Indian Banks write off Rs.10.6 Lakh Cr in 5 years, 50% linked to Large Corporates
Posted Date : 05-Dec-2023 , 07:21:56 am | Posted By CASANSAAR
The government on Monday informed the Lok Sabha that all Scheduled Commercial Banks have written off nearly Rs 10.6 lakh crore in the last 5 years, out of which nearly 50 per cent belong to large industrial houses. It also said that nearly 2300 borrowers, each having a loan amount of Rs 5 crore or m...
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Govt approves extension of BoM, Central Bank MDs' tenure
Posted Date : 06-Nov-2023 , 08:32:49 am | Posted By CASANSAAR
The government has cleared the extension of tenure of managing directors of two public sector lenders -- Bank of Maharashtra (BoM) and Central Bank of India.
According to sources, Appointments Committee of the Cabinet (ACC) has approved extension of term of office of A S Rajeev, MD and CEO of B...
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CBI begins probe into multi-crore PNB embezzlement case
Posted Date : 03-Nov-2023 , 06:50:54 am | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) has started probe into the multi-crore banking fraud in which a former Punjab National Bank (PNB) employee, M.P. Rijil, allegedly swindled ?21 crore from multiple bank accounts, including the eight accounts maintained by the Kozhikode Corporation.
T...
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Bank Fraud - ED arrests 2 Promoters, CA of Pharma company, Searches Ashoka University
Posted Date : 29-Oct-2023 , 09:11:45 am | Posted By CASANSAAR
The Enforcement Directorate (ED) on Saturday arrested two promoters of a Chandigarh-based pharma company, who are also the co-founders of the Sonepat-based Ashoka University, and a chartered accountant in a money-laundering probe linked to an alleged bank fraud.
Official sources said the central ...
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SBI to send chocolates to borrowers who are likely to default on monthly repayments
Posted Date : 17-Sep-2023 , 09:27:15 pm | Posted By CASANSAAR
The nation's largest lender State Bank of India is adopting a novel way to ensure timely repayments, especially by its retail borrowers, by greeting those likely to default on monthly installments with a pack of chocolates.
According to the bank, it has been found that a borrower who is plann...
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Govt Panel may ready new list of Public Sector Banks for Privatisation
Posted Date : 17-May-2023 , 08:44:41 am | Posted By CASANSAAR
The government is likely to set up a panel of experts to prepare a list of Public Sector Banks (PSBs) that can be privatised, an Economic Times (ET) report said, quoting people aware of the developments. The centre is looking for ways to privatise PSBs as they have turned profitable and bigger, and ...
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Banks request RBI for more time to implement new loan provisioning norms
Posted Date : 17-May-2023 , 08:05:20 am | Posted By CASANSAAR
Lenders have sought a one-year extension from the Reserve Bank of India (RBI) for implementation of the Expected Credit Loss (ECL)-based loan loss provisioning framework.
In January this year, the RBI came out with a draft guidelines proposing adoption of expected credit loss approach for credit ...
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Former AGM of Punjab National Bank, 3 others get five-year jail term for bank fraud
Posted Date : 12-May-2023 , 06:09:06 pm | Posted By CASANSAAR
The Special Judge for CBI Cases, Hyderabad, on Tuesday sentenced former Assistant General Manager of Punjab National Bank, Banjara Hills, and three others, in a bank fraud case registered in February 2016.
The court sentenced Mr.Garg, Jitender Kumar Agarwal, then MD of M/s. Sheetal Refineries Lim...
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Finmin to meet public sector banks' heads to review financial inclusion schemes
Posted Date : 06-Apr-2023 , 06:29:17 am | Posted By CASANSAAR
Finance Ministry has called a meeting of heads of Public Sector Banks (PSBs) on April 13 to review progress of various financial inclusion schemes, including Jan Suraksha and Mudra Yojana.
The meeting is scheduled to be chaired by Financial Services Secretary Vivek Joshi.
According to sources,...
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India Post Payments Bank launches WhatsApp Banking Services
Posted Date : 01-Apr-2023 , 07:49:36 am | Posted By CASANSAAR
India Post Payments Bank (IPPB), in collaboration with Airtel, announced the launch of WhatsApp Banking Services for IPPB customers in New Delhi today, enabling them to access banking services on their mobile phone.
