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Reserve Bank of India (RBI) has appointed Sudha Balakrishnan as first Chief Financial Officer (CFO). Sudha Balakrishnan is a NSDL executive and her appointment as the first ever chief financial officer (CFO) of the Reserve Bank of India (RBI) is effective from May 15. This is the biggest organisational change in the RBI ever. Smt Sudha […]
Post Punjab National Bank Fraud – Reserve Bank of India (RBI) has started the auditing of all the public sector banks for issuance of LoU’s and trande finance business activities. The RBI audit will look after the exisitng process and following of extant guidelines by Foreign Exchange branches of PSB’s. It is believed that majority […]
After Punjab National Bank (PNB) scam, and many other banks, another public sector bank, Oriental bank of Commerce (OBC) has filed the cased against Delhi’s based diamond exported Dwarka Das Seth International Pvt Ltd for the alleged fraud. The mode of operandi is similar to PNB Nirav modi fraud i.e. issuance of letter of vredit/letter of […]
Fraud in City Union Bank – Past week was really very bad for India’s Banking sector. Post PNB scam,City Union Bank said it suffered three fraudulent remittances of nearly USD 2 million (about Rs 12.8 crore). The mode of fraud is similar to Punjab National Bank scam involing SWIFT. As like fraud at Punjab National Bank (PNB), […]
Reserve Bank of India (RBI) has imposed a whopping Rs 5 crore penalty on Public sector lender Syndicate Bank and Rs 2 crore penalty on Union Bank of India, IndusInd bank etc for breaching Know Your Customer (KYC) norms. Reserve bank on December 12 imposed a monetary penalty of Rs 5 crore on the public sector […]
State run bank UCO bank is under CBI and Enforcement Directorate (ED) scanner for Rs 20,000 crore hawala scam. ED sought help of CBI on this case due to lot of technicality involved in this as the level of fraud are mainly related to core banking segment like export finance. ED has been probing the scam […]
Union of Bank employees have filed a petition against Aadhaar Related services including setting up enrollment center in the Supreme Court. Bank Union has stated in their petition that they do not have the resources to provide Aadhaar related services from the bank branches. Earlier the Unique Identification Authority of India (UIDAI) has made it mandatory for […]
UCO Bank, A nationalized bank tried to start a new phenomenon in Government Banking scenario i.e. Performance based salary, which ultimately dead after creating a lot of panic and noises. First time this was introduced in the public sector bank where bank’s zonal heads had requested suspension of salary payments to 11 branches on grounds […]
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