A significant fraud involving the theft of gold ornaments and their replacement with fake jewellery has been discovered at a Canara Bank branch in Jalna district, Maharashtra. The alleged fraud amounts to Rs 7.31 crore.
The Canara Bank on Thursday informed the Bombay high court that it has withdrawn its order classifying as "fraudulent" the loan account of a firm linked to industrialist Anil Ambani. After the bank's disclosure, a bench of Justices Revati Mohite Dere and Neela Gokhale disposed of the petition filed by Ambani challenging the bank's order, saying nothing survives in it.
'Afterwards, some improvement is expected.'
Canara Bank proved a strong mover, surging 7.4% to Rs 63.15 in morning trades on Tuesday, after the bank said net profit jumped 83% for the third quarter ended 31 December 2002.
In the draft norms issued last month, the RBI said that the ultimate responsibility for the bank's performance, conduct and control rests with the Board
Sixteen people, including two gold appraisers, have been booked for allegedly securing loans worth lakhs of rupees against counterfeit gold from a bank in Prayagraj.
And will sell its 50 per cent stake to State Bank of India in Russia as part of rationalisation of overseas branch network.
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
Aiming at about Rs 1,60,000 crore business this fiscal, Canara Bank will soon upgrade its Hong Kong subsidiary into a branch and open representative offices in China and Dubai.
Canara Bank on Wednesday announced 0.5-0.75 per cent cut in housing loans rates to 8.5-9.25 per cent with monthly installment payments coming down to Rs 911 per lakh for 20-year loan from February.
Canara Bank, India's second largest public sector bank, is all set for an aggressive play in the venture capital business.
Following the footsteps of State Bank of India and ICICI Bank, Canara Bank has classified its loan to Dabhol Power Company as a non-performing asset.
Canara Bank on Thursday indicated a 0.25 per cent cut in home loans taken from the bank for a period upto 10 years, showing that the home loan rates might not have bottomed out yet.
Canara Bank is expected to list its shares in major bourses on a positive note this week as the bank's Rs 385 crore initial public offer was overscribed by 1.9 times.
Canara Bank entered into an agreement with AVIVA Life Insurance Co Pvt Ltd to act as corporate agent for selling AVIVA life insurance products without risk participation.
Canara Bank on Wednesday reported a net profit of Rs 1,338 crore (Rs 13.38 billion) during 2003-04, up by 31.31 per cent over Rs 1,019 crore (Rs 10.19 billion) in the previous fiscal.
Shares of Indian life insurance companies, particularly SBI Life Insurance and Canara HSBC Life Insurance, saw significant declines after the Department of Financial Services (DFS) secretary, M Nagaraju, stated that banks are being asked to avoid exclusive tie-ups with their own insurance subsidiaries and instead remain neutral.
A special court in Mumbai has denied bail to Pune businessman Amit Thepade in a Rs 117-crore money laundering case, citing the serious threat economic offences pose to the country's financial health. The court highlighted substantial evidence linking Thepade to the crime under the Prevention of Money Laundering Act (PMLA).
Led by the country's biggest lender State Bank of India (SBI), public sector banks logged a record cumulative profit of Rs 52,603 crore in the third quarter of the current fiscal, reflecting an 18 per cent year-on-year growth.
A special court in Mumbai has denied bail to Pune businessman Amit Thepade in a Rs 117-crore money laundering case, citing the serious threat economic offences pose to the country's financial health.
Canara Bank may look to divest another 22 per cent of government stake during the next round of capital restructuring that is likely to take place by the end of the current year, its Chairman and Managing Director R V Shastri said on Monday.
"Canara Bank is the lead banker of lenders' consortium to DCH and the bank is conducting forensic audit of DCH," Financial Services Secretary D K Mittal told reporters.
Sources close to the development said the chairmen of both banks would meet shortly, after which the matter would be taken up by the respective boards and employees would be consulted.
Canara Bank has put on hold its plan to sell non-performing assets with realisation value of around Rs 250 crore (Rs 2.5 billion) after lukewarm response from asset reconstruction companies (ARCs).
Vaibhav Sooryavanshi's explosive innings and Arjun Tendulkar's half-century guided DY Patil Blue to a thrilling victory in the DY Patil T20 Cup.
Canara Bank has reduced the floating and fixed home loan interest rates, as also rates of auto loans and other personal loan products, with effect from Wednesday.
State-run Canara Bank on Monday reported its fourth-quarter net profit rose 12 per cent from a year earlier, driving its shares higher in a subdued market.
Canara Bank said it received government approval to raise Rs 5000 million towards tier II capital.
A BJP MLC in Sultanpur, Uttar Pradesh, has filed a complaint alleging he was held under 'digital arrest' by individuals posing as Mumbai ATS officers.
Ask rediffGURU and PF, MF and insurance expert Purshotam Lal your mutual fund, insurance and personal finance-related questions.
Honouring a cheque bearing forged signature would amount to deficiency in service of a bank, which would have to pay compensation to account holder for the monetary loss, a consumer court said.
After a gap of about five years, a public sector bank (PSB) has decided to rope in a cricketer to boost its brand.
Opening up the corner office is fine, but will the government be able to attract talent without giving a market-rate salary?, asks Tamal Bandyopadhyay.
A national rollout will take place after the pilot test in which SBI, PNB, Axis Bank, Bank of Maharashtra, Canara Bank, Kotak Mahindra Bank, IndusInd Bank, ICICI Bank, HDFC Bank, Indian Overseas Bank and Punjab & Sind Bank are participating.
The High Court of Justice in London has rejected a fresh bail petition filed by diamantaire Nirav Modi, who is wanted in India in connection with the Rs 13,000 crore Punjab National Bank (PNB) fraud case.
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.
Yuzvendra Chahal's impressive bowling performance and Yash Dhull's explosive batting were among the highlights of the opening day of the DY Patil T20 Cup.
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.
Private sector banks slipped in market capitalisation (mcap) during the July-September quarter, underperforming their government-owned peers as trade uncertainties dragged market sentiment, said S&P Global Market Intelligence. According to its analysis, HDFC Bank shed 4.8 per cent in mcap during the third quarter, while ICICI Bank's dropped 6.7 per cent.
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