newsworm – Page 2 – India Banking News

ACE Signs MoU with Bank of Baroda for CE Finance – Motorindia

Action Construction Equipment Ltd. (ACE), one of India’s leading construction equipment and manufacturing companies, has signed a Memorandum of Understanding (MoU) with Bank of Baroda to provide financing solutions for the construction equipment businesses.

Mr. Manish Handa, VP & Business Head of Earthmoving Equipment Division, ACE (left) and Mr. Dhrubashish Bhattacharya, Head of MSME & Co-Lending, Bank of Baroda, showing the MoU documents

The MOU was signed in the presence of Mr. Manish Handa, VP & Business Head of Earthmoving Equipment Division at ACE, and Mr. Dhrubashish Bhattacharya, Head of MSME & Co-Lending at Bank of Baroda.

Under this agreement, the Bank of…
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Source: https://www.motorindiaonline.in/ace-signs-mou-with-bank-of-baroda-for-ce-finance/

City Union Bank records 17% up Q4 net at Rs 254.81 crore

Private sector City Union Bank has reported a 17 per cent jump in its net profits at Rs 254.81 crore for the January-March 31, 2024 quarter, based on improved recovery from slippages.
The Tamil Nadu-based bank had registered a net profit of Rs 218.04 crore during the corresponding quarter of last year.For the financial year ending March 31, 2024, the net profits of the bank breached the Rs 1,000 crore mark, with Rs 1,015.73 crore, up by 8 per cent from Rs 937.47 crore registered a year ago.
“Improved recovery resulting in lowering provisioning helped to achieve growth in PAT,” the bank said in a statement on Tuesday.The total income during the quarter…
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Source: https://www.freepressjournal.in/amp/corporate-gallery/city-union-bank-records-17-up-q4-net-at-rs-25481-crore

RBI imposes ₹1.3 crore penalty on SBI, ₹1.6 crore on Indian Bank

RBI has imposed a penalty of ₹1.3 crore on State Bank of India and ₹1.62 crore on Indian Bank for non-compliance with guidelines on ‘Loans and Advances – Statutory and Other Restrictions’.The statutory Inspection of the banks for FY21 revealed that they had sanctioned a term loan to a corporation in lieu of or to substitute budgetary resources envisaged for certain projects and without undertaking due diligence on the viability and bankability of the projects. Further, the repayment/servicing of the loan was made out of budgetary resources. SBI also violated norms on ‘Management of Intra-Group Transactions and Exposures’ wherein it failed to adhere to the intra-group…
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Source: https://www.thehindubusinessline.com/money-and-banking/rbi-imposes-13-crore-penalty-on-sbi-16-crore-on-indian-bank/article67345654.ece/amp/

PNB Strengthens Partnership With Indian Army Through PNB Rakshak Plus Addendum – Indian PSU

To further strengthen its support to the armed forces, PNB, nation’s leading public sector bank, has enhanced the insurance coverage and other benefits for all serving personnel of the Indian Army under its flagship scheme – “PNB Rakshak Plus” w. e. f. 01.04.2024.

The addendum to the existing MoU was signed by PNB Chief General Manager Shri Sunil Agrawal and Major General V K Purohit, AVSM, YSM, SM, Additional Director General Personal Services in the presence of PNB Executive Director Shri Kalyan Kumar and Lt. Gen. V Sreehari, AVSM, SC, SM, Director General Manpower Planning & Personal Services, and other senior officials from the Bank and the Indian Army…
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Source: https://indianpsu.com/pnb-strengthens-partnership-with-indian-army-through-pnb-rakshak-plus-addendum/

Caught on camera: HDFC Bank manager dies of cardiac arrest while working, video goes viral

A 38-year-old HDFC Bank employee died of a sudden cardiac arrest while he was working on his laptop.

The incident, which took place on June 19, was caught on camera at the bank has gone viral on social media platforms.

According to reports, the employee has been identified as Rajesh Shinde, and the incident took place at a branch of bank in Uttar Pradesh’s Mahoba district.

