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News Category : Banking

PNB, other PSBs may get Rs 8,000 crore lifeline
Posted Date : 17-Jul-2018 , 09:05:19 am | Posted By CASANSAAR

The government may infuse about Rs 8,000 crore in five or six state-run banks that are likely to fall short of regulatory capital requirements, a senior finance ministry official said. These banks may include Nirav Modi scam-hit Punjab National Bank.  “There are some banks that have is...

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Category : Banking | Comments : 0 | Hits : 275

Bank of Baroda invites applications for post of CFO
Posted Date : 11-Jul-2018 , 08:10:13 am | Posted By CASANSAAR

Bank of Baroda (BoB), the country’s third-largest public-sector bank (PSB) by assets, on Tuesday sought applications for the post of chief financial officer (CFO). The last date for sending in applications is July 31. The appointment will be for a period of three years with yearly performance ...

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Category : Banking | Comments : 0 | Hits : 262

Banks finalise inter-creditor agreement to fast track NPA resolution
Posted Date : 06-Jul-2018 , 07:56:19 am | Posted By CASANSAAR

With a view to fast track NPA resolution, bankers on Thursday finalised the inter-creditor agreement (ICA) framework that envisages effective communication among lenders. The ICA mechanism is expected to be enforced this month itself. The non-performing assets (NPAs) in the banking sector cros...

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Category : Banking | Comments : 0 | Hits : 219

ICICI Bank board appoints Girish Chandra as non-executive Chairman
Posted Date : 29-Jun-2018 , 09:54:55 pm | Posted By CASANSAAR

The ICICI Bank board on Friday approved the appointment of Girish Chandra Chaturvedi as its non-executive, part-time chairman, effective from July 1, 2018. "This is to inform you that the Board of Directors of ICICI Bank at its Meeting held today appointed Mr. Girish Chandra Chaturvedi as an...

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Category : Banking | Comments : 0 | Hits : 149

Heads of 11 PSBs to appear before Parliamentary Panel
Posted Date : 26-Jun-2018 , 08:39:19 am | Posted By CASANSAAR

Heads of 11 state-run banks will apprise a parliamentary committee about the problems of mounting bad loans and increasing fraud cases on Tuesday, sources said. They will be appearing before the Standing Committee on Finance, headed by veteran Congress leader M Veerappa Moily, which is looking in...

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Category : Banking | Comments : 0 | Hits : 504

Bank of Maharashtra CEO, ED held for Rs 3,000 Cr DSK Group default case
Posted Date : 20-Jun-2018 , 03:06:58 pm | Posted By CASANSAAR

The Economic offences wing of the Pune police has arrested the MD & CEO of Bank of Maharashtra Ravindra Marathe along with executive director RK Gupta in the Rs 3,000 crore DSK Group loan default case. Sushil Muhnot, the former CMD of the bank, was also nabbed from Jaipur in connection with the ...

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Category : Banking | Comments : 0 | Hits : 684

6 more state-run banks may come under PCA
Posted Date : 11-Jun-2018 , 05:17:16 pm | Posted By CASANSAAR

Six more state-run banks are at risk of entering the Reserve Bank of India’s prompt corrective action (PCA) framework, officials said. These include Punjab National Bank, Union Bank of India and Syndicate Bank, they said, adding that this may reduce the chances of the finance ministry’s ...

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Category : Banking | Comments : 0 | Hits : 235

SBI to auction 12 bad accounts this month to recover over Rs 1325 Cr
Posted Date : 10-Jun-2018 , 06:53:59 pm | Posted By CASANSAAR

The country's largest lender SBI will conduct auction of 12 non-performing accounts (NPAs) later this month to recover dues of over Rs 1,325 crore. The e-auction of these accounts will take place on June 25, according to an SBI notice. The NPA accounts that have been put under the hammer i...

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Category : Banking | Comments : 0 | Hits : 215

Interest rate on unclaimed funds lying with banks cut to 3.5% from 4%
Posted Date : 08-Jun-2018 , 12:46:33 am | Posted By CASANSAAR

The unclaimed money lying in bank saving accounts is going to earn less interest than before.  The rate of interest payable by banks to the depositors or claimants on the unclaimed amount transferred to the Depositor Education and Awareness Fund shall be 3.5 percent simple interest per annum...

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Category : Banking | Comments : 0 | Hits : 270

Govt weighs merger of Bank of Baroda, IDBI Bank, Oriental Bank, Central Bank
Posted Date : 04-Jun-2018 , 08:29:27 am | Posted By CASANSAAR

The government is considering merging at least four state-run banks, including Bank of Baroda, IDBI Bank Ltd, Oriental Bank of Commerce and Central Bank of India, two people aware of the matter said. If the plan goes through, the merged entity will become the second-largest bank in the country after...

