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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Banking |
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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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CBI names top PNB officials in second chargesheet in fraud case
Posted Date : 17-May-2018 , 08:11:23 am | Posted By CASANSAAR
Two days after registering the first chargesheet in the Rs12,636 crore Punjab National Bank (PNB) fraud case, the Central Bureau of Investigation (CBI) on Wednesday filed another chargesheet in the matter in the Mumbai sessions court, on the basis of a case registered on 15 February.
“The c...
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Allahabad Bank divests its CEO of all Powers
Posted Date : 15-May-2018 , 07:46:02 pm | Posted By CASANSAAR
The Board of state-owned Allahabad Bank today divested its MD and CEO Usha Ananthasubramanian of all powers with immediate effect, following a directive from the finance ministry after she was named in the CBI's chargesheet in PNB fraud case.
Ananthasubramanian, was the CMD of Punjab National...
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Two Independent Directors of IDBI Bank Quit
Posted Date : 15-May-2018 , 02:49:38 pm | Posted By CASANSAAR
Two independent directors Ninad Karpe and S Ravi have resigned from the board of state-owned IDBI Bank days after CBI filed FIR in connection with Rs 600 crore loan given by the bank to former Aircel promoter C Sivasankaran, his son and companies controlled by him.
Karpe and Ravi cease to be inde...
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Banks can't exchange soiled or torn Rs 200 and Rs 2000 currency notes
Posted Date : 15-May-2018 , 10:32:17 am | Posted By CASANSAAR
There are many reasons why a currency note gets soiled or disfigured, ranging from excessive handling to getting torn/wet and nibbled on by white ants. But while the RBI has made provisions for the value of such notes to be refunded to the owner, either in full or as a matter of grace depending on t...
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PCA review of 11 state-run banks on May 17
Posted Date : 12-May-2018 , 09:27:23 pm | Posted By CASANSAAR
The government will hold a review meeting on May 17 of state-run banks that are under the Reserve Bank of India's prompt corrective action (PCA) framework. At present, there are 11 banks under PCA on account of poor performance.
"A review meeting has been called for some of the wea...
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Banking |
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Bank unions announce 2 Days Strike from May 30
Posted Date : 12-May-2018 , 09:26:31 am | Posted By CASANSAAR
United Forum of Bank Unions (UFBU) has threatened to observe two-day bank strike on May 30 and 31 to protest against Indian Banks' Association's measly wage hike offer and delay in wage negotiation.
The bankers association has stirred up a hornets nest by offering an average pay inc...
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Bank employees to go on 2-day strike over wage revision
Posted Date : 07-May-2018 , 07:13:26 pm | Posted By CASANSAAR
Over 10 lakh bankers in government and private banks will go on a two-day strike by the end of May if the government does not ask the Indian Banks Association (IBA) to make an improved offer, said a leader of the All India Bank Employees Association (AIBEA).
"It is a matter of shame that whi...
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PNB to hire detective agencies to locate untraceable borrowers
Posted Date : 25-Apr-2018 , 09:25:18 pm | Posted By CASANSAAR
Fraud-hit Punjab National Bank (PNB) has invited applications for empanelment of detective agencies to locate its untraceable borrowers as it looks to "significantly" supplement efforts to recover bad loans which surged to Rs 57,519 crore at December end.
In its efforts to recover...
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PNB impounds passports of 150 wilful defaulters
Posted Date : 21-Apr-2018 , 08:58:19 am | Posted By CASANSAAR
PNB, the country’s second-largest public sector lender, has impounded passports of 150 wilful loan defaulters apart from lodging 37 FIRs against those who are not repaying loans as part of its recovery drive.
“The bank has already declared 1,084 wilful defaulters and published photos ...
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CBI case against 3 companies officials, others in Rs 621-cr fraud
Posted Date : 18-Apr-2018 , 02:17:04 pm | Posted By CASANSAAR
The Central Bureau of Investigation has registered a case against the promoters and directors of three private companies including a Delhi based pharmaceutical company for defrauding Punjab and Sindh Bank and the consortium of four other banks to the tune of 621 crore rupees.
The case has b...
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CBI arrests ex-UCO Bank Chairman in scam worth Rs 621 crore
Posted Date : 15-Apr-2018 , 08:21:58 pm | Posted By CASANSAAR
In a spree of arrests taking place for the frauds happening in various banks, another fraudulent case has come to light recently. This time, the former UCO bank CMD Arun Kaul has been arrested along with others by the CBI for allegedly being involved in a scam worth Rupees 621 Crore with the bank. R...
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BP Sharma to replace Vinod Rai as chairman of Bank Board Bureau
Posted Date : 13-Apr-2018 , 08:19:44 am | Posted By CASANSAAR
The government on Thursday appointed former department of personnel and training secretary Bhanu Pratap Sharma chairman of the Banks Board Bureau (BBB). Sharma replaces former comptroller and auditor general (CAG) Vinod Rai, whose two-year term as the first head of the BBB got over on March 31. The ...