The newly launched IPPB WhatsApp Banking channel will enable IPPB custome...
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CBI registers two separate cases in connection to Rs 2100 Cr bank fraud
Posted Date : 12-Jul-2022 , 08:54:58 pm | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) on Monday registered a case against a Mumbai-based private company over the allegations of causing a loss worth about Rs 1,438.45 crore to the State Bank of India and four other consortium member banks.
The accuse...
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Public Sector Banks shut down 2,044 Branches in FY22
Posted Date : 07-Jul-2022 , 08:43:12 am | Posted By CASANSAAR
Indian government-owned banks saw a reduction of 2,044 branches and about 13,000 employees in 2022 over the previous year, a major bank employees union said in Sunday.
On the other hand, the number of branches of private banks went up by 4,023 to 34,342 b...
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Two private banks to be sold in the country, centre to speed up law change process
Posted Date : 28-May-2022 , 08:39:52 am | Posted By CASANSAAR
The Centre speed up the process of privatising two State-owned banks. News agency PTI quoted a source from the Centre as saying on Wednesday. The Modi government at the Centre had earlier amended the 'Banking Regulation Act' to pave the way for private investment in Sta...
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600 branches closed down, Central Bank of India employees to go on two-day strike on May 30-31
Posted Date : 24-May-2022 , 08:47:48 am | Posted By CASANSAAR
To oppose blatant privatisation of public sector banks, lakhs of employees associated with the two public sector banks – Bank of Baroda and Central Bank of India – have announced two-day nationwide strike on May 30-31.
Bank of Baroda is the th...
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Central Bank of India says not yet decided on branch closures
Posted Date : 08-May-2022 , 09:08:54 am | Posted By CASANSAAR
State-owned Central Bank of India has not yet decided on a possible extensive branch closure plan this fiscal year, the lender said on Saturday days after Reuters reported it planned to shut some branches to improve its financial health.
On Thursday, Reuters cited sources and a document saying ...
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Central Bank of India to close 600 branches by March 2023 - Report
Posted Date : 06-May-2022 , 07:53:09 am | Posted By CASANSAAR
Central Bank of India, a state-owned commercial bank, plans to shut 13% of its branches to improve its financial health, which has been under pressure for several years, according to sources and a document seen by Reuters.
The bank is looking to reduce the number of branches by 600 by either sh...
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Govt to remove 20% cap on foreign ownership in PSU banks
Posted Date : 25-Apr-2022 , 08:39:42 am | Posted By CASANSAAR
As per some latest reports, the government of India has now started inviting bids from many companies for their privatization.
Additionally, the process of privatization of PSBs is also on the verge of beginning, despite the strikes being held against it.
As per reports, the governme...
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Banks Board Bureau shortlists MDs for four public sector banks
Posted Date : 17-Mar-2022 , 09:49:56 am | Posted By CASANSAAR
The Banks Board Bureau, the body which selects chief executives for financial entities in the public sector, has identified managing directors for four lenders – Union Bank of India, Indian Overseas Bank, Punjab & Sind Bank and State Bank of India.
The board has shortlisted A Manimekhal...
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PNB reports borrowing fraud of over ₹2,000 cr in NPA account
Posted Date : 16-Mar-2022 , 08:41:29 am | Posted By CASANSAAR
State-owned Punjab National Bank (PNB) has reported a borrowing fraud of over ₹2,000 crore in the non-performing account of IL&FS Tamil Nadu Power Co. Ltd.
A fraud of ₹2,060.14 crore is being reported by Bank to RBI in the accounts of the company, the Bank said in a filing
...
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CBI seeks prosecution sanction against ex-MD, two officials of bank in PNB fraud case
Posted Date : 01-Mar-2022 , 10:28:03 am | Posted By CASANSAAR
The CBI has sought sanction to prosecute then Punjab National Bank (PNB) managing director and chief executive officer Usha Ananth Subramanian and executive directors K. V. Brahmaji Rao and Sanjiv Sharan in connection with the bank fraud case against fugitive Mehul Choksi’s Gitanjali group of ...
