The CBI has booked the son of industrialist Anil Ambani, Jai Anmol Anil Ambani, and Reliance Home Finance Ltd. (RHFL) in a case of alleged cheating in Union Bank of India that caused a loss of Rs 228 crore to the public bank, officials said on Tuesday.
Finance Minister Nirmala Sitharaman on Thursday said the country needs big and world-class banks, and discussions are on with the Reserve Bank and lenders in this regard.
Finance Minister Nirmala Sitharaman on Tuesday allayed apprehension that privatisation of state-owned banks would hurt financial inclusion and national interest. She said the bank nationalisation done in 1969 has not yielded the desired result as far as financial inclusion was concerned.
Andhra Bank has informed BSE that the extraordinary general meeting of the bank is scheduled on March 10, 2003 to seek the approval of the shareholders of the bank to return capital of Rs 500 million.
UTI Bank and Andhra Bank have entered into an agreement for sharing ATMs in the country.
The bank intends to roll out mobile biometric-access ATMs at Kakinada, Visakhapatnam and Tirupati during this financial year, with plans to launch 20 such ATMs across the country by 2010.
Andhra Bank has posted a net profit of Rs 1126.80 million for the quarter ended December 31, 2002 as compared to a net profit of Rs 467.80 million in the quarter ended December 31,2001.
Vigilance Commissioner Suresh N Patel was on Wednesday appointed as the Central Vigilance Commissioner, a year after the post fell vacant.
Banks are gaining market share at the expense of non-bank lenders such as housing finance companies, retail lenders, and those giving gold loans. There has been a steady decline in the market share of non-banking financial companies (NBFCs) in the credit market as banks have stepped up lending. NBFCs' share declined to a five-year low of 19.8 per cent in the first half of FY23, down from 20.3 per cent in H1FY22, and an all-time high of 23.1 per cent in H1FY19.
Exuding confidence in sustaining the tempo of credit growth, public sector bankers said on Wednesday that consolidation in the public sector bank (PSB) space has given them a robust base to scale. The privatisation of PSBs can be done through divestment of government stake to a wider base of investors without haste. There is nothing to worry about at this point (high credit offtake) as underwriting standards and risk management are much better.
The CBI has filed an FIR against Amrapali Leisure Valley Developers Pvt Ltd, its director Anil Sharma and others for allegedly cheating Bank of Maharashtra and Andhra Bank of over Rs 230 crore, officials said on Friday. The banks had sanctioned credit facilities to develop a housing building at the Tech Zone IV in Uttar Pradesh's Greater Noida on a plot measuring 1.06 lakh square metre, the FIR alleged. The company failed to maintain financial discipline following which the account was declared a non-performing asset on March 31, 2017, the complaint from Bank of Maharashtra, now part of the FIR, has alleged, adding that "it has resulted in the loss of over Rs 230.97 crore". Following the FIR, the CBI Thursday conducted searches at four locations in Delhi, Noida and Ghaziabad, they said.
Public sector lender Bank of India has moved to the National Company Law Tribunal (NCLT) seeking initiation of insolvency proceedings against Future Retail Ltd and a moratorium over the assets of the Kishore Biyani-led debt-ridden firm. Besides, Bank of India (BOI), the lead banker of a consortium of banks that lent money to Future Retail Ltd (FRL), also suggested the insolvency tribunal appoint Vijay Kumar V Iyer as the interim professional of the company. Meanwhile FRL, in a regulatory filing, said it has been served and received a copy of the petition and is in the "process of taking legal advice".
The cases pertain to State Bank of India, Punjab National Bank, Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, Allahabad Bank, Canara Bank, Dena Bank, Punjab and Sind Bank, Central Bank of India, Union Bank of India, IDBI Bank, Bank of Baroda, Bank of Maharashtra and Bank of India.
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.
Addressing the 74th Annual General Meeting of the Indian Banks' Association (IBA), she said the industry needs to imagine how Indian banking has to be in the immediate and long-term future. As far as the long-term future is concerned, she said it is going to be largely driven by digitised processes and there is a need for seamless and interconnected digital systems for a sustainable future for the Indian banking industry.
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.
The Enforcement Directorate has alleged that this is a bigger bank scam in volume than that of the Punjab National Bank fraud by fugitive diamantaires Nirav Modi and Mehul Choksi, as it involves fraud to the tune of about Rs 16,000 crore.
If there were an Olympics for bank frauds in India, Rishi Agarwal, founder and former chairman of ABG Shipyard Ltd, a nephew of the Ruia brothers of the Essar group, would bag the gold, pushing Nirav Modi to his right, says Tamal Bandyopadhyay.
Experts attribute the lower target to increased allocation under the credit guarantee scheme for small businesses. Out of the Rs 3.21 trillion worth loans sanctioned under the Pradhan Mantri Mudra Yojana (PMMY) in the last financial year, Rs 3.12 trillion were disbursed to entrepreneurs, according to official data.
Banks operating in India reported fraud of Rs 4.92 trillion as on March 31, 2021, which represents nearly 4.5 per cent of the total bank credit, showed Reserve Bank of India (RBI) data, which was sought under the Right to Information (RTI) Act by Saurabh Pandhare. The data showed 90 banks and financial institutions reported a total of 45,613 cases of loan fraud till March 31, 2021. State Bank of India - the country's largest lender - reported the highest amount of loans as fraud - Rs 78,072 crore as on March 31, 2021.
This is part of the first batch of Supplementary Demands for Grants for 2020-21 moved by Finance Minister Nirmala Sitharaman in the Lok Sabha.
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.
While Waryam Singh was a non-executive director at HDIL, he is listed as one of the promoters of the company and had relations, including shareholding, with several other entities controlled by the Wadhawans, the HDIL founders.
The annual earnings of a non-executive chairman of a PSB is capped at Rs 10 lakh, inclusive of fees for attending board meetings. This is way below the compensation of the chairman of any private bank, reveals Tamal Bandyopadhyay.
'Investors should not commit fresh money to these stocks right now, unless they can hold for the next three to four years.'
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.
Cox & Kings is currently going through the corporate insolvency resolution process. Around 2,500 operational creditors have submitted claims of over Rs 631 crore, 2,440 employees and workman have claimed dues of over Rs 94 crore and other creditors have submitted claims of over Rs 3 crore.
The subsidiary will become operational by the end of the second quarter and cater to Indian corporates and expatriates in Malaysia. In the joint venture, BOB will hold 40 per cent stake, IOB 35 per cent, while Andhra Bank will hold the rest 25 per cent. Initial investment is pegged at Rs 405 crore (Rs 4.5 billion).
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.
Banks have started organising silent demonstration in front of houses of defaulters.
United Bank of India and Andhra Bank employees start organising silent protests.
In the biggest consolidation exercise in the banking space, the government on Friday announced four major mergers of public sector banks, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders global sized banks.
All transfers and promotions for next financial year will be decided by respective banks, not by the merged entity.
The ED had summoned Patel, 70, twice for questioning in the case but the Congress Rajya Sabha MP from Gujarat later cited prevailing COVID-19 guidelines that advises senior citizens to stay indoors in order to remain safe from the pandemic.
The market breadth, indicating the overall health of the market, turned negative from positive
Nifty PSU Bank index gained 1% led by Allahabad Bank, Andhra Bank, Syndicate Bank and IDBI Bank
Bank of India, Canara Bank, Dena Bank, Corporation Bank and Andhra Bank are among the lenders that received capital infusion from the government.
The Tokyo-based Shinsei Bank is all set to foray into the Indian mutual fund business by forming a joint venture asset management company with Andhra Bank.
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.
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