A special CBI court in Mumbai has ordered the issuance of proclamation against billionaire jeweller Jatin Mehta, his wife, and another individual in a Rs 146.35 crore bank fraud case involving Canara Bank. The court allowed the CBI's plea to secure the presence of the absconding accused but declined the immediate attachment of their properties, citing lack of material evidence. The accused are reportedly residing in the United Kingdom.
Fourth seed Harmeet Desai and second seed Yashaswini Ghorpade faced unexpected defeats at the second National Ranking Table Tennis Championships in Panchkula on Monday. Unseeded Manika Batra and Sreeja Akula, both former top-ranked players, also exited the tournament in the Round of 32, while top seeds like Syndrela Das and Diya Chitale advanced.
The Reserve Bank of India has imposed a penalty of Rs 41.8 lakh on Canara Bank for non-compliance with KYC norms and incorrect account classification, and Rs 3.1 lakh on Puran Associates Pvt Ltd for asset classification violations.
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 National Company Law Tribunal (NCLT) has approved media baron Subhash Chandra's personal insolvency resolution plan, which proposes to pay Rs 6.5 crore against admitted creditor claims of approximately Rs 22,006.57 crore, despite allegations from dissenting lenders that five family-linked entities controlled 61.78 per cent of the voting share.
State Bank of India (SBI) anticipates that the newly introduced Merchant Discount Rate (MDR) on person-to-merchant (P2M) UPI transactions above 2,000, effective October 15, will enable it to recover the costs incurred in processing and facilitating these transactions, potentially even generating a small surplus.
Subhash Chandra hoped that the lenders would discuss the matter with the borrowers, reconcile the outstanding accounts, and get paid by the borrowers.
Essel Group Chairman Subhash Chandra has challenged the National Company Law Tribunal's (NCLT) decision to form a five-member bench to hear his personal insolvency case, arguing that the tribunal lacks the power to constitute such a bench. This comes after a split verdict and a subsequent stay on an order allowing him to settle claims.
A special five-member NCLT bench has issued notices to all parties in Subhash Chandra's personal insolvency case and directed the Essel Group Chairman not to alienate his properties, either directly or indirectly, following a split verdict on a repayment plan.
Indian banks anticipate a reduction of up to 50 basis points in their funding costs due to a surge in liquidity from robust Foreign Currency Non-Resident (Bank), or FCNR (B), flows, lessening their reliance on more expensive certificates of deposit (CDs).
Sources clarify that the NCLT's approval of a repayment plan for Essel Group founder Subhash Chandra does not signify a 99.97 per cent write-off of Rs 22,000 crore in bank loans, as the figure represents claims against him as a personal guarantor, not debt personally borrowed.
'Resolution plan with this much haircut is totally unviable.'
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.
Election-related freebies and populist measures are other factors crimping the revenue profile of these states.
'Afterwards, some improvement is expected.'
Gujarat's Gir Somnath police have busted a massive cyber fraud racket involving over Rs 310 crore in suspicious transactions through mule bank accounts, arresting five individuals. This operation, part of the state-wide "Operation Mule Hunt 2.0," is considered the district's largest cybercrime case to date, aiming to recover victims' money and curb illegal account rentals.
The CBSE revaluation portal experienced a cyber attack, affecting the payment system and leading to unauthorised access for approximately 50 students. The incident caused fee display abnormalities, prompting investigations and system enhancements.
The NEET-UG re-exam was held at centres across the country and overseas on Sunday amid tight security arrangements for the smooth conduct of the examination.
The Uttar Pradesh Police have filed an FIR against a former additional district magistrate, company representatives, and bank officials in connection with an alleged land scam worth around Rs 400 crore in Kanpur Dehat district.
The Central Board of Secondary Education (CBSE) announced that nearly 40,000 students have successfully applied for verification and re-evaluation of Class 12 board exam answer books, despite the portal facing cyberattacks, including a denial-of-service attempt.
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).
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.
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.
NPCI BHIM Services Ltd is expanding the BHIM app to feature phones to increase financial inclusion and diversify revenue through financial product distribution. The app aims to double its market share and is focusing on partnerships with banks and new features like UPI Circle.
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.
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 BJP MLC in Sultanpur, Uttar Pradesh, has filed a complaint alleging he was held under 'digital arrest' by individuals posing as Mumbai ATS officers.
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.
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.
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.
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.
And will sell its 50 per cent stake to State Bank of India in Russia as part of rationalisation of overseas branch network.
In November, six primary market issuances accounted for more than 13,000 crore of net equity investments by MFs.
In order to optimise branch efficiency, public sector banks (PSBs) are reworking their strategies to streamline operations and reduce cost amid changing customer behaviour. The strategies include closing or merging low traffic branches and reducing their size in smaller centres.
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
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.
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.
