The old 500 and 1,000 rupee notes are being
reconciled and processed by the RBI for verifying
numerical accuracy and authencity
progress is being closely monitored, Finance
Minister Arun Jaitley said today.
As many as 10 PSBs including Bank of India, IDBI
Bank and Union Bank, have submied
turnaround plans to the Government, which is a
pre‐requisite for geng
fund infusion, Parliament
was informed today. Allahabad Bank, Andhra
Bank, Central Bank of India, Dena Bank, UCO
Bank, United Bank of India and Bank of
Maharashtra are the other PSBs who have
their plans. Indian Overseas Bank is
currently in the process of preparing its
turnaround plan, said Minister of State for
Finance Santosh Kumar Gangwar in a wrien
reply in Rajya Sabha.
IBA has termed as false and baseless reports
doing the rounds in social media about the
adverse financial strength and future of some
PSBs arising out of RBI’s prompt correcve
said the PCA framework,
which has been in existence since 2002, has been
by the RBI in respect of some PSBs
where certain thresholds on capital and asset
quality have been breached.
measures under PCA will help improve the overall
performance of these banks. IBA assures the
general public and depositors that there is no
cause for fear or panic and they should not fall
prey to false reports and their money is safe,
IBA said in a statement.
A combined 5,076 cases of acve
frauds involving Rs 1 lakh or more causing losses
of Rs 16,78,853 lakh were reported by 76 banks
during 2016‐17, Parliament was informed today.
In a wrien
reply to the Rajya Sabha, Minister of
State for Finance Santosh Kumar Gangwar said
SBI reported 544 cases of such frauds that
caused a loss of Rs 1,91,295 lakh. The minister
further said that for ICICI Bank, the number of
cases is 688 causing loss of Rs 36,844 lakh.
In a reply to the Rajya Sabha, Minister of State
for Finance Santosh Kumar Gangwar said PSBs
received 81,309 complaints about working style
in 2016‐17, of which 77,291 were disposed of. SBI
received maximum complaints (30,581), followed
by PNB (6,227), Canara Bank (5,248) and Bank of
In the past 3 years and 3 months, banks lost Rs
88,553 every hour on an average to cybercrime.
The total money lost from April 1, 2014 to June
30, 2017 was Rs 252 crore. Nearly 40 cases of
Rs 21.24 lakh a day on an
average have been reported by banks in the said
period, shows data of 102 banks of all categories
obtained from the the RBI. In all, 46,612 cases
were reported in the said period. The data is
compiled from frauds related to credit, debit and
ATM cards and internet banking.
HDFC Bank blamed farm loan waivers for a jump
in NPAs, stang
that 60% of incremental bad
loans was from the agri segment. The bank said
of waivers led to farmers from
several states avoiding loan repayment.
Axis Bank has rubbished a report that claimed
that its MD Shikha Sharma may be joining
the Tata Group to lead the firm's financial
“There is a laid down process
that the board undertakes at regular intervals,
but to conclude that there is going to be a change
of leadership is enrely
" the bank said in a statement.
HDFC MD Aditya Puri today said iniang
insolvency proceedings is not the "best soluon"
to fight the bad loan issue and advocated using
the recently introduced law only in cases of wilful
Axis Bank reported a smaller‐than‐expected fall
in first‐quarter net profit as its bad loan addions
slowed. Net profit was down 16% at Rs 1,306
crore for the 3 months ended June 30, against Rs
1,556 crore a year ago.
Standard Chartered Bank has launched a
Forex Card for overseas travellers.
The card will allow customers the convenience of
loading up to 20 widely used currencies on one
card with an online reload facility during
overseas travel. The bank, in a statement, said
the card will offer travellers protecon
the frequent currency fluctuaons
by locking in
the currency exchange rate they availed during
of loading the card, and not pay
different rates every me
they use the card.
According to Paresh Sukthankar, deputy MD,
HDFC Bank, customers who were earlier using
their debit cards only for ATM withdrawals are
now using them for transacons
terms of teller transacons
at branches as well as
ATMs, we have seen a reducon
in those channels,
" he said. According to
Sukthankar, the bank took advantage of this
change in customer behaviour to close down a
few ATMs and now plans to shi
them to other
centres where they are likely to be used.
In a rebual
to Essar Steel's claims that SBI's
in the Naonal
Tribunal was invalid, the lead lender told the
Ahmedabad bench that under secon
76 and 77
of SBI Act 1955, the signatory was authorised to
insolvency proceedings. The ongoing
hearing of insolvency proceedings against Essar
by SBI and Standard Chartered
Bank at the NCLT bench was put off for July 26,
agency Moody’s has downgraded
for 2 PSBs, Indian Overseas Bank and
Central Bank of India, Ba3 from Ba1. It affirmed
of 9 banks, including Bank of India,
Bank and Axis Bank, at
Baa3/Prime‐3. Other banks whose rang
affirmed were Bank of Baroda, Canara Bank,
Oriental Bank of Commerce, Syndicate Bank,
Union Bank of India and ICICI Bank.
The mutual fund industry has approached the
SEBI seeking approval for launching rerement
only in long‐term government
industry sources said.
Employees of Tata Consultancy Services (TCS) will
soon meet union home minister Rajnath Singh to
tell him about the adverse effects of the
company’s decision to shi
2,000 of its staff
members to other centres.
“It is not just a maer
of internal transfer, it is a big blow to Brand
Lucknow and dent in the city’s pride ,
” said an
Cochin Shipyard Ltd, India’s largest largest public
sector shipyard, is set to raise about Rs 1,470
crore through an inial
public offering (IPO) that
opens on August 1 and closes on August 3.