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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 : 653

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 : 1043

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 : 819

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 : 651

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 : 782

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 : 1275

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 : 229

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 : 273

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 : 426

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 : 299

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 : 639

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 : 371

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 : 202

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 : 252

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 : 245

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 : 180

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 : 345

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 : 262

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 : 298

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 : 223

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 : 573

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 : 694

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 : 195

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 : 257

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 : 1580

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 : 528

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 : 192

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 : 244

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 : 1479

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 : 247

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