BANKING SYSTEM IN INDIA

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-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.

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.

banks-hiring-in-the-time-of-economic-slowdown!

Banks hiring in the time of economic slowdown!

By IndianMandarins 18 Nov 2019

If there is bad news about Indian economy slowing down, there is something to cheer about too as banks have not reduced hiring rather hiring more. Banks backed by technology are expanding the branch network resultantly adding more to the workforce.
There have been reports from many banks including Axis Bank, Federal Bank and many more that they are hiring more and more people. They have hired six times more of employees this financial year as compared to the last year. Going forward, some of the banks are expanding their branch network; therefore, they will need more people at different levels, with specific skill sets. They are investing in workforce backed with technology including use of artificial intelligence to identify the right candidate.

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.

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