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The <keyword id="47209" type="ORGANIZATION" weightage="100" keywordseo="Finance-Ministry">Finance Ministry</keyword> has ordered a forensic audit following reports of scams to the tune of Rs 436 crore at the branches of <keyword id="6359442" type="CITY" weightage="100" keywordseo="Dena-Bank">Dena Bank</keyword> and the <keyword id="111832" type="CITY" weightage="100" keywordseo="Oriental-Bank-of-Commerce">Oriental Bank of Commerce</keyword>. 
 
GS Sandhu, secretary, Ministry of Finance, said, “These are instances which have happened at the lower/branch level because of lack of due diligence and non-adherance to the norms or procedures…So (it is) not fair to term the entire banking system or the individual bank going in that direction. 
 
“The persons who are responsible are being taken to task, some disciplinary action is being taken and there are also some suspensions, some transfers…The investigation is on and further action will be taken based on that.” 
 
Following a rise in scams in public sector banks, the Finance Ministry is considering various steps like strengthening of risk management, appointment of bank chiefs for longer tenures, etc. 
 
According to Sandhu, “The most important part is strengthening of risk management. We are going to make it mandatory for all the senior officers in banks for officers of DGM (deputy general manager) or GM levels to undergo a compulsory risk management course before they are considered for their promotions for higher posts…We have already started work on this through some expert agencies.”

Forensic Audit Of Dena Bank, OBC Ordered After Reports Of Scam

New Delhi, Nov 18 () Punjab National Bank and Union Bank of India on Monday said they have received in-principal approval from the government for their amalgamation with other public sector banks.
"Bank has received a letter dated November 13, 2019 from Department of Financial Services, Ministry of Finance vide which bank has been advised that Alternative Mechanism (AM), has accorded in-principle approval to proposed amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank," Punjab National Bank said in a regulatory filing.
Punjab National Bank is the transferee bank and Oriental Bank of Commerce and United Bank of India as transferor banks.
In a separate filing, Union Bank of India said, "The bank has received a communication from ministry of finance on November 16, 2019 stating that the alternative mechanism has accorded in-principle approval to proposed amalgamation of the Andhra Bank and Corporation Bank into Union Bank of India".
Union Bank of India is the transferee bank, and Andhra Bank and Corporation Bank are the trasferor banks.
The government in August had announced four major mergers of public sector banks, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders global sized banks.
According to this, United Bank of India and Oriental Bank of Commerce will be merged with Punjab National Bank, making the proposed entity the second largest public sector bank (PSB).
Syndicate Bank will be merged with Canara Bank Indian Bank will be merged with Allahabad Bank.
In January this year, the Union Cabinet had approved merger Dena Bank and Vijaya Bank with Bank of Baroda. The merger came in to effect from April 1.
With these mergers, the number of PSBs will come down to 12 from 27 in 2017.
Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with State Bank of India.
These were State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad and also Bharatiya Mahila Bank effective April 2017. KPM NKD BAL

PNB, Union Bank get in-principal nod from govt for proposed merger

New Delhi, Mar 5 () Shares of select public sector banks rose up to 16 per cent on Thursday after the Union Cabinet approved amalgamation of 10 state-owned lenders with effect from April 1.Oriental Bank of Commerce advanced 15.89 per cent, Syndicate Bank jumped 10.53 per cent, Allahabad Bank 9.23 per cent, Andhra Bank 3.91 per cent, United Bank of India 3.31 per cent and Corporation Bank 2.14 per cent on the BSE.The Union Cabinet on Wednesday approved amalgamation of 10 public sector banks, including Allahabad Bank, Andhra Bank and Oriental Bank of Commerce (OBC), to create four large state-owned lenders with effect from April 1, Finance Minister Nirmala Sitharaman said.The merger would result in creation of seven large PSBs with scale and national reach, with each amalgamated entity having business of over Rs 8 lakh crore.As per the mega consolidation plan, OBC and United Bank of India will merge into Punjab National Bank; Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank. SUM RUJRUJ

