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Posted Date : 17-May-2018 , 08:11:23 am | Posted By CASANSAAR
Two days after registering the first chargesheet in the Rs12,636 crore Punjab National Bank (PNB) fraud case, the Central Bureau of Investigation (CBI) on Wednesday filed another chargesheet in the matter in the Mumbai sessions court, on the basis of a case registered on 15 February. “The c...
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Posted Date : 15-May-2018 , 07:46:02 pm | Posted By CASANSAAR
The Board of state-owned Allahabad Bank today divested its MD and CEO Usha Ananthasubramanian of all powers with immediate effect, following a directive from the finance ministry after she was named in the CBI's chargesheet in PNB fraud case. Ananthasubramanian, was the CMD of Punjab National...
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Posted Date : 15-May-2018 , 02:49:38 pm | Posted By CASANSAAR
Two independent directors Ninad Karpe and S Ravi have resigned from the board of state-owned IDBI Bank days after CBI filed FIR in connection with Rs 600 crore loan given by the bank to former Aircel promoter C Sivasankaran, his son and companies controlled by him. Karpe and Ravi cease to be inde...
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Posted Date : 15-May-2018 , 10:32:17 am | Posted By CASANSAAR
There are many reasons why a currency note gets soiled or disfigured, ranging from excessive handling to getting torn/wet and nibbled on by white ants. But while the RBI has made provisions for the value of such notes to be refunded to the owner, either in full or as a matter of grace depending on t...
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Posted Date : 12-May-2018 , 09:27:23 pm | Posted By CASANSAAR
The government will hold a review meeting on May 17 of state-run banks that are under the Reserve Bank of India's prompt corrective action (PCA) framework. At present, there are 11 banks under PCA on account of poor performance. "A review meeting has been called for some of the wea...
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Posted Date : 12-May-2018 , 09:26:31 am | Posted By CASANSAAR
United Forum of Bank Unions (UFBU) has threatened to observe two-day bank strike on May 30 and 31 to protest against Indian Banks' Association's measly wage hike offer and delay in wage negotiation. The bankers association has stirred up a hornets nest by offering an average pay inc...
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Posted Date : 07-May-2018 , 07:13:26 pm | Posted By CASANSAAR
Over 10 lakh bankers in government and private banks will go on a two-day strike by the end of May if the government does not ask the Indian Banks Association (IBA) to make an improved offer, said a leader of the All India Bank Employees Association (AIBEA). "It is a matter of shame that whi...
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Posted Date : 25-Apr-2018 , 09:25:18 pm | Posted By CASANSAAR
Fraud-hit Punjab National Bank (PNB) has invited applications for empanelment of detective agencies to locate its untraceable borrowers as it looks to "significantly" supplement efforts to recover bad loans which surged to Rs 57,519 crore at December end. In its efforts to recover...
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Posted Date : 21-Apr-2018 , 08:58:19 am | Posted By CASANSAAR
PNB, the country’s second-largest public sector lender, has impounded passports of 150 wilful loan defaulters apart from lodging 37 FIRs against those who are not repaying loans as part of its recovery drive. “The bank has already declared 1,084 wilful defaulters and published photos ...
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Posted Date : 18-Apr-2018 , 02:17:04 pm | Posted By CASANSAAR
The Central Bureau of Investigation has registered a case against the promoters and directors of three private companies including a Delhi based pharmaceutical company for defrauding Punjab and Sindh Bank and the consortium of four other banks to the tune of 621 crore rupees. The case has b...
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Posted Date : 15-Apr-2018 , 08:21:58 pm | Posted By CASANSAAR
In a spree of arrests taking place for the frauds happening in various banks, another fraudulent case has come to light recently. This time, the former UCO bank CMD Arun Kaul has been arrested along with others by the CBI for allegedly being involved in a scam worth Rupees 621 Crore with the bank. R...
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Posted Date : 13-Apr-2018 , 08:19:44 am | Posted By CASANSAAR
The government on Thursday appointed former department of personnel and training secretary Bhanu Pratap Sharma chairman of the Banks Board Bureau (BBB). Sharma replaces former comptroller and auditor general (CAG) Vinod Rai, whose two-year term as the first head of the BBB got over on March 31. The ...
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Posted Date : 12-Apr-2018 , 08:20:46 am | Posted By CASANSAAR
The recent relaxation given to lenders by RBI in provisioning norms and permitting them to spread mark-to-market (MTM) losses over four quarter will provide a Rs 27,000-crore breather to banks in the fourth quarter of fiscal 2017-18, said a report. The Reserve Bank of India (RBI) recently gave an...
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Posted Date : 09-Apr-2018 , 08:58:57 am | Posted By CASANSAAR
Around 340 million post office savings account holders will be able to avail a full-fledged digital banking service from May as the government has approved linking such accounts with that of India Post Payments Bank (IPPB). "The finance ministry has approved linking of savings bank accounts ...
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Posted Date : 05-Apr-2018 , 03:07:43 pm | Posted By CASANSAAR
Charges for SMS alerts on banking transactions may not squeeze account holders much but can be a reasonable earning for many banks, especially in accounts with meagre monthly transactions though income from SMS alert service goes against the advisory from the sector regulator. While Reserve...
