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

ICICI Bank seeks recovery of amounts from Chanda Kochhar
Posted Date : 14-Jan-2020 , 07:54:42 am | Posted By CASANSAAR

The ICICI bank has approached the Bombay High Court seeking effect to "termination of appointment" of Chanda Kochhar as its Managing Director and CEO, and also sought recovery of various amounts from her. In a monetary suit filed on 10 January, the bank sought dismissal of Kochhar's...

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Category : Banking | Comments : 0 | Hits : 183

SBI announces 'residential builder finance with buyer guarantee' scheme
Posted Date : 09-Jan-2020 , 10:36:15 am | Posted By CASANSAAR

Country's largest public sector bank, State Bank of India has announced a 'residential builder finance with buyer guarantee' (RBBG) scheme. It aims at giving a push to residential sales and improve homebuyers' confidence. Under this scheme announced yesterday, the SBI will issue a...

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Category : Banking | Comments : 0 | Hits : 241

Co-op banks asked to alert RBI about loans over Rs 5 Cr
Posted Date : 05-Jan-2020 , 09:35:16 am | Posted By CASANSAAR

Urban co-operative banks (UCB) will have to send an instant alert to the Reserve Bank of India (RBI) about any loan of more than Rs 5 crore sanctioned, according to a new set of guidelines issued by the central bank last week. The banks have also been asked restrict half of their loans to amounts...

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Category : Banking | Comments : 0 | Hits : 123

Bank employees to go on nationwide strike on Jan 8
Posted Date : 04-Jan-2020 , 08:39:10 am | Posted By CASANSAAR

Normal banking services at bank branches and ATMs are likely to be impacted as major bank unions have decided to resort to an all-India general strike on January 8 to protest against the anti-labour policies of the government. However, net banking services and related transfers will not be affect...

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Category : Banking | Comments : 0 | Hits : 482

SBI cuts external benchmark-based rate by 25 bps
Posted Date : 30-Dec-2019 , 06:00:32 pm | Posted By CASANSAAR

The country's largest lender, State Bank of India, today announced a reduction in its external benchmark-based rate by 25 basis points to 7.80 per cent from 8.05 per cent.The Reserve Bank of India has adopted the Repo rate to be the External Benchmark rate. And the Repo rate is the interest rate...

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Category : Banking | Comments : 0 | Hits : 123

Bank frauds rise 74 per cent to Rs 71,543 Crore in 2018-19 - RBI
Posted Date : 26-Dec-2019 , 09:23:22 am | Posted By CASANSAAR

Banks reported a total fraud of Rs 71,543 crore in 2018-19, a 74 per cent increase as against Rs 41,167 crore in the previous financial year, according to a report by the Reserve Bank of India. The number of fraud cases reported by lenders also jumped to 6,801 in 2018-19, compared to 5,916 cases in ...

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Category : Banking | Comments : 0 | Hits : 427

IFSC banking units can open foreign currency current accounts
Posted Date : 24-Dec-2019 , 08:11:02 am | Posted By CASANSAAR

The RBI on Monday said IFSC Banking Units can open foreign currency current accounts of entities operating in IFSC and of non-resident institutional investors to facilitate their investment transactions. However, IBUs are not allowed to open savings accounts. Issuing instructions regarding permis...

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Category : Banking | Comments : 0 | Hits : 167

Public sector bank unions decide to join national strike called on Jan 8
Posted Date : 21-Dec-2019 , 10:10:06 am | Posted By CASANSAAR

Bank unions have decided to join the national general strike which has been called on January 8, 2020. The strike has been called in protest against the central govt's labour policies and banking reforms, said the unions. Central Trade Unions viz. INTUC, AITUC, HMS, CITU, AIUTUC, TUCC, SEWA, ...

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Category : Banking | Comments : 0 | Hits : 454

PNB loses UK High Court appeal in USD 45-million deceit claim
Posted Date : 19-Dec-2019 , 09:40:19 am | Posted By CASANSAAR

The British subsidiary of Punjab National BankNSE -0.55 % (PNB) has lost its UK High Court appeal in a USD 45-million deceit claim against seven individuals and two companies, based in India and the US. The issue in contention was whether the High Court of England and Wales should accept jurisdic...

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Category : Banking | Comments : 0 | Hits : 437

Forensic Audit reveals LoUs worth Rs 25,000 Cr fraudulently issued in PNB fraud
Posted Date : 05-Dec-2019 , 10:52:54 am | Posted By CASANSAAR

Punjab National Bank (PNB) 'fraudulently issued' Letters of Undertaking (LoUs) worth Rs 25,000 crore to the Nirav Modi group, The Indian Express reports. Belgian forensic auditor found that PNB issued 1,561 LoUs, valued at Rs 28,000 crore, to the Nirav Modi group. Of this, 1,381 LoUs...