OBC, Syndicate Bank shares zoom; other PSBs too gain

Just like any other citizen, Prime Minister<a href="http://www.businessinsider.in/searchresult.cms?query=narendra+modi&amp;sortorder=effectivedate"> Narendra </a><a href="http://www.businessinsider.in/searchresult.cms?query=narendra+modi&amp;sortorder=effectivedate">Modi</a>'s 97-year-old mother <keyword id="3077014" type="UNKNOWN" weightage="100" keywordseo="Heeraben-Modi">Heeraben Modi</keyword> too visited a bank at her village in <keyword id="6356847" type="CITY" weightage="100" keywordseo="gandhinagar">Gandhinagar</keyword> to exchange old notes in view of the <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetisation</a> of the high currency notes to curb <a href="http://www.businessinsider.in/searchresult.cms?query=black+money&amp;sortorder=effectivedate">black money</a>. 
 The frail lady reached a branch of the <keyword id="111832" type="CITY" weightage="100" keywordseo="Oriental-Bank-of-Commerce">Oriental Bank of Commerce</keyword> in a wheelchair to exchange currency worth Rs 4500 this morning. She was accompanied by relatives. 
 
After coming to the bank with 500 notes, she filled the mandatory form, put her thumb impression on it and successfully exchanged her money. 
 
After receiving the new Rs 2,000 note, she also displayed it in front of the media. In the process, Heeraben also unknowingly set an example for the rest of the citizens, with many on the internet applauding her simplicity. 
 
Image credit: ANI

Prime Minister Narendra Modi's mother sets an example by exchanging old notes at Gandhinagar bank

New Delhi, Jun 23 () With the merger process over, state-owned PNB is looking to complete the technology integration of Oriental Bank of Commerce and United Bank of India with itself by the end of the current fiscal, the head of the country's second largest lender said. The merger of Oriental Bank of Commerce and United Bank of India with Punjab National Bank became effective from April 1. "The outbreak of COVID-19 pandemic has delayed the process of integration by a couple of months. We had planned for May. Technology integration has many dimensions, for example integration of ATM switches. We hope to complete that process by September," PNB Managing Director S S Mallikarjuna Rao told in an interview. The integration of the core banking solution platform would take slightly longer time as the merged entity had an older version of this platform, he said. "We will complete Finacle (CBS) integration and ... all surrounding technologies latest by March 2021... one bank will be migrated by December and shifting of second will be over before March," he said. With the merger, the bank now has about 11,000 branches, more than 13,000 ATMs, one lakh employees and a business mix of over Rs 18 lakh crore. Total domestic business of PNB at the end of March 2020 stood Rs 11.81 lakh crore. However balance-sheet wise, Rao said that Oriental Bank of Commerce and United Bank of India booked losses in the fourth quarter ended March 31, 2020. The losses were mainly due to provision against bad loans, he said, without giving numbers as they have not been made public. On the outlook for the current fiscal, Rao said PNB will earn moderate profit in the current fiscal, aided by treasury income and core banking activities. For the fourth quarter ended March, the bank posted a net loss of Rs 697.20 crore. However, after a gap of two years, the Nirav Modi fraud hit bank posted profit of Rs 363.34 crore in 2019-20. He also said that the bank has scaled down its loan growth target to 6 per cent for the current fiscal due to the COVID-19 crisis. However, he said, the bank has a treasury advantage due to reduction in interest rates resulting in Rs 1,000 crore gain in the first quarter of 2020-21. "We are confident that quarter-on-quarter, we can book moderate profits. We do not like to have higher profit because we want to strengthen the balance-sheet during 2020-21. "We are very confident that we will be creating a better base for the bank not only for booking moderate profit in 2020-21 but also creating a robust situation for 2021-22," he said. DP MKJ

PNB expects to complete technology integration of OBC, United Bank of India by March

