Govt asks banks to name and shame wilful defaulters
Posted Date : 13-Mar-2018 , 08:31:13 pm | Posted By CASANSAAR
Tightening the noose around wilful defaulters, the government has asked banks to 'name and shame' such borrowers by publishing their photographs and other details in newspapers.
According to PTI, the finance ministry has written a letter to all state-run banks directing them to take board...
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SBI slashes minimum balance charges by up to 75%
Posted Date : 13-Mar-2018 , 05:17:03 am | Posted By CASANSAAR
State Bank of India, SBI has cut down the charges for non-maintenance of average minimum balance in its savings accounts by up to 75 per cent.
The new charges, which will benefit about 25 crore bank customers, comes into effect from 1st of next month.
The bank said in a release tha...
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Nirav scam: PNB to pay lenders, but with a rider
Posted Date : 12-Mar-2018 , 11:15:42 pm | Posted By CASANSAAR
Banks are close to reaching an accord on resolving the tussle over payments due to them by Punjab National Bank (PNB) against guarantees the latter issued to jewellers Nirav Modi and Mehul Choksi as well as their companies that are the subject of a Rs 13,000-crore fraud. While PNB has agreed to hono...
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PNB may be given 1 year to provision against Rs 12,646 Cr fraud
Posted Date : 10-Mar-2018 , 09:12:22 am | Posted By CASANSAAR
The Reserve Bank may provide four quarters to Punjab National Bank (PNB) for making provisions against the country's biggest ever banking fraud of Rs 12,646 crore allegedly masterminded by billionaire diamantaire Nirav Modi.
The bank has written a letter to the banking sector regulator seekin...
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Banks may be told to take passport details for loans above Rs 50 crore
Posted Date : 06-Mar-2018 , 08:41:29 am | Posted By CASANSAAR
The finance ministry may ask state-run lenders to seek the certified passport details of borrowers with an exposure of Rs 50 crore and above to help prevent them fleeing the country in case of default or wrongdoing of any kind, a senior government official said.
This comes as the government...
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RBI slaps Rs 3 cr penalty on Axis Bank, 2 cr on IOB
Posted Date : 06-Mar-2018 , 08:26:13 am | Posted By CASANSAAR
RBI said it has imposed a penalty of Rs 3 crore on Axis Bank for violation of NPA classification norms, and Rs 2 crore on Indian Overseas Bank for not complying with the KYC regulations.
RBI said it had carried out a statutory inspection of private sector player Axis Bank with reference to its fi...
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CBDT notifies new communication scheme for e-assessment
Posted Date : 28-Feb-2018 , 10:21:00 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has notified a new centralised communication scheme for serving e-notices to income tax-payers as part of the government’s ambitious plan to usher in a countrywide paperless system of interface between the taxman and the assessee.
The scheme stipulat...
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Govt asks PSU Banks to scan all bad debts of above Rs 50 Cr
Posted Date : 28-Feb-2018 , 09:06:11 am | Posted By CASANSAAR
The government on Tuesday asked state-run banks to fix operational gaps within 15 days and said lenders must check all bad loan accounts over Rs 50 crore for possible fraud. The latest directive has been sent by Rajeev Kumar, the secretary - department of financial services, after the over Rs 12,600...
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OBC fraud: CBI registers Rs 109 crore loan default case against CMD of Simbhaoli Sugars
Posted Date : 26-Feb-2018 , 12:26:14 pm | Posted By CASANSAAR
The Central Bureau of Investigation has filed a case against Bombay Stock Exchange listed–Simbhaoli Sugars Limited, one of the largest sugar refining companies–for allegedly cheating Oriental Bank of Commerce (OBC) of Rs 109 crore in 2011 on the pretext of financing sugarcane farmers.
...
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PNB’s LoU story spoils plot for import finance
Posted Date : 22-Feb-2018 , 10:24:49 am | Posted By CASANSAAR
Import finance, crucial for ensuring critical supplies for India’s industrial and consumer needs, faces serious restrictions as banks clamp down on issue of letters of undertaking (LoUs) after a bunch of employees at Punjab National Bank were caught issuing fake LoUs in the country’s big...
