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

Bank branches to provide only essential services from March 23 - IBA
Posted Date : 23-Mar-2020 , 08:37:25 am | Posted By CASANSAAR

With the impact of the coronavirus pandemic being felt across the country, the Indian Banks’ Association (IBA) on Sunday said bank branches will provide only essential services such as cash deposits and withdrawals, clearing of cheques, remittances and government transactions from March 23, 20...

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Category : Banking | Comments : 0 | Hits : 292

YES Bank gets Rs 60k Cr credit line from RBI to resume operations
Posted Date : 19-Mar-2020 , 08:38:53 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has extended a credit line of Rs 60,000 crore to YES Bank to ensure that the bank is able to meet its obligations to depositors as it resumed its full-service operations on Wednesday, according to sources familiar with the development. RBI Governor Shaktikanta Das ...

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Category : Banking | Comments : 0 | Hits : 219

Bank branches could be shut for 4 days next week due to strike, holidays
Posted Date : 18-Mar-2020 , 09:20:01 am | Posted By CASANSAAR

Bank branches could be open only for three days next week due to a day-long bank strike and other bank holidays. To protest against the mega merger plan of 10 PSU banks into four larger banks, the All India Bank Employees' Association (AIBEA) and All India Bank Officers' Association (AIBOA) ...

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Category : Banking | Comments : 0 | Hits : 957

Cabinet approves reconstruction scheme for Yes Bank
Posted Date : 13-Mar-2020 , 10:12:51 pm | Posted By CASANSAAR

The Union Cabinet Friday approved reconstruction scheme for Yes Bank under which SBI will acquire 49 per cent stake in the crisis-ridden private sector bank. Finance Minister Nirmala Sitharaman said the Union Cabinet has approved the reconstruction scheme for Yes Bank as suggested by the Reserve ...

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Category : Banking | Comments : 0 | Hits : 344

Finance Minister reviews amalgamation of public sector banks
Posted Date : 13-Mar-2020 , 08:38:18 am | Posted By CASANSAAR

Finance minister Nirmala Sitharaman on Thursday reviewed the progress on the amalgamation of public sector banks that is expected to come into effect from April 1. “Amalgamating PSBs made a presentation to Hon. FM Nirmala Sitharaman on their preparedness. Amalgamated PSBs to ensure no disru...

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Category : Banking | Comments : 0 | Hits : 288

Govt imposes withdrawal limit of Rs 50,000 for depositors of Yes Bank for a month
Posted Date : 06-Mar-2020 , 09:53:19 am | Posted By CASANSAAR

The government has imposed a withdrawal limit of 50,000 rupees for depositors of beleaguered private lender Yes Bank for one month. An official notification issued by the finance ministry said that the cap will stay in effect till 3rd of April. The limit on withdrawal comes with a few exemptions, in...

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Category : Banking | Comments : 0 | Hits : 168

Bombay HC Dismisses Chanda Kochhar challenge to sacking as ICICI Bank CEO
Posted Date : 05-Mar-2020 , 08:59:04 pm | Posted By CASANSAAR

The Bombay High Court on Thursday dismissed a petition filed by Chanda Kochhar against her termination as managing director and CEO of the ICICI Bank, noting the dispute arises from a contract of personal service. A division bench of Justices NM Jamdar and MS Karnik accepted the bank's conten...

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Category : Banking | Comments : 0 | Hits : 112

Cabinet approves Mega Consolidation in Public Sector Banks {PSBs} with effect from 1.4.2020
Posted Date : 04-Mar-2020 , 04:33:11 pm | Posted By CASANSAAR

The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved the mega consolidation of ten PSBs into four which include the - (a)  Amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank (b)  Amalgamation of Syndicate Bank into ...

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Category : Banking | Comments : 0 | Hits : 1192

Govt may notify merger of 10 PSBs to 4 this week
Posted Date : 10-Feb-2020 , 10:18:18 am | Posted By CASANSAAR

The government is likely to notify the merger of 10 public sector banks to create four big lenders later this week, as they have completed the groundwork for the same, two people familiar with the development said. After it is notified, the respective bank boards will meet to give their customary...

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Category : Banking | Comments : 0 | Hits : 540

Syndicate Bank writes off Rs 883 crore against fraud
Posted Date : 06-Feb-2020 , 12:27:46 pm | Posted By CASANSAAR

News Source - LiveMint ...

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Category : Banking | Comments : 0 | Hits : 1644

Rs.30 crore gets credited in flower vendor's wife bank account
Posted Date : 06-Feb-2020 , 09:53:11 am | Posted By CASANSAAR

A flower vendor from Channapatna town in Karnataka got a shock of his life when he found a credit of Rs.30 crore in his wife's bank account. This happened when Syed Malik Burhan was struggling to meet expenses for a medical emergency in the family. According to reports, bank officials knocked...

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Category : Banking | Comments : 0 | Hits : 535

Employees of public sector banks to go on two-day nationwide stir from today
Posted Date : 31-Jan-2020 , 08:43:54 am | Posted By CASANSAAR

Bank unions have decided to go on a two-day nationwide strike from Friday as talks with management of public sector lenders on wage revision have failed to reach a consensus. Many banks, including SBI, have informed customers that operations may be impacted to some extent due to the strike. Th...

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Category : Banking | Comments : 0 | Hits : 116

Bank of Baroda, Bank of India and Canara Bank get new MD & CEOs
Posted Date : 21-Jan-2020 , 08:04:48 am | Posted By CASANSAAR

The government on Monday appointed heads of three large public sector banks - Bank of Baroda, Bank of India and Canara bank for a period of three years. The Appointments Committee of the Cabinet (ACC) appointed Sanjiv Chadha as the managing director and chief executive of Bank of Baroda, Lingam V...

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Category : Banking | Comments : 0 | Hits : 506

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 : 215

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 : 254

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 : 129

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 : 493

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 : 165

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 : 434

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 : 168

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 : 456

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 : 439

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 : 492

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 : 543

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 : 232

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 : 558

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 : 603

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 : 890

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 : 1654

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 : 836

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