BANKING

cabinet-okays-bringing-cooperative-banks-under-rbi-supervision

Cabinet okays bringing cooperative banks under RBI supervision

The government will bring an ordinance to put all cooperative banks under the Reserve Bank of India supervision. This is an attempt to streamline them. This decision was taken in the cabinet which was announced by Union information and broadcasting minister Prakash Javadekar.

Now, around 1,482 urban cooperative banks and 58 multi-state cooperative banks will come under the supervisory powers of the RBI. The RBI’s powers as they apply to the scheduled banks will also apply to cooperative banks. This decision will give an assurance to more than 86 million depositors in these banks that their money amounting to Rs 4.84 lakh crore will remain safe.

25 Jun 2020
uco-bank-signs-bancassurance-pact-with-sbi-life-for-insurance-solutions

UCO Bank signs ‘bancassurance’ pact with SBI life for insurance solutions

PSB UCO Bank has tied up with four insurers to offer various insurance products to its customers through its network of branches across the country. The lender teamed up with SBI Life Insurance Company, the Oriental insurance company and Religare insurance Company, Star Health and Allied insurance company for selling their products. With these new partnerships, the lender will now offer a way wider range of insurance products.

UCO Bank signs a ‘bancassurance’ pact with SBI life Insurance to supply insurance solutions to the purchasers of UCO Bank at its 3,086 branches spread across the country. Bancassurance is a partnership between a bank and an insurance firm, where the bank sells the tied insurance company’s insurance products to its clients.

24 Jun 2020
cabinet-okays-bringing-cooperative-banks-under-rbi-supervision

Cabinet okays bringing cooperative banks under RBI supervision

By IndianMandarins 25 Jun 2020

The government will bring an ordinance to put all cooperative banks under the Reserve Bank of India supervision. This is an attempt to streamline them. This decision was taken in the cabinet which was announced by Union information and broadcasting minister Prakash Javadekar.

Now, around 1,482 urban cooperative banks and 58 multi-state cooperative banks will come under the supervisory powers of the RBI. The RBI’s powers as they apply to the scheduled banks will also apply to cooperative banks. This decision will give an assurance to more than 86 million depositors in these banks that their money amounting to Rs 4.84 lakh crore will remain safe.

uco-bank-signs-bancassurance-pact-with-sbi-life-for-insurance-solutions

UCO Bank signs ‘bancassurance’ pact with SBI life for insurance solutions

By IndianMandarins 24 Jun 2020

PSB UCO Bank has tied up with four insurers to offer various insurance products to its customers through its network of branches across the country. The lender teamed up with SBI Life Insurance Company, the Oriental insurance company and Religare insurance Company, Star Health and Allied insurance company for selling their products. With these new partnerships, the lender will now offer a way wider range of insurance products.

UCO Bank signs a ‘bancassurance’ pact with SBI life Insurance to supply insurance solutions to the purchasers of UCO Bank at its 3,086 branches spread across the country. Bancassurance is a partnership between a bank and an insurance firm, where the bank sells the tied insurance company’s insurance products to its clients.

md-ceo-of-a-psb-appointed-as-osd-of-another-psb

MD & CEO of a PSB appointed as OSD of another PSB

By IndianMandarins 16 Apr 2020

Former Syndicate Bank MD and CEO Mrutyunjay Mahapatra has been appointed as OSD of another PSB Canara Bank. The government’s notification on April 13, 2020 has appointed Mahapatra, former managing director and chief executive officer of Syndicate Bank as an OSD on a supernumerary basis in Canara Bank.

His appointment comes to effect from the date of assumption of office, and till the age of superannuation (May 5, 2020) or until further orders, whichever is earlier. Shares of Canara Bank on Wednesday closed at Rs 86.60 apiece on the BSE, down1.81 percent from the previous close.

merger-of-banks-to-be-effective-from-april-1,-2020

Merger of banks to be effective from April 1, 2020

By IndianMandarins 05 Mar 2020

Exercise of consolidation of 10 PSBs into four is on course and the merger will come into effect from April 1, 2020. Cabinet has given a go-ahead for the merger proposal with the government being in regular touch with these banks.

There will be no regulatory issues. The banks’ merger is on course and decisions have already been taken by the respective bank boards. The mergers are aimed at creating global sized banks in India.

This has been the biggest consolidation exercise in banking sector. The government in August 2019 announced mergers of public sector banks by bringing down their total number to 12 from 27 in 2017.

United Bank and Oriental Bank of Commerce will be merged with PNB; Syndicate Bank will be merged with Canara Bank; Allahabad Bank will be amalgamated with Indian Bank, and Andhra Bank and Corporation Bank will be consolidated with Union Bank of India.

merger-of-10-psbs-into-four-likely-today!

Merger of 10 PSBs into four likely today!

By IndianMandarins 05 Feb 2020

The government is likely to give go ahead to the merger plan of 10 public sector banks (PSBs) into four. The scheme for amalgamation is likely today. Union Cabinet led by Prime Minister Narendra Modi will have the cabinet meet on February 5 and is expected to approve merger of these PSBs. As per the scheme which has been put up before the Cabinet for its approval, the merger of the balance sheets will be completed by April 1, 2020.

Boards of all 10 PSBs will meet to approve the swap ratios afterwards. The merger scheme will have provisions to safeguard interests and rights of workers in these banks. This will be the biggest merger exercise of PSBs, which was announced by Finance Minister Nirmala Sitharaman in August 2019.

bob,-boi-and-canara-bank-get-new-md-&-ceo

BOB, BoI and Canara Bank get new MD & CEO

By IndianMandarins 20 Jan 2020

The NaMo administration on Monday appointed Sanjiv Chadha (DMD, SBI), as Managing Director and Chief Executive Officer, Bank of Baroda for a period of three years.

Lingam Venkata Prabhakar (ED, PNB) as Managing Director and Chief Executive Officer, Canara Bank whereas Atanu Kumar Das (ED, Bank of India) was appointed as MD & CEO Bank of India for a period of three years.

merger-process-of-ten-banks-in-advance-stage

Merger process of ten banks in advance stage

By IndianMandarins 17 Dec 2019

Ten banks involved in the merger are understood to be in advanced stages of due diligence with just over three months left to complete the process of consolidation of PSBs. This was announced by finance minister in September.

PNB, Union Bank of India, Canara Bank and Indian Bank will acquire six smaller nationalised banks. Given the amount of the additional provisioning burden that the merger process may entail, it is expected that the upcoming Budget may provide for another round of recapitalization.

In order to estimate the amount of capital required by these banks, which the government may have to pump in, the due diligence process has been put on fast track. Audit and consultancy firm PwC has been appointed by Canara Bank, while Indian Bank has appointed KPMG to conduct due diligence. Deloitte has the mandate from PNB and Union Bank. All banks lined up for consolidation have been asked to meet the December 31 deadline to complete due diligence.

ucbs-may-come-to-be-solely-under-provisions-of-the-banking-regulation-act

UCBs may come to be solely under provisions of the Banking Regulation Act

By IndianMandarins 09 Dec 2019

It is likely that large urban co-operative banks (UCBs) may come to be solely under the provisions of the Banking Regulation Act. However, the smaller banks among them are to remain within the exclusive fold of the Registrar of Co-operative Societies.

The upcoming changes will bring curtains down on the vexed issue of dual control of UCBs, which has been in vogue for past 54 years. These banks came to be within the ambit of the RBI when certain provisions of the BR Act were extended to them — effective March 1966 — even as the RoCS remained vested with significant change. In the revised scheme, the inspection of the UCBs solely under the Banking Regulation Act will be done by the central bank.

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