MONEY & BANKING


Piyush Goyal, a former nominated director on Bank of Baroda (BoB) and State Bank of India (SBI), probably understands that the dangerous drift caused by the scams and losses at public sector banks (PSBs) which, compounded by actions of the past four years, could snowball into a serious...

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The Enforcement Directorate (ED) has issued summons to absconding diamantaire Nirav Modi's father Deepak Modi, sister Purvi Mehta and her husband Mayank Mehta as part of its probe in the multi-crore Punjab National Bank (PNB) fraud, an official said here on Friday.   The fraud was...

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The ED on Thursday seized over 34,000 pieces of jewellery valued at Rs 85 crore in connection with its ongoing probe against absconding businessman Mehul Choksi who is accused along with his diamantaire nephew Nirav Modi of defrauding the Punjab National Bank (PNB) of over Rs 1,300 crore, an...

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Reserve Bank of India (RBI) on Thursday modified some of its "terms and conditions" for setting up of IFSC (International Financial Services Centres) Banking Units (IBUs), said a notification from the central bank.   The modifications are based on the suggestions the RBI has received...

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Moneylife Digital Team 17 May 2018
In a hard hitting statement, All India Bank Officers' Confederation (AIBOC), the largest officers' organization with a membership of around 3.50 lakh officers has questioned the Reserve Bank of India’s (RBI) decision to restrict Dena Bank from fresh credit exposure and staff recruitment under...

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Securities market regulator Securities and Exchange Board of India (SEBI) has warned state-owned Punjab National Bank (PNB) over the delay in regulatory disclosures to stock exchanges with regard to the Nirav Modi fraud case.   According to a BSE filing on Thursday, PNB said that it...

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Putting the blame squarely on the top officials of the Punjab National Bank (PNB), the Central Bureau of Investigation (CBI) filed a second chargesheet in the Rs 7,080.86 crore fraud case against absconding diamantaire Mehul Choksi, his Gitanjali Group of companies and senior past and present...

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The Income Tax (I-T) Department in Mumbai has quizzed Videocon Group Chairman-cum-Managing Director Venugopal Dhoot in connection with its ongoing investigations into the ICICI Bank-Videocon loan case, official sources said here.   Dhoot was responding to summons issued by the I-T...

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The CBI on Wednesday filed a second chargesheet in the Punjab National Bank (PNB) fraud case against diamond merchant Mehul Choksi and his Gitanjali Group's companies.   The chargesheet was filed in a special CBI court in Mumbai, an official said.   The Central Bureau of...

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State-run Allahabad Bank on Tuesday said its Board of Directors has decided to divest the lender's MD and CEO Usha Ananthasubramanian of all functional responsibilities of the bank with immediate effect.   The move comes a day after the Central Bureau of Investigation (CBI) filed a...

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Moneylife Digital Team 15 May 2018
In another example of callous handling of customer complaints, the Banking Ombudsman (BO) at Chennai dismissed a complaint from a borrower who did not get the benefit of a reduction in a ‘floating’ rate loan for over two years, while the rate had dropped from 15.60% to 9.65%. When the rate...

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The central government's action against three top bankers in the country is a welcome move, said a top leader of All India Bank Employees' Association (AIBEA) on Tuesday.   He also said the Reserve Bank of India (RBI), its nominees on the board of Punjab National Bank (PNB) cannot...

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The CBI on Monday filed a chargesheet against Allahabad Bank MD and CEO Usha Ananthasubramanian and 21 others, including 11 bank officials, in the over Rs 13,000 crore Punjab National Bank (PNB) fraud case in which diamantaire Nirav Modi and his uncle Mehul Choksi were allegedly...

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State-run Allahabad Bank on Monday said that the Reserve Bank of India has advised certain addition actions against the lender in view of its capital adequacy and leverage ratio position, after the apex bank had imposed prompt corrective action (PCA) on it.   Incidentally, the...

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The Finance Ministry on Monday began the process to remove Allahabad Bank CEO and MD Usha Ananthasubramanian from the post after the CBI filed a chargesheet on her alleged role in the over Rs 13,000-crore PNB scam earlier in the day.   Ananthasubramanian, who was the Managing Director...

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Moneylife Digital Team 14 May 2018
From bad loans to loan defaulters to financial frauds and embezzlement, the Indian banking system seems to be in a crisis mode. And, needless to say, it will have a cascading effect on most sectors - including real estate, says a note from a real estate investment banking advisory...

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The CBI on Monday filed a chargesheet against some former and current bank officials and several others in the over Rs 13,000 crore Punjab National Bank (PNB) fraud case allegedly perpetrated by diamantaire Nirav Modi and his uncle Mehul Choksi.   The agency filed the chargesheet...

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Over 10 lakh bankers in government and private banks will go on a 48-hour strike starting on May 30, said an All India Bank Employees Association (AIBEA) leader.   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...

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New Delhi, The government has transferred bureaucrat Lok Ranjan, its nominee on the board of the controversy-hit ICICI Bank, from the Finance Ministry to the Department of Personnel and Training.   According to a notice by the Appointments Committee of the Cabinet late Thursday,...

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Moneylife Digital Team 03 May 2018
After months of silence, mainstream media, especially television, erupted on 17th April with reports of an acute cash shortage. That there is a cash shortage is, indeed, true. It is also a fact that Rs2,000 notes have been scarce for months, especially in non-metropolitan cities. Sources say...

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