
Latest News on Canara Bank
Canara Bank releases 2025 SO Admit Card, access your direct download link for the call letter
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Canara Bank has released the admit cards for the Specialist Officer (SO) positions for 60 vacancies on its official website, canarabank.com. The Canara Bank SO Admit Card 2025 is available for download, and candidates can access it using their registration number and password or date of birth. The online exam is scheduled to take place on February 23, 2025.
The admit card contains essential details such as the exam center’s address, reporting time, and shift timings. It is mandatory for candidates to bring their admit card to the exam center, as entry will not be allowed without it. Candidates are advised to carefully review the information on their admit card and follow the provided instructions to ensure a smooth experience on the exam day.
The table below provides an overview of the Canara Bank SO Admit Card 2025:
| Organization | Canara Bank |
| Exam Name | Canara Bank SO Exam 2025 |
| Post | Specialist Officer (SO) |
| Vacancies | 60 |
| Category | Admit Card |
| Status | Released |
| Released Date | February 16, 2025 |
| Exam Date | February 23, 2025 |
| Login Credentials | Registration Number, Password/Date of Birth |
| Details Mentioned | Candidate’s Name, Roll Number, Password, Exam Venue, Shift Timings, Instructions, etc. |
| Official Website | www.canarabank.com |
| WhatsApp Official Channel | Join WhatsApp Channel |
| Telegram Official Channel | Join Telegram Channel |
Candidates can download their admit card by clicking on the provided link and logging in with their required credentials. It is crucial to check the admit card for accuracy and report any discrepancies to the recruitment authorities for resolution.
The Canara Bank SO Admit Card 2025 provides essential details related to the examination, including the candidate’s name, exam name, date of exam, roll number, shift timing, exam center, and important instructions. Candidates should carefully review their admit card to ensure all information is accurate and follow the provided instructions to ensure a smooth experience on the exam day.
Notice Issued: Canara Bank Senior Officials 2025 Admit Card Now Available for Download
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Canara Bank has released the admit card for the online examination for the post of Specialist Officer (SO) on February 16, 2025. The admit card is available on the official website, https://canarabank.com/, and can be downloaded by candidates who have successfully applied for the post. The admit card is mandatory to be carried in hard copy format to the exam hall. The online examination is scheduled to take place on February 23, 2025.
The selection process for the 60 vacant positions of Specialist Officer consists of an online examination and interview. The online exam will be held on February 23, 2025, and will consist of 100 objective-type multiple-choice questions for a total of 100 marks. The time duration of the exam is 2 hours, and there is a negative marking of 1/4 mark for each wrong answer.
The admit card contains important information such as exam timings, exam venue, and documents to be brought to the exam center. Candidates are advised to download their admit card in advance to avoid last-minute technical glitches. The direct link to download the admit card is available on the official website.
To download the admit card, candidates need to follow these steps:
1. Visit the official website of Canara Bank at https://canarabank.com/.
2. Click on the “Career” section on the homepage.
3. Click on the link for the recruitment project “1/2025 – Engagement of Specialist Officers on contract basis.”
4. Click on the link to download the call letter.
5. Enter login details, including Registration No/Roll No, Password, and Date of Birth.
6. Fill in the captcha code and click on the Login tab.
7. The admit card will appear on the screen, and candidates can download it and take a printout for future reference.
Overall, the admit card is an important document that candidates need to have for the online examination on February 23, 2025.
The Central Bureau of Investigation intends to interrogate bank officials in connection with the case involving Sumalatha’s nephew.
The Central Bureau of Investigation (CBI) has decided to investigate the role of senior officers from various banks, including State Bank of India, Union Bank of India, Canara Bank, Exim Bank, and Central Bank of India, in connection with a multi-crore rupee bank fraud case involving Moser Baer, a company promoted by businessman Ratul Puri, nephew of Congress leader Kamal Nath. The CBI has been investigating the case, which is worth around ₹354 crore, and has gathered 428 documents and examined 20 suspects and witnesses.
