There's good news for customers who are paying EMIs for their loans with State Bank of India, Bank of Baroda and Allahabad Bank. From today, the EMIs of SBI loans - India's largest bank - will go down as the bank has reduced the MCLR by 0.05 per cent. Bank of Baroda and Allahabad Bank has also reduced the MCLR by the same value. The new rates are applicable from today (February 14).
The bank's asset-liability management committee has reviewed the existing MCLRs and decided for a downward revision of MCLRs by 5 bps across different tenors, it said in a regulatory filing.
Leading state-owned lender Punjab National Bank and Allahabad Bank on Tuesday announced linking of their retail loans with the Reserve Bank's repo rate, which will make loans cheaper.
Allahabad Bank on Wednesday reported a fraud of Rs 688.27 crore by a Ludhiana-based textile company.
The bank said in a regulatory filing that "on the basis of forensic audit investigation findings and CBI filing FIR, on suo moto basis, against the Company and its Directors, alleging diversion of funds from banking system by the Bank's borrower namely Bhushan Power & Steel Ltd (BPSL), a fraud of Rs 1,774.82 core has been reported by the Bank to the Reserve Bank of India".
The bank said the accounts of Rotomac Global and Rotomac Exports have been filed in National Company Law Tribunal (NCLT) and was admitted on September 20, 2017.
The official, identified as Dinesh Dubey – former Allahabad bank director, claimed that he was forced to resign from post due to pressure from the then Finance Secretary for trying to expose the scam.
Besides Allahabad Bank, names of 16 banks including SBI, Union Bank of India and Axis Bank have also featured in the list banks that offered credit on PNB's LoUs. Among them, the Allahabad Bank has the largest exposure.
The Allahabad Bank also reported higher Gross NPAs and Net NPAs during the third quarter of this fiscal at 14.38 per cent (12.51 per cent) and 8.97 per cent (8.65 per cent) respectively.
New Delhi: The Appointments Committee of the Cabinet has approved appointment of executive directors to nine public sector banks filling up vacancies which had not been filled since a long time.Ravi Shankar Pandey, GM, Union
Ahmedabad: Metro Link Express for Gandhinagar and Ahmedabad (MEGA), a Special Purpose Vehicle (SPV) floated by the Gujarat government to execute metro rail project here, has achieved financial closure for the first phase of the
New Delhi, May 7: State-owned Allahabad Bank today posted 68.5 per cent decline in net profit at Rs 126.15 crore for the fourth quarter ended March 31, 2013 on account of rise in bad loans.The
Mumbai, July 10: Led by state-run banks which are set to report increased strains on asset quality, the banking sector is set to see profits decline by 11 percent in Q1 sequentially but a 43
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