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Banks to get Rs 27,000-cr breather on RBI provisioning move
Posted Date : 12-Apr-2018 , 08:20:46 am | Posted By CASANSAAR
The recent relaxation given to lenders by RBI in provisioning norms and permitting them to spread mark-to-market (MTM) losses over four quarter will provide a Rs 27,000-crore breather to banks in the fourth quarter of fiscal 2017-18, said a report.
The Reserve Bank of India (RBI) recently gave an...
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Post office account holders can avail digital banking service from May
Posted Date : 09-Apr-2018 , 08:58:57 am | Posted By CASANSAAR
Around 340 million post office savings account holders will be able to avail a full-fledged digital banking service from May as the government has approved linking such accounts with that of India Post Payments Bank (IPPB).
"The finance ministry has approved linking of savings bank accounts ...
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Banks are billing for your SMS alerts against RBI advisory
Posted Date : 05-Apr-2018 , 03:07:43 pm | Posted By CASANSAAR
Charges for SMS alerts on banking transactions may not squeeze account holders much but can be a reasonable earning for many banks, especially in accounts with meagre monthly transactions though income from SMS alert service goes against the advisory from the sector regulator.
While Reserve...
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Four PSBs, ATM service providers under Tax Lens
Posted Date : 27-Mar-2018 , 12:27:03 am | Posted By CASANSAAR
The revenue department’s intelligence unit has launched an investigation into alleged collusion between select banks and ATM service providers to avoid payment of value added tax (VAT) and wrongful claim of tax credit.
The Directorate General of Goods and Services Tax Intelligence (DG...
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No continuous holidays for banks
Posted Date : 27-Mar-2018 , 09:07:21 am | Posted By CASANSAAR
Banks will not remain closed for five consecutive days starting from Thursday, a union leader said on Monday.
"The banks will work on March 31 (Saturday) and there is no continuous holidays as per messages in the social media," D. Thomas Franco Rajendra Dev, General Secretary of the All...
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After PNB, SBI, now Union Bank of India hit by bank fraud
Posted Date : 22-Mar-2018 , 11:07:53 pm | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) registered a Rs1,394.43 crore bank fraud case against Hyderabad-based Totem Infrastructure Ltd on a complaint by state-run Union Bank of India.
“The CBI registered a case today (Thursday) on a complaint by Union Bank of India against Totem Infrastru...
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CBI files another bank fraud case of Rs.1394 Cr
Posted Date : 22-Mar-2018 , 11:04:25 am | Posted By CASANSAAR
Yet another bank fraud has come to light, with the CBI filing a case against Hyderabad-based Totem Infrastructure Ltd for allegedly defrauding a consortium of eight banks led by Union Bank of India (UBI) to the tune of Rs 1,394 crore.
A Central Bureau of Investigation (CBI) team also carried out ...
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Linking of SWIFT to the Core Banking System
Posted Date : 22-Mar-2018 , 11:01:05 am | Posted By CASANSAAR
Department of Economic Affairs has apprised that in pursuance to the announcement made in the Budget Speech 2018-19 (para75), a Steering Committee on Fintech related issues was constituted to consider various issues relating to development of Fintech space in India with a view to make Fint...
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PNB issued over 41k LoUs since 2011- FinMin
Posted Date : 22-Mar-2018 , 10:52:26 am | Posted By CASANSAAR
In reply to another question, Minister of State for Finance Shiv Pratap Shukla said that as per PNB, the total number of LoUs issued to the companies of Nirav Modi, his relatives and the Nirav Modi Group are 1,213, and to Mehul Choksi, his relatives and the Gitanjali Group are 377.
He further sai...
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107 companies and 7 LLPs under SFIO scanner in PNB fraud case
Posted Date : 16-Mar-2018 , 08:30:47 pm | Posted By CASANSAAR
The Government has ordered investigation into the affairs of 107 companies and 7 LLPs under the provisions of Section 212(1)(c) of the Companies Act, 2013 and Section 43(3)(c)(i) of Limited Liability Partnership Act, 2008 on 17.02.2018 belonging to Mr Nirav Modi (Firestar Diamond group) and Mr Mehul...
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Over 1,700 card, net banking-related frauds reported in 2017
Posted Date : 16-Mar-2018 , 08:29:15 pm | Posted By CASANSAAR
Over 1,700 cases of fraud related to credit/debit card and Internet banking with the extent of losses touching Rs 71.48 crore were reported in 2017, Parliament was informed today.
A total of 1,785 cases related to credit/debit card and Internet banking for amounts involving Rs 1 lakh and more wer...
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