The Reserve Bank of India (RBI) has imposed penalty of ₹ 5 crores on Airtel Payments Bank Limited for contravening the ‘Operating Guidelines for Payments Banks’ and directions issued by RBI on Know Your Customer (KYC) norms. This penalty has been imposed in exercise of powers vested in RBI under Read more…
Supreme Court directed Uco Bank to pay fine of Rs.1 lac to one of its retired officer for unnecessarily litigate against the employee. This is an interesting case, where the bank issued chargesheet after 7 years and immediately before retirement of the employee invoked regulation that disciplinary proceedings will continue Read more…
5 Public sector banks are on the verge of being put under Prompt Corrective Action plan by Reserve Bank of India. According a news report in business standard, these banks include Canara Bank, Punjab National Bank, Union Bank of India, Punjab and Sidh Bank and Andhra Bank. Net NPAs of Read more…
RBI, vide notification dated March 01, 2018 amended the priority sector guidelines. Following are the changes made in priority sector lending: 1. Earlier it was stipulated that the sub-targets for lending to small and marginal farmers and micro enterprises shall be made applicable for foreign banks with 20 branches and Read more…
Government will table the The Payment of Gratuity (Amendment) Bill 2017 in Lok Sabha on 5th March 2018. The bill is to amend the Payment of Gratuity Act 1972. The bill is to increase gratuity ceiling from existing Rs.10 lacs to Rs.20 lacs. Union Cabinet has given its node for Read more…
RBI, vide notification dated 12.02.2018 issued revised framework for resolution of Stressed Assets. In this notification, RBI has withdrawn the existing schemes such as CDR, SDR, S4A, JLF etc. For exposure of Rs.2000 crores and above, Banks need to resolve the default within 180 days otherwise file application with NCLT. Read more…
The Department of Financial Services has made it mandatory for all the banks to accept the education loan applications only through online mode. Banks have been directed not to accept education loan applications in physical form. Online education loan applications shall be received through NSDL portal called Vidya Lakshmi. Banks Read more…
United Forum of Bank Unions (UFBU) has called one day all India strike on 15th March 2018 for early settlement of 11th bipartite. 11th Bipartite Settlement for increase in salaries of bank employees is already due from 1st November 2017. There has been rounds of meeting between UFBU and IBA Read more…
CBI has registered FIR against 22 employees of Punjab National Bank for alleged fraudulent disbursement of loan to various parties during 2011 to 2016, who were in coal business. The case in related to around four branches Bhopal and Ujjain. In this connection, CBI also conducted raids at 47 places Read more…
In a cheating case of Rs.2.40 crores, two bank officials have been punished with three years rigorous imprisonment by a special CBI Court. In the instant case, a case was registered with CBI by the CVO of State Bank of Mysore’s against Bhopal branch’s the then Branch Manager A S Read more…