Centre has cleared the appointment of five PSU bank's chiefs

The Centre has cleared the decks for appointing five public sector bank chiefs.Mr S. Raman, Executive Director, Union Bank of India, will shortly assume charge of Bangalore-headquartered Canara Bank as Chariman and Managing Director.Mr Ramnath Pradeep, ED, Central Bank of India, will be at the helm of Mangalore-headquartered Corporation Bank as CMD. Mr Arun Kaul, ED, Central Bank of India, will be the new CMD of Kolkata-headquartered UCO Bank.Mr R. Ramachandran, ED, Syndicate Bank, will be the new CMD of Hyderabad-headquartered Andhra Bank. Mr M. Narendra, ED, Bank of India, will assume charge of Indian Overseas Bank in Novemb...

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Education loan defaults rising

Education loans, a segment with lowest defaults among all other retail loans so far, have seen a sudden spurt in NPAs (non-performing assets) due to the shrinking job markets following the global economic meltdown.The defaults have been higher in loans below Rs 4 lakh, which are given without any collateral, according to senior bank officials.Indian Bank, for instance, has bad loans worth Rs 80 crore on its books as on June 30, 2010, according to its Chairman and Managing Director, Mr T.M. Bhasin. “We have witnessed some loans in the below Rs 4 lakh category going bad recently. We are tracking the students and trying to work out the recovery methods. The rise in delinquency is due to the lack...

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Education loan defaults rising

Education loans, a segment with lowest defaults among all other retail loans so far, have seen a sudden spurt in NPAs (non-performing assets) due to the shrinking job markets following the global economic meltdown.The defaults have been higher in loans below Rs 4 lakh, which are given without any collateral, according to senior bank officials.Indian Bank, for instance, has bad loans worth Rs 80 crore on its books as on June 30, 2010, according to its Chairman and Managing Director, Mr T.M. Bhasin. “We have witnessed some loans in the below Rs 4 lakh category going bad recently. We are tracking the students and trying to work out the recovery methods. The rise in delinquency is due to the lack...

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