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Govt mulls dissolving Banks Board Bureau headed by Vinod Rai
Posted Date : 20-Feb-2018 , 08:42:09 am | Posted By CASANSAAR
As the plot behind the PNB scam thickens, the government is considering dissolving the Banks Board Bureau (BBB) headed by Vinod Rai who is set to retire in March, a highly placed source in the finance ministry told Express. “The government is considering dissolving it. The chairman is retiring...
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Govt asks RBI to check efficiency of systems to detect frauds
Posted Date : 20-Feb-2018 , 08:36:11 am | Posted By CASANSAAR
The CBI has arrested three officials of Punjab National Bank's Brady House branch in Mumbai in connection with Nirav Modi fraud case.
These officials are Chief Manager Bechu B Tewari, Forex Department Manager Yashwant Joshi and Praful Sawant, a Scale I officer in Export section. They we...
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PNB Fraud - Officials of other banks under scanner
Posted Date : 18-Feb-2018 , 09:29:38 pm | Posted By CASANSAAR
As investigations into the Rs 11,400 crore scam at PNB gather momentum, officials at overseas branches of other banks, where the fraudulently issued Letter of Undertakings (LoUs) were encashed, are under scanner, sources said.
Officials of Hong Kong branches of Indian lenders including Allahabad ...
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PNB cautions other banks about modus operandi of fraud
Posted Date : 15-Feb-2018 , 10:02:45 am | Posted By CASANSAAR
Hit by a Rs 11,400 crore fraud, state-owned Punjab National Bank (PNB) has cautioned other banks about the modus operandi of the scam.
"It has been reported through a preliminary investigation that the suspected fraud has been carried out by the perpetrators in collusion with the staff of on...
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PNB fraud turns up heat on India's banking reforms
Posted Date : 15-Feb-2018 , 09:35:55 am | Posted By CASANSAAR
India’s financial institutions keep finding fresh ways to screw up. Punjab National Bank (PNB), the country’s second biggest public sector bank, has uncovered $1.8 billion (about Rs11,363 crore) of “fraudulent and unauthorized” transactions from a single branch in Mumbai. It ...
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Punjab National Bank detects RS.11400 Cr fraud
Posted Date : 14-Feb-2018 , 09:28:18 pm | Posted By CASANSAAR
State-owned Punjab National Bank today said it has detected a USD 1.77 billion (about Rs 11,400 crore) scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking from a branch in Mumbai to secure overseas credit from other Indian lenders.
PNB has suspended 10 ...
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State Bank hikes rates on bulk, senior citizen deposits by 50-140 bps
Posted Date : 31-Jan-2018 , 10:55:40 am | Posted By CASANSAAR
National banking bellwether State Bank of India raised interest rates on deposits for the first time in five years as it prepares to raise the lending game after the government strengthened it with capital investment and the trauma of bad loans eased.
SBI follows private sector lender Axis ...
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Finance ministry to conduct performance review of heads of 12 banks
Posted Date : 29-Jan-2018 , 09:08:56 am | Posted By CASANSAAR
The finance ministry would soon initiate a performance review of heads of public sector banks that are under the RBI’s (Reserve Bank of India) Prompt Corrective Action (PCA) as part of the reform process, official sources privy to the development said.
So far, RBI has put 12 public sector b...
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Govt allows Small Finance Banks & Payments Banks to offer Atal Pension Yojana
Posted Date : 27-Jan-2018 , 02:13:07 pm | Posted By CASANSAAR
Government has allowed Small Finance Banks and Payments Banks to offer Atal Pension Yojana (APY). Finance Ministry in a statement said, 10 Small Finance Banks and 11 Payment Banks have got license from Reserve Bank of India to start banking operations in the country.
The Banks include Ujjivan Sma...
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Govt announces details of Bank recap and Comprehensive Reform Plan
Posted Date : 25-Jan-2018 , 08:46:19 am | Posted By CASANSAAR
The Government of India today unveiled details of the re-capitalisation of Public Sector Banks (PSBs) announced in October, 2017. The capital infusion plan for 2017-18 includes Rs.80,000 crore through Recap Bonds and Rs.8,139 crore as budgetary support. This plan addresses regulatory cap...