New Delhi, Apr 26 () Union Bank of India, which received 30 per cent stake in insurance joint venture IndiaFirst Life Insurance by virtue of the mega bank consolidation exercise of the government, plans to pare its holding to less than 10 per cent, a senior official said. Union Bank received the stake after Andhra Bank was merged with the Mumbai-based lender, effective April 1. As per guidelines of the Insurance Regulatory and Development Authority of India (IRDAI), one promoter cannot hold more than 10 per cent stake in two insurance ventures. Union Bank also holds 25.10 per cent equity stake in Star Union Dai-ichi Life Insurance, with the other partners being Bank of India and Dai-ichi Life Holdings of Japan. "We will continue the process started by erstwhile Andhra Bank to divest the stake to bring it below 10 per cent," Union Bank of India Managing Director and Chief Executive Officer Rajkiran Rai G told . Last year, Andhra Bank had initiated the process for selling its part or full stake in the insurance venture with Bank of Baroda (44 per cent stake) and Carmel Point Investments, owned by Warburg Pincus, holding the remaining 26 per cent. Both the insurance ventures are doing well and the valuation is going to improve further, he said, adding the stake sale will happen at opportune time and at good valuation. As per the government's mega consolidation plan, 10 state-owned banks were merged into four to create global size lenders, beginning April 1. Besides Andhra Bank, Corporation Bank was also merged with Union Bank. United Bank of India and Oriental Bank of Commerce were merged with Punjab National Bank; Syndicate Bank was merged with Canara Bank; and Allahabad Bank was amalgamated with Indian Bank. The merger of Oriental Bank of Commerce with PNB resulted in transfer of 23 per cent stake in Canara HSBC OBC Life Insurance to the latter. This too created a similar situation as that of Union Bank of India, as PNB is a promoter of PNB Metlife Insurance with the highest stake of 30 per cent. DP ABMABM

Union Bank plans to lower stake in IndiaFirst Life to less than 10 pc

New Delhi, Apr 1 () The biggest-ever consolidation exercise in the public sector banking space effected on Wednesday will mark a new dawn for the Indian banking sector, the Finance Ministry said on Wednesday. Six public sector banks (PSBs) namely Oriental Bank of Commerce, United Bank of India, Syndicate Bank, Andhra Bank, Corporation Bank and Allahabad Bank lost their individual identity as they were merged into four bigger lenders with the objective to make them globally competitive. "PSBs' amalgamation today will mark a new dawn for #IndianBanking. Bigger &amp; stronger PSBs to to offer faster loan processing, banking @ home, need-driven credit &amp; specialized products for customers," the Department of Financial Services, which comes under the Ministry of Finance, said in a tweet. The exercise assumed significance as it took place at a time when the entire country is under the grip of the COVID-19 outbreak, which has triggered a 21-day nation-wide lockdown. Earlier in the day, Punjab National Bank said all nation-wide branches of United Bank of India and Oriental Bank of Commerce has started functioning as PNB branches. The merger has created the second largest nationalised bank of the country - both in terms of business and branch network after the State Bank of India (SBI). The amalgamated bank will have a wider geographical reach through 11,000 plus branches, more than 13,000 ATMs, one lakh employees and a business mix of over Rs 18 lakh crore. "The bigger geographical footprint will help us serve our customers more effectively and efficiently," said PNB managing director S S Mallikarjuna Rao said. Experts were of the opinion that merger at this point of time will not be very smooth and seamless. However, heads of the anchor banks exuded confidence. "We don't foresee any problem it is going as per the plan. We have reviewed in the light of this situation also. Certain modification in implementation we have done so that there is no disruption for employees and customers. We are ensuring zero disruption," Union Bank of India Managing Director Rajkiran Rai G told . The four anchor banks -- PNB, Canara Bank, Union Bank and Indian Bank -- are postponing some part of the implementation and processes due to the lockdown. "For merging banks, we have not changed some of the process like loan process etc, which we proposed to do earlier. However, because of the prevailing situation, we will be continuing old system till the situation comes under control," he said. With the merger, the bank looking at more than Rs 2,500 crore of synergy benefits in the next three years, he added. As per the mega consolidation plan announced in August last year, Oriental Bank of Commerce and United Bank of India is merged into Punjab National Bank (PNB); Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank. Following the consolidation, there will be now seven large public sector banks (PSBs), and five smaller ones. There were as many as 27 PSBs in 2017. The total number of public sector banks in the country has come down to 12. The merger has resulted in the creation of seven large PSBs with scale and national reach, with each amalgamated entity having business of over Rs 8 lakh crore. These banks now have scale comparable to global banks and capable of competing effectively in India and globally. In addition, the consolidation is expected to provide impetus to the merged entities by increasing their ability to support larger ticket-size lending and have competitive operations by virtue of greater financial capacity. Last year, Dena Bank and Vijaya Bank were merged with Bank of Baroda. Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with the public sector bank. These were State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad effective April 2017. DP MKJMKJ