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Category : Banking | Comments : 0 | Hits : 1160

SBI to modify rules for startup investments
Posted Date : 03-Jun-2018 , 07:24:23 pm | Posted By CASANSAAR

Country's largest lender SBI, which has not been able to invest in fintech startups despite earmarking funds, is now looking to modify rules to kickstart the infusion, a top official has said. "We are a public institution and investments in startups are generally considered very risky. W...

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Category : Banking | Comments : 0 | Hits : 195

Nationwide bank strike on May 30 and 31
Posted Date : 29-May-2018 , 07:05:38 am | Posted By CASANSAAR

The proposed nationwide bank strike on May 30 and May 31 stands as the conciliatory talks convened by the Chief Labour Commissioner here on Monday failed, the UFBU has said. “Although the Chief Labour Commissioner tried his best to sort out the strike issue, there is no positive development...

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Category : Banking | Comments : 0 | Hits : 830

21 Nationalised Banks Lost Rs 25,775 Crore in Bank Frauds in 2017-18
Posted Date : 28-May-2018 , 08:37:18 pm | Posted By CASANSAAR

Twenty-one public sector banks (PSBs) have incurred losses totalling Rs 25,775 crore due to banking frauds in the financial year 2017-18, a Right to Information reply has stated. The Punjab National Bank (PNB) had incurred the highest loss of Rs 6461.13 crore due to different cases of fraud durin...

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Category : Banking | Comments : 0 | Hits : 422

CBDT chairman among top I-T officials under CBI lens in Nirav Modi case
Posted Date : 25-May-2018 , 12:28:00 am | Posted By CASANSAAR

The Nirav Modi case is becoming a sticky wicket for many investigators. Now, top income tax officials including Sushil Chandra, Chairman of the Central Board of Direct Taxes (CBDT), have come under the CBI lens for the alleged misreporting and sharing of investigation details with extortionists. ...

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Category : Banking | Comments : 0 | Hits : 1505

Over 2,100 companies settle Rs 83,000 Crore Bank dues
Posted Date : 23-May-2018 , 09:07:12 am | Posted By CASANSAAR

The fear of losing control over their companies has prompted promoters, who have defaulted on repayment of loans to banks, to settle their dues of around Rs 83,000 crore before action was initiated under the newly-enacted Insolvency and Bankruptcy Code (IBC). On last count, data compiled by the m...

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Category : Banking | Comments : 0 | Hits : 615

PNB refuses to disclose details on over Rs 13,000 cr scam
Posted Date : 21-May-2018 , 09:08:02 am | Posted By CASANSAAR

State-run Punjab National Bank (PNB) has refused to disclose details of the audit or investigation that led to detection of over Rs 13,000 crore fraud at the company, citing a clause that bars any disclosure that can impede the process of investigating or apprehending the offenders. In reply to a...

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Category : Banking | Comments : 0 | Hits : 545

CBI names top PNB officials in second chargesheet in fraud case
Posted Date : 17-May-2018 , 08:11:23 am | Posted By CASANSAAR

Two days after registering the first chargesheet in the Rs12,636 crore Punjab National Bank (PNB) fraud case, the Central Bureau of Investigation (CBI) on Wednesday filed another chargesheet in the matter in the Mumbai sessions court, on the basis of a case registered on 15 February. “The c...

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Category : Banking | Comments : 0 | Hits : 717

Allahabad Bank divests its CEO of all Powers
Posted Date : 15-May-2018 , 07:46:02 pm | Posted By CASANSAAR

The Board of state-owned Allahabad Bank today divested its MD and CEO Usha Ananthasubramanian of all powers with immediate effect, following a directive from the finance ministry after she was named in the CBI's chargesheet in PNB fraud case. Ananthasubramanian, was the CMD of Punjab National...

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Category : Banking | Comments : 0 | Hits : 528

Two Independent Directors of IDBI Bank Quit
Posted Date : 15-May-2018 , 02:49:38 pm | Posted By CASANSAAR

Two independent directors Ninad Karpe and S Ravi have resigned from the board of state-owned IDBI Bank days after CBI filed FIR in connection with Rs 600 crore loan given by the bank to former Aircel promoter C Sivasankaran, his son and companies controlled by him. Karpe and Ravi cease to be inde...

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Category : Banking | Comments : 0 | Hits : 398

Banks can't exchange soiled or torn Rs 200 and Rs 2000 currency notes
Posted Date : 15-May-2018 , 10:32:17 am | Posted By CASANSAAR

There are many reasons why a currency note gets soiled or disfigured, ranging from excessive handling to getting torn/wet and nibbled on by white ants. But while the RBI has made provisions for the value of such notes to be refunded to the owner, either in full or as a matter of grace depending on t...

