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PMC Bank crisis: HDIL CEO, MD had properties worth Rs 3,500 crore

India | October 03, 2019 23:27 IST

The Chairman and Managing Director of real estate developer HDIL were arrested on Thursday in connection with the Rs 6,500 crore loan default case that has hit the Punjab and Maharashtra Co-operative (PMC) Bank. Rakesh Kumar Wadhawan, the Chairman, and Sarang Wadhawan, Managing Director of HDIL were arrested by the Economic Offences Wing (EOW) of the Mumbai Police. Assets worth Rs 3,500 crore of HDIL were also frozen.

Breaking: RBI increases withdrawal limit for PMC depositors

RBI increases withdrawal limit for PMC depositors to Rs 25,000

Business | October 03, 2019 20:54 IST

The Reserve Bank of India has enhanced withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank.

PMC bank crisis: ICAI seeks information from RBI to check

PMC crisis: ICAI seeks information from RBI to check role of auditors

India | October 02, 2019 15:46 IST

Chartered accountants' apex body ICAI has sought information from the RBI and other authorities on the PMC Bank crisis to check whether any auditor was involved in the alleged financial irregularities at the lender.

Bank Holidays Alert! Banks to remain closed on these days in October

Business | October 01, 2019 8:22 IST

Bank Holidays In October 2019: Banks to remain closed on the occasion of Diwali, Dussehra, and other festivals or national event in the month of October. Notably, the central government holidays are applicable to all public and private sector banks.

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What happens to your savings if your bank fails

September 26, 2019 17:38 IST

After the unexpected decision of The Reserve Bank of India to put Punjab and Maharashtra Cooperative Bank (PMC Bank) under scrutiny and strict directions for six months, the depositors of the bank are into a huge snag. But, the question is- how much safe is our money when it comes to cooperative banks these days? What will happen to depositors’ money if a bank suddenly fails or shuts down? Read on.

Customers file police complaint against PMC Bank's officials

Business | September 26, 2019 13:23 IST

A delegation of account-holders went to Sion police station in central Mumbai and submitted the complaint against officials of the bank, on which the RBI has imposed operational restrictions, he said.

No concern to asset quality post UBI, OBC merger: PNB CEO

Business | September 22, 2019 12:56 IST

"Everything relating to the merger is going on smoothly. We don't foresee any challenges. Other banks have done it successfully and we can repeat that,said Sunil Mehta, the Managing Director and CEO of PNB.

14 banks struggle to recover Rs 3,635 cr from Mumbai firm

Business | September 20, 2019 18:54 IST

A consortium of 14 public sector banks, led by the Bank of India on Friday initiated the process to recover staggering loans totally worth Rs 3,635.25 crore from a Mumbai-based defaulter, Frost International Ltd.

Members of Allahabad Bank Officers Federation protest against the merger proposal of the bank.

Bank strike: SBI says operations likely to be affected

Business | September 18, 2019 21:47 IST

Public Sector Bank Strike: If you are planning to carry out any important bank-related work on September 26 and 27, then you might have to do it before or post it as banking operations in key public sector banks are likely to be hit due to proposed strike of bank unions.

Six of 10 most valued companies add Rs 50,580 crore in m-cap; SBI, ICICI Bank lead

Business | September 15, 2019 11:45 IST

While RIL, HDFC Bank, HDFC and Kotak Mahindra Bank were the other winners, Tata Consultancy Services Ltd (TCS), HUL, Infosys and ITC suffered losses in their market capitalisation (m-cap) for the week ended Friday.

Gujarat bank defamation case: Rahul Gandhi seeks documents

India | September 08, 2019 12:32 IST

The court issued notice to the bank, seeking its stand by October 11 on on Gandhi's demand for documents.

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Mega bank mergers in India credit positive but...: Here is global rating agency Moody's take

Business | September 05, 2019 15:51 IST

The mega merger of 10 state-run banks is credit positive, as it can increase their operational scale and growth capital, apart from improving their corporate governance over the long term, says a report.

Bank merger: PNB board approves amalgamation with OBC, United Bank

Business | September 05, 2019 14:29 IST

The board meeting held on Thursday followed the finance ministry asking the three banks to consider the proposal of amalgamation, PNB said in a regulatory filing.

Bank merger: Officers associations to meet in Delhi on September 5

Business | September 03, 2019 15:14 IST

Finance Minister Nirmala Sitharaman last week announced the merger of Oriental Bank of Commerce and United Bank with Punjab National Bank, Syndicate Bank with Canara Bank, while Andhra Bank and Corporation Bank will merge with Union Bank of India.

PSU banks lose on BSE post merger announcement

Business | September 03, 2019 12:25 IST

State-run banks on the exchanges traded on a weak note during the early trade on Tuesday after the government announced plans to merge 10 public sector banks into four.

There will not be single job loss due to merger of banks:

Will bank mergers result in job losses? Nirmala Sitharaman rules it out

Business | September 01, 2019 20:47 IST

"Absolutely, ill informed. I want to assure every union in everyone of these banks to please recall what I have said last Friday. When we spoke about amalgamation of banks I have very clearly underlined the fact that there shall not be one employee removed. Not at all", she told reporters here.

Big bank merger: Centre merging banks will not help recover huge bad loans, says AIBEA

All India Bank Employees Association opposes government's bank merger

Business | August 31, 2019 16:21 IST

Opposing the merger of 10 public sector banks into four, C. H. Venkatachalam, General Secretary of AIBEA, in a statement issued here said in the name of banking reforms the government is enabling banks to help corporates.

Govt unveils mega bank mergers to revive growth from 5-yr low

Business | August 30, 2019 18:27 IST

Finance Minister Nirmala Sitharaman, who had last week announced tax sops and measures for sectors such as auto, announced four new set of mergers -- Punjab National Bank, Oriental Bank of Commerce and United Bank of India will combine to form the nation's second-largest lender; Canara Bank and Syndicate Bank will merge; Union Bank of India will amalgamate with Andhra Bank and Corporation Bank, and Indian Bank will merge with Allahabad Bank.

Market opens on a choppy note; metal, bank stocks fall

Business | August 28, 2019 10:48 IST

After opening slightly higher than its previous close, the 30-share index slipped into the red to trade 12.46 points, or 0.03 per cent, lower at 37,628.81 at 0930 hours, while the broader Nifty fell 7.30 points, or 0.06 per cent, to 11,098.05 in early trade.

SBI cuts interest rates on fixed deposits up to 0.5%

India | August 23, 2019 15:22 IST

In view of the falling interest rate scenario and surplus liquidity, SBI realigns its interest rate on Term Deposits with effect from August 26, 2019, SBI said in a statement.

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