Loans up to Rs 1 crore to MSMEs in just 59 minutes - FM
Posted Date : 26-Sep-2018 , 09:35:12 pm | Posted By CASANSAAR
In a bid to boost credit availability to Micro, Small and Medium Enterprises (MSMEs), Finance Minister Arun Jaitley has launched a web portal through which one can avail loans up to Rs 1 crore in just 59 minutes. The portal will enable principal approval of loans up to Rs 1 crore for MSMEs...
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FM asks PSU banks to take effective action against frauds, wilful defaults
Posted Date : 25-Sep-2018 , 12:12:39 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley Tuesday asked public sector banks to take "effective action" in cases of fraud and wilful loan defaults.
Reviewing the performance of state-owned lenders, he exuded confidence that formalisation of the economy would help India achieve sustainable growth of ...
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PNB, OBC, Andhra Bank next in line for merger
Posted Date : 24-Sep-2018 , 11:20:32 pm | Posted By CASANSAAR
The government, which reportedly asked the RBI last month to make a list of candidates for mergers and set a time-frame for bank consolidation, is going full steam ahead on its plan to clean up the banking system and create fewer, better-capitalised lenders.
After announcing the merger of Bank of...
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Govt appoints 14 executive directors in banks
Posted Date : 21-Sep-2018 , 09:45:44 am | Posted By CASANSAAR
As many as 14 general managers have been appointed as executive directors in different public sector banks, according to an official order issued Thursday.
Shanti Lal Jain and Vikramaditya Singh Khichi have been appointed as executive directors in the Bank of Baroda initially for a period of thre...
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Govt hikes interest rate on PPF, other small savings by up to 0.4%
Posted Date : 20-Sep-2018 , 08:21:25 pm | Posted By CASANSAAR
The government has raised interest rates on small savings schemes, including NSC and PPF, by up to 0.4 per cent for the October-December quarter, in line with rising deposit rates in the banks.
Interest rates for small savings schemes are notified on a quarterly basis.
The rates of interest on...
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Dena Banl, Vijaya Bank, BoB to merge to form India's 3rd largest Bank
Posted Date : 17-Sep-2018 , 10:53:34 pm | Posted By CASANSAAR
Three state-run banks - Dena Bank, Vijaya Bank and Bank of Baroda - will be merged to create the third-largest bank in the country, the government said on Monday, as part of efforts to clean up the country's banking system.
The government will continue to provide capital support to the merged e...
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United Bank of India increases MCLR by 5 basis points
Posted Date : 14-Sep-2018 , 08:52:04 am | Posted By CASANSAAR
Public lender United Bank of India has increased the marginal cost of funds based lending rate (MCLR) by 5 basis point or 0.05 per cent across tenors.
"The Asset Liability Management Committee of the Bank..has revised the tenor based MCLR of the bank with effect from September 14, 2018,"...
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SBI withdraws plan to sell Essar Steel loans post NCLAT order
Posted Date : 08-Sep-2018 , 11:19:12 am | Posted By CASANSAAR
Country's largest lender State Bank of India Friday said it has withdrawn the process of sale of debt of Essar Steel to asset reconstruction companies (ARCs) after the NCLAT asked lenders of the debt-ridden firm to consider the second round bid of Numetal and mining baron Anil Agarwal-led Vedant...
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IBA elects PNB's Sunil Mehta as Chairman
Posted Date : 31-Aug-2018 , 10:36:11 pm | Posted By CASANSAAR
The Indian Banks Association (IBA) has elected Punjab National Bank's managing director and chief executive, Sunil Mehta, as the new chairman for 2018-19.
The managing committee of the banking lobby has also elected Bank of India's managing director and chief executive, Dina Bandhu Mohapa...
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Banks will remain open and banking activity will continue unimpeded in the first week of Sept.
Posted Date : 31-Aug-2018 , 10:13:58 pm | Posted By CASANSAAR
It has come to notice that a rumour is circulating in several sections of the social media that banks will be closed for 6 days in the first week of September 2018, causing undue panic among the general public.
It is hereby clarified that banks will remain open and banking activity will...
