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

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 : 310

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 : 246

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 : 607

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 : 299

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 : 151

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 : 232

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 : 228

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 : 154

Govt moves to appoint heads of BoI, BoB, PNB and Canara Bank
Posted Date : 21-Aug-2019 , 09:58:14 am | Posted By CASANSAAR

The government has initiated the process of filling up upcoming vacancies in the top management of large public sector banks (PSBs), unlike last year when several top banks remained headless for months. The Banks Board Bureau (BBB) has invited applications for the post of managing director (MD) a...

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Category : Banking | Comments : 0 | Hits : 312

Punjab & Sind Bank flags fraud in Bhushan Power account
Posted Date : 22-Jul-2019 , 09:04:14 am | Posted By CASANSAAR

State-owned Punjab & Sind Bank reported over Rs 238 crore fraud by Bhushan Power and Steel, a third such instance after similar disclosures made by PNB and Allahabad Bank recently.  "On the basis of forensic audit investigation findings and CBI filing FIR, on suo moto basis, against...

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Category : Banking | Comments : 0 | Hits : 254

PNB reports over Rs.3,800 Cr fraud by Bhushan Power & Steel
Posted Date : 07-Jul-2019 , 09:06:31 am | Posted By CASANSAAR

Punjab National Bank (PNB) on Saturday informed the exchanges about a fraud of Rs. 3,805.15 crore in NPA (non-performing asset) account of Bhushan Power & Steel Ltd. (BPSL). This includes a domestic exposure of Rs.3191.51 crore at Large Corporate branch at Chandigarh, Zonal Office, Chandigarh...

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Category : Banking | Comments : 0 | Hits : 289

Govt likely to adopt Bank of Baroda-like model of merger for Banks
Posted Date : 31-May-2019 , 09:58:01 am | Posted By CASANSAAR

The National Democratic Alliance (NDA) government, led by Prime Minister Narendra Modi, in its second stint may not go for a mega merger of public sector banks (PSBs) — a plan which was mooted during recent deliberations on consolidation. Instead, the government may likely adopt the Bank of...

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Category : Banking | Comments : 0 | Hits : 221

PNB may takeover Oriental Bank, Andhra Bank or Allahabad Bank
Posted Date : 21-May-2019 , 06:18:58 pm | Posted By CASANSAAR

In further consolidation of the public sector banking industry, Punjab National Bank (PNB) could take control of two to three small state-run banks that could include Oriental Bank Of Commerce, Andhra Bank and Allahabad Bank, news agency Reuters reported, citing sources. PNB could start the proce...

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Category : Banking | Comments : 0 | Hits : 571

Bank of Baroda looks to rationalise 800-900 branches aafter merger
Posted Date : 21-May-2019 , 10:08:49 am | Posted By CASANSAAR

State-owned Bank of Baroda (BoB) is considering the option of rationalising 800-900 branches across the country to improve operational efficiency, following its merger with Dena Bank and Vijaya Bank. The merger of Dena Bank and Vijaya Bank with BoB became effective from April 1. It does not ma...

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Category : Banking | Comments : 0 | Hits : 689

Govt raises authorised capital of Allahabad Bank to Rs 8,000 Cr
Posted Date : 24-Apr-2019 , 09:25:37 am | Posted By CASANSAAR

State-owned Allahabad Bank said Tuesday the government has increased its authorised capital by Rs 5,000 crore to Rs 8,000 crore. The central government after consultation with the Reserve Bank of India has increased the authorised capital of the bank from Rs 3,000 to Rs 8,000 through Gazette Noti...

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Category : Banking | Comments : 0 | Hits : 192

Banks Board Bureau identifies 75 senior officers for leadership roles in PSBs
Posted Date : 19-Apr-2019 , 10:18:17 pm | Posted By CASANSAAR

The Banks Board Bureau (BBB), the apex body for selection of whole-time directors of state-owned lenders, has identified 75 senior management personnel of public sector lenders to take over leadership role in the future. From a pool of 450 senior management personnel across nationalised banks, an...

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Category : Banking | Comments : 0 | Hits : 249

Bank of Baroda becomes second largest PSU bank after SBI
Posted Date : 01-Apr-2019 , 06:19:46 pm | Posted By CASANSAAR

Bank of Baroda (BoB) on Monday became the second largest state-owned lender after merging Dena Bank and Vijaya Bank into itself as part of the first three-way amalgamation. The consolidated entity started its operation with a business mix of over Rs 15 lakh crore of balance sheet, with deposits a...

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Category : Banking | Comments : 0 | Hits : 1566

Branches of Vijaya, Dena Bank to function as BoB outlets from Monday - RBI
Posted Date : 31-Mar-2019 , 12:42:52 pm | Posted By CASANSAAR

Branches of Vijaya Bank and Dena Bank will function as Bank of Baroda outlets from April 1, following amalgamation of the two lenders with the latter, the RBI said on Saturday. The merger of Vijaya Bank and Dena Bank with Bank of Baroda, will be effective from April 1, 2019. “Consequently, ...

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Category : Banking | Comments : 0 | Hits : 524

SC refuses to stay merger of Vijaya, Dena banks with Bank of Baroda
Posted Date : 29-Mar-2019 , 12:34:07 pm | Posted By CASANSAAR

Clearing decks for the scheduled merger of three public sector lenders -- Vijaya Bank, Dena Bank and Bank of Baroda -- the Supreme Court on Thursday refused to stay the amalgamation. The top court dismissed the applications filed by several bank officers' associations for staying the merger, ...