The CBI has found that the company, Moser Baer India Ltd (MBIL), had taken loans from various banks since 2009 and went for debt restructuring multiple times. However, when it was unable to pay the debt, a forensic audit was conducted by the Central Bank of India in April 2019, which accused the company of fraud. The CBI has now decided to probe the role of bank officials, from branch level to head office, in the case.
The CBI has not disclosed the names of the bank officials being investigated, but sources say that the agency has collected evidence indicating the involvement of certain public servants from the banks, including SBI, UBI, Canara Bank, Exim Bank, and Central Bank of India. The agency needs prior approval to launch an investigation against public servants, as per the Prevention of Corruption Act.
The Enforcement Directorate (ED) is also investigating the case, which is related to alleged money laundering. Ratul Puri, the promoter of Moser Baer, was arrested in August 2019 and is currently out on bail. He is also an accused in the AgustaWestland VVIP chopper case worth ₹3,727 crore. The ED has alleged that loans worth ₹7,979.30 crore were taken from various banks and misused by Moser Baer and its directors/promoters for personal gain and transferred to companies related to Hinduja Group, promoted by Ratul Puri.
Canara Bank, PNB, Union Bank, and other lenders have trimmed their repo-linked lending rates, leading to lower EMI outlays for home loan borrowers.
The Reserve Bank of India (RBI) has reduced the repo rate by 25 basis points to 6.25%, its first rate cut in almost two years. In response, several major banks, including Canara Bank, PNB, Union Bank of India, and Bank of Baroda, have cut their repo-linked lending rates by 0.25%. This reduction will benefit home loan borrowers, who will have the option to either reduce their EMIs while keeping the tenure unchanged or reduce their remaining tenure while keeping the EMI amount unchanged.
The repo-linked lending rate (RLLR) is the interest rate at which banks lend money to customers, based on the repo rate set by the RBI. The majority of banks have linked their retail loans to the external benchmark lending rate (EBLR), which is now pegged to the repo rate. Home loan borrowers who opt for a floating rate loan will see their interest rates fluctuate with changes in the repo rate.
The reduction in RLLR will have different implications for old and new home loan borrowers. New borrowers will immediately benefit from the reduction, while old borrowers will receive the benefit as per their interest rate reset cycle. Canara Bank, Bank of Baroda, Bank of India, Union Bank of India, and Punjab National Bank have revised their RLLR rates, with the effective dates ranging from February 7 to 12, 2025. Indian Overseas Bank has also reduced its RLLR by 25 basis points to 9.10%.
The table above summarizes the latest RLLR and lending rate changes by major banks following the RBI’s repo rate cut. Home loan borrowers of these banks will have the option to reduce their EMIs or tenure, providing relief from rising interest rates.
Tillo Cup 2025: (Updated) Team Standings, Match Fixtures, and Results – Featuring Canara Bank, Union Sporting, JP Sports, Lightning Legends, Wonder Cement, SPJ Cargo, and Indian Oil, as reported on myKhel.
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The Tillo Cup 2025 is a cricket tournament featuring several teams, including Canara Bank, Union Sporting, JP Sports, Lightning Legends, Wonder Cement, SPJ Cargo, Indian Oil, and Sapience. The tournament has entered its semifinal stage, with Union Sporting topping Group A and securing a spot in the next round.
The points table for the Tillo Cup 2025 is as follows:
| Team | Matches Played | Won | Lost | Points |
| — | — | — | — | — |
| Union Sporting | 3 | 2 | 1 | 7 |
| Canara Bank | 3 | 2 | 1 | 6 |
| JP Sports | 3 | 1 | 2 | 3 |
| … | … | … | … | … |
The matches have been played between June 1 to June 15, with the semifinals and finals to be played on June 16 and June 18, respectively. The exact schedule is as follows:
* Semifinals: June 16 (Union Sporting vs. Canara Bank, JP Sports vs. TBA)
* Final: June 18
The tournament is available to watch and live-stream on various platforms, including UC Cricket, Sportskeeda, and myKhel.
