Federal Bank nod to sell 26% stake in subsidiary to True North

The Board of private sector bank Federal Bank has approved 26 per cent strategic investment by homegrown private equity player True North in its who

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Demonetisation a complex issue, RBI and Nepal Rashtra Bank in talks to resolve it: FS

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BSE plans to begin insurance distribution biz by year-end

To seek necessary approvals from IRDAI: Chauhan

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Oriental Bank Q4 net loss widens to Rs 1,650 cr

Public sector lender Oriental Bank of Commerce’s (OBC) net loss widened to Rs 1,650.22 crore for the quarter ended March of 2017-18. The bank had ma

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Bad loans push four public sector banks to combined Rs 11,729 crore Q4 loss

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German online bank uses Bitcoins to transfer loans

Bitbond uses cryptocurrencies like Bitcoin to bypass the Swift international transfer system to lend money across the globe rapidly and at low cost.

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RBI puts Dena Bank under prompt corrective action

Reserve Bank has initiated prompt corrective action against public sector lender Dena Bank in view of high non-performing loans, restricting the bank from giving fresh credit and new hiring.

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Banks still averse to lend to gems & jewellery players: SBI

The second largest public sector bank had detected fraudulent transactions at its Brady House branch in south Mumbai for several years from 2011.

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Crypto exchanges join hands against RBI

Move apex court against the central bank’s circular

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Allahabad Bank posts ₹3,510-cr loss

Core income drops; sharp rise in provisioning

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United Bank of India seeks to raise ₹1,500 cr to expand

Our BureauUnited Bank of India plans to raise ₹1,500 crore in one or more tranches through a qualified institutional placement (QIP), public issue or

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New India Assurance Q4 net profit drops 39%

Our BureauNearly six months after the listing of New India Assurance Company, its Board of Directors recommended issue of bonus shares in proportion

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UCO Bank net loss widens to ₹2,134 cr

Our BureauAn over three-fold rise in provisioning dragged down the profitability of Kolkata-based UCO Bank. The bank’s net loss widened to ₹2,134 cro

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Blockchain to the rescue of Telangana’s chit business

Govt hopes ChitMonks will cut down paper work and bring in more transparency

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Canara Bank posts loss of ₹4,860 cr in Q4 on higher provisioning

Lender set for stable growth this year, says CEO Rakesh Sharma

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Department of Financial Services to approach revenue dept over GST on free services by banks

Department of Financial Services (DFS) has decided to approach the revenue department to clear the confusion over levy of GST on some of the free services offered by banks to its customers.

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Allahabad Bank reports net loss of ₹3,509 cr in Q4 on NPA rise

Public sector lender Allahabad Bank today reported a standalone net loss of ₹ 3,509.63 crore for the last quarter ended March of 2017-18 due to more

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Life insurers log in 4.6% growth in new premium income in Apr

At No 3 is ICICI Prudential with a 6.38 per cent market share in new premium income, while it is at No 4 with a 4.42 per cent market pie in terms of new policies sold.

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Banks still averse to lend to gems & jewellery players: SBI

Punjab National Bank had detected fraudulent transactions at its Brady House branch in south Mumbai for several years from 2011.

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A guide to opening an NPS account online

The National Pension System (NPS) has been gaining interest among investors in recent years. Along with tax benefits, a better return profile and cho

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Department of Financial Services to approach revenue dept over GST on free services by banks

"This issue of imposition of GST on some of the free services offered by banks to its customers will be taken up with the revenue department," Financial Services Secretary Rajiv Kumar said.

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Lok Ranjan to continue on board of ICICI Bank: DFS Secy

Any government official of rank of additional secretary or joint secretary can be appointed on the board of any financial institution where government has a stake, sources said.

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Bank unions threaten 2-day nation-wide strike from May 30

Employees of public sector banks have threatened to go on two-day nation-wide strike from May 30 against "a meagre" 2 per cent hike offered by the management body, Indian Banks' Association (IBA).