Mega bank merger marks new dawn for Indian banking space: FinMin

New Delhi, Apr 1 () The executive directors of the erstwhile Oriental Bank of Commerce and United Bank of India -- Vijay Dube and Sanjay Kumar -- have taken charge as the executive directors of Punjab National Bank (PNB) with effect from Wednesday. PNB, which has now become the country's second-largest lender after amalgamating OBC and UBI into itself, on Wednesday informed about the charges assumed by Dube and Kumar. On March 18, PNB had informed about appointments of Dube and Kumar as the executive directors of the bank with effect from Wednesday until October 31, 2021, and September 19, 2021, respectively. "Vijay Dube and Sanjay Kumar have assumed the office of executive director of Punjab National Bank on April 1, 2020," PNB said in a regulatory filing. Dube holds Masters Degree in Business Administration from FMS Delhi, University of Delhi, and a Post-Graduate in Statistics from Lucknow University, besides being a Certified Member of Indian Institute of Bankers. He has more than 34 years of banking experience and he has also served as CVO of erstwhile State Bank of Mysore, CVO of IFCI with additional charge of Oriental Insurance Company Ltd. Kumar, is an M.Sc. degree holder, who started his career in banking in United Bank of India in the year 1985 as Probationary Officer. He is a Certified Associate member of Indian Institute of Bankers and has over 35 years of banking experience. KPM HRS

Amalgamated PNB gets onboard Vijay Dube, Sanjay Kumar as executive directors

New Delhi, Jun 30 () The government on Tuesday approved a two-year extension to Union Bank of India managing director Rajkiran Rai G. With the extension of the term, he will continue as the MD of the bank till the superannuation - that is May 31, 2022 or until further order, according to a finance ministry notification. As per the Banking Regulation Act, the upper age limit for the managing director of nationalised banks is 60 year. Rai was appointed MD of Union Bank of India on July 1, 2017 for a period of three-years till June 30, 2020. Prior to his elevation as MD, he was executive director of Oriental Bank of Commerce. The extension of tenure comes at the backdrop of merger of Andhra Bank and Corporation Bank with Union Bank of India effective April 1 this year. With the merger, Union Bank India has become the country's fifth largest public sector lender. DP BAL BAL

