Andhra Bank: A rich sporting tradition | Hyderabad News

Though the Hyderabad Cricket Association (HCA) has over 200 teams in its league, only a few can boast of the erstwhile Andhra Bank team’s glories. Andhra Bank (AB), which had to approach the high court to survive in the HCA league, came into existence in the 1971-72 season due to the efforts of the late N Sriramachandra Murthy and the late CS Sham Lal. The bank officials were so taken in by the enthusiasm of the duo that they recruited Test player Kenia Jayantilal and Ranji Trophy players like Abdul Hai, D Inder Raj, D Meher Baba and Mallick Dev among others.AB was allowed to play in the A Division as an Institution team and proved to be a force immediately. “In the first year…
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Source: https://timesofindia.indiatimes.com/city/hyderabad/andhra-bank-a-rich-sporting-tradition/articleshow/80146734.cms

Ex-Andhra Bank official’s custody extended in Rs 5,000 crore loan fraud case

NEW DELHI: A Delhi court on Wednesday extended by a month the judicial custody of a former Andhra Bank director, arrested in a money laundering case related to alleged Rs 5,000-crore bank fraud involving a Gujarat-based pharma firm.ExpandAdditional Sessions Judge Ajay Pandey extended the custody of Anup Prakash Garg till May 22 after he was produced before the court.The court noted the submissions of advocate Nitesh Rana, appearing for Enforcement Directorate, who said the investigation was still on and there were chances that the accused may influence the witnesses and temper with the evidence.Rana also told the court that there was a possibility of the accused fleeing from justice if…
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Source: https://timesofindia.indiatimes.com/business/india-business/ex-andhra-bank-officials-custody-extended-in-rs-5000-crore-loan-fraud-case/amp_articleshow/63818900.cms

A/c numbers won’t change after Union Bank’s 3-way merger: MD

Mayur.Shetty@timesgroup.comMumbai: Union Bank of India is set to double in size in a few months following the merger with Corporation Bank and Andhra Bank. The government has already infused Rs 11,700 crore into Union Bank and has indicated April 1 as a tentative date for the merger. In an interview with TOI, the bank’s MD & CEO Rajkiran Rai G speaks of how learnings from Bank of Baroda’s amalgamation have helped save several months in implementing the merger. Excerpts:ExpandWhat stage has the merger reached in terms of approvals?We are working with a plan to compete the process as early as possible and we are working with April 1 as a tentative date. The boards of the respective…
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Source: https://timesofindia.indiatimes.com/business/india-business/a/c-numbers-wont-change-after-union-banks-3-way-merger-md/amp_articleshow/73163259.cms

Andhra Bank puts up Rs 1,553-cr NPAs for sale, prefers cash bids

To make recovery of about Rs 1,553 crore, state-owned Andhra Bank has invited bids from asset reconstruction companies (ARCs) to sell non-performing assets of more than 50 accounts.The bank has invited expressions of interest (EoIs) from ARCs for the sale of its non-performing assets (NPAs) by November 30, according to the tender document.”Andhra Bank invites EoIs from ARCs for the proposed sale of its NPAs comprising 53 accounts with principal balance of Rs 1,552.96 crore on cash basis only,” the bank said.The state-owned lender said that the bids may be submitted for tranches and/or individual basis.All ARCs that are registered as a securitisation and reconstruction company pursuant to…
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Source: https://m.economictimes.com/banking/andhra-bank-puts-up-rs-1553-cr-npas-for-sale-prefers-cash-bids/amp_articleshow/66793085.cms

Provogue India: Provogue to be acquired by Rajkot-based firm for under Rs. 100 crore

Apparel company Provogue is being acquired by Rajkot-based investment firm Plutus Investments and Holding Private Limited for under Rs.100 crore, according to an order delivered by the national company law tribunal (NCLT).The company is being acquired as a going concern after NCLT ordered its liquidation way back in October 2019.Protracted litigation resulted in delays in the final outcome of its insolvency proceedings.At the pre-liquidation stage, the company had received resolution plans from Donear and a consortium involving its former promoters, Nikhil Chaturvedi and Salil Chaturvedi.However, the company’s creditors rejected both resolution plans forcing it into liquidation.The…
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Source: https://m.economictimes.com/industry/cons-products/garments-/-textiles/provogue-to-be-acquired-by-rajkot-based-firm-for-under-rs-100-crore/amp_articleshow/100192939.cms

Central Vigilance Commissioner: Former Andhra Bank CEO Suresh N Patel appointed new CVC ,India News, Business News

Suresh N. Patel was on Wednesday sworn-in as the Central Vigilance Commissioner. According to a Rashtrapati Bhavan statement, Patel was sworn in as the Central Vigilance Commissioner by President Droupadi Murmu, in a ceremony also attended by Prime Minister Narendra Modi and Vice President M. Venkaiah Naidu.
COMMERCIAL BREAKSCROLL TO CONTINUE READINGA former Managing Director and CEO of Andhra Bank, Patel was appointed a Vigilance Commissioner in April 2020.
A three-member selection panel, headed by the Prime Minister, had met in July to decide on the CVC and vigilance commissioners.The other two members of the panel are the Union Home Minister and the Leader of Opposition in Lok…
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Source: https://www.zeebiz.com/india/news-cvc-of-india-chairman-name-appointment-committee-central-vigilance-commissioner-2022-suresh-n-patel-192722/amp

Prefer SBI over Andhra Bank: Shahina Mukadam

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Shahina Mukadam, Independent Market Expert told CNBC-TV18, “Andhra Bank in my view looks weak and besides that fundamentally also it is weak. In terms of low provision coverage it is just about 50 percent, net NPAs are more than 7 percent, and their capital adequacy is low. So, I don’t see any reason why one should continue holding it.”
“It is better to switch from here to something like State Bank of India (SBI) which is also in a corrective phase. So, if we can get in into a stronger bank and then hold for a…
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Source: https://www.moneycontrol.com/news/business/stocks/prefer-sbi-over-andhra-bank-shahina-mukadam-2313957.html/amp

Paytm forms 3-member advisory panel headed by former Sebi chief | Business News

Hit by the Reserve Bank of India’s (RBI’s) regulatory action, the board of One 97 Communications Ltd, which owns the Paytm brand, has formed a three-member group advisory committee chaired by former Sebi Chairman M Damodaran, to work with the board in further strengthening compliance and regulatory matters.The panel will work closely with the board and will induct additional members if necessary.
The other committee members will be:  Mukund Manohar Chitale, who is the former president of Institute of Chartered Accountants of India (ICAI), former chairman of the National Advisory Committee on Accounting Standards (NACAS), a former governing council member of Banking Codes and…
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Source: https://indianexpress.com/article/business/companies/paytm-advisory-committee-on-compliance-regulatory-rbi-9153447/lite/

New CMD for Andhra Bank

Our Bureau
Updated – November 15, 2017 at 07:04 PM. Mr B A Prabhakar, the newly appointed Chairman and Managing Director of Andhra Bank has assumed office. Prior to joining the bank, he was Executive Director of Bank of India for three years.A graduate in commerce and a CA, Mr Prabhakar started his banking career with Bank of Baroda in 1977 as a direct recruit officer. He worked in the UK and Zambia also, said a press release from Andhra Bank.
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Source: https://www.thehindubusinessline.com/money-and-banking/New-CMD-for-Andhra-Bank/article20381432.ece/amp/