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Category : Banking | Comments : 0 | Hits : 805

PCA review of 11 state-run banks on May 17
Posted Date : 12-May-2018 , 09:27:23 pm | Posted By CASANSAAR

The government will hold a review meeting on May 17 of state-run banks that are under the Reserve Bank of India's prompt corrective action (PCA) framework. At present, there are 11 banks under PCA on account of poor performance.  "A review meeting has been called for some of the wea...

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Category : Banking | Comments : 0 | Hits : 248

Bank unions announce 2 Days Strike from May 30
Posted Date : 12-May-2018 , 09:26:31 am | Posted By CASANSAAR

United Forum of Bank Unions (UFBU) has threatened to observe two-day bank strike on May 30 and 31 to protest against Indian Banks' Association's measly wage hike offer and delay in wage negotiation.  The bankers association has stirred up a hornets nest by offering an average pay inc...

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Category : Banking | Comments : 0 | Hits : 491

Bank employees to go on 2-day strike over wage revision
Posted Date : 07-May-2018 , 07:13:26 pm | Posted By CASANSAAR

Over 10 lakh bankers in government and private banks will go on a two-day strike by the end of May if the government does not ask the Indian Banks Association (IBA) to make an improved offer, said a leader of the All India Bank Employees Association (AIBEA). "It is a matter of shame that whi...

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Category : Banking | Comments : 0 | Hits : 702

PNB to hire detective agencies to locate untraceable borrowers
Posted Date : 25-Apr-2018 , 09:25:18 pm | Posted By CASANSAAR

Fraud-hit Punjab National Bank (PNB) has invited applications for empanelment of detective agencies to locate its untraceable borrowers as it looks to "significantly" supplement efforts to recover bad loans which surged to Rs 57,519 crore at December end.  In its efforts to recover...

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Category : Banking | Comments : 0 | Hits : 237

PNB impounds passports of 150 wilful defaulters
Posted Date : 21-Apr-2018 , 08:58:19 am | Posted By CASANSAAR

PNB, the country’s second-largest public sector lender, has impounded passports of 150 wilful loan defaulters apart from lodging 37 FIRs against those who are not repaying loans as part of its recovery drive. “The bank has already declared 1,084 wilful defaulters and published photos ...

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Category : Banking | Comments : 0 | Hits : 687

CBI case against 3 companies officials, others in Rs 621-cr fraud
Posted Date : 18-Apr-2018 , 02:17:04 pm | Posted By CASANSAAR

The Central Bureau of Investigation has registered a case against the promoters and directors of three private companies including a Delhi based pharmaceutical company for defrauding Punjab and Sindh Bank and the consortium of four other banks to the tune of 621 crore rupees.  The case has b...

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Category : Banking | Comments : 0 | Hits : 264

CBI arrests ex-UCO Bank Chairman in scam worth Rs 621 crore
Posted Date : 15-Apr-2018 , 08:21:58 pm | Posted By CASANSAAR

In a spree of arrests taking place for the frauds happening in various banks, another fraudulent case has come to light recently. This time, the former UCO bank CMD Arun Kaul has been arrested along with others by the CBI for allegedly being involved in a scam worth Rupees 621 Crore with the bank. R...

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Category : Banking | Comments : 0 | Hits : 350

BP Sharma to replace Vinod Rai as chairman of Bank Board Bureau
Posted Date : 13-Apr-2018 , 08:19:44 am | Posted By CASANSAAR

The government on Thursday appointed former department of personnel and training secretary Bhanu Pratap Sharma chairman of the Banks Board Bureau (BBB). Sharma replaces former comptroller and auditor general (CAG) Vinod Rai, whose two-year term as the first head of the BBB got over on March 31. The ...

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Category : Banking | Comments : 0 | Hits : 267

Banks to get Rs 27,000-cr breather on RBI provisioning move
Posted Date : 12-Apr-2018 , 08:20:46 am | Posted By CASANSAAR

The recent relaxation given to lenders by RBI in provisioning norms and permitting them to spread mark-to-market (MTM) losses over four quarter will provide a Rs 27,000-crore breather to banks in the fourth quarter of fiscal 2017-18, said a report. The Reserve Bank of India (RBI) recently gave an...

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Category : Banking | Comments : 0 | Hits : 309

Post office account holders can avail digital banking service from May
Posted Date : 09-Apr-2018 , 08:58:57 am | Posted By CASANSAAR

Around 340 million post office savings account holders will be able to avail a full-fledged digital banking service from May as the government has approved linking such accounts with that of India Post Payments Bank (IPPB). "The finance ministry has approved linking of savings bank accounts ...

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Category : Banking | Comments : 0 | Hits : 497

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