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Top banks suspend accounts of major Bitcoin exchanges in India
Posted Date : 20-Jan-2018 , 10:34:33 am | Posted By CASANSAAR
Top lenders including State Bank of India, Axis BankBSE 1.12 %, HDFC BankBSE 1.00 %, ICICI Bank and Yes Bank have suspended some accounts of major Bitcoin exchanges in India, suspecting dubious transactions, three people aware of the development said.
The banks have also sought additional c...
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1463 bad loan accounts owe PSU banks Rs 100 crore or more
Posted Date : 07-Jan-2018 , 08:20:37 pm | Posted By CASANSAAR
As many as 1,463 entities account for bad loans of Rs 100 crore or more in 21 public sector banks (PSBs), finance ministry data showed.
In State Bank of India (SBI) alone, 265 accounts had bad loans of more than Rs 100 crore each, totalling Rs 77,538 crore, at the end of the September quart...
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Govt cuts small savings interest rate by 0.2 percentage points
Posted Date : 27-Dec-2017 , 09:49:04 pm | Posted By CASANSAAR
The government on Wednesday cut the interest rate on small savings schemes, including public provident fund (PPF), national savings certificate (NSC) and Kisan Vikas Patra, by 0.2 percentage points for the January-March quarter, a move that will prompt banks to lower deposit rates.
Interest rates...
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Govt dismisses rumours about closing down of public sector banks
Posted Date : 23-Dec-2017 , 07:03:40 am | Posted By CASANSAAR
Dismissing rumours, the government today said there is no question of closure of any public sector bank.
In a tweet, Financial Services Secretary Rajeev Kumar said the government is strengthening these banks by re-capitalisation plan of 2.11 lakh crore rupees.
He appealed to the pe...
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SBI changes names, IFSC codes of around 1300 branches
Posted Date : 10-Dec-2017 , 12:27:05 am | Posted By CASANSAAR
Post the merger of its five associates, State Bank of India (SBI) has changed names and Indian Financial System Code (IFSC) codes of nearly 1,300 of its branches. The country’s largest lender has changed the names and IFSC codes of branches located in major cities such as Mumbai, New Delhi, Be...
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60000 SHELL Companies deposited Rs 21000 crore during demonetisation
Posted Date : 02-Dec-2017 , 09:11:55 am | Posted By CASANSAAR
The government has received bank details of 60,000 out of 2.24 lakh companies which were deregistered recently due to non-compliance and non-filing of returns, said a ministry of corporate affairs official.
The bank details of these companies reveal that Rs 21,000 crore was deposited post-demonet...
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GOI floats Series-III of Sovereign Gold Bonds 2017-18
Posted Date : 25-Nov-2017 , 09:29:04 am | Posted By CASANSAAR
GOI floats Series-III of Sovereign Gold Bonds 2017-18
Issue price shall be Rs2,961 per gram with Settlement on December 4, 2017.
Government of India, in consultation with the Reserve Bank of India (RBI), had floated Series III of Sovereign Gold Bonds 2017-18, ...
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No proposal to withdraw cheque book facility - FinMin
Posted Date : 24-Nov-2017 , 08:28:09 am | Posted By CASANSAAR
The finance ministry today said there is no proposal to withdraw the bank cheque book facility as part of exercise to promote digital transaction.
The clarification comes in the backdrop of reports in a certain section of media that there is a possibility that the central government may withdraw ...
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SC sends bizman to two-day ED custody in bank fraud case
Posted Date : 14-Nov-2017 , 07:48:50 am | Posted By CASANSAAR
The Supreme Court today sent Delhi-based businessman to two-day custody of the Enforcement Directorate (ED) in a Rs 5,000 crore money laundering case.
A bench comprising Chief Justice Dipak Misra and justices A M Khanwilkar and D Y Chandrachud allowed the ED to quiz Gagan Dhawan till November 15 ...
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IPPB Bank to become operational in 650 districts by April 2018
Posted Date : 11-Nov-2017 , 03:42:30 pm | Posted By CASANSAAR
The government today said India Post Payments Bank will become operational in all 650 districts of the country by April next year.
They will facilitate financial inclusion. In reply to a question, Minister of Communications Manoj Sinha said in New Delhi that these banks will be linked to 1....
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