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Category : Banking | Comments : 0 | Hits : 480

PSU Banks report fraud of more than Rs. 95700 Cr in 6 months
Posted Date : 22-Nov-2019 , 09:31:40 am | Posted By CASANSAAR

Public sector banks reported frauds of over Rs 95,700 crore in the first six months of the current financial year, Parliament was informed on Tuesday. Finance Minister Nirmala Sitharaman said that according to the Reserve Bank of India, PSBs reported 5,743 incidents of fraud involving a total amo...

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Category : Banking | Comments : 0 | Hits : 535

Prevention of Fraudulent Banking Practices
Posted Date : 20-Nov-2019 , 09:54:20 am | Posted By CASANSAAR

The Ministry of Finance has taken number of steps to eliminate fraudulent banking practices. This was stated by Shri Anurag Thakur Minister of State for Finance & Corporate Affairs in a written reply to a question in the Rajya Sabha today. He stated that steps include, inter-alia, the following:...

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Category : Banking | Comments : 0 | Hits : 228

Govt mulls raising insurance cover on bank deposits to above Rs 1 lakh - FM
Posted Date : 16-Nov-2019 , 08:48:27 am | Posted By CASANSAAR

Finance Minister Nirmala Sitharman on Friday said the government will bring legislations on raising insurance cover on bank deposits from the current Rs 1 lakh and regulating multi-state cooperative banks. These legislations will be brought during the Winter Session of Parliament starting coming ...

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Category : Banking | Comments : 0 | Hits : 553

Four-year-old Bandhan Bank makes more profit than 17 PSU banks combined
Posted Date : 15-Nov-2019 , 09:13:35 am | Posted By CASANSAAR

The aggregate profit of 17 public-sector banks was lower than the net profit of private-sector lender Bandhan Bank Ltd alone in the September quarter of the current financial year, data compiled by Capitaline report. While the combined net profit of these public-sector banks stood at Rs.466.4 cro...

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Category : Banking | Comments : 0 | Hits : 596

Over 3,400 branches of 26 public sector banks closed or merged in last 5 years
Posted Date : 05-Nov-2019 , 09:01:06 am | Posted By CASANSAAR

Over 3,400 branches of 26 public sector banks (PSBs) have been either closed or merged during the last five financial years due to merger under the consolidation exercise in the banking space, revealed an RTI query. Of this, 75 per cent of the affected branches belong to the country's biggest...

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Category : Banking | Comments : 0 | Hits : 881

Credit and Debit card details of 13 lakh Indians on sale
Posted Date : 01-Nov-2019 , 09:09:03 am | Posted By CASANSAAR

Earlier in the day, reports of a debit and credit card detail selling online came up, revealing a massive risk of privacy on 13 lakh Indian credit and debit card users. Now the Reserve Bank of India(RBI) has swung into action in order to safeguard the interest of these affected Indian customers. ...

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Category : Banking | Comments : 0 | Hits : 1648

RBI Imposes Rs.1 Crore Penalty On Bandhan Bank
Posted Date : 30-Oct-2019 , 08:23:04 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Tuesday imposed a penalty of Rs. 1 crore on Bandhan Bank for not bringing down the promoter shareholding to 40 per cent. Bandhan MFI had obtained in-principle universal banking license from the central bank in 2014 and started full-fledged operations as a bank from...

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Category : Banking | Comments : 0 | Hits : 831

Regulator, auditor should be held responsible for frauds in banks- Anurag Thakur
Posted Date : 18-Oct-2019 , 07:01:32 am | Posted By CASANSAAR

The regulator, auditor and management should be held responsible for fraud in Punjab and Maharashtra Co-operative Bank or other banks, Minister of State for Finance Anurag Thakur said on Thursday. Thakur said that in case of PMC Bank, the Reserve Bank of India has allowed withdrawal of Rs 40,000, wh...

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Category : Banking | Comments : 0 | Hits : 656

RBI imposes penalty on Lakshmi Vilas and Syndicate Bank
Posted Date : 15-Oct-2019 , 09:17:29 am | Posted By CASANSAAR

The Reserve Bank of India has imposed a monetary penalty of Rs.1 crore on Lakshmi Vilas Bank (LVB) and Rs.75 lakh on Syndicate Bank. In the case of LVB, the RBI said the penalty has been imposed for non-compliance with certain provisions of directions issued by it on ‘Income Recognition and...

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Category : Banking | Comments : 0 | Hits : 796

PMC Bank created more than 21,000 fake accounts to hide loans
Posted Date : 02-Oct-2019 , 09:25:09 am | Posted By CASANSAAR

Punjab and Maharashtra Co-operative Bank (PMC) used more than 21,000 fictitious accounts to hide loans it made, according to a police complaint lodged by officials, in the latest banking fraud case to spook the country's depositors and investors. The complaint, filed with the Economic Offence...