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No ATM to be replenished with cash after 9 pm from next year
Posted Date : 21-Aug-2018 , 12:04:57 pm | Posted By CASANSAAR
No ATM will be replenished with cash after 9 PM in cities and 6 PM in rural areas from next year.
In a notification, Home Ministry said the deadline for putting money in the ATMs located in Naxal-hit areas is 4 PM. It said private cash handling agencies must collect money from the banks in ...
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SC rejects RBI plea to stay High Court proceedings
Posted Date : 08-Aug-2018 , 08:20:05 am | Posted By CASANSAAR
The Supreme Court has refused the Reserve Bank of India’s plea to stay proceedings in the Allahabad High Court against the central bank’s February 12 circular that prescribed tough norms for stressed assets.
It will hear on August 28 the banking regulator’s plea seeking tr...
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India Post Payments Bank to start operations soon with 650 branch
Posted Date : 30-Jul-2018 , 08:40:43 am | Posted By CASANSAAR
India Post Payments Bank is expected to go live with 650 branches and around 17 crore accounts in August, following clearance from Reserve Bank of India to start operations.
"We are looking at launch date. From an operational, technology and market perspective, we are ready to go live,...
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Govt asks RBI to suggest on PSU Bank merger
Posted Date : 25-Jul-2018 , 08:24:16 am | Posted By CASANSAAR
The government has asked the RBI to examine the possibility of merger among public sector banks to achieve synergy and scale operation, Minister of State for Finance Shiv Pratap Shukla said today.
The minister in a written reply to the Rajya Sabha said that there is no timeline has been fix...
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PNB, other PSBs may get Rs 8,000 crore lifeline
Posted Date : 17-Jul-2018 , 09:05:19 am | Posted By CASANSAAR
The government may infuse about Rs 8,000 crore in five or six state-run banks that are likely to fall short of regulatory capital requirements, a senior finance ministry official said. These banks may include Nirav Modi scam-hit Punjab National Bank.
“There are some banks that have is...
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Bank of Baroda invites applications for post of CFO
Posted Date : 11-Jul-2018 , 08:10:13 am | Posted By CASANSAAR
Bank of Baroda (BoB), the country’s third-largest public-sector bank (PSB) by assets, on Tuesday sought applications for the post of chief financial officer (CFO). The last date for sending in applications is July 31. The appointment will be for a period of three years with yearly performance ...
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Banks finalise inter-creditor agreement to fast track NPA resolution
Posted Date : 06-Jul-2018 , 07:56:19 am | Posted By CASANSAAR
With a view to fast track NPA resolution, bankers on Thursday finalised the inter-creditor agreement (ICA) framework that envisages effective communication among lenders.
The ICA mechanism is expected to be enforced this month itself.
The non-performing assets (NPAs) in the banking sector cros...
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ICICI Bank board appoints Girish Chandra as non-executive Chairman
Posted Date : 29-Jun-2018 , 09:54:55 pm | Posted By CASANSAAR
The ICICI Bank board on Friday approved the appointment of Girish Chandra Chaturvedi as its non-executive, part-time chairman, effective from July 1, 2018.
"This is to inform you that the Board of Directors of ICICI Bank at its Meeting held today appointed Mr. Girish Chandra Chaturvedi as an...
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Heads of 11 PSBs to appear before Parliamentary Panel
Posted Date : 26-Jun-2018 , 08:39:19 am | Posted By CASANSAAR
Heads of 11 state-run banks will apprise a parliamentary committee about the problems of mounting bad loans and increasing fraud cases on Tuesday, sources said.
They will be appearing before the Standing Committee on Finance, headed by veteran Congress leader M Veerappa Moily, which is looking in...
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Bank of Maharashtra CEO, ED held for Rs 3,000 Cr DSK Group default case
Posted Date : 20-Jun-2018 , 03:06:58 pm | Posted By CASANSAAR
The Economic offences wing of the Pune police has arrested the MD & CEO of Bank of Maharashtra Ravindra Marathe along with executive director RK Gupta in the Rs 3,000 crore DSK Group loan default case. Sushil Muhnot, the former CMD of the bank, was also nabbed from Jaipur in connection with the ...
