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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : Banking

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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Category : Banking | Comments : 0 | Hits : 613

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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Category : Banking | Comments : 0 | Hits : 12055

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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Category : Banking | Comments : 0 | Hits : 12472

RBI revises personal loan limit for bank directors to Rs.5 Cr from Rs.25 lakh
Posted Date : 24-Jul-2021 , 09:42:36 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has raised the limit of personal loan amount that can be granted by lenders to directors of other banks and their families at not more than ₹5 crore from ₹25 lakh. "The proposals for credit facilities of an amount less than ₹25 or ₹5 crore (as the case ma...

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Category : Banking | Comments : 0 | Hits : 569

Number of Frauds in Private Banks up 21% in FY21 - RBI Annual Report
Posted Date : 29-May-2021 , 09:17:09 am | Posted By CASANSAAR

Even as number of fraud cases have declined in the banking system during 2020-21 (FY21), instances of frauds have increased in the private banks, RBI said in its annual report on Thursday. While private banks reported a rise of 21% year-on-year (y-o-y) in the number of frauds during FY21, public sec...

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Category : Banking | Comments : 0 | Hits : 1053

Banks with assets of more than Rs 15,000 crore must hire two auditors
Posted Date : 22-May-2021 , 12:17:29 pm | Posted By CASANSAAR

Commercial banks and urban commercial banks (UCBs) will have to rope in at least two auditors unaffiliated with each other and have to take prior approval of the Reserve Bank of India (RBI) for appointment or reappointment of statutory auditors on an annual basis, the central bank said on Tuesday. ...

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Category : Banking | Comments : 0 | Hits : 1057

Banks To Decline Auto Pay Transactions From April 1
Posted Date : 31-Mar-2021 , 08:27:49 am | Posted By CASANSAAR

Banks are likely to decline auto payments from April 1 as all recurring transactions using cards and prepaid payment instruments will now require an additional factor of authentication, as per an RBI circular first issued in December 2020.  Transactions above ₹ 5,000 will require an additi...

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Category : Banking | Comments : 0 | Hits : 1272

Banks unions call for two-day strike against proposed privatisation of PSBs
Posted Date : 10-Feb-2021 , 08:44:15 am | Posted By CASANSAAR

The United Forum of Bank Unions (UFBU), an umbrella body of nine unions, on Tuesday gave a call for a two-day strike from March 15 to protest against the proposed privatisation of two state-owned lenders. In the Union Budget presented last week, Finance Minister Nirmala Sitharaman announced the p...

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Category : Banking | Comments : 0 | Hits : 1356

IFSCA permits Banking Units to transfer of assets through participation agreements
Posted Date : 31-Dec-2020 , 09:00:26 am | Posted By CASANSAAR

The International Financial Services Centres Authority (IFSCA) today allowed Banking Units (BUs) to transfer assets to/from other financial institutions, persons resident in India and persons resident outside India through any internationally recognised standard risk participation agreement. Tran...

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Category : Banking | Comments : 0 | Hits : 232

Bank unions lend support to farmers' agitation against agri laws
Posted Date : 07-Dec-2020 , 09:46:14 am | Posted By CASANSAAR

A number of bank unions have expressed their solidarity with farmers protesting against recently passed agri laws and requested the government to resolve the issue at the earliest. The All India Bank Employees' Association (AIBEA) in a statement said the government should come forward and res...

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Category : Banking | Comments : 0 | Hits : 256

RTGS fund transfer service to be available 24X7 from December 2020
Posted Date : 01-Dec-2020 , 09:35:15 am | Posted By CASANSAAR

The Reserve Bank of India has said that Real Time Gross Settlement System (RTGS), used for large value transactions, will be made available round-the-clock from December 2020. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourt...

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Category : Banking | Comments : 0 | Hits : 1036

The Lakshmi Vilas Bank Ltd. placed under Moratorium - RBI
Posted Date : 18-Nov-2020 , 10:39:20 am | Posted By CASANSAAR

The financial position of The Lakshmi Vilas Bank Ltd. (the bank) has undergone a steady decline with the bank incurring continuous losses over the last three years, eroding its net-worth. In absence of any viable strategic plan, declining advances and mounting non-performing assets (NPAs), the losse...