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Category : Banking | Comments : 0 | Hits : 1299

SBI becomes first Indian bank to have office in Australia’s Victoria
Posted Date : 01-Oct-2019 , 09:33:44 am | Posted By CASANSAAR

State Bank of India opened its Melbourne office on Monday, becoming the first Indian bank to have a branch in the Australian state of Victoria. The Melbourne office will assist the growing trade and investment relations between Victoria and India and is the outcome of the state’s 10-year In...

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Category : Banking | Comments : 0 | Hits : 234

Bank unions defer 2-day strike; operations to be normal on Sept 26-27
Posted Date : 24-Sep-2019 , 09:37:04 am | Posted By CASANSAAR

Officers' unions of public sector banks have deferred the proposed two-day strike following an assurance from Finance Secretary Rajiv Kumar to look into their concerns. Four unions of bank officers had threatened to go on a two-day strike from September 26 to protest against the consolidation...

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Category : Banking | Comments : 0 | Hits : 278

Merged entity of UBI, PNB, OBC to become operational from April 1, 2020
Posted Date : 15-Sep-2019 , 10:59:07 am | Posted By CASANSAAR

The amalgamated entity of United Bank of India (UBI), Punjab National Bank (PNB) and Oriental Bank of Commerce (OBC) will come into effect from April 1 next year, a top official said on Saturday. The merged unit, likely to have a new name, will be the second-largest bank in the country after Stat...

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Category : Banking | Comments : 0 | Hits : 445

Canara Bank board gives approval for merger with Syndicate Bank
Posted Date : 14-Sep-2019 , 08:43:20 am | Posted By CASANSAAR

The board of Canara Bank has given in-principal approval to the merger with Syndicate Bank. Finance Minister Nirmala Sitharaman had announced consolidation of 10 state-run banks into four large-scale banks on August 30. "The Board of Directors of the Bank in its meeting held today, considere...

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Category : Banking | Comments : 0 | Hits : 320

Frauds worth Rs 32,000 crore rattle 18 public banks within three months - RTI
Posted Date : 09-Sep-2019 , 09:21:56 am | Posted By CASANSAAR

A total of 2,480 cases of fraud involving a huge sum of Rs 31,898.63 crore rattled 18 public sector banks in between April and June this year, an RTI query has revealed. The country's largest lender State Bank of India (SBI) remained the biggest prey to frauds with 38 per cent share, Neemuch-...

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Category : Banking | Comments : 0 | Hits : 652

Bank of Baroda employees to get 15 crore shares at 20% discount
Posted Date : 05-Sep-2019 , 09:22:22 am | Posted By CASANSAAR

Public sector lender Bank of Baroda or BoB will issue up to 15 crore fresh equity shares to its staff under the Employee Share Purchase Scheme (ESPS), the bank said on Tuesday. The decision was taken by the compensation committee of the board at its meeting held on Tuesday, the bank said in a regula...

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Category : Banking | Comments : 0 | Hits : 407

Cabinet approves Infusion of capital by Government in IDBI Bank
Posted Date : 04-Sep-2019 , 08:12:31 am | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Infusion of Rs 4,557 crore by Government in IDBI Bank.  It will help in completing the process of IDBI Bank’s turnaround and enable it to return to profitability and normal lending, and giving Governmen...

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Category : Banking | Comments : 0 | Hits : 221

Govt announces mega merger of public sector banks
Posted Date : 31-Aug-2019 , 10:35:01 am | Posted By CASANSAAR

The government has announced the merger of ten public sector banks into four banks. It announced the merger of Oriental Bank of Commerce and United Bank with Punjab National Bank as well as the merger of Canara Bank and Syndicate Bank. The merger of Union Bank of India, Andhra Bank and Corporatio...

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Category : Banking | Comments : 0 | Hits : 265

CVC sets up panel to examine bank fraud above Rs 50 Cr
Posted Date : 26-Aug-2019 , 08:01:23 am | Posted By CASANSAAR

The Central Vigilance Commission (CVC) has constituted Advisory Board for Banking Frauds (ABBF) headed by former Vigilance Commissioner T M Bhasin to examine bank fraud over Rs 50 crore and recommend action. The panel in its previous avatar called the Advisory Board on Bank, Commercial and Financ...

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Category : Banking | Comments : 0 | Hits : 250

Govt to upfront infuse Rs 70000 Cr capital into Public Sector Banks
Posted Date : 23-Aug-2019 , 08:01:25 pm | Posted By CASANSAAR

Finance Minister Nirmala Sitharaman on Thursday announced upfront capital infusion of Rs 70,000 crore into public sector banks, a move aimed at boosting lending and improving liquidity situation. The move is expected to generate an additional lending and liquidity in the financial system to the t...

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Category : Banking | Comments : 0 | Hits : 185

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