The teams have seen several big-name players from the Indian Premier League (IPL) featuring in the tournament, with Canara Bank, in particular, boasting a strong lineup. With the semifinals set to take place, the competition is heating up, and fans can expect some thrilling cricket matches to be played.
Overall, the Tillo Cup 2025 promises to be an exciting tournament, with some of the best cricket teams in the country vying for the top spot. With the points table up to date and the schedule in place, fans can track the progress of their favorite teams and look forward to some thrilling matches ahead.
Stock Market Updates of Canara Bank
Recent Updates
Senior citizens can now earn up to 9.5% interest on fixed deposits as FD rates surge after RBI’s 25-bps repo rate cut – MSN
In response to the Reserve Bank of India’s (RBI) decision to cut the repo rate by 25 basis points, several senior citizen-focused fixed deposit (FD) schemes are offering interest rates as high as 9.5%. The RBI’s move is expected to boost economic growth and credit growth, leading to increased interest rates offered by banks and financial institutions.
Here are some senior citizen FD schemes with attractive interest rates:
* Bank of India’s Senior Citizen Scheme offers a fixed interest rate of 8.75% per annum for FDs up to ₹5 lakh.
* IDBI Bank’s Senior Citizen Savings Scheme offers a fixed interest rate of 9.05% per annum for FDs up to ₹1 lakh.
* Union Bank of India’s Senior Citizen Deposit Scheme offers a fixed interest rate of 8.75% per annum for FDs up to ₹1 lakh.
* Allahabad Bank’s Senior Citizen FD Scheme offers a fixed interest rate of 8.85% per annum for FDs up to ₹5 lakh.
* Canara Bank’s Senior Citizen FD Scheme offers a fixed interest rate of 8.95% per annum for FDs up to ₹5 lakh.
* Karnataka Bank’s Senior Citizen FD Scheme offers a fixed interest rate of 9.25% per annum for FDs up to ₹5 lakh.
These senior citizen FD schemes typically require a minimum deposit amount of ₹5,000 to ₹1 lakh, depending on the bank and the scheme. The interest rates are compounded quarterly or annually, and the maturity period ranges from 7 days to 5 years.
With these attractive interest rates, senior citizens can consider FDs as a low-risk investment option that offers a relatively high return. It’s essential to note that interest rates are subject to change and may vary depending on the bank and scheme. Senior citizens should carefully review the terms and conditions of the FD scheme before investing.
The RBI’s decision to cut the repo rate is expected to lead to a boost in economic growth, which in turn may lead to increased credit growth and lending by banks and financial institutions. As a result, interest rates offered by senior citizen FD schemes are likely to remain attractive, providing a compelling investment option for senior citizens.
Breakthrough for Anil Ambani: Bombay High Court puts on hold Canara Bank’s ruling that declares Reliance Comm loan account a ‘fraudulent’ entity.
The Bombay High Court has stayed an order by Canara Bank that classified industrialist Anil Ambani’s loan account related to Reliance Communications as “fraudulent”. The court noted that the bank’s action was in contravention of the Reserve Bank of India’s (RBI) Master Circular on fraud accounts and the Supreme Court’s ruling. The Master Circular and the Supreme Court both require that borrowers must be given a hearing before being classified as fraud accounts. The court questioned whether the bank would face any accountability for repeatedly defying the Master Circular and Supreme Court rulings.
The court also relied on a previous order it had passed in a related case, where it had stayed a similar fraud classification order against an independent director of Reliance Communications. The court stayed the Canara Bank’s November 2024 order and directed the bank to file a response to Ambani’s plea. The court also ordered the addition of RBI as a respondent to the petition.
Ambani’s lawyers argued that the bank had not given him a hearing before classifying his loan account as fraudulent and had not furnished documents, including a forensic report, which were purportedly relied upon by the bank authorities. The bank’s lawyers countered that the order was passed on September 6, 2024, and was communicated to RBI only after the order was issued. However, the court seemed unimpressed with the bank’s stand and adjourned the hearing till March 6.