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Category : Banking | Comments : 0 | Hits : 296

DRT slaps Rs 5 lakh penalty on Bank of India for compromising loan recovery
Posted Date : 09-Nov-2020 , 09:25:46 am | Posted By CASANSAAR

A Debt Recovery Tribunal here imposed a fine of Rs 5 lakh on Bank of India for allowing withdrawal of a plea filed to recover over Rs 2.25 crore from its borrowers. The tribunal also observed that the lender entered into a compromise to recover Rs 31.2 lakh against the loan amount. The Presiding...

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Category : Banking | Comments : 0 | Hits : 341

Punjab & Sind Bank reports IFIN as fraud account to RBI
Posted Date : 24-Oct-2020 , 09:42:59 am | Posted By CASANSAAR

Punjab and Sind Bank on Friday said it has reported to the Reserve Bank of India (RBI) the account of IL&FS Financial Services (IFIN) as fraud with outstanding dues of over Rs 561 crore. The NPA account, IL&FS Financial Services, with outstanding dues of Rs 561.13 crore has been declared ...

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Category : Banking | Comments : 0 | Hits : 447

IFSCA prescribes regulatory framework for REITs and InvITs in IFSC
Posted Date : 22-Oct-2020 , 09:46:11 am | Posted By CASANSAAR

The International Financial Services Centres Authority (IFSCA), with an objective to develop the financial products and services in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) has prescribed the regulatory framework for Real Estate Investment Trusts...

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Category : Banking | Comments : 0 | Hits : 223

Govt. designates single SBI branch for all FCRA accounts
Posted Date : 14-Oct-2020 , 09:39:18 am | Posted By CASANSAAR

The Ministry of Home Affairs (MHA) has asked all NGOs seeking foreign donations to open a designated FCRA account at the State Bank of India’s New Delhi branch by March 31, 2021. The MHA order reiterated that NGOs registered under FCRA shall not receive any foreign donations in any other ba...

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Category : Banking | Comments : 0 | Hits : 1268

Parliament clears banking regulation bill to bring co-op banks under RBI
Posted Date : 23-Sep-2020 , 09:33:08 am | Posted By CASANSAAR

The Rajya Sabha on Tuesday passed the Banking Regulation (Amendment) Bill, 2020, that aims to bring co-operative banks under the regulatory framework of the Reserve Bank of India (RBI). Finance minister Nirmala Sitharaman said the amendments have been brought with singular objective of protecting...

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Category : Banking | Comments : 0 | Hits : 350

Lok Sabha passes Banking Regulation (Amendment)Bill, 2020
Posted Date : 17-Sep-2020 , 10:01:16 am | Posted By CASANSAAR

Considering the deteriorating condition of cooperative banks in the country, Lok Sabha on Wednesday passed the Banking Regulation (Amendment) Bill, 2020. The Bill proposes amendments to the Banking Regulation Act, 1949. With this new Bill, the central government aims to bring cooperative banks under...

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Category : Banking | Comments : 0 | Hits : 301

FM Nirmala Sitharaman unveils Doorstep Banking Services
Posted Date : 10-Sep-2020 , 09:29:11 am | Posted By CASANSAAR

Finance Minister Nirmala Sitharaman on Wednesday launched doorstep banking services for public sector banks in order to facilitate hassle-free and convenient banking. "At this stage, the catalysts for economic revival, the catalysts who have the pulse of every one of their customers, are ban...

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Category : Banking | Comments : 0 | Hits : 518

State Bank of India planning VRS scheme for over 30,000 employees
Posted Date : 08-Sep-2020 , 10:33:02 am | Posted By CASANSAAR

The State Bank of India (SBI) is planning a voluntary retirement scheme (VRS) for which over 30,000 employees will be eligible. According to a report in news agency PTI, the state-lender is planning the VRS scheme to optimise its costs. Out of the 2.49 lakh employees of the bank, at least 30,190 ...

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Category : Banking | Comments : 0 | Hits : 463

4 PSU Banks to become private by end of this year
Posted Date : 21-Aug-2020 , 09:52:53 am | Posted By CASANSAAR

The government may privatise four PSU banks as early as by the end of this fiscal year, Reuters reported citing unidentified officials. The government has drawn a list of four PSU banks, namely, Punjab & Sind Bank, Bank of Maharashtra, UCO Bank, and IDBI Bank, in which it directly or indirectly ...

