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UCO Bank Ex CMD Ajay Kaul Under CBI Scanner for Rs 621 Crore Fraud

UCO Bank Fraud

Debt ridden Public Sector UCO bank has filed the fraud allegation charges against their former CMD & CEO Ajay Kaul in Rs 621 Crore loan fraud. Based on the FIR filled by UCO bank, CBI has booked the formed CMD in fraud cases and conducted searches in at least 10 places, eight of which are in Delhi and two others in ...

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RBI Slaps Rs 3 Crore Fine on IDBI Bank

RBI has imposed a penalty of Rs 3 crore on IDBI bank for non-compliance to the Income Recognition and Asset Classification (IRAC) norms. RBI has informed the bank vide its letter dated April 10, 2018, a monetary penalty of Rs 30 million on the Bank in exercise of the powers…for non compliance with the directions issued by it on Income Recognition ...

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Axis Bank Acquisition Buzz – To Be Bought By Kotak Mahindra Bank


If we may believe on a report by brokerage firm Nomura Financial Advisory Services, the time is ripe for Kotak Mahindra Bank to buy Axis Bank. Bank could be a potential acquisition target after its board accepted managing director Shikha Sharma’s plea to cut her fourth three-year term to seven months under RBI pressure. Shikha Sharma, who joined Axis Bank in 2009, ...

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CBI Charges Former Canara Bank MD & CEO

Canara Bank

The Central Bureau of Investigation (CBI) filed charges against former chairman and managing director R K Dubey over allegations of  providing about Rs 68 crore loan to Delhi-based jewellery company, Occasion Silver Pvt Ltd, which fell under Quick Mortality Assets and turn bad within a year of the bank giving it the loan. Charges were framed against then Executive Directors ...

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SBI Reduces Minimum Balance Charges By 75%

SBI Work from home

The country’s largest lender, State Bank of India has reduced charges for non-maintenance of Average Monthly Balance (AMB) in savings accounts by nearly 75 per cent. The charges for non-maintenance of AMB for customers in Metro and Urban centers have been reduced from a maximum of Rs 50 per month to Rs 15 per month. Semi-Urban and Rural centers, the charges ...

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Paytm Money Gets SEBI Node For Selling Mutual Funds


eWallet to Mutual Fund – Paytm gets SEBI node as registered investment advisor for selling of mutual funds in India. Paytm Money – the wholly-owned wealth management arm of financial services platform of Paytm. After getting node from SEBI, Paytm is joining hands with close to a dozen AMCs (asset management companies) and will roll out wealth management and investment products ...

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Rs 389 Crore Fraud Detected in Oriental Bank of Commerce (OBC)


After Punjab National Bank (PNB) scam, and many other banks, another public sector bank, Oriental bank of Commerce (OBC) has filed the cased against Delhi’s based diamond exported Dwarka Das Seth International Pvt Ltd for the alleged fraud. The mode of operandi is similar to PNB Nirav modi fraud i.e. issuance of letter of vredit/letter of undertaking against paying off the ...

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RBI May Soon Close the Mobile Wallets


Reserve Bank of India (RBI) revised Know your customer guidelines (KYC) may close the digital wallets business in India.Earlier in the month of October, 2017, RBI had given the deadline of 28th Feb 2018 for completion of Full KYC in all the Digital Wallet accounts maintained by eWallet companies. In the revised guideline, RBI had clearly issued the warning stating ...

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