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Bank unions threaten 2-day nation-wide strike from May 30

Employees of public sector banks have threatened to go on two-day nation-wide strike from May 30 against “a meagre” 2 per cent hike offered by the m

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LIC doubles investment limit under senior citizens pension plan

The government recently approved raising the investment limit under the Pradhan Mantri Vaya Vandana Yojana (PMVVY) to Rs 15 lakh from Rs 7.5 lakh. It

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Dena Bank net loss widens to Rs 1,225 cr

 Dena Bank’s net loss widened to Rs 1,225 crore in the fourth quarter ended March 31, 2018 against Rs 575 crore in the year-ago quarter due to huge lo

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Bank unions announce 48-hour strike from May 30

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As Modi fixes NPA mess, overseas lenders line up to give money to Indian banks at razor-thin interest rates

India's newly-adopted Insolvency and Bankruptcy Code (IBC) has got international investors and lenders interested.

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Bank unions announce 48-hour strike from May 30

The United Forum of Bank Unions (UFBU) proposed the strike beginning 6 a.m. on May 30, till 6 a.m. on June 1, demanding early revision of wages.

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Bank unions to strike on May 30 & 31

The United Forum of Bank Unions (UFBU), a representative body of nine bank unions, have called for a bank strike on May 30 and 31.This comes in the w

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Union, Vijaya banks put NPA tag on Reliance Naval loans

Banks and Reliance Naval were working towards restructuring the loan but it did not work out since all banks did not agree on the terms, said the sources.

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Apple, Goldman Sachs may launch credit card next year

Apple has reportedly partnered with investment bank Goldman Sachs and might release a credit card next year, a media report said.

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Panel interviews 9 for RBI Deputy Governor’s post

The Cabinet Secretary-headed panel today interviewed three senior bureaucrats and six bankers for the post of RBI Deputy Governor which fell vacant in July last after S S Mundra retired on completion of his three-year term.

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Union Bank of India netloss touches ₹2,583 crore

Lender makes full provision for stressed accounts

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Andhra Pragathi Grameena Bank profit rises 19%

Our BureauAndhra Pragathi Grammena Bank’s net profit increased 19 per cent at ₹206 crore in the financial year ended March 31, 2018, compared to ₹173

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IRDAI lists 16 cross-border reinsurers for FY19

Our BureauThe Insurance Regulatory and Development Authority of India (IRDA) has released the list of Cross Border Reinsurers (CBR) for the year 2018

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Wage revision: Bank unions seek Centre’s intervention

Vinson Kurian The United Forum of Bank Unions (UFBU) has written to the Centre seeking its intervention in the ongoing wage revision talks and advise

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Reliance Home Finance torelaunch online platform

Will introduce a ‘two-click’ process to sanction loans, says CEO Ravindra Sudhalkar

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Indian Bank Q4 net falls 59% on higher provisioning

Our BureauPublic sector Indian Bank’s improved performance for the year 2017-18 has been overshadowed by a spike in non-performing assets in Q4 on ac

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Access to institutional finance, ECB will attract more investments: NHB

The foreign direct investment (FDI) and foreign institutional investors (FIIs) will play a key role in boosting supply of houses and infra projects in urban areas.

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Ujjivan to offer personal loans, two-wheeler loans

The impact of demonetisation, farm loan waiver by several state governments including Uttar Pradesh, have derailed repayment collection for small banks and micro lenders.

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Consumers adopting digital rapidly but satisfaction remains low: Mckinsey

The sharp rise in smartphone penetration has also supported the increase in digital transactions and so has the use of e-commerce websites.

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Indian Bank shares plunge nearly 9% on disappointing Q4 show

Shares of Indian Bank today plummeted nearly 9 per cent after the company reported 59 per cent decline in net profit for the quarter ended March of

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HDFC Bank races to find Aditya Puri's successor, one of these 3 could be the next in line

Finding a successor for Puri can't be an easy task due to the formative role he has played in the bank's success. So much so that Puri is HDFC Bank and HDFC Bank is Puri.

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Ujjivan Financial Q4 profit jumps over 3-fold to Rs 65 cr

Ujjivan Financial Services today reported a more than three-fold jump in its consolidated net profit at Rs 64.86 crore for the last quarter ended Ma

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Indian Bank Q4 Results 2018: Profit slumps 59% to Rs 132 crore on higher NPAs; recommends dividend of Rs 6

Indian Bank Q4 Results 2018: State-run Indian Bank today reported 59 per cent decline in net profit to Rs 131.98 crore for the quarter ended March 31, as provisions for bad loans nearly tripled. The bank had reported a profit of Rs 319.70 crore in the same period of 2016-17.

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New monetary limits for public sector banks to report frauds to CBI: CVC

The commission would clarify that the monetary limits, as prescribed in RBI's master circular, should be followed for reporting financial frauds to local or state police and the CBI by all public sector banks.