The court’s order is a relief to Ambani, who has been facing financial difficulties due to the debt of Reliance Communications. The court’s decision to stay the Canara Bank’s order and to add RBI as a respondent to the petition is likely to delay the bank’s plans to classify Ambani’s loan account as fraudulent. The court’s intervention has given Ambani a temporary reprieve and may lead to a re-examination of the bank’s actions in classifying his loan account as fraudulent.
Canara Bank in Karnataka’s Kundgol taluk has assured refunds for loans after adjusting for payments received from the Gruhalaxmi and PM Kisan schemes.
Canara Bank Kundgol branch manager Basavaraj disclosed that a loan of Rs 5 lakh taken nearly nine years ago had not been repaid, resulting in it becoming a non-performing asset (NPA). Due to this, the bank’s central back-end system automatically considered the money as an old fund against that loan. This means that the loan has been declared as a bad debt, and the bank has written it off as an NPA.
It’s not clear what circumstances led to the loan not being repaid, but it’s likely that the borrower encountered financial difficulties or other issues that prevented them from paying back the loan. The fact that the loan has been NPA for nearly nine years suggests that the borrower may have been struggling to make repayments, leading to the bank’s decision to write off the loan as bad debt.
The fact that the loan was automatically considered an old fund against the loan is likely due to the bank’s internal procedures and systems. This process is designed to help banks manage their loan portfolios and make smart financial decisions.
The impact of an NPA on a bank’s financials can be significant. It can lead to reduced profits, increased provisioning for bad loans, and even affect the bank’s overall creditworthiness. In extreme cases, it can even lead to bankruptcy or receivership if the bank’s provisioning falls short of the actual loss.
In the case of Canara Bank, it’s likely that the write-off of the Rs 5 lakh loan will have little immediate impact on the bank’s financials. However, it’s a reminder of the importance of proper loan management and risk assessment to prevent such situations from arising in the first place.
Overall, the Canara Bank’s experience highlights the importance of responsible lending practices and the need for effective risk management in the banking industry. It also underscores the need for borrowers to be mindful of their loan repayment obligations and the potential consequences of non-repayment.
Stay updated on the recent shift in vacancy numbers for IBPS PO and Clerk recruitment
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The Institute of Banking Personnel Selection (IBPS) has increased the vacancy numbers for its Probationary Officer (PO) and Clerical Cadre (Clerk) recruitment for 2024-25. The PO vacancies have risen from 3,955 to 5,888, while Clerk vacancies have increased from 6,128 to 8,792. The final count may be even higher as some banks have not reported their vacancies yet.
The increase in vacancies is a positive development for aspirants, as it directly impacts the cut-off marks and selection chances. More vacancies mean a higher number of candidates will qualify for the mains and interview rounds. The rise in vacancies also indicates that banking organizations are expanding their recruitment efforts, creating better job prospects for candidates.
The increase in IBPS PO vacancies can be attributed to the participation of Bank of Baroda and Bank of Maharashtra, which initially did not report any vacancies but later contributed significantly. Central Bank of India reduced its vacancies, while Punjab National Bank and others increased their hiring slightly.
The IBPS Clerk vacancy increase is largely due to the participation of Indian Bank, Bank of Baroda, and UCO Bank. Canara Bank reduced its clerk vacancies, while most banks maintained their initial vacancy counts.
The reasons behind the increase in IBPS PO and Clerk vacancies include bank expansion and retirements, delayed vacancy reporting by banks, increased workload in public sector banks, economic growth and credit expansion, and the government’s push for employment. The increased vacancies will lead to better selection chances, reduced competition per seat, and higher demand for skilled candidates with strong banking and technological knowledge.
Indian government announces appointment of L V Prabhakar as part-time member of Insolvency and Bankruptcy Board of India (IBBI).
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The Indian government has announced the appointment of L V Prabhakar, a former managing director and chief executive officer of Canara Bank, as a part-time member of the Insolvency and Bankruptcy Board of India (IBBI). Prabhakar’s tenure will begin on January 27, 2025, and will last for a period of five years or until he reaches the age of 65, or until further orders are issued, whichever is earlier. The appointment is a significant development in the country’s financial sector, given Prabhakar’s extensive experience in the industry.