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Category : Banking | Comments : 0 | Hits : 189

IDBI Bank Officers’ Association to go on hunger strike on March 30
Posted Date : 26-Mar-2019 , 07:46:49 pm | Posted By CASANSAAR

IDBI Bank on Tuesday said its all-India Officers’ Association will observe a one-day nationwide hunger strike on March 30, over various demands. “The Bank is in receipt of notice of one-day nationwide hunger strike on March 30, 2019 from All India IDBI Officers’ Association (AII...

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Category : Banking | Comments : 0 | Hits : 241

Karnataka Bank reports Rs 13 Cr fraud to RBI
Posted Date : 25-Mar-2019 , 08:52:33 am | Posted By CASANSAAR

Karnataka Bank on Saturday said it has reported to regulator RBI about a fraud amounting to Rs 13.26 crore in the fund-based working capital facility extended to SRS Finance Ltd.  The fraud was on account of "diversion of funds", the lender said in a BSE filing.  The bank e...

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Category : Banking | Comments : 0 | Hits : 1439

IDBI Bank invites application for two deputy MDs
Posted Date : 05-Mar-2019 , 09:32:26 am | Posted By CASANSAAR

Life Insurance Corporation (LIC)- owned IDBI Bank has invited application for two deputy managing directors. LIC had completed acquisition of 51 percent stake in IDBI Bank in January.  Currently, there are two DMDs at the bank - KP Nair and GM Yadwadkar who are due for retirement soon. The n...

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Category : Banking | Comments : 0 | Hits : 244

ED to review loans sanctioned during Chanda Kochhar’s tenure
Posted Date : 05-Mar-2019 , 09:27:48 am | Posted By CASANSAAR

In light of similarities observed in suspect credit transactions into the account of Nupower Renewables Private Limited, owned by Deepak Kochhar, the Enforcement Directorate has decided to expand the scope of its investigation and examine other large loans sanctioned by the ICICI bank during the tim...

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Category : Banking | Comments : 0 | Hits : 143

Govt appoints Hasmukh Adhia as Chairman of Bank of Baroda
Posted Date : 01-Mar-2019 , 09:17:09 pm | Posted By CASANSAAR

The government Friday appointed former Finance Secretary Hasmukh Adhia as chairman of state-owned Bank of Baroda (BoB). Bank of Baroda is set to become the third largest lender of the country after amalgamation with Vijaya Bank and Dena Bank effective 1 April. "Shri #Hasmukh Adhia, former...

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Category : Banking | Comments : 0 | Hits : 407

Public Sector Banks are lifeline of Indian economy - Finance Minister
Posted Date : 28-Feb-2019 , 08:25:16 pm | Posted By CASANSAAR

The Union Minister of Finance & Corporate Affairs, Arun Jaitley said the Public Sector Banks (PSBs) are the lifeline of Indian economy. He said that if their health is not good, then economy at large will also suffer. The Finance Minister, Arun Jaitley was speaking at the Conference on 'Refo...

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Category : Banking | Comments : 0 | Hits : 146

CBI issues lookout circular against Chanda Kochhar
Posted Date : 22-Feb-2019 , 03:06:22 pm | Posted By CASANSAAR

After charging her for corruption and cheating last month, the Central Bureau of Investigation (CBI) has alerted the immigration authorities at all the airports and entry-exit points across the country to inform it if former ICICI Bank CEO Chanda Kochhar + tries to leave the country. Highly place...

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Category : Banking | Comments : 0 | Hits : 327

Govt to infuse Rs 48,239 Cr in 12 Public Sector Banks
Posted Date : 20-Feb-2019 , 10:34:08 pm | Posted By CASANSAAR

The government has approved recapitalisation of Rs 48,239 crore in 12 public sector banks, including fraud-hit Punjab National Bank.  It will pump Rs 6,896 crore in Allahabad Bank, Rs 4,112 crore in Union Bank, Rs 4,638 crore in Bank of India, Rs 205 crore in Bank of Maharashtra and Rs 9,086...

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Category : Banking | Comments : 0 | Hits : 115

Banks may have to write off nearly Rs 30,000 cr of loan to IL&FS entities
Posted Date : 19-Feb-2019 , 05:10:25 pm | Posted By CASANSAAR

Financial institutions that have lent money to IL&FS group companies could be collectively staring at a write-off of nearly Rs 30,000 crore, a source told Moneycontrol. That is because Rs 65,000 crore of the outstanding loans are to IL&FS groups classified in the ‘red’ categor...

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Category : Banking | Comments : 0 | Hits : 131

IDBI Bank may now become LIC IDBI Bank or LIC Bank
Posted Date : 05-Feb-2019 , 07:01:20 am | Posted By CASANSAAR

The board of IDBI Bank Monday proposed change in the name of the lender to either LIC IDBI Bank or LIC Bank following its takeover by Life Insurance Corporation. Last month, the insurance behemoth completed the acquisition of 51 per cent controlling stake in IDBI Bank, marking the entry of more t...

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Category : Banking | Comments : 0 | Hits : 665

RBI lifts lending restrictions of BoI, BoM and OBC
Posted Date : 31-Jan-2019 , 10:24:50 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Thursday removed three state-owned banks from its weak-bank watch list, a move that will lift lending restrictions on them. "It has been decided that Bank of India (BoI) and Bank of Maharashtra (BoM) which meet the regulatory norms including Capital Conserv...

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Category : Banking | Comments : 0 | Hits : 448

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