Govt gives two-year extension to Union Bank of India MD

New Delhi, Feb 3 () State-owned Punjab National Bank is seeking IRDAI forbearance on cutting down stake in Canara HSBC OBC Life Insurance, which will come to the lender's fold after its merger with Oriental Bank of Commerce (OBC), sources said.
OBC currently holds 23 per cent stake in Canara HSBC OBC Life Insurance. Besides, another public sector lender Canara Bank has 51 per cent stake and HSBC Insurance (Asia Pacific) Holdings Limited as foreign partner owns 26 per cent.
As per the extant guidelines, one promoter cannot hold more than 10 per cent stake in two insurance ventures, sources said.
After the merger of OBC, expected in April, PNB will automatically get 23 per cent stake in Canara HSBC OBC Life Insurance also.
Already, PNB is a promoter of PNB Metlife Insurance with highest stake of 30 per cent.
Founded in 2001, PNB Metlife's other shareholders include US-based Metlife with 26 per cent, Elpro (21 per cent) and M Pallonji &amp; Company (18 per cent).
The sources said PNB has requested the regulator to provide additional time for cutting down or offloading its stake in the life insurance firm that will come to its fold by merger of another lender.
In another case, the merger proposal involving Union Bank of India, Andhra Bank and Corporation Bank, Andhra Bank holds 30 per cent stake in IndiaFirst Life Insurance whereas Union Bank holds 23 per cent stake in Star Union Dai-ichi Life Insurance.
In this case again the merged entity led-by Union Bank of India will have more than 10 per cent stake in two life insurance companies.
In the biggest consolidation exercise in the banking space, the government in August 2019 had announced four major mergers of public sector banks, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders global sized banks.
United Bank of India and Oriental Bank of Commerce will be merged with Punjab National Bank; Syndicate Bank will be merged with Canara Bank; Allahabad Bank will be amalgamated with Indian Bank; and Andhra Bank and Corporation Bank will be consolidated with Union Bank of India.
Keeping proposed merger in mind, Insurance Regulatory and Development Authority of India (IRDAI) last month said group health insurance policies of customers of the public sector banks slated to be merged with other PSBs will continue to be serviced by insurer companies till the end of the policy period.
"Upon merger of these PSBs, the underlying group health insurance policies of the customers of the merged banks shall continue to be serviced by the respective insurance companies which issued the policies till the end of the policy period," the insurance regulator had said in a circular.
The insurance companies will make suitable arrangements with the acquiring banks in this regard, it added.
IRDAI said the guidelines have been issued in order to protect the interests of the group insurance policyholders of the merged banks. DP BAL

PNB seeks IRDAI forbearance for paring stake in Canara HSBC OBC Life

A search panel headed by Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword>) Governor <keyword id="6358908" type="PERSON" weightage="100" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> has shortlisted 10 names for appointing chairman and managing director (CMD) in eight public sector banks. 
 
According to a media report, Bank of Baroda Executive Directors (ED) B B Joshi and P Srinivas, Punjab &amp; Sind Bank’s EDs M K Jain and K K Sansi, and IDBI Bank Deputy Managing Director B K Batra have been shortlisted. 
 
The names have been forwarded to the Finance Ministry. Reports suggest that eight names are likely to get the final approval of the Appointments Committee of the Cabinet by the end of this month. The remaining candidates may be dropped or waitlisted. 
 In total, nineteen candidates had appeared for interview for the post of CMDs in Punjab National Bank, Bank of Baroda, <keyword id="6357132" type="CITY" weightage="100" keywordseo="Canara-Bank">Canara Bank</keyword>, Indian Overseas Bank, Oriental Bank of Commerce, United Bank of India, Vijaya Bank and Syndicate Bank.

RBI Shortlists 10 Candidates For The Post Of CMD In 8 PSU Banks

Banking futures showed an uptrend as traders bought into beaten down valuations primarily in the public sector banking space. The <keyword id="151330" type="COMPANY" weightage="100" keywordseo="Bank-Nifty">Bank Nifty</keyword> was up 0.7 percent at 18,638 points by mid-afternoon trade. 
 All 22 bank futures showed positive gains between 0.1 percent and 4 percent. Their Open Interest position, which denotes <keyword id="6360903" type="POSITION" weightage="100" keywordseo="Trader">trader</keyword> interest in the stocks, rose between 0.5 percent and 9.7 percent for individual futures. Only three banking futures -- <keyword id="6358006" type="CITY" weightage="100" keywordseo="Andhra-Bank">Andhra Bank</keyword>, Oriental Bank of Commerce and <keyword id="49007" type="CITY" weightage="100" keywordseo="Uco-Bank">UCO Bank</keyword> -- showed a fall in Open Interest, which was minimal. 
 Mid-sized <keyword id="66845" type="COMPANY" weightage="100" keywordseo="Karnataka-Bank">Karnataka Bank</keyword> was the top gainer with a 4 percent jump in the futures and options segment. It was the only banking future where volumes rose 21 percent over the previous day. 
 Deliveries are also rising substantially in the PSU bank segment: <keyword id="47268" type="ORGANIZATION" weightage="100" keywordseo="PNB">PNB</keyword>, Bank of India, Andhra Bank and <keyword id="6358005" type="CITY" weightage="100" keywordseo="Allahabad-Bank">Allahabad Bank</keyword> showed a sharp spurt in delivery volumes. 
 