As the MD and CEO of Canara Bank from February 2020 to December 2022, Prabhakar played a crucial role in strengthening the public sector lender’s operations. With over three decades of experience in the financial sector, he is well-equipped to serve on the IBBI, a statutory body responsible for implementing the Insolvency and Bankruptcy Code (IBC). The IBBI is a key institution that helps to facilitate the efficient resolution of insolvency cases and promotes the emergence of companies from insolvency.
Prabhakar’s appointment is seen as a positive development for the financial sector, given his extensive experience and expertise in banking. The IBBI has been working to improve the efficiency of the insolvency resolution process, and Prabhakar’s addition to the board is expected to bring valuable insights and perspective to the organization. The appointment is also a testament to the government’s commitment to strengthening the country’s financial sector, particularly in the areas of insolvency and bankruptcy resolution. Overall, Prabhakar’s appointment is likely to have a positive impact on the financial sector, and his expertise will be invaluable in helping the IBBI achieve its objectives.
Introducing Canara Crest Membership Program, Now Live
Canara Bank has launched a new membership program called Canara Crest in Nizamabad, aimed at improving the service experience of its customers. The program was launched at the district centre, with the bank’s Nizamabad District Divisional Manager, Pradeep Vasant Thorat, highlighting the need for banks to adapt to changing customer expectations in today’s market. According to Thorat, Canara Bank’s Managing Director and CEO, Satyanarayana Raju, the program is designed to provide exceptional values and personalized services to customers.
As part of the launch, the regional office held a meeting with 150 customers who are eligible for the Canara Crest scheme from various branches. The program is expected to enhance the overall banking experience for customers, providing them with exclusive benefits and privileges. The exact details of the program, including the benefits and services offered, were not disclosed.
The launch of Canara Crest is seen as a significant move by Canara Bank to stay ahead of the competition and meet the evolving needs of its customers. In today’s digital age, customers expect personalized services and rewards from their banks, and Canara Bank’s new program is designed to deliver just that. The program is expected to benefit customers who are loyal to the bank and have a high transaction volume.
The launch of Canara Crest is also seen as a strategic move by Canara Bank to increase customer retention and loyalty. By providing exclusive benefits and privileges to its customers, the bank is likely to increase customer satisfaction and loyalty, which can lead to increased business and revenue. Overall, the launch of Canara Crest is a significant development in the banking industry, and it will be interesting to see how other banks respond to this new program.
Canara Bank partners with Central Railway to provide payroll services.
Canara Bank has signed a memorandum of understanding (MoU) with Central Railway’s Mumbai Division to provide payroll banking services to its employees. The agreement aims to streamline salary account management and financial services for railway staff, aligning with the growing trend of partnerships between public sector banks and government organizations. The MoU will enable Central Railway employees in Mumbai Division to access Canara Bank’s payroll services, including salary account management, customized banking services, and other financial products tailored to railway personnel.
Senior officials from both Canara Bank and Central Railway attended the signing event. Public sector banks are increasingly collaborating with government bodies to improve financial access for employees, providing a structured approach to salary disbursement while ensuring additional banking benefits. The agreement reflects the broader trend of banking institutions expanding their services within public sector units, offering specialized financial solutions tailored to the needs of government employees.
The partnership between Canara Bank and Central Railway will provide a seamless and efficient payment system for railway employees, enhancing their overall banking experience. Canara Bank has been at the forefront of introducing innovative banking solutions, and this partnership is expected to further expand its reach and services within the public sector.
The agreement between Canara Bank and Central Railway is a significant development in the banking sector, highlighting the increasing trend of collaboration between public sector banks and government organizations. The partnership is expected to benefit thousands of railway employees in Mumbai Division, providing them with access to a range of financial services and products tailored to their needs.
Canara HSBC Life Insurance Streamlines Sales Process with ‘Compass’.