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Gross non-performing assets of scheduled commercial banks have declined
Posted Date : 08-Feb-2022 , 09:15:50 am | Posted By CASANSAAR
As per Reserve Bank of India (RBI) data on global operations, gross non-performing assets (GNPAs) of scheduled commercial banks (SCBs) have declined from Rs. 9,33,779 crore (GNPA ratio of 9.07%) as on 31.3.2019 to Rs. 8,00,463 crore (GNPA ratio of 6.93%) as on 30.9.2021. This was stated b...
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SBI not to levy service charge on online IMPS transactions up to Rs 5 lakh
Posted Date : 05-Jan-2022 , 08:33:19 am | Posted By CASANSAAR
Public sector State Bank of India (SBI), on January 4 announced it would not levy any service charge on online Immediate Payment Service (IMPS) transactions up to Rs 5 lakh.
Earlier, online IMPS transactions up to Rs 2 lakh were exempted from service charge.
"In an aim to...
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Govt recovers Rs. 13,109 Cr by selling assets of defaulters
Posted Date : 21-Dec-2021 , 08:33:01 am | Posted By CASANSAAR
The government has recovered over ₹13,109 crore by selling assets of defaulters such as Nirav Modi, Vijay Mallya, and Mehul Choksi as of July this year, finance minister Nirmala Sitharaman said Monday.
She added that another ₹792 crore was recovered from Vijay Mallya and others, as ...
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Bank deposit insurance cover upped to Rs 5 lakh, refund in 90 days
Posted Date : 13-Dec-2021 , 08:03:16 am | Posted By CASANSAAR
Union Minister of Commerce and Industry Piyush Goyal on Sunday said that the Central government has increased the bank deposit insurance cover, in case of problems occurring such as closure, from Rs 1 lakh to Rs 5 lakh. The amount has to be refunded to the depositor within 90 days.
Addressing &...
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Rs 26,697 cr lying in dormant accounts of banks - FM Sitharaman
Posted Date : 01-Dec-2021 , 08:32:53 am | Posted By CASANSAAR
As much as Rs 26,697 crore was lying in dormant accounts of banks, including cooperative banks, as on December 31, 2020, Finance Minister Nirmala Sitharaman informed the Rajya Sabha on Tuesday.
This money is lying in nearly 9 crore accounts which have not been operated for 10 years.
As per...
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PNB Senior Manager, 2 others sentenced to 5 years in jail in Rs 40 lakh fraud case
Posted Date : 16-Nov-2021 , 08:35:55 am | Posted By CASANSAAR
Special CBI court in Gujarat’s Ahmedabad has sentenced a senior manager of Punjab National Bank (PNB) and two businessmen to five years of imprisonment for defrauding the bank of Rs 40 lakh, officials said.
The court also imposed a fine of Rs 7.5 lakh on Sanjiv Kamalkar Inamdar, the then ...
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PSBs to introduce common staff accountability guidelines for NPAs
Posted Date : 01-Nov-2021 , 08:10:40 am | Posted By CASANSAAR
Public sector banks will implement common staff accountability policies for loan accounts up to Rs 50 crore, excluding fraud accounts, turning into non-performing assets (NPAs) on or after April 1, 2022.
This is expected to ensure a common approach across state-owned banks in dealing with staff a...
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CBI books private firm, others in Rs 1528 Cr fraud case involving 16 banks
Posted Date : 16-Sep-2021 , 08:45:50 am | Posted By CASANSAAR
In a massive scam case, the Central Bureau of Investigation (CBI) has booked a Delhi-based private firm Indian Technomach for allegedly defrauding 16 banks of funds to the tune of Rs 1528 crore.
The agency said that the company, its CMD, other private individuals and public servants conspired to ...
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Know all about e-RUPI, the new digital payment instrument
Posted Date : 07-Aug-2021 , 08:44:49 am | Posted By CASANSAAR
Prime Minister Shri Narendra Modi on August 2nd launched digital payment solution e-RUPI, a cashless and contactless instrument for digital payment. Prime Minister said that the eRUPI voucher is going to play a huge role in making Direct Benefit Transfer (DBT) more effective in digital tr...
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PM Modi launches new digital payment system e-RUPI
Posted Date : 03-Aug-2021 , 10:17:06 am | Posted By CASANSAAR
Prime Minister Narendra Modi on Monday launched digital payment solution e-RUPI, a person and purpose specific cashless digital payment solution, via videoconference. Speaking on the occasion, he said the eRUPI voucher was a symbol of how India was progressing by connecting people’s lives with...
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