The CBI had filed a complaint in the case last year in OctoberReuters Mumbai Andhra Bank, already hurt by an industry-wide spillover of a huge alleged fraud in another lender, saw its shares slide to a 15-year low on Monday after authorities filed new complaints against a former director in a separate long-running case. The Enforcement Directorate, which fights financial crime, said on Friday it filed additional charges against Anup Garg, a former director of state-run Andhra Bank, in connection with a more than 50 billion rupee ($769.3 million) fraud case involving Sterling Biotech that was filed last year. Click here to follow our WhatsApp channel Authorities have accused senior…
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Category: Allahabad Bank
Andhra Bank files bankruptcy petition against Provogue
MUMBAI: Shares of Provogue (India) fell 8% after Andhra Bank dragged the apparel retailer to the bankruptcy court for non-payment of dues.The promoters, Chaturvedi family, lost control of the company after a group of lenders acquired a majority stake following non-payment of dues and debt restructuring. The group of lenders led by Andhra Bank acquired a 51% stake in Provogue by swapping debt into equity in 2016.Andhra Bank is owed Rs 90 crore. Provogue’s other lenders include Bank of India, IndusInd Bank, Corporation Bank, Punjab National Bank and Sidbi.“It appears that the company is keen on revival and we are hopeful that a resolution will soon be put in place,” said Nishit…
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Give banks capital leeway for insurance-backed trade finance products: IBA to RBI
Mumbai: To boost trade credit insurance penetration in the trade finance line of business, the Indian Banks’ Association has sought assistance from the Reserve Bank of India (RBI) in facilitating capital relief for banks and financial institutions (FIs), which is seen as a significant obstacle hindering the growth of trade credit insurance backed trade finance products such as factoring and bill discounting.While the RBI permits capital relief to banks and FIs for policies from the Export Credit Guarantee Corporation (ECGC), similar treatment is not currently extended to insurance provided by other insurance companies. “By allowing banks to use trade credit insurance for factoring and…
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RBI to Conduct Customer Satisfaction Survey on Bank Mergers
The Reserve Bank of India (RBI) has decided to conduct a customer satisfaction survey to find out the impact of the recent mergers of state-owned banks on banking services being availed by individuals.Among other things, respondents will be asked whether the merger was positive from the point of customer services. The choice before the customer will be to tick one of the following options — strongly agree; agree; neutral; disagree; or strongly disagree.The proposed survey will cover a total of 20,000 respondents from 21 states, including Uttar Pradesh, Maharashtra, West Bengal, Tamil Nadu, Bihar, Karnataka, Madhya Pradesh, and Gujarat. In all, there will be 22 questions.Of the 22, a set of…
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Andhra Bank Recruitment 2019 for Sub Staff Posts, 10th Pass Eligible: Apply by Today
Andhra Bank is hiring for Sub Staff Posts. Check Details HereAndhra Bank Jobs 2019: Andhra Bank invited applications for the post of Security Sub Staff to fill the Backlog vacancies under ST category. Eligible candidates can apply for the post in the prescribed format by today i.e. on 31 August 2019.
Important Dates
Last Date for Submitting Application -31 August 2019
Andhra Bank Vacancy Details
Sub Staff – 22 Posts
Visakhapatnam District: 7 Posts
Vizianagaram District: 9
Srikakulam District : 6 vacancies
Eligibility Criteria for Security Officer Posts
Educational Qualification:Related Stories
Minimum : Pass in 10th Standard or its equivalent irrespective of the Board from…
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Source: https://www.jagranjosh.com/articles/amp/andhra-bank-sub-staff-recruitment-2019-1565332045-1
ED attaches VMC Systems’ assets worth Rs 55.73 crores in bank fraud case
HYDERABAD: The Enforcement Directorate, Hyderabad zone, has provisionally attached movable and immovable properties worth Rs 55.73 crore under the provisions of PMLA in a bank fraud case involving M/s VMC Systems Limited.The agency initiated investigation on the basis of FIR registered by the CBI, Bengaluru, under various Sections of Indian Penal Code against VMC Systems, its directors and others for defrauding Punjab National Bank and others to the tune of Rs 539.67 crore. The agency found that in 2009, VMC Systems approached PNB and SBI for part-financing its working capital requirements. Between 2009–2012, VMC Systems availed credit facilities from a consortium of banks consisting…
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Paytm news: Paytm Payments Bank’s director has resigned, company confirms
Indian embattled fintech firm Paytm has confirmed recent media reports about an independent director resigning from its banking subsidiary Paytm Payments Bank. Manju Agarwal stepped down from the Paytm Payments Bank board on February 1 citing personal commitments, according to the company’s filing with the stock exchange.News agency PTI had earlier reported that Agarwal resigned after RBI’s missive to the fintech company. The Reserve Bank of India in January issued a directive to Paytm Payments Bank to wind down the majority of its operations. Paytm had previously announced its intention to establish an advisory committee focusing on compliance and regulatory issues. The company, in an…
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Andhra Bank files insolvency proceedings against Sterling Biotech
Mumbai: Andhra Bank has approached the National Company Law Tribunal (NCLT) against Gujarat-based pharmaceutical firm Sterling Biotech Ltd to recover about Rs5,400 crore.
On Friday, Shyam Kapadia, representing the joint lender forum (JLF) led by…
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general insurance: Andhra Bank ties up with Cigna TTK, Reliance General Insurance
HYDERABAD: Andhra Bank has entered into corporate agency agreements with Cigna TTK Company Ltd, and Reliance General Insurance Company Ltd for providing health and general insurance respectively, to its customers. “The tie-up with both the insurance companies will immensely benefit the customers by providing alternatives in choosing products. These partnerships will provide mutual benefit to the bank and insurance companies in tapping the potential in the market and also help in increasing the insurance coverage,” Andhra Bank said in a statement.The two separate agreements were signed in presence of Andhra Bank Executive Director S K Kalra, MD and CEO of Cigna TTK Health Insurance…
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Union Bank board okays merger of Andhra, Corp Bank with itself; clears Rs 17,200-cr capital infusion
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Union Bank of India on Monday said its board of directors has approved merger of Andhra Bank and Corporation Bank with itself and given nod for a capital infusion of Rs 17,200 crore in the current financial year. The decision was taken at the meeting of the board of directors held on Monday, the bank said in a regulatory filing.
The board “considered and given its in-principle approval for the amalgamation of Andhra Bank and Corporation Bank into Union Bank.
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“And,…
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