Canara HSBC Life Insurance has launched a new sales tool called Compass, aimed at enhancing customer experience by streamlining sales processes, improving accountability, and increasing productivity. The platform enables sales teams to plan, execute, and monitor activities more efficiently, from initial contact to conversion, and automates routine tasks to ensure every potential customer is effectively nurtured and engaged. Compass also promotes greater accountability by enabling managers to assign and track tasks in real-time, ensuring clear ownership and transparency within teams.
The tool provides data-driven insights and analytics to empower teams to make informed decisions, optimize sales strategies, and identify new growth opportunities. Automation is another key benefit, reducing manual effort and enabling sales teams to focus on strategic and high-impact activities. The platform’s intuitive reporting and analytics dashboard further refines beat planning, helping teams work smarter and more effectively.
According to Soly Thomas, Chief Distribution Officer – Canara Channel and Associates Business, “Compass is designed to equip our sales teams with state-of-the-art tools, enabling them to deliver unparalleled results and enhance customer satisfaction.” The platform is part of Canara HSBC Life Insurance’s commitment to leveraging technology to enhance sales performance and customer engagement, ensuring a more agile and data-driven approach to business growth.
As a joint venture between Canara Bank, HSBC Insurance (Asia Pacific), and Punjab National Bank, Canara HSBC Life Insurance has been active in the market for over 15 years, offering a range of life insurance solutions and products through multiple channels, including direct, digital, and agency models. With a focus on innovation and technology, the company aims to provide simpler insurance solutions, faster claims processing, and a customer-centric approach.
All leading banks in the country, such as HDFC, SBI, Canara Bank, and others, are playing a vital role in shaping India’s economy.
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The Indian banking industry is a vital part of the country’s economy, with millions of customers receiving a range of financial services. By 2025, Indian banks are expected to continue contributing to economic growth through lending, promoting savings, and supporting businesses. The banking sector has also adopted technology to provide safe and effective digital banking options.
The top 10 Indian banks, led by HDFC Bank and ICICI Bank, have excelled in their financial performance, innovative products, and exceptional customer service. Public sector banks like State Bank of India (SBI) dominate the market, with other notable performances from Axis Bank, Kotak Mahindra Bank, and Punjab National Bank (PNB).
The list of top 10 banks in India by market capitalization includes:
1. HDFC Bank (private, established in 1994, market cap: 13.11 lakh crore, users: 10 crore)
2. ICICI Bank (private, established in 1994, market cap: 9.05 lakh crore, users: 3 crore)
3. SBI (public, established in 1955, market cap: 6.95 lakh crore, users: 50 crore)
4. Kotak Mahindra Bank (private, established in 1985, market cap: 3.55 lakh crore, users: 5.1 crore)
5. Axis Bank (private, established in 1993, market cap: 3.30 lakh crore, users: 2 crore)
6. Bank of Baroda (public, established in 1908, market cap: 1.20 lakh crore, users: 12 crore)
7. Punjab National Bank (public, established in 1895, market cap: 1.19 lakh crore, users: 18 crore)
8. Indian Overseas Bank (public, established in 1937, market cap: 0.97 lakh crore, users: 10 crore)
9. Canara Bank (public, established in 1906, market cap: 0.89 lakh crore, users: 11.65 crore)
10. Union Bank of India (public, established in 1919, market cap: 0.87 lakh crore, users: 15 crore)
These banks have contributed significantly to India’s financial growth, providing digital innovations, personal and business banking products, and shaping the banking industry in India.
Mazagon Dock, Tata Steel, Coal India, ACC, Petronet LNG, ICICI Bank, YES Bank, AU Small Finance Bank, and other prominent companies.
The domestic equity market is expected to open with significant losses on Monday, January 27, following a mixed bag of economic data and earnings reports. The GIFT NIFTY futures are trading at 22,938, down 147.50 points, or 0.64%, which implies that the NIFTY50 index will open 176 points lower.
Several companies are scheduled to announce their December quarter results, including Tata Steel, Coal India, ACC, Petronet LNG, Canara Bank, LTFoods, and Union Bank of India.
