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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Category: Allahabad Bank
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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Profitability of PSBs improved post amalgamation: MoS for Finance
Profitability of public sector banks has improved on a consolidated basis after amalgamation, the government said in Parliament on Tuesday. According to RBI’s data, profitability of public sector banks (PSBs) that have been amalgamated/merged during the last five years has improved on a consolidated basis, Minister of State for Finance Bhagwat Karad said in a written reply to the Rajya Sabha. The profitability of State Bank of India (SBI), into which five associate banks of SBI and Bhartiya Mahila Bank were merged with effect from April 1, 2017, improved from a loss of Rs 1,378.35 crore in financial year 2016-17 to a profit of Rs 20,410.47 crore in 2020-21, Karad said. Likewise, Bank of…
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Andhra Bank mulls cut in base lending rate by March 2015 | Banking News
Public sector lender Andhra Bank is looking to cut its base lending rate by March 2015 as tepid credit demand has weighed on banks that are flush with liquidity. Click here to follow our WhatsApp channel Andhra Bank had recently curtailed its deposit rate by 25 basis points (or 0.25 per cent). The bank had last revised its base rate from 10 per cent to 10.25 per cent on August 19, 2013.“We have already announced a cut in our deposit rate by 25 basis points. Ideally, a revision in base rate should follow in eight months. But we don’t think we can wait that longer. We may possibly announce a cut in base rate by March 2015. In any case, our base rate is amongst the lowest in the…
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Andhra Bank Q4 net profit more than doubles
Andhra Bank’s net profit more-than-doubled to ₹185 crore in the fourth quarter ended March 31, 2015, compared with ₹88 crore in the corresponding quarter in the previous year.“This was one of the best quarters we have ever seen with significant recovery of NPAs,” CVR Rajendran, Chairman and Managing Director, Andhra Bank, told newspersons here on Monday.The increase in profit was driven, among other things, by a 44 per cent rise in net interest income. “The net interest margin grew higher than our expectations, leading to a significant increase in profits,” he said.The NIM increased to 3.48 per cent from 2.65 per cent in the year-ago period. For the full year, net profit…
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Here is a complete guide- Republic World
Andhra Bank is a medium-sized Public Sector Bank (PSB) of India. It was founded in 1923 by Bhogaraju Pattabhi Sitaramayya in Machilipatnam, Andhra Pradesh. The Government of India owns 90.85% of its share capital. Andhra Bank has its headquarters in Hyderabad, Telangana, India. Plans to merge it with Union Bank of India were disclosed by Finance Minister of India in August 2019. Andhra Bank has more than 2800 branches, 4 extension counters, 38 satellite offices and 3500+ Automated Teller Machines (ATMs). The bank entered in the states of Himachal Pradesh and Tripura during 2011-12. Andhra Bank is a leading bank in terms of Life Insurance Policies. If you are an account holder in Andhra…
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Source: https://www.republicworld.com/business/andhra-bank-opening-time-closing-time-and-lunch-time/?amp=1
New insurance linked savings scheme from Andhra Bank
December 01, 2013 02:07 pm | Updated November 16, 2021 06:21 pm IST – VIJAYAWADA: Andhra Bank will be launching its new insurance-linked savings account scheme ‘AB Jeevan Abhaya Plus’ from December 1. Disclosing this at a press meet here on Saturday, the bank’s Deputy General Manager G. Ravi Kumar said that the scheme was being launched nationwide as part of the bank’s 70th year .As per the scheme, customers who would opt for this savings account will be provided insurance cover of Rs. 2 lakhs. The insurance cover will be given by India First Life Insurance Company, an insurance company jointly promoted by Andhra Bank and Bank of Baroda. The bank proposes to enlist at least…
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