BANKING SECTOR

major-secretary-level-appointments-include-banking-secretary-&-air-india-cmd

Major Secretary level appointments include Banking Secretary & Air India CMD

The NaMo administration on Thursday effected a major bureaucratic rejig at the level of Secretary as follows:
  1. Debasish Panda (IAS:1987:UP) appointed as Secretary, Department of Financial Services (Secretary, Banking) vice Rajiv Kumar (IAS:1984:JH) upon his superannuation on 29.02.2020. Presently, he is Special Secretary, Department of Financial Services, Ministry of Finance.
  2. Ms. Usha Sharma (IAS:1985:RJ) appointed as Secretary, Department of Youth Affairs, Ministry of Youth Affairs and Sports. Presently, she is Director General, Archaeological Survey of India, Ministry of Culture.
  3. Rajeev Ranjan (IAS:1985:TN) appointed as Secretary, Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying vice Ms. Rajni Sekhri Sibal (IAS:1986:HY) upon her superannuation on 29.02.2020. Presently, he is Special Secretary, GST Council Secretariat, Department of Revenue, Ministry of Finance.
  4. Tenure of Parameswaran Iyer (Voluntarily Retired IAS:1981:UP) as Secretary, Department of Drinking Water and Sanitation (Ministry of Jal Shakti) was extended  for a further period of one year beyond 30.04.2020 i.e. upto 30.04.2021.
  5. Pawan Kumar Agarwal (IAS:1985:WB) appointed as Secretary, Department of Consumer Affairs, Ministry of Consumer Affairs, Food and Public Distribution. Presently, he is Chief Executive Officer, Food Safety and Standards Authority of India FSSAI).
  6. Saraswati Prasad (IAS:1985:AM) appointed as Secretary, National Commission for Scheduled Tribes in the rank and pay of Secretary. Presently, he is Special Secretary and Financial Adviser, Ministry of Steel.
  7. Rajiv Bansal (IAS:1988:NL) appointed as Chairman & Managing Director, Air India in the rank and pay of Additional Secretary. Presently, he is Additional Secretary, Ministry of Petroleum and Natural Gas. 

  8. Raj Kumar (IAS:1987:GJ) appointed as as Secretary, Department of Defence Production, Ministry of Defence. Presently, he is working as DG, Employees' State Insurance Corporation (ESIC).

13 Feb 2020
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

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.

09 Dec 2019
major-secretary-level-appointments-include-banking-secretary-&-air-india-cmd

Major Secretary level appointments include Banking Secretary & Air India CMD

By IndianMandarins 13 Feb 2020

The NaMo administration on Thursday effected a major bureaucratic rejig at the level of Secretary as follows:
  1. Debasish Panda (IAS:1987:UP) appointed as Secretary, Department of Financial Services (Secretary, Banking) vice Rajiv Kumar (IAS:1984:JH) upon his superannuation on 29.02.2020. Presently, he is Special Secretary, Department of Financial Services, Ministry of Finance.
  2. Ms. Usha Sharma (IAS:1985:RJ) appointed as Secretary, Department of Youth Affairs, Ministry of Youth Affairs and Sports. Presently, she is Director General, Archaeological Survey of India, Ministry of Culture.
  3. Rajeev Ranjan (IAS:1985:TN) appointed as Secretary, Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying vice Ms. Rajni Sekhri Sibal (IAS:1986:HY) upon her superannuation on 29.02.2020. Presently, he is Special Secretary, GST Council Secretariat, Department of Revenue, Ministry of Finance.
  4. Tenure of Parameswaran Iyer (Voluntarily Retired IAS:1981:UP) as Secretary, Department of Drinking Water and Sanitation (Ministry of Jal Shakti) was extended  for a further period of one year beyond 30.04.2020 i.e. upto 30.04.2021.
  5. Pawan Kumar Agarwal (IAS:1985:WB) appointed as Secretary, Department of Consumer Affairs, Ministry of Consumer Affairs, Food and Public Distribution. Presently, he is Chief Executive Officer, Food Safety and Standards Authority of India FSSAI).
  6. Saraswati Prasad (IAS:1985:AM) appointed as Secretary, National Commission for Scheduled Tribes in the rank and pay of Secretary. Presently, he is Special Secretary and Financial Adviser, Ministry of Steel.
  7. Rajiv Bansal (IAS:1988:NL) appointed as Chairman & Managing Director, Air India in the rank and pay of Additional Secretary. Presently, he is Additional Secretary, Ministry of Petroleum and Natural Gas. 

  8. Raj Kumar (IAS:1987:GJ) appointed as as Secretary, Department of Defence Production, Ministry of Defence. Presently, he is working as DG, Employees' State Insurance Corporation (ESIC).

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.

sbi-to-divest-8.25-per-cent-stake-in-uti-amc

SBI to divest 8.25 per cent stake in UTI AMC

By IndianMandarins 05 Dec 2019

Executive Committee of the Central Board of Directors (ECCB) of SBI at its meeting accorded final approval for divestment of its stake in UTI AMC up to 8.25 per cent through IPO by way of offer for sale of up to 1,04,59,949 equity shares subject to the approval of the SEBI and/or such other concerned authorities and departments.

SBI, LIC, PNB and Bank of Baroda hold 18.5 per cent stake in UTI AMC, each. The rest is held by American company T Rowe Price. SBI has its own AMC (asset management company) business. SEBI rules introduced in March 2018 put a cross-holding limit which does not allow a shareholder who has at least 10 per cent stake in a mutual fund to hold a similar-sized stake in another fund house. Board positions would also have to be given up.

worst-ever-banking-crisis:-two-directors-of-hdil-arrested

Worst-ever banking crisis: Two directors of HDIL arrested

By IndianMandarins 04 Oct 2019

Banking crisis in India seems to be looming large due to faulty policy as PMC Bank crisis is yet another addition to such brimming incidences with Mumbai police arresting two directors of HDIL – Rakesh Wadhavan and Sarang Wadhavan. Actually the responsibility of failing of PMC Bank is attributed to its 10 accounts out of 44 accounts in the PMC Bank.

