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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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