MUMBAI: Union Bank may look at exiting Andhra Bank’s life insurance venture post amalgamation of the two lenders, according to a senior official.A final decision will be taken by the board of the merged bank, based on the valuation and also meeting the regulatory guidelines, Union Bank Managing Director and Chief Executive Rajkiran Rai G has said.Andhra Bank and Corporation Bank will get amalgamated into Union Bank on April 1, making it the fifth largest public sector bank in the country.The merger is part of the government’s mega consolidation plan to amalgamate 10 state-owned banks to create four global size lenders, beginning next financial year.Following the merger, all investments…
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Category: Allahabad Bank
Post merger, Union Bank may sell Andhra Bank’s stake in life insurance
Union Bank may look at exiting Andhra Bank’s life insurance venture post amalgamation of the two lenders, according to a senior official. A final decision will be taken by the board of the merged bank, based on the valuation and also meeting the regulatory guidelines, Union Bank Managing Director and Chief Executive Rajkiran Rai G has said.
Andhra Bank and Corporation Bank will get amalgamated into Union Bank on April 1, making it the fifth-largest public sector bank in the country.
The merger is part of the government’s mega consolidation plan to amalgamate 10 state-owned banks to create four global size lenders, beginning next financial…
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Andhra Bank fades into history
Come April 1, it will be curtains for Andhra Bank as one of the oldest and well-known household names in the region gets amalgamated with Union Bank of India. A part of the Central government plan to create four larger banks by merging 10, the move will see Andhra Bank over time coming to be identified as Union Bank of India. While its fading into history is certain, what, however, will remain in public memory is the long association it built with lakhs of customers, earning their trust and rendering decades of service. For the Telugu States, it will be second, home grown bank they will have to let go. State Bank of Hyderabad (SBH) was the first when it got merged with the State Bank of…
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As Andhra Bank Fades Into the Pages of History, an Emotional Sting for Telugu States
Hyderabad: Andhra Bank, a premier public sector bank with deep roots in the erstwhile undivided Andhra Pradesh, is all set to vanish from public view from April 1, in a move that draws the curtains on a significant chapter of regional history.
The bank was founded by Bhogaraju Pattabhi Sitaramayya, a veteran freedom fighter and close follower of Mahatma Gandhi on November 23, 1923. Its beginnings were modest, with a single branch, and later grew by leaps and bounds over the past nine decades.
The state-run lender has now been merged with the Union Bank of India and the Corporation Bank in line with finance minister Nirmala Sitaraman’s decision to merge ten public sector banks (PSBs)…
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Source: https://m.thewire.in/article/banking/andhra-bank-history-emotional-sting-telugu/amp
List of Government Banks/ Public Sector Banks in India: Latest Updates 2022
Government Banks or Public Sector Banks are the banks that are owned by the Government of the day. In such banks, the Government of the country is the major shareholder with possession of more than 51% share of the bank. Check here the updated list of the Government banks / Public Sector Banks in India in 2022 along with the complete list of banks that got merged lately. Check the latest updates below. Also Read| Explained: Why Do Cryptocurrency Prices Fluctuate So Frequently? Government Banks in India 2022: News About Mergers Banks are a major part of the Indian Economy. These are the place where all transactions legitimately take place. India’s economy is managed by the Finance…
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Six PSBs excluded from Second Schedule of RBI Act following merger – Business Today
Six PSBs excluded from Second Schedule of RBI Act following merger Business Today
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Syndicate Bank, Andhra Bank chiefs appointed as OSDs in Canara Bank, Union Bank of India
NEW DELHI: J Packirisamy and Mrutyunjay Mahapatra, the managing director cum CEOs of Andhra Bank and Syndicate Bank respectively have been appointed as Officer on Special Duty (OSD) in the Union Bank of India and the Canara Bank respectively, according to an official order issued on Monday.The development comes after some of the public sector banks were merged by the government with effect from this month.The order issued by the Personnel Ministry said that Packirisamy has been appointed as an OSD on supernumerary basis in the Union Bank of India, with effect from April 1, 2020 or the date of assumption of office till the age of his retirement in February next year.Similarly, Mahapatra…
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Ex-Andhra Bank chief Suresh N Patel to take over as vigilance commissioner on Wednesday
NEW DELHI: Former Andhra Bank chief Suresh N Patel will take over as the vigilance commissioner in the anti-corruption watchdog CVC on Wednesday, officials said.The post of vigilance commissioner has been lying vacant for over 10 months. “Patel will be administered the oath of office by newly-appointed Central Vigilance Commissioner Sanjay Kothari,” an official said on Tuesday.Patel’s name to the post was recommended by a high-powered committee headed by Prime Minister Narendra Modi in February this year. He was a member of the advisory board for banking and financial frauds of the Central Vigilance Commission (CVC).Patel resigned from the board after his selection as the vigilance…
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CBI books Kwality for defrauding Bank of India, other banks of Rs 1,400 crore
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The Central Bureau of Investigation (CBI) on September 21 said it has registered a case against Delhi-based private company Kwality and its directors, among others, on allegations of causing a loss of approximately Rs 1,400.62 crore to a consortium of banks led by Bank of India.
The company’s directors Sanjay Dhingra, Siddhant Gupta, and Arun Srivastava have been named in the complaint along with other unknown persons.
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The case was filed following a complaint by…
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Union Bank of India’s net profit falls 12.6% as provisions rise
Mumbai: Union Bank of India on Friday said its first-quarter net profit dropped 12.6% on the back of lower other income and higher provisioning.
In its investor presentation, the bank provided comparable numbers consolidating those of Andhra Bank and Corporation Bank with its own financials when they were separate entities. These three banks merged on 1 April and the June quarter numbers reflect the financials of the amalgamated entity.