 

The two directors were summoned by economic offence wing of Mumbai police but they did not turn up and they have been asked not to use property worth Rs 3,500 of HIDL. The company is accused of inflicting loss to the bank to the tune of Rs 4,355.4 crore.

banking-sector-crises:-none-talks-about-exodus-from-axis-bank-

Banking-sector crises: None talks about exodus from Axis Bank?

By IndianMandarins 03 Oct 2019

If some well placed sources are to be believed approximately 11,500 employees of Axis Bank have resigned in past four months. Recently, Mcqueary Australia has rated the top official of the bank which adds to the apathy of the banking sector as a whole. Further, many more seniors are slated to quit along with the entire team.

Some top officials of the banking sector say that in private sector banks this is a usual trend. They attribute this phenomenon to the mobility of skilled work-force and poaching. They say that private sector banks especially banks namely; ICICI, HDFC, Kotak and Yes Bank keep poaching amongst themselves which often results into exodus of employees and keeping in view the same 11,500 is not a figure that they may underline the banking-sector crisis. Obviously, those employees would have gone to other banks and Axis would have got from others that means zero net loss.

Whatever is the reason, impact and ground reality of banking sector but it is very surprising that no one is talking about it?

investment-of-lic-in-private-banks-and-many-psbs-erodes

Investment of LIC in private banks and many PSBs erodes

By IndianMandarins 05 Sep 2019

Investment of LIC in IDBI Bank has erodes by more than half over the past year or so and also the value of its investments in other PSBs plunged. Plunge in price of PSB stocks and dilution of its stake owing to capital infusion by the government has eroded its wealth in these banks. Besides IDBI Bank, LIC has lost over ₹4,800 crore since June 2018.

 

Further the merger move would hurt insurance company more in future. Around 20-30 per cent dilution in the book value of the merged entities — PNB, Canara Bank, Union Bank and Indian Bank — over the next year or so will lead to LIC’s value of holdings in PSU Banks erode further.

 

The government infusing capital into PSBs eroded value for investors. This is because most of the PSBs trade at a steep discount to their book value and hence the government infusing capital at such low valuations immediately leads to dilution in equity base.

cbdt-to-help-psbs-recover-loans

CBDT to help PSBs recover loans

By IndianMandarins 27 Jun 2019

The CBDT may share information of assets of borrowers with the banks to prevent loan defaults in public sector banks. For this purpose, on June 25 it issued a directive asking all principal chief commissioners to share information under section 138(1)(b) of the Income-tax Act about individuals with more than Rs 50 lakh of annual income.

 

"Since the information on assets as contained in the income tax return in specified cases is received by the tax authority.....board is of a view that sharing of information with PSBs in respect of assets held by defaulters of loans, so as to enable recovery of loans from such defaulters, is in public interest and hence, can be furnished," the directive said.

 

Tax department not only aims to share information of immovable assets of loan defaulters with the public sector banks but also intends to provide "information, such as, details of bank account, sundry debtors of the loan defaulter which may aid recovery of loan by PSB."

 

However, the information will be given to the banks after an undertaking is received and the information will be given for borrowers, mortgages, and guarantors in the loans with a confidentiality clause and must be used only for the purpose of recovery of loans.

 

Sources added that in order to ensure that the tax dues against the defaulter (if any) are safeguarded, the CBDT insists on obtaining a no-objection certificate from the jurisdictional commissioner of income tax of the loan defaulter “before appropriation of the… amount recovered from sale of… the asset of the defaulter, the information in respect of which is shared.”

sekar-is-md-&-ceo,-iob;-others-appointed-osd-and-ed-in-psbs

Sekar is MD & CEO, IOB; others appointed OSD and ED in PSBs

By IndianMandarins 10 Apr 2019

The NaMo administration on Tuesday announced the appointment of Karnam Sekar  appointed MD & CEO of Indian Overseas Bank ( w.e.f. 01 July 2019) till his retirement on 30 June 2020. Presently, Karnam is MD & CEO of Dena Bank. He is considered OSD and Whole-time Director in IOB beginning 01 April 2019. Further, R A Sankara Narayan (MD & CEO, Vijaya Bank) was appointed to the post of MD & CEO in Canara Bank till his retirement  on 31 January 2021.

 

In addition, appointments of OSDs and EDs were also cleared in various public-sector banks. Accordingly;

  • Dr Rajesh Kumar Yaduvanshi (ED, Dena Bank) appointed Executive Director in Punjab National Bank for a period ending 01 April 2020. He will retire in June 2021.
  • Nageswara Rao Y (ED, Vijaya Bank) appointed OSD and Whole-time Director in Syndicate Bank till his retirement in January 2021.
  • Murali Ramaswami (ED, Vijaya Bank) appointed Executive Director in Bank of Baroda w.e.f 01 October 2019 till his retirement on 31 December 2020. He would function as OSD till 30 September 2019.

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Indianmandarins.com, an initiative of New Media Network, is a multi-media initiative for the fast and real-time dissemination of news and information related to civil services, central PSUs and other institutions that play a critical role in governance, administration, corporate governance, and public life in India. We aspire to provide our esteemed readers with news breaks and situation analysis in the above-mentioned domain of operations. Currently, we are available at www.indianmandarins.com. We are now planning to branch off into print publication and few other related business initiatives.