M Gopalakrishnan and two others are sentenced to one-year imprisonment for causing wrongful loss of Rs 3 crore to the bank.
Many bankers say the move will have a serious impact on the chain of command of nationalised banks and that it would only enable the government to dish out favours to a few of their own men.
The Supreme Court on Monday sought response from the CBI on a bail plea filed by former DHFL promoter Kapil Wadhawan in an alleged Rs 34,926 crore bank fraud case. A bench of Justices JK Maheshwari and Vijay Bishnoi issued notice to the agency and sought its response.
Sharma who took over as the chief executive officer and managing director in June is, however, confident that the bank will continue to beat the industry growth rate and sustain the margins and return ratios.
The All India Insurance Employees' Association has opposed the government directive seeking to open up top posts in the state-owned insurers to the private sector, saying this would lead to greater private influence and "eventual privatisation".
For the first time, PSU banks will have a non-executive chairman, giving operational responsibility to managing director and chief executive officer.
After three straight quarters of decline, India's housing market is pinning hopes on the ongoing festival season to revive sales momentum. While 2025 may still end with sales volumes below 2024 levels, developers believe the seasonally strong October-December quarter could narrow the gap, aided by stable interest rates, festive incentives, and resilient demand in the premium segment.
Rediff.com, one of India's pioneering internet companies, on Tuesday announced the appointment of Mr Vishal Mehta as its new Chairman and Managing Director. This key leadership change follows Infibeam Avenues Ltd's acquisition of a majority stake in Rediff.com.
The posts of Chairman and MD in the private sector are held separately.
The government is finalising appointment of at least nine public sector bank chiefs and a dozen executive directors who would replace them or fill existing vacancies.
Data centres are increasingly becoming a key part of the real estate landscape, as reality firms - with rich expertise in land acquisition, construction and dealing with government approvals - are seeing them as opportunities to build long-term assets with continuous revenue flow.
UTI Bank, has opened its representative office in Shanghai, China, where it will primarily engage in facilitating and promoting trade-related services between the bank's branches in India and commercial entities in China. \n
The Enforcement Directorate (ED) on Thursday said it has arrested Karvy Stock Broking Limited (KSBL) CMD C Parthasarathy and group CFO G Krishna Hari in connection with a money laundering investigation linked to alleged diversion of clients' securities of over Rs 2,873 crore. The agency produced the two-- already lodged in central jail, Bengaluru after being arrested by the police-- before a special Prevention of Money Laundering Act (PMLA) court in Hyderabad on January 20 and on January 25 it remanded them to four days of ED custody from January 27-30, it said in a statement. The ED case, filed under the criminal provisions of the PMLA, is based on multiple Telangana Police FIRs filed by the HDFC Bank, few other banks and investors alleging clients' securities were illegally diverted by Karvy Stock Broking Ltd and these were later pledged with banks and non banking financial companies (NBFCs) for loans which were later "defaulted".
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.
Bankers do not expect any major changes in key interest rates by the Reserve Bank in its quarterly review of the monetary policy on October 31.
Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday said the central bank has developed an innovative artificial intelligence and machine learning (AI/ML) based model MuleHunter.ai to address the growing issue of mule bank accounts that are often used for committing financial fraud. Developed by the Reserve Bank Innovation Hub, the new initiative is piloted with two public sector banks.
M Damodaran, chairman and managing director of UTI Asset Management Company, and administrator of UTI's specified undertaking, on Wednesday assumed the office of the CMD of Industrial Development Bank of India as a temporary measure.
The SC bench directed the court-appointed forensic auditors to complete their detailed investigation on divergence of home buyers money by Amrapali group before March 22 and list the matter for hearing on March 24.
The Appointments Committee of Cabinet has named Ravneet Kaur, a Punjab cadre IAS officer of 1988 batch, as chairperson of the Competition Commission of India (CCI). Kaur will hold the post for five years or until attaining the age of 65. She is the second woman to serve in an 'economic regulator' role after Madhabi Puri Buch, who was appointed chairperson of the Securities and Exchange Board of India last year and the first woman to head the country's chief national competition regulator.
As an employee it helps to the dos and don'ts of your job profile.
Special CBI Judge Swarana Kanta Sharma observed that the accused was 'concealing himself' and despite issuance of non bailable warrants against him twice, he could not be arrested by the probe agency.
Lawyer of both the accused, asserted that CBI's case against both his clients was merely on the basis of recorded conversations allegedly intercepted by the agency.
Recovering from an order dry-up and change in market conditions, Gurgaon-based Rites is looking to bid aggressively in global export and consultancy tenders and run with a volume-led approach, its chairman and managing director (CMD) Rahul Mithal said. Rites is a railway consultancy public sector undertaking (PSU) under the aegis of the Ministry of Railways. "We started the year with two huge challenges - the export order book, where no new orders had happened, and the opening up of Indian Railways quality assurance works to four players.
Ananthasubramanian, 55, started her career in 1982 at Bank of Baroda as a specialist officer in the planning stream.
The incidence of corruption cases can be checked to a large extent if the suggestions already available with RBI and the government are taken seriously, says Shyamal Majumdar.
Bankers are expecting a further fall in interest rates, due to ample liquidity in the banking system.
Bank issues public notice with photograph in Reid & Taylor default case.
Punjab National Bank CMD K C Chakrabarty has quit his post after his appointment as RBI Deputy Governor. "K C Chakrabarty has demitted office on June 14, 2009 on his appointment as Deputy Governor, Reserve Bank of India," PNB said in a filing to the Bombay Stock Exchange.
Many from this small lender have made it to other bank boards over the past 5 years
The real estate sector wants "high-impact" measures, like special schemes and tax breaks for developers, to revive the fortunes of the affordable housing segment in the country, multiple executives told Business Standard. This segment has been struggling since the Covid-19 outbreak, in contrast to larger and costlier homes which have been selling like hot cakes. The demand comes at a time when the government is taking suggestions from industry players before tabling the General Budget in the Parliament next month.
The bank is targeting a total network of 3,000 branches and business of Rs. 4 lakh crore in the next three years.
For FY21, CSB is looking at growth of around 25 per cent and is confident of doubling it in two years. And it is also exploring options to acquire a mid-size bank with a good client base and branches in the north to acquire an all-India presence.
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.
Both Allahabad Bank and Canara Bank are in the race to acquire United Western Bank, UWB. C Mahajan, CMD of Allahabad Bank and MBN Rao, CMD of Canara Bank extrapolate on the benefits of taking over UWB. \n\n
All-women bank to take wings across states.
The government's step to curtail fiscal deficit is helping the central bank's monetary policy, Rajan said.