HDFC, ICICI, Axis Bank Power Nifty 50 To Another All-Time High

On Tuesday, Nifty 50 closed 0.78% to 23,721.30 powered by financial and banking stocks. Nifty hit an all-time high of 23,754.15 in the session. 26 stocks advanced while 23 ended in the red and one remained unchanged.Shriram Finance was the biggest gain of the day with a 3.73% gain to ₹2989.85 from ₹2882.25 in the previous session.See Also: Why Is Moody’s Worried About India’s Water Crisis? Steel, Coal Most At RiskTop GainersStockCurrent PriceLast Close% ChangeShriram Finance₹2989.85₹2882.253.73%Axis Bank₹1271.45₹1228.13.53%ICICI Bank₹1197.95₹1170.12.38%HDFC Bank₹1711.35₹1672.42.33%HDFC Life₹590.95₹579.51.98%Axis Bank and ICICI Bank also showcased strong…
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Source: https://in.benzinga.com/content/39474075/hdfc-icici-axis-bank-power-nifty-50-to-another-all-time-high

Indian Overseas Bank Reduces NPAs with Multi-Pronged Approach: Rediff Moneynews

Indian Overseas Bank has successfully reduced its NPAs through a multi-pronged strategy including securitization, SARFAESI actions, and asset sales. Learn more.Chennai, May 5 (PTI) Public sector Indian Overseas Bank has made concerted efforts for a reduction in Non-Performing Accounts and has adopted a multi-pronged approach to ensure a maximum recovery from such accounts.The measures taken by the city-headquartered bank have yielded a decline in Gross NPA to 3.90 per cent as of December 31, 2023, from 11.69 per cent recorded as of March 31, 2021, the bank said in a statement here.To sustain and bolster this momentum, the bank has published a sale notification that pertains to the sale…
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Source: https://money.rediff.com/amp/news/market/indian-overseas-bank-reduces-npas-with-multi-pronged-approach/9498720240505

SBI Clerk Mains Result 2024 out at sbi.co.in, here’s the direct link: Check next steps

SBI Clerk Mains Result 2024: The State Bank of India has announced the SBI Clerk Mains results 2024 today, June 27. Candidates who appeared for the competitive exam can check their results by visiting the official website at sbi.co.in.The SBI Clerk Mains 2024 result is available in PDF format, listing the provisionally selected candidates. No login credentials are required to access the result.How to download SBI Clerk Mains Result 2024?Here’s a step by step guide to check SBI Clerk Mains Result 2024:Step 1: Visit the official website of SBI at www.sbi.co.in/web/careers.Step 2: On the homepage, scroll down and search for “Current Openings.”Step 3: Scroll through the notification page and…
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Source: https://timesofindia.indiatimes.com/education/news/sbi-clerk-mains-result-2024-out-at-sbi-co-in-heres-the-direct-link-check-next-steps/amp_articleshow/111317530.cms

Andhra Bank rallies over 5% on divestment plan

Shares of Andhra Bank jumped over 5 per cent early on Tuesday after the state-owned lender said it will divest its stake either fully or partially in various joint venture firms.The scrip was trading 5.74 per cent up at Rs 30.40 at around 9.32 am. The Sensex was up 0.61 per cent at 35,164.The board of the bank, at its meeting on November 3, accorded its approval for divestment of bank’s stake in full or in part in joint venture investments — ASREC India Ltd, India International Bank (Malaysia) Bhd and IndiaFirst Life Insurance Co Ltd — Andhra Bank said in a regulatory filing.IndiaFirst is a joint venture between Bank of Baroda (44 per cent), Andhra Bank (30 per cent) and UK’s wealth…
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Source: https://m.economictimes.com/markets/stocks/news/andhra-bank-rallies-over-5-on-divestment-plan/amp_articleshow/66520910.cms

Trustees’ agitation is baseless: BEWT chief

Mumbai: The Chairman of Bandhan Employee Welfare Trust (BEWT) said in a statement that the ongoing agitation by trustees of BEWT is baseless. Bizz Buzz had carried an exclusive news report on the issue in its edition dated June 25, 2024. In the report, Trustees of Bandhan Employees Welfare Trust (BEWT) alleged misappropriation of funds of the trust by Bandhan Bank supremo Chandra Shekhar Ghosh.In a mail to Bizz Buzz, Ronendra Chowdhury, Chairman, Bandhan Employee Welfare Trust, said: “We would like to clarify that Mr Chandra Shekhar Ghosh ceased to be a part of BEWT ever since his resignation in 2015. Given this fact, he can’t make a statement about the trust or the value of the…
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Source: https://www.bizzbuzz.news/amp/industry/banks/trustees-agitation-is-baseless-bewt-chief-1324288