RBI gives nod for Kerala Bank
Business | October 10, 2019 13:18 ISTAccording to government sources, 13 DCBs would be merged with the Kerala State Co-operative Bank for forming the proposed Kerala Bank.
According to government sources, 13 DCBs would be merged with the Kerala State Co-operative Bank for forming the proposed Kerala Bank.
The Enforcement Directorate (ED) has seized 12 high-end cars which include two Rolls Royce, two Range Rover and one Bentley, of Housing Development and Infrastructure Limited (HDIL) chairman Rakesh Wadhawan and his son Sarang Wadhawan on Friday following raids at six locations in Mumbai.
Former managing director of Punjab and Maharashtra Cooperative Bank, Joy Thomas, was arrested on Friday by the Economic Offences Wing of Mumbai Police in connection with the alleged Rs 4,355 crore scam at the bank .
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.
The Reserve Bank of India has enhanced withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank.
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 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.
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.
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.
"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.
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.
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.
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.
The court issued notice to the bank, seeking its stand by October 11 on on Gandhi's demand for documents.
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.
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.
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.
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.
"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.
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.
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