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Category : Banking | Comments : 0 | Hits : 1748

Bank of Maharashtra writes off Rs 7,000 Cr owed by loan defaulters
Posted Date : 18-Aug-2020 , 10:23:57 am | Posted By CASANSAAR

The Bank of Maharashtra, a public sector bank, has “technically written off” a staggering over Rs 7,000 crore owed by loan defaulters in the last four years. The bank has said that it would recover the amount at a later stage and that it has not been waived permanently. Activist and b...

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Category : Banking | Comments : 0 | Hits : 400

Sashidhar Jagdishan appointed new HDFC Bank CEO
Posted Date : 05-Aug-2020 , 08:42:46 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has approved Sashidhar Jagdishan as the next chief executive officer of HDFC Bank, sources said. The private sector lender received the RBI’s approval letter last night. Jagdishan is currently additional director and head of finance, human resources, at the b...

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Category : Banking | Comments : 0 | Hits : 305

Bandhan Bank holding firm sells 20.95% stake to meet RBI norms
Posted Date : 04-Aug-2020 , 10:38:11 am | Posted By CASANSAAR

Bandhan Bank Ltd on Monday said it has met the promoter holding norms of the Reserve Bank of India (RBI) after its holding company Bandhan Financial Holdings Ltd (BFHL) sold 20.95% stake in the bank to at least seven investors. The buyers included Singapore’s state investors GIC and Temasek...

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Category : Banking | Comments : 0 | Hits : 177

PM Modi to discuss vision, roadmap for Banks, NBFCs with all stakeholders this evening
Posted Date : 29-Jul-2020 , 10:16:36 am | Posted By CASANSAAR

Prime Minister Narendra Modi will today join stakeholders from Banks and NBFCs to discuss and deliberate on vision and roadmap for the future. The topics on agenda include credit products and efficient models for delivery, financial empowerment through technology, prudential practices for stability ...

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Category : Banking | Comments : 0 | Hits : 240

Govt plans to reduce number of PSU banks to just Five
Posted Date : 21-Jul-2020 , 08:50:09 am | Posted By CASANSAAR

India is looking to privatise more than half of its state-owned banks to reduce the number of government-owned lenders to just five as part of an overhaul of the banking industry, government and banking sources said. The first part of the plan would be to sell majority stakes in Bank of India, Ce...

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Category : Banking | Comments : 0 | Hits : 714

CBI registered 14,429 Cr of bank fraud cases in first half of 2020
Posted Date : 14-Jun-2020 , 10:49:46 am | Posted By CASANSAAR

In the first six months of 2020, the Central Bureau of Investigation has registered 40 cases of bank frauds and is probing bad loans worth over Rs 14,400 crore. From probing the poster boy of the Indian banking industry to investigating an educational portal of bank fraud, the agency has remained...

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Category : Banking | Comments : 0 | Hits : 742

Banks Board Bureau recommends new appointments for SBI, IOB, Central Bank of India
Posted Date : 01-Jun-2020 , 10:28:01 am | Posted By CASANSAAR

The Banks Board Bureau (BBB) has recommended the elevation of Ashwani Bhatia as Managing Director of State Bank of India. The Bureau also recommended the appointment of Matam Venkat Rao and PP Sengupta as MD & CEO of Central Bank of India and Indian Overseas Bank, respectively.   T...

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Category : Banking | Comments : 0 | Hits : 1295

Public sector banks sanction loans worth 6 lakh Cr in two months
Posted Date : 13-May-2020 , 12:13:41 pm | Posted By CASANSAAR

Public sector banks (PSBs) have sanctioned loans worth Rs 5.95 lakh crore in the last two months to various sectors, including MSME, agriculture and corporate, hit hard by COVID-19-induced nationwide lockdown. Non-bank finance companies (NBFCs) have received Rs 1.18 lakh crore from these banks du...

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Category : Banking | Comments : 0 | Hits : 474

IBA wants to house Rs 75,000 Cr bad loans via Bad Bank
Posted Date : 12-May-2020 , 10:45:53 am | Posted By CASANSAAR

The Indian Banks Association (IBA) has firmed up a proposal to house approximately Rs 70,000-75,000 crore of bad loans at book value in its proposed ‘bad bank’, two people aware of the development told CNBC-TV18. IBA received comments from member banks over the weekend and has now giv...

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Category : Banking | Comments : 0 | Hits : 339

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