Some notable earnings reports include ICICI Bank, which reported a 15% rise in standalone net profit to ₹11,792 crore for the quarter ended December, and YES Bank, which reported a nearly threefold jump in net profit to ₹612 crore. AU Small Finance Bank reported a 41% jump in net profit to ₹528 crore, while CreditAccess Grameen reported a net loss of ₹99.5 crore.
In other news, Religare Enterprises said that a US-based investor has proposed to pick up a 26% stake in the company at a higher price than offered by entities promoted by the Burman family. Adani Power’s board is considering doubling its fundraise plan to ₹10,000 crore and exploring other means to raise capital.
Mazagon Dock Shipbuilders and Germany’s Thyssenkrupp Marine Systems appear close to securing a ₹70,000-crore deal with the Indian Navy to manufacture six stealth submarines. IndiGo saw its profit after tax slide 18.3% due to foreign exchange losses, but revenue jumped on higher capacity and passenger traffic.
Finally, NTPC Green Energy Ltd reported an 18% rise in consolidated net profit at ₹65.61 crore for the December quarter, on account of higher income. Total income rose to ₹581.46 crore, and expenses were at ₹482.22 crore.
Jammu and Kashmir Bank, Canara Bank, and Bank of Baroda have been hit with a whopping fine of Rs 5.94 crore by the RBI in a recent regulatory move.
The Reserve Bank of India (RBI) has imposed fines on four institutions for non-compliance with regulatory norms. The fines total Rs 5.94 crore. Jammu and Kashmir Bank was fined Rs 3.31 crore for not meeting norms related to financial inclusion, access to banking services, Know Your Customer (KYC), and loans and advances. Bank of India was fined Rs 1 crore for non-compliance with provisions under the Banking Regulation Act of 1949. Canara Bank was penalized Rs 1.63 crore for violating directions regarding priority sector lending, interest rates on deposits, and financial inclusion. Additionally, Datsan Exports West Bengal was fined Rs 1 lakh for failure to comply with directions related to risk management and code of conduct on outsourcing of financial services.
The RBI takes compliance with regulatory norms seriously, and these fines are a result of the banks’ failure to meet these standards. The norms in question include those related to financial inclusion, which aims to ensure that all segments of society have access to basic banking services. The norms also include those related to KYC, which requires banks to verify the identity of their customers to prevent financial crimes such as money laundering. The fines imposed on the banks serve as a reminder of the importance of complying with regulatory norms and the consequences of non-compliance.
It is worth noting that the fines imposed on the banks are a relatively small fraction of their total assets and revenues. However, the fines are still significant and can have a negative impact on the banks’ profits and reputations. The banks will need to take steps to address the deficiencies identified by the RBI and implement measures to prevent similar non-compliance in the future. The RBI’s actions serve as a reminder of the importance of transparency and accountability in the banking sector.
Last chance to apply! Canara Bank invites applications for 60 Specialist Officer positions; online registrations close on [date] for 2025 recruitment.
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Canara Bank, an Indian public sector bank, has released a notification for the recruitment of Specialist Officers (SO) in various IT domains. The notification is available on the official website www.canarabank.com, and the online registration process will end on January 24, 2025. A total of 60 SO posts are to be filled, including experienced professionals like Application Developers, Data Analyst, Data Engineer, Data Scientist, etc.
The selection process consists of an online written exam followed by an interview. The exam will cover professional knowledge in the area of specialization, reasoning, and aptitude. The interview will be conducted for shortlisted candidates.
The online registration process began on January 6, 2025, and the last date to apply is January 24, 2025. The application fee is nil for all categories. The age limit to apply is 35 years, and age relaxation will be provided as per government guidelines for reserved categories.
The educational qualification and experience required for each post are as follows:
* Application Developer: Engineering/Technology degree in Computer Science/IT/Electronics or a relevant postgraduate degree with a minimum of 3 years of experience in software development.
* Cloud Administrator: Engineering/Technology degree in Computer Science/IT/Electronics or a relevant postgraduate degree with a minimum of 3 years of hands-on experience in cloud application migration.