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Posted Date : 27-Mar-2018 , 12:27:03 am | Posted By CASANSAAR
The revenue department’s intelligence unit has launched an investigation into alleged collusion between select banks and ATM service providers to avoid payment of value added tax (VAT) and wrongful claim of tax credit. The Directorate General of Goods and Services Tax Intelligence (DG...
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Posted Date : 27-Mar-2018 , 09:07:21 am | Posted By CASANSAAR
Banks will not remain closed for five consecutive days starting from Thursday, a union leader said on Monday. "The banks will work on March 31 (Saturday) and there is no continuous holidays as per messages in the social media," D. Thomas Franco Rajendra Dev, General Secretary of the All...
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Posted Date : 22-Mar-2018 , 11:07:53 pm | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) registered a Rs1,394.43 crore bank fraud case against Hyderabad-based Totem Infrastructure Ltd on a complaint by state-run Union Bank of India. “The CBI registered a case today (Thursday) on a complaint by Union Bank of India against Totem Infrastru...
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Posted Date : 22-Mar-2018 , 11:04:25 am | Posted By CASANSAAR
Yet another bank fraud has come to light, with the CBI filing a case against Hyderabad-based Totem Infrastructure Ltd for allegedly defrauding a consortium of eight banks led by Union Bank of India (UBI) to the tune of Rs 1,394 crore. A Central Bureau of Investigation (CBI) team also carried out ...
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Posted Date : 22-Mar-2018 , 11:01:05 am | Posted By CASANSAAR
Department of Economic Affairs has apprised that in pursuance to the announcement made in the Budget Speech 2018-19 (para75), a Steering Committee on Fintech related issues was constituted to consider various issues relating to development of Fintech space in India with a view to make Fint...
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Posted Date : 22-Mar-2018 , 10:52:26 am | Posted By CASANSAAR
In reply to another question, Minister of State for Finance Shiv Pratap Shukla said that as per PNB, the total number of LoUs issued to the companies of Nirav Modi, his relatives and the Nirav Modi Group are 1,213, and to Mehul Choksi, his relatives and the Gitanjali Group are 377. He further sai...
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Posted Date : 16-Mar-2018 , 08:30:47 pm | Posted By CASANSAAR
The Government has ordered investigation into the affairs of 107 companies and 7 LLPs under the provisions of Section 212(1)(c) of the Companies Act, 2013 and Section 43(3)(c)(i) of Limited Liability Partnership Act, 2008 on 17.02.2018 belonging to Mr Nirav Modi (Firestar Diamond group) and Mr Mehul...
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Posted Date : 16-Mar-2018 , 08:29:15 pm | Posted By CASANSAAR
Over 1,700 cases of fraud related to credit/debit card and Internet banking with the extent of losses touching Rs 71.48 crore were reported in 2017, Parliament was informed today. A total of 1,785 cases related to credit/debit card and Internet banking for amounts involving Rs 1 lakh and more wer...
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Posted Date : 13-Mar-2018 , 08:31:13 pm | Posted By CASANSAAR
Tightening the noose around wilful defaulters, the government has asked banks to 'name and shame' such borrowers by publishing their photographs and other details in newspapers. According to PTI, the finance ministry has written a letter to all state-run banks directing them to take board...
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Posted Date : 13-Mar-2018 , 05:17:03 am | Posted By CASANSAAR
State Bank of India, SBI has cut down the charges for non-maintenance of average minimum balance in its savings accounts by up to 75 per cent. The new charges, which will benefit about 25 crore bank customers, comes into effect from 1st of next month. The bank said in a release tha...
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Posted Date : 12-Mar-2018 , 11:15:42 pm | Posted By CASANSAAR
Banks are close to reaching an accord on resolving the tussle over payments due to them by Punjab National Bank (PNB) against guarantees the latter issued to jewellers Nirav Modi and Mehul Choksi as well as their companies that are the subject of a Rs 13,000-crore fraud. While PNB has agreed to hono...
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Posted Date : 10-Mar-2018 , 09:12:22 am | Posted By CASANSAAR
The Reserve Bank may provide four quarters to Punjab National Bank (PNB) for making provisions against the country's biggest ever banking fraud of Rs 12,646 crore allegedly masterminded by billionaire diamantaire Nirav Modi. The bank has written a letter to the banking sector regulator seekin...
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Posted Date : 06-Mar-2018 , 08:41:29 am | Posted By CASANSAAR
The finance ministry may ask state-run lenders to seek the certified passport details of borrowers with an exposure of Rs 50 crore and above to help prevent them fleeing the country in case of default or wrongdoing of any kind, a senior government official said. This comes as the government...
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Posted Date : 06-Mar-2018 , 08:26:13 am | Posted By CASANSAAR
RBI said it has imposed a penalty of Rs 3 crore on Axis Bank for violation of NPA classification norms, and Rs 2 crore on Indian Overseas Bank for not complying with the KYC regulations. RBI said it had carried out a statutory inspection of private sector player Axis Bank with reference to its fi...
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Posted Date : 28-Feb-2018 , 10:21:00 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has notified a new centralised communication scheme for serving e-notices to income tax-payers as part of the government’s ambitious plan to usher in a countrywide paperless system of interface between the taxman and the assessee. The scheme stipulat...
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