Bank frauds up 359% in four years at nationalized banks

Bank frauds up 359% in four years at nationalized banks

2018-08-03T15:49:33+00:00 On

The amount of money swindled by fraudsters from nationalized banks has jumped 359% in four years, RBI data revealed. The trend at nationalized banks is in contrast to that at private sector banks and SBI, where frauds are being increasingly brought under…

Reliance Jio and SBI announce new partnerships

Reliance Jio and SBI announce new partnerships

2018-08-02T19:04:05+00:00 On

Reliance Jio and State Bank of India today announced further deepening of their financial relationship, including deeper penetration of SBI services into Jio’s customer care app MyJio. “MyJio, one of India’s largest over-the-top (OTT) mobile applications will now bring in financial services…

Reliance Industries 10 rupees away from $100 bln market cap, after TCS

Reliance Industries 10 rupees away from $100 bln market cap, after TCS

2018-07-12T10:57:25+00:00 On

Three months after Tata Consultancy Services became the first Indian company to achieve a market capitalization of $100 bln (Rs 6.85 lakh cr), Reliance Industries is close to the $100 bln mark as well. At present, there are only around 100 companies…

Yes Bank gets SEBI approval for starting FII services

Yes Bank gets SEBI approval for starting FII services

2018-06-18T09:51:39+00:00 On

YES BANK, India’s 4th largest private sector Bank, said it has received approval from Securities and Exchange Board of India (SEBI) for acting as Custodian of Securities, allowing it to act as an intermediary for foreign institutional investors or FIIs. “The Custody…

Fitch downgrades PNB’s Viability Rating by two notches

Fitch downgrades PNB’s Viability Rating by two notches

2018-06-04T16:09:32+00:00 On

Fitch Ratings has downgraded the ‘viability rating’ of scam-hit Punjab National Bank by two notches to ‘b’ from ‘bb-‘, citing a sharp rise in loan defaults. However, the bank’s ‘default rating’ has been kept at BBB-, given the high probability that the…

ICICI Banks denies asking Kochhar to go on leave, no search committee

ICICI Banks denies asking Kochhar to go on leave, no search committee

2018-06-01T10:19:53+00:00 On

ICICI Bank said it did not ask its managing director, Chanda Kochhar, to go on leave nor has it appointed any search committee to find her successor. “She is on her annual leave which was planned in advance,” it said in response…

SBI posts pretax loss of Rs 12,213 cr on NPA provision of Rs 24,000 cr

SBI posts pretax loss of Rs 12,213 cr on NPA provision of Rs 24,000 cr

2018-05-22T14:32:42+00:00 On

State Bank of India, the country’s largest bank, reported a sharp increase in its quarterly net loss in Jan-Mar after setting apart a whopping Rs 24,080 cr in the three months to cover bad loans extended by the company in the past….

Axis Bank swings to loss on lower non-interest revenue, rising costs, provisions

Axis Bank swings to loss on lower non-interest revenue, rising costs, provisions

2018-05-16T14:39:59+00:00 On

Private sector lender Axis Bank reported a loss of Rs 2,189 cr for the Jan-Mar quarter, hit by costs that rose faster than revenues as well as higher provisions to account for eventualities. For the quarter, the company’s interest income increased by…

Anmol Ambani impresses dad with his change mantra; nominated to two more boards

Anmol Ambani impresses dad with his change mantra; nominated to two more boards

2018-04-25T15:19:30+00:00 On

Anil Ambani today praised his son Anmol Ambani for bringing about a “cultural change” in his business group, and said the 26-year-old has been added to the director boards of two more of his group companies. Anmol Ambani will join the director…

Jaitley blames ‘sudden and unusual’ demand for cash crunch

Jaitley blames ‘sudden and unusual’ demand for cash crunch

2018-04-17T12:35:33+00:00 On

Finance minister Arun Jaitley blamed a ‘sudden and unusual’ increase in the demand for cash for causing a scarcity in currency notes in some states. Commenting on the reports that banks are running short of cash in many states such as Andhra…