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Indian Bank profit slumps 59% on higher NPAs

Board proposes 60% dividend to shareholders

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Fino Payments Bank plans ₹300-cr fund raising by October

Fino Payments Bank is looking to raise up to ₹300 crore through a share sale by October, a top official has said.“We should raise ₹300 crore by Sept

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Fresh uncertainty for 20,000 homebuyers as banks reject Jaypee revival plan

Over 20,000 homebuyers of Jaypee Infratech stare at uncertainty again after banks voted against a bid to revive the insolvency-hit company on Wednesday, triggering fresh moves to ensure that the firm does not face liquidation.

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IRDAI relaxes norms for empanelled actuaries

They can now undertake valuation of more than one insurer every quarter; insurers and actuaries hail decision

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HDFC Bank aims expand investment banking, taps talents

In the past few months, the bank has hired at least 10 top rainmakers from global banks such as HSBC, Standard Chartered Bank, and Macquarie, and the home-grown ICICI Bank.

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YES Bank to launch water-security programme

To be rolled out across 15 districts of Haryana and Rajasthan

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Federal Bank net profit declines 43%

Q4 sees a sharp rise in the bank’s bad loans at 62 per cent

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Bank of Maharashtra cutscorporate advances to 56%

But proportion of non-corporate loans rises to 44 per cent

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Magma Fincorp Q4 net rises to₹71 crore on higher disbursals

Collections too improve

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No queries from RBI on Chanda Kochhar-Videocon row: ICICI Bank

There are series of allegations of impropriety in ICICI Bank extending loans to some companies and enjoying reciprocal benefits.

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Govt mulls 100% FDI in insurance intermediaries

The government is considering allowing 100 per cent foreign direct investment (FDI) in insurance intermediaries with a view to give a boost to the s

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Govt considering 100 per cent FDI in insurance intermediaries

The FDI policy, at present, allows 49 per cent foreign investment in the insurance sector, which includes insurance intermediaries.

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Federal Bank Q4 net profit down 43% at Rs 145 cr

Federal Bank today reported a fall of 43.5 per cent in its standalone net profit at Rs 144.99 crore in the quarter ended March of 2017-18 on higher

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NPCI plans to make it big in credit card segment

"We have stabilised our debit business,now we are focusing on credit business," he said, without giving any targets on this side.

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NSDL to launch payment bank’s operations soon

National Securities Depository Limited (NSDL) on Wednesday said it expects to launch its payment bank’s operations within a month as it is awaiting

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India's banks get cheaper overseas loans amid bad-loan cleanup

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NPA fix: Only 2 from RBI’s ‘Dirty Dozen’ resolved under IBC; what about others? Is the delay hurting?

On April 17, when the National Company Law Tribunal gave its nod for Vedanta’s takeover of the bankrupt Electrosteel Steels, it was a moment in the history as it was the fastest resolution of an NPA account -- thanks to newly-adopted Insolvency and Bankruptcy Code.

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Finance ministry considers shore-up certificates to ease bad loan burden of lenders

“The Prime Minister’s Office has passed on a representation-…we are looking at it,” a senior finance ministry official said. The idea is on the lines of the structure created to bail out the US-64 scheme of the Unit Trust of India.

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Telangana all set to issue 58 lakh cheques tomorrow

To give farmers ₹4,000 for every acre as part of ‘Rythu Bandhu’ scheme

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PNB board faces a tough decision on ‘provisioning’

Plans to meet on May 15 to approve FY18 results

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NPA-laden banks turn cautious on infra lending

Banks are increasingly becoming wary of financing infrastructure projects as they scramble to clean up their balance sheets before lending afresh in 2

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Government nominee director on ICICI board awaits report from probe agencies

"If government nominee attends the board meet then it would be found endorsing board view," official sources said.

