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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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Category : Banking | Comments : 0 | Hits : 352

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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Category : Banking | Comments : 0 | Hits : 3298

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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Category : Banking | Comments : 0 | Hits : 1070

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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Category : Banking | Comments : 0 | Hits : 2178

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 The lend...

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Category : Banking | Comments : 0 | Hits : 906

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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Category : Banking | Comments : 0 | Hits : 715

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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Category : Banking | Comments : 0 | Hits : 401

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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Category : Banking | Comments : 0 | Hits : 1026

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 of July....

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Category : Banking | Comments : 0 | Hits : 658

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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Category : Banking | Comments : 0 | Hits : 570

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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Category : Banking | Comments : 0 | Hits : 1116

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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Category : Banking | Comments : 0 | Hits : 1244

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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Category : Banking | Comments : 0 | Hits : 1298

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 : 662

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 : 12117

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 : 12666

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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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 : 1110

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 : 1097

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 : 1311

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 : 1381

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 : 255

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 : 278

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 : 1061

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 : 321

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 : 367

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 : 470

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 : 247

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 : 1309

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 : 373

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