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News Category : Banking

IDFC Bank re-named IDFC First Bank
Posted Date : 13-Jan-2019 , 03:18:45 pm | Posted By CASANSAAR

Private sector lender IDFC Bank said its name has been changed to IDFC First Bank Ltd with effect from Saturday. “...the name of the Bank has been changed from IDFC Bank Ltd to ‘IDFC First Bank Limited’ with effect from January 12, 2019 by virtue of ‘Certificate of Incorporat...

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Category : Banking | Comments : 0 | Hits : 250

Banking services may be hit as bank unions call for strike on January 8-9
Posted Date : 07-Jan-2019 , 09:27:33 am | Posted By CASANSAAR

Banking services are likely to be affected on January 8-9 as a section of PSU bank employees would go on a two-day strike in support of the nation-wide strike call given by 10 central trade unions against the government's alleged anti-worker policy.  The All India Bank Employees Associat...

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Category : Banking | Comments : 0 | Hits : 317

Bank of Baroda to become larger than ICICI Bank from 1 April
Posted Date : 03-Jan-2019 , 10:34:55 pm | Posted By CASANSAAR

Powered by the business of Dena Bank and Vijaya Bank, Bank of Baroda will become larger than ICICI Bank from 1 April following completion of the amalgamation process of three state-run banks. After State Bank of India (SBI) and HDFC Bank, with businesses of Rs 45.85 trillion and Rs 15.8 trillion res...

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Category : Banking | Comments : 0 | Hits : 291

Cabinet approves merger of Dena, Vijaya Bank with Bank of Baroda
Posted Date : 02-Jan-2019 , 06:21:13 pm | Posted By CASANSAAR

The Union Cabinet approved the first-ever three-way merger in the history of Indian banking with the amalgamation of state-owned Vijaya Bank, Dena Bank and Bank of Baroda (BoB). "There will be no impact on the service conditions of the employees and there will be no retrenchment followi...

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Category : Banking | Comments : 0 | Hits : 146

PSBs approve loans worth over Rs 37,400 cr for MSME sector
Posted Date : 29-Dec-2018 , 09:47:57 am | Posted By CASANSAAR

Public sector banks have approved more than 1.12 lakh loan applications of MSMEs worth of 37,412 crore rupees under the '59 minutes' loan scheme launched by the government last month. GST-registered Micro, Small and Medium Enterprises (MSMEs) can take loan up to one crore in just 59 minutes...

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Category : Banking | Comments : 0 | Hits : 347

HC rejects plea against LIC move to acquire 51 pc stake in IDBI
Posted Date : 18-Dec-2018 , 08:54:41 am | Posted By CASANSAAR

The Delhi High Court on Monday dismissed a plea challenging the LIC move to acquire 51 per cent stake in the Industrial Development Bank of India (IDBI). Justice Vibhu Bakhru rejected the petition by the All India IDBI Officers Association, which had opposed the move of Life Insurance Corporation...

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Category : Banking | Comments : 0 | Hits : 209

PSU Banks recover Rs 2.33 lakh cr worth of bad loans during 4 years
Posted Date : 18-Dec-2018 , 08:53:18 am | Posted By CASANSAAR

Minister of State for Finance Shiv Pratap Shukla informed Parliament that Public Sector Banks (PSBs) have recovered  2.33 lakh crore rupees worth of bad loans during the four years from financial year 2014-15 to fiscal 2017-18. In a written reply to the Lok Sabha yesterday, Mr Shukla informe...

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Category : Banking | Comments : 0 | Hits : 217

PSU banks do not have any plan to shut down ATMs - Govt
Posted Date : 15-Dec-2018 , 01:50:07 pm | Posted By CASANSAAR

Minister of State for Finance Shiv Pratap Shukla has clarified that Public Sector Banks (PSBs) do not have any plans to shut down their ATMs. His statement assumes significance amidst a report by the Confederation of ATM industry warning that nearly half of the 2.38 lakh machines run the risk of clo...

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Category : Banking | Comments : 0 | Hits : 308

Bank of Maharashtra appoints CA Rajeev as MD and CEO
Posted Date : 03-Dec-2018 , 06:58:18 am | Posted By CASANSAAR

State-owned Bank of Maharashtra announced on Sunday that AS Rajeev has joined the lender as its managing director and chief executive officer. "AS Rajeev has joined Bank of Maharashtra as managing director and chief executive officer on Dec. 2, 2018. Prior to this, he was executive director ...

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Category : Banking | Comments : 0 | Hits : 692

Union Bank to raise up to Rs 600 cr by issuing shares under ESPS
Posted Date : 14-Nov-2018 , 09:12:39 am | Posted By CASANSAAR

The board of Union Bank of India has cleared a proposal to raise up to Rs 600 crore by issuing shares to its staff under the employee share purchase scheme. The proposal was approved in a board meeting on Monday, the bank said in a regulatory filing. The bank proposes to raise capital through iss...

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Category : Banking | Comments : 0 | Hits : 194

Only 4 PSBs disclose defaulters list
Posted Date : 13-Nov-2018 , 09:43:47 am | Posted By CASANSAAR

Even as the government and the central bank remain reluctant to make the names of wilful defaulters public, four state owned banks have already made this information available on their websites. On November 2, the Central Information Commission sent a notice to the RBI and PM’s office askin...

