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Thursday, September 16, 2010

Man decamps with Rs 66,000

In an incident involving ingenious criminal intent, a man was robbed of Rs 66,000 near the UCO Bank premises under Paltan Bazar police station today. Lal Mohan Singh had taken out an amount of Rs 66,000 from the bank and was about to move away on his bicycle parked nearby when a person told him that there were some currency notes on the ground which could belong to him. Thinking it could be so, Singh’s attention was diverted from his cycle where he had kept the cash. But during those moments the unknown person picked up Singh’s cash and disappeared from the scene. Investigation is ...
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Man decamps with Rs 66,000

In an incident involving ingenious criminal intent, a man was robbed of Rs 66,000 near the UCO Bank premises under Paltan Bazar police station today. Lal Mohan Singh had taken out an amount of Rs 66,000 from the bank and was about to move away on his bicycle parked nearby when a person told him that there were some currency notes on the ground which could belong to him. Thinking it could be so, Singh’s attention was diverted from his cycle where he had kept the cash. But during those moments the unknown person picked up Singh’s cash and disappeared from the scene. Investigation is ...
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UCO Bank gets extension to meet provision coverage ratio

After ICICI Bank and SBI, UCO Bank has got some leeway from the Reserve Bank of India (RBI). CNBC-TV18 learns that the RBI has given the public sector lender a six-month extension, up to March 31, for achieving the 70% provision coverage ratio, reports CNBC-TV18’s Vidhi Godiawala.Certainly good news coming in there for UCO Bank, what we are picking up from our sources in the regulator and RBI is that they have been given a six months extension to reach the 70% provision coverage ratio by March 2011, instead of September 2010.What is provision coverage ratio? It’s the amount of money a bank keeps aside for its bad loans or its non-performing assets.Now, UCO Bank has been given the extension till...
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UCO Bank gets extension to meet provision coverage ratio

After ICICI Bank and SBI, UCO Bank has got some leeway from the Reserve Bank of India (RBI). CNBC-TV18 learns that the RBI has given the public sector lender a six-month extension, up to March 31, for achieving the 70% provision coverage ratio, reports CNBC-TV18’s Vidhi Godiawala.Certainly good news coming in there for UCO Bank, what we are picking up from our sources in the regulator and RBI is that they have been given a six months extension to reach the 70% provision coverage ratio by March 2011, instead of September 2010.What is provision coverage ratio? It’s the amount of money a bank keeps aside for its bad loans or its non-performing assets.Now, UCO Bank has been given the extension till...
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Fraud & fictitious offers increase in 2 years: RBI

KOLKATA: Reserve Bank of India on Friday said fraudulent and fictitious offers though e-mails, mobile phones and SMSs had increased significantly in the last two years despite public awareness by RBI."Such fictitious offers had increased in the last two years," RBI general manager C L Nag said here today while addressing media on steps of the central bank in this regard.He did not give the number of complaints against such fictitious offers it has received, saying most of these were informal.Nag said several circulars since 2000 had been issued by RBI on such offers and urged people not to be lured by them in which money is asked upfront terming as processing fee, transaction fee, tax clearance...
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RBI asks banks to give reasons for returning cheques

Keeping in view the larger interests of customers, the Reserve Bank of India (RBI) today asked banks to inform account holders on the reasons for a cheque being returned or dishonoured.Banks are advised to indicate the date of return in the 'Cheque Return Memo' without fail, the RBI said in a statement.The memo that should accompany a cheque dishonoured or returned for any reason is a critical document, more so in case recourse to legal action is necessitated, it said.Instruments returned unpaid should have a signed objection slip on which a definite and valid reason for refusing payment must be stated, it said.Certain instances of banks not mentioning the date of return on the cheque return...
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RBI asks banks to give reasons for returning cheques

Keeping in view the larger interests of customers, the Reserve Bank of India (RBI) today asked banks to inform account holders on the reasons for a cheque being returned or dishonoured.Banks are advised to indicate the date of return in the 'Cheque Return Memo' without fail, the RBI said in a statement.The memo that should accompany a cheque dishonoured or returned for any reason is a critical document, more so in case recourse to legal action is necessitated, it said.Instruments returned unpaid should have a signed objection slip on which a definite and valid reason for refusing payment must be stated, it said.Certain instances of banks not mentioning the date of return on the cheque return...
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Asia's oldest co-operative bank closes

The Reserve Bank of India has finally cancelled the licence of Asia's oldest co-operative bank, Vadodara-based Anyonya Co-operative Bank Limited (ACBL), after examining all options for its revival.RBI sources here said the bank had been ordered to stop all its transactions under Section 35A of the Banking Regulation Act, on September 14, 2007, and the bank downed its shutters in March, 2008. Its annual general meeting in September, 2008 formed a committee to find ways to re-open the bank.The fate of the bank had been uncertain ever since the RBI clamped restrictions on it for failing to reduce its non-performing assets (NPAs). Revival, merger and liquidation were all discussed for the bank,...
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