approval to the merger with Syndicate Bank. Finance Minister Nirmala Sitharaman had announced consolidation of 10 state-run banks into four large-scale banks on August 30.
"The Board of Directors of the Bank in its meeting held today, considere...
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Frauds worth Rs 32,000 crore rattle 18 public banks within three months - RTI
Posted Date : 09-Sep-2019 , 09:21:56 am | Posted By CASANSAAR
A total of 2,480 cases of fraud involving a huge sum of Rs 31,898.63 crore rattled 18 public sector banks in between April and June this year, an RTI query has revealed.
The country's largest lender State Bank of India (SBI) remained the biggest prey to frauds with 38 per cent share, Neemuch-...
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Bank of Baroda employees to get 15 crore shares at 20% discount
Posted Date : 05-Sep-2019 , 09:22:22 am | Posted By CASANSAAR
Public sector lender Bank of Baroda or BoB will issue up to 15 crore fresh equity shares to its staff under the Employee Share Purchase Scheme (ESPS), the bank said on Tuesday. The decision was taken by the compensation committee of the board at its meeting held on Tuesday, the bank said in a regula...
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Cabinet approves Infusion of capital by Government in IDBI Bank
Posted Date : 04-Sep-2019 , 08:12:31 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Infusion of Rs 4,557 crore by Government in IDBI Bank.
It will help in completing the process of IDBI Bank’s turnaround and enable it to return to profitability and normal lending, and giving Governmen...
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Govt announces mega merger of public sector banks
Posted Date : 31-Aug-2019 , 10:35:01 am | Posted By CASANSAAR
The government has announced the merger of ten public sector banks into four banks. It announced the merger of Oriental Bank of Commerce and United Bank with Punjab National Bank as well as the merger of Canara Bank and Syndicate Bank.
The merger of Union Bank of India, Andhra Bank and Corporatio...
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CVC sets up panel to examine bank fraud above Rs 50 Cr
Posted Date : 26-Aug-2019 , 08:01:23 am | Posted By CASANSAAR
The Central Vigilance Commission (CVC) has constituted Advisory Board for Banking Frauds (ABBF) headed by former Vigilance Commissioner T M Bhasin to examine bank fraud over Rs 50 crore and recommend action.
The panel in its previous avatar called the Advisory Board on Bank, Commercial and Financ...
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Govt to upfront infuse Rs 70000 Cr capital into Public Sector Banks
Posted Date : 23-Aug-2019 , 08:01:25 pm | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman on Thursday announced upfront capital infusion of Rs 70,000 crore into public sector banks, a move aimed at boosting lending and improving liquidity situation.
The move is expected to generate an additional lending and liquidity in the financial system to the t...
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0 | Hits : 838
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Govt moves to appoint heads of BoI, BoB, PNB and Canara Bank
Posted Date : 21-Aug-2019 , 09:58:14 am | Posted By CASANSAAR
The government has initiated the process of filling up upcoming vacancies in the top management of large public sector banks (PSBs), unlike last year when several top banks remained headless for months.
The Banks Board Bureau (BBB) has invited applications for the post of managing director (MD) a...
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Punjab & Sind Bank flags fraud in Bhushan Power account
Posted Date : 22-Jul-2019 , 09:04:14 am | Posted By CASANSAAR
State-owned Punjab & Sind Bank reported over Rs 238 crore fraud by Bhushan Power and Steel, a third such instance after similar disclosures made by PNB and Allahabad Bank recently.
"On the basis of forensic audit investigation findings and CBI filing FIR, on suo moto basis, against...
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PNB reports over Rs.3,800 Cr fraud by Bhushan Power & Steel
Posted Date : 07-Jul-2019 , 09:06:31 am | Posted By CASANSAAR
Punjab National Bank (PNB) on Saturday informed the exchanges about a fraud of Rs. 3,805.15 crore in NPA (non-performing asset) account of Bhushan Power & Steel Ltd. (BPSL).
This includes a domestic exposure of Rs.3191.51 crore at Large Corporate branch at Chandigarh, Zonal Office, Chandigarh...
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Govt likely to adopt Bank of Baroda-like model of merger for Banks
Posted Date : 31-May-2019 , 09:58:01 am | Posted By CASANSAAR
The National Democratic Alliance (NDA) government, led by Prime Minister Narendra Modi, in its second stint may not go for a mega merger of public sector banks (PSBs) — a plan which was mooted during recent deliberations on consolidation.
Instead, the government may likely adopt the Bank of...
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PNB may takeover Oriental Bank, Andhra Bank or Allahabad Bank
Posted Date : 21-May-2019 , 06:18:58 pm | Posted By CASANSAAR
In further consolidation of the public sector banking industry, Punjab National Bank (PNB) could take control of two to three small state-run banks that could include Oriental Bank Of Commerce, Andhra Bank and Allahabad Bank, news agency Reuters reported, citing sources.
PNB could start the proce...
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Bank of Baroda looks to rationalise 800-900 branches aafter merger
Posted Date : 21-May-2019 , 10:08:49 am | Posted By CASANSAAR
State-owned Bank of Baroda (BoB) is considering the option of rationalising 800-900 branches across the country to improve operational efficiency, following its merger with Dena Bank and Vijaya Bank.
The merger of Dena Bank and Vijaya Bank with BoB became effective from April 1.
It does not ma...
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