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Day 2: ICICI Bank board meeting dwells on biz strategy, budget plans

SurabhiThe Board of Directors of private sector lender ICICI Bank is understood to have stuck to discussing business plans on the second day of its m

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BankBazaar to bring on board a strategic investor

KR SrivatsBankBazaar.com, a financial marketplace, is open to roping in a strategic investor who can help accelerate the pace of adoption of paperles

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Vijay Mallya loses over Rs 10,000 crore UK lawsuit filed by Indian banks

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Aditya Birla Capital March quarter net up 91% at Rs 208 cr

Aditya Birla Capital today reported a rise of 91 per cent in its consolidated net profit at Rs 208 for the quarter ended March of 2017-18 against Rs

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BoI has Rs 200-cr exposure in PNB fraud, initiates insolvency proceedings against Nirav Modi firms

State-owned Bank of India (BoI) has an exposure of Rs 200 crore in the Punjab National Bank fraud case and the public sector lender has initiated in

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BoI has Rs 200 crore exposure in PNB scam, initiates proceedings: CEO

Diamond merchants Nirav Modi and his uncle Mehul Choksi are alleged to have perpetrated the country's biggest banking sector scam of Rs 13,000 crore at Punjab National Bank.

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Kudos to Modi’s digital push! Nouriel Roubini says India’s BHIM UPI is future of digital payments

India's innovative and free homegrown digital payments ecosystem BHIM UPI (Unified Payments Interface) has got yet another vehement support from a noted global economist, after winning accolades from the likes of global tech leaders such as Google's Sundar Pichai and Dell's Michael Dell.

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Fear is biggest obstacle for investors in taking over India’s bankrupt companies

The wait for investors to acquire some of the $210 billion of stressed assets up for grabs in India is likely to get longer. That’s because creditors are afraid to take decisions.

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Insolvency regulator shows teeth

Suspends registration of IRP for one year for demanding exorbitant fees

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ICICI Bank Q4 profit plunges 50% to ₹1,020 crore as provisions rise

Kochhar says loan allegations not discussed; board to meet again today

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Shriram Life Insurance profit rises to ₹88 crore

Our BureauPrivate sector Shriram Life Insurance registered a five-fold increase in its net profit at ₹88 crore in 2017-18 compared to ₹17 crore in 20

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Lenders with exposure to stressed power assets have to resolve them by August

Ksenia KondratievaStressed power companies, with a cumulative capacity of 4,000-5,000 megawatt (MW), could find new owners by August as lenders expos

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Strong dollar, oil keep rupee under pressure

The currency may fall to 68.3 over the medium term

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ICICI Bank to deploy new strategy to get back to growth strategy: Chanda Kochhar

The announcement about the new policy comes after the banking giant reported a massive decline in its net profit for the quarter and financial year ended March 31, 2018.

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RBI diktat on stressed assets sees ICICI Bank slippages surging

But provisioning dispensation for IBC cases offers some respite to the private lender

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Have a CIBIL score of 760? Bank of India offers home loans at cheaper rates to customers with good credit score

Bank of India will offer preferential pricing rates to borrowers with good credit scores for home loans of Rs 30 lakh and above, the state-run lender said.

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Bank strike alert! 10 lakh employees to go on strike for wage-revision demand; all you need to know

Wage hike is pending since November 1, 2017. The IBA is offering 2 per cent hike over the total wage bill of the banks, which was rejected by the UFBU after a failed meeting with the IBA.

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ICICI Bank Q4 Results 2018: Net profit drops nearly 45% to Rs 1142 crore but beats estimates

India's second-largest private bank by assets ICICI Bank on Monday reported a drop of nearly 45% in the consolidated net profit to Rs 1,142 crore for the quarter ended 31 March 2018 from Rs 2082.75 crore from previous quarter.

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ICICI Bank Q4 profit slumps 45% to Rs 1,142 crore

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ICICI board may discuss issues related to Videocon loan tomorrow

The bank reported a net profit of Rs 1,020 crore for this quarter, down 49.6% from last year.

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Over 2000 ATMs shut down by banks in just 10 months; here’s why

More than 2000 ATMs were closed in the ten months between May 2017 and February 2018 in different locations of the country, RBI data said.

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Banks may see two-day strike in May-end

As per the latest speculations, bank employees might go two days’ strike in the later half of May. A 48-hour strike by nearly 10 lakh bankers, government as well as private, will be called by the end of May if the government does not ask the Indian Banks' Association (IBA) to provide an improved offer.

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Bank stocks surge as Sensex rises almost 300 points; Nifty above 10,700

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PM takes stock of preparations for launch of health assurance scheme

Prime Minister Narendra Modi today reviewed the progress of preparations for the launch of the ambitious health assurance scheme under the Ayushman

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Will liquidate insolvent companies if prices are suppressed, says SBI chairman Rajnish Kumar

RBI was empowered through an ordinance last May to direct banks to initiate insolvency proceedings against borrowers for resolution of stressed assets.

