Total scam in collusion with middlemen is estimated at over Rs 700 crore. Probe is on in 10 more cases.
The finance ministry on Wednesday allowed all private sector banks to participate in government-related business, like collection of taxes. pension payments and small savings schemes. At the moment, only few large private sector are allowed to conduct government-related business.
Factors like dedicated recovery teams, centralised follow-up on bad loan accounts and resolutions via NCLT are driving the trend
However, the likely impact of strike may not be much excluding few areas, said SBI.
The probe into selections for banks such as Bank of Baroda and Canara Bank followed the arrest of Syndicate Bank CMD S K Jain for alleged graft.
Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation, sources said.
If a name does not unify the three, there could be continued clash of identities, which could splinter the brand even before it takes shape, say Abhijit Lele and Nikhat Hetavkar.
The government started promoting cashless transactions but forgot that it needs infrastructure.
Finance secretary Rajiv Kumar was positive in formation of a committee consisting all concerned to address the issues arising out of the proposed merger of 10 banks including preserving the identity of all the banks.
Arjun Menon looks at the Top 10 South films that made an impact in 2024.
A senior CBI official said Adani group is alleged to have 'over-invoiced' its loans to the tune of Rs 2,300 crore (Rs 23 billion) between 2011 and 2013.
The Reserve Bank has asked the public to pay their income tax dues well in advance so as to avoid standing in long queues and stated that 29 agency banks are also authorised to accept such payments.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
Among other demands, the unions are also seeking immediate introduction of five-day week in full and reduction of cash transaction hours and regulated working hours.
Banks are also weighing the option of hiring experts for help in specialised areas.
Amul's move is being seen by many, especially opposition parties, as a threat to KMF's famed dairy brand 'Nandini'.
Corporation Bank is the biggest beneficiary of this round of capital infusion with Rs 9,086 crore of funding, followed by Allahabad Bank with Rs 6,896 crore.
The country's largest lender State Bank of India will get the largest sum of Rs 8,800 crore as government's capital infusion.
Bank unions - officers and workmen - had buried their differences and sat across the table on August 29 to work out a fresh deal with the IBA involving a 20 per cent wage hike.
The post of chairman and managing director has been split and the government has appointed managing directors and chief executive officers in four banks -- Indian Overseas Bank, United Bank of India, Oriental Bank of Commerce and Vijaya Bank.
Bank customers better brace for a whopping 21 bank holidays in October.
Capital infusion seen necessary for banks to maintain regulatory norms at the time of paying interest towards AT-1 bonds
The Central Vigilance Commission has penalised 130 government employees for their alleged involvement in corruption. Of these, 29 were Syndicate Bank officials, nine each were from Canara Bank and Punjab National Bank, eight from State Bank of India, seven from Bharat Coking Coal Limited and six each from State Bank of Bikaner and Jaipur and Life insurance Corporation of India Limited.
Peers describe Sanjay Sachdev, new chief executive officer of Tata Asset Management Company, as a man who can form alliances with ease.
Kingfisher Airlines' debt restructuring package has received an in-principle nod from bankers. The package will be implemented within 120 days of receiving the Reserve Bank of India's (RBI) nod. Kingfisher, the second largest carrier in terms of market share, has debt of around Rs 6,000 crore across 12 lenders such as the State Bank of India, Bank of India and Vijaya Bank, among others.
The BJP state unit is banking on the party's central leadership to shore up its prospects in the May 10 assembly polls as it fights anti-incumbency.
The move to make the appointment process more robust comes after last month's arrest of S K Jain, chairman and managing director of Syndicate Bank last month, over graft charges.
As per the mega consolidation plan, Oriental Bank of Commerce and United Bank of India will merge into Punjab National Bank (PNB); Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank. Following this merger, PNB will become second largest after the SBI, Canara Bank fourth, Union Bank of India fifth and Indian Bank seventh biggest public sector lender.
The Chennai high court on Friday issued a notice to Congress party spokesperson Jayanthi Natarajan, acting on an affidavit seeking direction to probe a Rs 300 crore scam involving her. Natarajan is a Congress Member of Parliament from Tamil Nadu.The affidavit alleges that Natarajan facilitated a sizeable bank loan from Vijaya Bank by misusing her links with the Union government.Natarajan is also under legal scrutiny for allegedly owning 6,88,300 square feet land.
The candidate will be expected to have at least two to three years of remaining service.
Govt renews search for five PSU bank chiefs; norms relaxed.
Housing Development Finance Corporation (HDFC) Chairman Deepak Parekh on Tuesday said that interest rates may rise owing to higher inflation, but lending rates are unlikely to change in the next one month.
The mergers will not involve any cash but only share swaps
Of the total 53,334 cases of frauds reported during 2008-09 and 2018-19 fiscal years, involving a whopping Rs 2.05 lakh crore, a highest of 6,811 cases were reported by the ICICI Bank.
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After scrapping the selection of six UPA-appointed bank chiefs, the government has now decided to make significant changes to the selection process.
The joint venture of Punjab National Bank, Vijaya Bank, Berger Paints and the United States-based Principal Group has evinced interest to the interim Pension Fund Regulatory and Development Authority for foraying into the green-field sector.
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