MUMBAI: North East Small Finance Bank (NESFB) has appointed Satish Kumar Kalra, a former senior executive at Andhra Bank, as its interim MD and CEO. The bank said NESFB’s board and RBI had approved the appointment. Kalra will take charge of the bank, which announced a merger with Slice in October, a fintech unicorn founded by Rajan Bajaj, which also has an NBFC licence.NESFB is promoted by RGVN North East (Rashtriya Gramin Vikas Nidhi), which obtained an MFI licence in 2015.“This is an opportunity to be at the helm of a merger in the banking industry — a cross-cultural collaboration between two entities set to redefine the financial landscape by leveraging NESFB’s grassroots…
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Category: Allahabad Bank
LIBOR replacement: Union Bank offers ARR-based loans
Union Bank of India (UBI) on Wednesday said it has modified its systems and processes to embrace the change from London Inter-Bank Offered Rate (LIBOR) to Alternative Reference Rates (ARRs).The public sector bank, in a statement, emphasised that it has already concluded deals in ARR (Secured overnight financing rate/SOFR for US Dollar loans) through its overseas branches (at Hong Kong, DIFC Dubai & Sydney) and through its domestic branches. Also read:
LIBOR Transition: Systems and processes aligned to support transactions linked to ARR, says SBIThe bank is offering ARR-based trade finance loans, bilateral, syndication, export credit, foreign currency and multiple…
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A look at some of the biggest bank fraud cases that hit India in a decade
The CBI charged ABG Shipyard Limited, its former chairman and managing director Rishi Kamlesh Agarwal, Santhanam Muthaswamy, Ashwini Kumar, Ravi Vimal Nevetia, Sushil Kumar Agarwal, and another firm, ABG International Pvt Ltd for embezzling Rs 22,842 crore from SBI and 27 other lenders. The loan account was named as a non-performing asset in July 2016, and fraud was detected in 2019.
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Union Bank becomes 5th largest PSB post merger with Andhra Bank, Corporation Bank – Deccan Herald
Union Bank becomes 5th largest PSB post merger with Andhra Bank, Corporation Bank Deccan Herald
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MP expresses ire at Machilipatnam civic body chief
The YSRC MP’s outburst came while presiding over a meeting of the District Development Coordination and Monitoring Committee to review various works being implemented within the MMC area. (Photo: Twitter)VIJAYAWADA: Machilipatnam MP Vallabhaneni Balashowri on Friday expressed anger at Machilipatnam Municipal Corporation (MMC) commissioner for not according permission to construct a community hall.
The YSRC MP’s outburst came while presiding over a meeting of the District Development Coordination and Monitoring Committee to review various works being implemented within the MMC area.
Participating in the meeting, Krishna district collector Ranjit Basha said two acres of land has been…
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Telangana borrowed Rs 32,000 crore to fund Mission Bhagiratha – Times of India
Telangana borrowed Rs 32,000 crore to fund Mission Bhagiratha Times of India
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Two bankers awarded five-year rigorous imprisonment
The Special Judge for CBI Cases, Hyderabad, on Wednesday convicted two bankers of Union Bank of India in a fraud case and sentenced them to five years of rigorous imprisonment and imposed a fine of ₹75,000 each. Pillendla Phani Prasad and Chintakuntla Pandurangam Chalapathi, former branch manager and assistant manager respectively of the Union Bank of India, Asif Nagar branch, and Yerram Koteswara Rao, a proprietor of a private company, the CBI in a note said, conspired to sanction 23 group housing loans without proper identification of the borrowers based on false documents amounting to ₹1.15 crore. The sanctioned loan amount was withdrawn by the said owner and a part of the amount…
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Bank mergers in India have been beneficial to banking sector, says RBI paper | Business News
Bank mergers in the country have been beneficial to the banking sector as they have resulted in the wealth gains for shareholders of the acquiree banks and have also improved the efficiency of the bank that has acquired, a RBI research paper said.Mergers have provided avenues for increasing the scale of operations, geographical diversification, and adoption of more efficient business strategies, the paper titled – Do Bank Mergers Improve Efficiency? The Indian Experience – said.
During 1997-2022, there were 40 bank amalgamations, out of which 12 were between private sector banks (PVBs) and public sector banks (PSBs), 16 were amongst PSBs and the remaining 12 were between PVBs and…
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NCLT awards Lanco Solar Energy to JVS-Derit Infra consortium
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The National Company Law Tribunal (NCLT) approved a resolution plan for Lanco Solar Energy submitted by the consortium of Jitender Vir Singh (JVS) and Derit Infrastructure, almost four years after the company was ordered to undergo the corporate insolvency resolution process (CIRP).
Lanco Solar’s lenders earlier approved the resolution plan submitted by the JVS-Derit Infra consortium with a 95.62 percent vote share. The consortium has acquired and turned around 30 megawatts of stressed solar energy projects and…
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Director Teja’s sensational comments on Andhra Pradesh – Telugu News
Director Teja in a exclusive YouTube interview made some sensational comments on AP people. He said that “I have few questions for Andhra Pradesh citizens! Do they have self respect? They aren’t not responding to any issue that’s happening in state, Aren’t they shameful?Best example – when Andhra Bank is removed, no one questioned, which literally shocked me! On the other hand, Telangana is good and it’ll reach greater heights in future as well,said the senior director. When asked if he interesting in politics, without any hesitation the director replied politics won’t work out for him as people their should say ninty percent lies.On the work front, Teja is ready with a film titled,…
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Source: https://www.indiaglitz.com/director-teja-sensational-comments-on-andhra-pradesh-telugu-news-337497