A fire broke out on Friday morning at a branch of Central Bank of India located in Bahrol area of Sagar District. The incident caused panic among bank employees and customers who were present inside the branch at the time. According to initial information, the bank had opened in the morning as usual and employees…
The Reserve Bank of India has imposed monetary penalty on Bank of Baroda for issues related to soiled notes. According to the disclosure, the RBI imposed a penalty of ₹1,00,000 (One Lakh Rupees) on Bank of Baroda. Yesterday, penalty was imposed on Bank of India for shortage of notes in Kanpur Currency Chest. Before it,…
In a major disciplinary action, the Institute of Chartered Accountants of India (ICAI) has suspended a Chartered Accountant for one year in connection with a multi-crore bank fraud case. The ICAI Disciplinary Committee found CA Parminder Singh Oberoi guilty of professional misconduct and ordered the removal of his name from the Register of Members for…
In a significant development, the Indian Bank Main Branch in Rajkot has agreed to pay more than ₹1.32 crore as compensation to a couple after gold jewellery pledged with the bank went missing. The settlement brings an end to a long dispute between the bank and the couple. Gold pledged for loan According to the…
The Secretary of the Department of Financial Services (DFS) chaired an important meeting in New Delhi with major Non-Banking Financial Companies (NBFCs) to discuss key issues related to the sector. Government Holds Meeting with NBFCs to Discuss Sector Issues and Strengthen Financial Inclusion Important Fact About NBFC Sector India’s Non-Banking Financial Company (NBFC) sector has…
Indian Overseas Bank Receives Rs.502 Crore Income Tax Demand Notice State-owned Indian Overseas Bank (IOB) has received an income tax demand notice of more than ₹502 crore from the Income Tax Department. The notice has been issued under Section 156 of the Income Tax Act, 1961 and relates to the assessment year 2017–18. Explained: Section…
Bank of Baroda has raised a $500 million syndicated term loan with a tenure of five years on Thursday. With this deal, the bank has returned to the global syndicated loan market after about one year. The loan was arranged through the bank’s IFSC Banking Unit located in GIFT City, Gujarat. The transaction was led…
RBI imposes Monetary Penalty on Bank of India Over Currency Chest Irregularities The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.85 lakh on Bank of India for certain irregularities related to a currency chest. The penalty of ₹1,85,300 was imposed on the Kanpur Currency Chest operated by Bank of India. The…
Police have arrested Gaurav Dubey, a bank employee, in connection with a fraud case of more than ₹3 crore linked to MetLife Insurance Company, which is associated with Punjab National Bank (PNB). He was arrested from Basti on Tuesday night. Gaurav Dubey is a resident of Mulnapur Bhikhapur Devkali in Ayodhya district, under the Kotwali…
Central Bank of India Signs Mutual Fund Distribution Agreement with HDFC AMC Central Bank of India has signed a distribution agreement with HDFC Asset Management Company Limited (HDFC AMC) to distribute mutual fund products to its customers. According to the bank, the agreement will allow Central Bank of India to offer mutual fund investment products…