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6 more state-run banks may come under PCA
Posted Date : 11-Jun-2018 , 05:17:16 pm | Posted By CASANSAAR
Six more state-run banks are at risk of entering the Reserve Bank of India’s prompt corrective action (PCA) framework, officials said. These include Punjab National Bank, Union Bank of India and Syndicate Bank, they said, adding that this may reduce the chances of the finance ministry’s ...
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SBI to auction 12 bad accounts this month to recover over Rs 1325 Cr
Posted Date : 10-Jun-2018 , 06:53:59 pm | Posted By CASANSAAR
The country's largest lender SBI will conduct auction of 12 non-performing accounts (NPAs) later this month to recover dues of over Rs 1,325 crore.
The e-auction of these accounts will take place on June 25, according to an SBI notice.
The NPA accounts that have been put under the hammer i...
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Interest rate on unclaimed funds lying with banks cut to 3.5% from 4%
Posted Date : 08-Jun-2018 , 12:46:33 am | Posted By CASANSAAR
The unclaimed money lying in bank saving accounts is going to earn less interest than before.
The rate of interest payable by banks to the depositors or claimants on the unclaimed amount transferred to the Depositor Education and Awareness Fund shall be 3.5 percent simple interest per annum...
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Govt weighs merger of Bank of Baroda, IDBI Bank, Oriental Bank, Central Bank
Posted Date : 04-Jun-2018 , 08:29:27 am | Posted By CASANSAAR
The government is considering merging at least four state-run banks, including Bank of Baroda, IDBI Bank Ltd, Oriental Bank of Commerce and Central Bank of India, two people aware of the matter said. If the plan goes through, the merged entity will become the second-largest bank in the country after...
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SBI to modify rules for startup investments
Posted Date : 03-Jun-2018 , 07:24:23 pm | Posted By CASANSAAR
Country's largest lender SBI, which has not been able to invest in fintech startups despite earmarking funds, is now looking to modify rules to kickstart the infusion, a top official has said.
"We are a public institution and investments in startups are generally considered very risky. W...
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Nationwide bank strike on May 30 and 31
Posted Date : 29-May-2018 , 07:05:38 am | Posted By CASANSAAR
The proposed nationwide bank strike on May 30 and May 31 stands as the conciliatory talks convened by the Chief Labour Commissioner here on Monday failed, the UFBU has said.
“Although the Chief Labour Commissioner tried his best to sort out the strike issue, there is no positive development...
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21 Nationalised Banks Lost Rs 25,775 Crore in Bank Frauds in 2017-18
Posted Date : 28-May-2018 , 08:37:18 pm | Posted By CASANSAAR
Twenty-one public sector banks (PSBs) have incurred losses totalling Rs 25,775 crore due to banking frauds in the financial year 2017-18, a Right to Information reply has stated.
The Punjab National Bank (PNB) had incurred the highest loss of Rs 6461.13 crore due to different cases of fraud durin...
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CBDT chairman among top I-T officials under CBI lens in Nirav Modi case
Posted Date : 25-May-2018 , 12:28:00 am | Posted By CASANSAAR
The Nirav Modi case is becoming a sticky wicket for many investigators. Now, top income tax officials including Sushil Chandra, Chairman of the Central Board of Direct Taxes (CBDT), have come under the CBI lens for the alleged misreporting and sharing of investigation details with extortionists.
...
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Over 2,100 companies settle Rs 83,000 Crore Bank dues
Posted Date : 23-May-2018 , 09:07:12 am | Posted By CASANSAAR
The fear of losing control over their companies has prompted promoters, who have defaulted on repayment of loans to banks, to settle their dues of around Rs 83,000 crore before action was initiated under the newly-enacted Insolvency and Bankruptcy Code (IBC).
On last count, data compiled by the m...
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PNB refuses to disclose details on over Rs 13,000 cr scam
Posted Date : 21-May-2018 , 09:08:02 am | Posted By CASANSAAR
State-run Punjab National Bank (PNB) has refused to disclose details of the audit or investigation that led to detection of over Rs 13,000 crore fraud at the company, citing a clause that bars any disclosure that can impede the process of investigating or apprehending the offenders.
In reply to a...
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