Machilipatnam MP Vallabhaneni Balashowry has lamented that land has not been allotted for the memorial hall for freedom fighter and Andhra Bank founder Pattabhi Sitaramayya. Remembering that it was at Machilipatnam where Pattabhi Sitaramayya had set up the bank in 1923, Mr. Balashowry asked the municipal corporation officials to ensure that the hall was built immediately. The MP was speaking at a review meeting organised by the Krishna District Development and Coordination Monitoring Committee in Machilipatnam on October 26 (Thursday). Mr. Balashowry, who is also the committee chairman, asked agricultural officials to ensure that all tenant farmers got Crop Cultivator Rights Cards…
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Category: Allahabad Bank
Andhra Bank centenary celebration held
Tirupati: The centenary celebration of Andhra Bank was organised here on Sunday by the retired employees of the bank. Marking the occasion, floral tributes were paid to Bhogaraju Pattabhi Sitaramayya, a prominent freedom fighter and Congress leader, who founded the bank in 1923. The speakers recalled his outstanding contribution for extending banking services in the Telugu States and later spreading all over the country benefitting lakhs of people.Speaking at the commemoration meeting organised by ‘Andhra Bank Retirees of Tirumala & Tirupati’, an association of bank retired employees worked in the pilgrim city including association president C Dora Swamy and convener V Sreekanth,…
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NE Small Fin Bk Mumbai: Ex-Andhra Bank executive to head North East Small Finance Bank
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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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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