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Category : Banking | Comments : 0 | Hits : 368

4 public sector banks may come out of PCA shackles
Posted Date : 09-Nov-2018 , 09:26:14 am | Posted By CASANSAAR

The government expects four public sector banks (PSBs) to graduate from the Reserve Bank’s prompt corrective action framework based on their improved financial performance.  The government will cite this to persuade RBI to relax the PCA regime for the remaining seven banks so that they...

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Category : Banking | Comments : 0 | Hits : 451

Bank of Baroda, Dena Bank and Vijaya Bank to appoint valuers for merger
Posted Date : 26-Oct-2018 , 09:28:54 am | Posted By CASANSAAR

Bank of Baroda (BoB), Dena Bank and Vijaya Bank will appoint valuers ahead of their merger. The three public sector banks have floated a request for proposal (RFP) to appoint valuers for an independent valuation of their respective banks for the proposed merger. "The boards of the three bank...

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Category : Banking | Comments : 0 | Hits : 411

RBI approves appointment of Sandeep Bakhshi as MD & CEO of ICICI Bank
Posted Date : 16-Oct-2018 , 10:14:39 pm | Posted By CASANSAAR

Private sector lender ICICI Bank Tuesday said the RBI has approved Sandeep Bakshi's appointment as Managing Director and CEO of the bank for three years. After the resignation of Chanda Kochhar, who was facing inquiry, earlier this month, the bank's board had elevated Chief Operating Officer...

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Category : Banking | Comments : 0 | Hits : 359

Internet banking may not work for some SBI users from Dec 1
Posted Date : 14-Oct-2018 , 08:34:05 am | Posted By CASANSAAR

The State Bank of India (SBI) has asked its users to register their mobile numbers, if not already done, with the lender if they want to continue internet banking services. The country's largest lender has, in a notification, said that if the registration of mobile numbers with the respective br...

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Category : Banking | Comments : 0 | Hits : 487

PNB MD rules out acquiring other public sector banks
Posted Date : 07-Oct-2018 , 05:34:44 pm | Posted By CASANSAAR

Ruling out possibility of inorganic expansion, Punjab National Bank Managing Director Sunil Mehta said the bank is currently focussed on internal consolidation and making it financially healthy. With Rs 14,000 crore Nirav Modi episode getting out of scene, the bank is focussing on growth and recover...

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Category : Banking | Comments : 0 | Hits : 585

Chanda Kochhar quits ICICI Bank; Sandeep Bakhshi appointed new CEO
Posted Date : 04-Oct-2018 , 08:45:30 pm | Posted By CASANSAAR

Private lender ICICI Bank on Thursday said that it has accepted Chanda Kochhar's request for early retirement, the bank informed the stock exchanges. "The board of directors of ICICI Bank Limited, accepted the request of Ms Chanda Kochhar to seek early retirement from the bank at the ear...

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Category : Banking | Comments : 0 | Hits : 465

Bank of Maharashtra closes 51 branches to cut costs
Posted Date : 04-Oct-2018 , 08:16:03 am | Posted By CASANSAAR

The BoM had hit headlines after Maharashtra police had nabbed its Chairman-cum-Managing Director Ravindra Marathe and five others for the alleged Rs 2,043-crore scam involving the prominent realtor, DSK Group of Pune.  From October 1, the 51 branches - all in urban centres across India which...

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Category : Banking | Comments : 0 | Hits : 632

SBI halves daily ATM cash withdrawal limit to Rs 20,000
Posted Date : 01-Oct-2018 , 09:10:49 am | Posted By CASANSAAR

The country’s largest lender, State Bank of India (SBI), has lowered the ATM cash withdrawal limit to Rs 20,000 a day, from Rs 40,000. The lower limit will be effective from October 31.  “In view of the increase in the number of complaints received by banks around fraudulent tran...

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Category : Banking | Comments : 0 | Hits : 347

RBI slaps Rs 5 crore penalty on Karur Vysya Bank
Posted Date : 29-Sep-2018 , 08:33:26 am | Posted By CASANSAAR

The Reserve Bank of India has imposed a penalty of Rs 5 crore on Karur Vysya Bank for non-compliance of its directives.  According to a RBI statement on Friday, the penalty was imposed for non-compliance with its directions on "Income Recognition and Asset Classification (IRAC) norms, r...

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Category : Banking | Comments : 0 | Hits : 741

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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Category : Banking | Comments : 0 | Hits : 445

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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Category : Banking | Comments : 0 | Hits : 382

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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Category : Banking | Comments : 0 | Hits : 862

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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Category : Banking | Comments : 0 | Hits : 644

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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Category : Banking | Comments : 0 | Hits : 538

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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Category : Banking | Comments : 0 | Hits : 567

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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Category : Banking | Comments : 0 | Hits : 860

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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Category : Banking | Comments : 0 | Hits : 411

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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Category : Banking | Comments : 0 | Hits : 1227

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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Category : Banking | Comments : 0 | Hits : 1284

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