* Cloud Security Analyst: BE/B.Tech/M.Tech in IT/CS/ECE or MCA with 60% marks and a minimum of 3 years of IT/Cyber Security experience in BFSI or consulting organizations.
* Data Analyst: B.Tech/M.Tech/BCA/MCA or MA in Statistics with a minimum of 3 years of experience in Data Analytics or related fields.
The Canara Bank SO Recruitment 2025 is a great opportunity for banking aspirants who are willing to apply for the Specialist Officer posts. The link for the application form is available on the official website, and candidates are advised to submit their applications in a timely manner to avoid any technical glitches.
IDBI Bank’s board clears Rakesh Sharma’s re-appointment as MD & CEO for a three-year term.
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The Board of Directors of IDBI Bank has approved the re-appointment of Rakesh Sharma as Managing Director and Chief Executive Officer (MD & CEO) for three years, effective March 19, 2025. This decision was made in accordance with the Reserve Bank of India’s (RBI’s) approval. Sharma has been leading IDBI Bank since October 10, 2018. Prior to joining IDBI Bank, he was the MD & CEO of Canara Bank from September 11, 2015, to his superannuation on July 31, 2018.
The re-appointment comes at a critical time for the bank, as its promoter, Life Insurance Corporation of India (49.24% stake), and the second-largest shareholder, the Government of India (45.48% stake), have begun the process of disinvesting their stake in the bank. In October 2022, the Government of India issued a Preliminary Information Memorandum, inviting expressions of interest for the strategic disinvestment of the bank, which would include the sale of the GOI and LIC’s equity stakes, as well as the transfer of management control.
The re-appointment of Rakesh Sharma as MD & CEO is seen as a key development in this process, as he has a deep understanding of the Indian banking sector and has experience leading two major public sector banks. His leadership will be crucial in guiding IDBI Bank through this period of significant change, as the bank undergoes a significant transformation.
Under Sharma’s leadership, IDBI Bank has made significant advancements, including a strong focus on digital transformation, the introduction of new products, and the improvement of operational efficiency. His re-appointment will ensure continuity and stability for the bank, as it navigates the challenges and opportunities that lie ahead. Overall, the re-appointment of Rakesh Sharma as IDBI Bank’s MD & CEO is a positive development that will help the bank to continue its envisioned growth and development plans.
Compare the best FD rates for senior citizens: A snapshot of interest rates offered by top public sector banks (SBI, BoB, PNB) and private banks on 1-year, 3-year, and 5-year fixed deposits.
As a senior citizen, it is important to find investments that provide a steady income and security. Fixed Deposits (FDs) are a popular option for senior citizens, as they are safe and offer guaranteed returns. While the interest rates on FDs for senior citizens may vary based on the tenure and bank, there are certain banks that offer more attractive rates.
State Bank of India (SBI) offers 7.75% interest rate to senior citizens on its 444-day Amrit Vrishti scheme, while its 1-year, 3-year, and 5-year FD plans offer 7.30%, 7.25%, and 7.50% interest rates, respectively. Bank of Baroda (BoB) offers 7.80% interest rate to senior citizens on its 400-day Bob Utsav scheme, while Punjab National Bank (PNB) offers 7.75% interest rate on its 400-day FD scheme.
Canara Bank, ICICI Bank, Axis Bank, and HDFC Bank are also offering attractive interest rates to senior citizens on their FD schemes. For instance, Canara Bank offers 7.90% interest rate to senior citizens on its 3-year to less than 5-year FD scheme, while ICICI Bank offers 7.80% interest rate on its 15-month to less than 18-month FD scheme. Axis Bank offers 7.75% interest rate on its 15-month to less than 2-year FD scheme, and HDFC Bank offers 7.90% interest rate on its 4-year 7-month FD scheme.
It is important to note that the minimum deposit amount varies from bank to bank, typically ranging from 7 days to 10 years. Senior citizens can benefit from these FD schemes by investing in the tenure and bank that suits their financial needs and goals.