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Vijaya Bank Q4 profit up 1.6% at ₹207cr

Vijaya Bank on Monday reported a rise of 1.6 per cent in net profit at ₹207.31 crore for March quarter, FY18. The public sector bank had registered

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Bigger than Nirav Modi fraud amount! PNB’s big wilful defaulters owe this much in loans to bank

The public sector lender has been putting out the names of wilful defaulters and firms since June 2017. Within ten months, these defaults have grown by 28 per cent, from Rs 11,879.74 crore.

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Punjab National Bank relies on artificial intelligence to check frauds

The bank has already initiated a number of steps and now intends to firmly put behind memories of the over Rs 20,000 crore swindle by the diamond merchants.

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​Punjab National Bank to rely on artificial intelligence to check frauds

Punjab National Bank on Sunday said it plans to rely on artificial intelligence (AI) for reconciliation of accounts and incorporate analytics for improving audit systems as it seeks to clean up the process after the massive fraud involving Nirav Modi and Mehul Choksi.

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ICICI board meet may take up allegations against CEO

Apart from the bank’s results, today’s board meet may also discuss Kochhar’s tenure

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ICICI Bank board to meet tomorrow; CEO Chanda Kochhar loan issue may come up, says Sources

The board of ICICI Bank, which will meet tomorrow for approving the annual earnings of 2017-18, may see some discussion on the allegations of conflict of interest against the lender's CEO Chanda Kochhar, sources said.

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Rs 621 crore UCO Bank loan fraud: Enforcement Directorate registers money laundering case

The Enforcement Directorate has registered a case of money laundering in connection with an alleged Rs 621-crore loan fraud involving UCO Bank, officials said today.

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ED files PMLA case in Rs 621-crore UCO Bank loan fraud

The Enforcement Directorate has registered a case of money laundering in connection with an alleged Rs 621-crore loan fraud involving UCO Bank, offi

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PNB fraud: ED refuses to share details of Nirav Modi, Mehul Choksi’s seized assets

The Enforcement Directorate has refused to disclose under the RTI Act the assets of Nirav Modi and Mehul Choksi seized during its probe into the over

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No cash crunch in Northeast: SBI

SBI North Eastern Circle refuted the reports that there is insufficient cash in the region.

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ED files PMLA case in Rs 621-crore UCO Bank loan fraud

The agency has filed a criminal complaint under the Prevention of Money Laundering Act (PMLA) after taking cognisance of a CBI FIR registered last month.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2ro0vaR

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PNB aims to grow biz by around 11% in current fiscal

Over the last few weeks, the bank has focused on changing and improving its systems and processes to reduce customers' risk and further strengthen the bank, he added.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2HQH2dU

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PNB fraud: ED refuses to share details of Nirav Modi & Mehul Choksi’s seized assets

The Enforcement Directorate has refused to disclose under the RTI Act the assets of Nirav Modi and Mehul Choksi seized during its probe into the over USD 2 billion scam in the Punjab National Bank.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2FKJddf

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Nine in the fray for RBI Deputy Governor’s post

Search panel to conduct interviews with shortlisted candidates on May 10

from Business Line - Money & Banking https://ift.tt/2HUuUZB

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'ICICI Bank board to meet tomorrow; CEO loan issue may come up'

Family members of CEO Chanda Kochhar allegedly received financial favours from borrowers against the loans sanctioned by the bank.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2IlUqGF

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India's 7% projected growth rate 'amazingly fast': ADB

India's projected GDP growth of over 7% for the current fiscal is "amazingly fast" and if this momentum is maintained the size of the economy can double within a decade, Asian Development Bank (ADB) chief economist Yasuyuki Sawada has said.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2wfD3Ch

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IBA draws plan to measure reform implementation by PSBs

This assumes significance as the capital infusion in the state-owned banks is directly linked to their performance on reforms front.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2rokS81

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Big wilful defaulters owe PNB Rs 15,172 crore

The public sector lender has been putting out the names of wilful defaulters and firms since June 2017. Within ten months, these defaults have grown by 28 per cent, from Rs 11,879.74 crore.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2HZo150

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Indian Banks Association draws plan to measure reform implementation by PSBs

The IBA has decided to hire a consultant for "Measuring implementation of PSB Reforms Agenda - 'Enhanced Access and Service Excellence' (EASE)".

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2JVh3yx

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