 
(Image credits: Indiatimes)

Domestic Banks are having the last laugh

By Kumar Dipankar &amp; Ammar Zaidi New Delhi, Feb 22 () Reserve Bank of India Governor Shaktikanta Das has said four banks under the Prompt Corrective Action (PCA) framework are taking efforts and they are being monitored.Currently, Indian Overseas Bank (IOB), Central Bank of India, UCO Bank and United Bank of India are under this framework, which puts several restrictions on them, including on lending, management compensation and directors' fees."We would like them to improve their performance and come out of PCA as quickly as possible. We are engaged with the banks. We are monitoring it. They are taking efforts. Banks are required to take several actions to come out of the PCA, and that is being monitored," Das told in an interview.Recently, the government announced capital infusion of Rs 11,521 crore into these four banks, with IOB getting the highest amount of Rs 4,360 crore. Central Bank of India got Rs 3,353 crore, UCO Bank Rs 2,142 crore and United Bank of India Rs 1,666 crore.Besides, LIC-controlled IDBI Bank too received additional capital of Rs 4,557 crore through the first supplementary demands for grants approved by Parliament in December.Last year, the RBI removed five banks - Bank of India, Bank of Maharashtra, Oriental Bank of Commerce, Allahabad Bank and Corporation Bank - from the PCA framework in two phases after capital support from the government that resulted in improvement in their financial parameters.The capital infusion helped these lenders meet requisite capital thresholds and reduce their net NPA levels to below 6 per cent.Out of the 11 banks put under the PCA framework last year, Dena Bank ceased to exist as a separate entity after its merger with Bank of Baroda in April, while IDBI Bank has been acquired by LIC.With regard to the proposed mega merger of public sector banks announced by the government, the governor said, the RBI has advised the lenders to take special measures to ensure that the normal activities do not face any disruption."The normal activity in terms of loan sanction in terms of recoveries and other activities are affected because of the merger process. So, and we are monitoring that, we will monitor that," he said.Last year in August, the government announced the consolidation of ten public sector banks (PSBs) into four mega state-owned lenders. As per the plan, United Bank of India and Oriental Bank of Commerce would merge with Punjab National Bank, making the proposed entity the second largest public sector bank (PSB).It was decided to merge Syndicate Bank with Canara Bank, while Allahabad Bank with Indian Bank. Similarly, Andhra Bank and Corporation Bank are to be consolidated with Union Bank of India.In April 2019, Bank of Baroda in a first three-way merger exercise amalgamated Vijaya Bank and Dena Bank with itself. The SBI had merged five of its associate banks - State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad and also Bharatiya Mahila Bank with itself effective April 2017. DP ANZ BAL

Efforts of banks under PCA frameworks are being monitored: RBI Governor

Mumbai, Feb 6 () State Bank of India chairman Rajnish Kumar on Thursday said one of the major challenges for public sector banks in the near future is the merger process. In August last year, Finance Minister Nirmala Sitharaman had announced merger of 10 banks. Kumar said banks that are in the middle of the merger process need to be careful on information technology integration. "One of the challenges before public sector banks in the near future is the merger of the bank...IT merger needs to be handled very carefully," Kumar said at an event organised by Indian Banks' Association. In April 2017, SBI had merged its five associate banks- State Bank of Bikaner and Jaipur, State Bank of Patiala, State Bank of Travancore, State Bank of Hyderabad, State Bank of Mysore. The four new set of proposed mergers included Punjab National Bank, Oriental Bank of Commerce and United Bank of India will combine to form the nation's second-largest lender; Canara Bank and Syndicate Bank will merge; Union Bank of India will amalgamate with Andhra Bank and Corporation Bank; and Indian Bank will merge with Allahabad Bank. These mergers will bring the number of state-run banks to 12 as against 27 in 2017. HV SHWSHW

Merger process major challenge for PSBs in near future: SBI chief

Following reports of frauds at <keyword id="6359442" type="CITY" weightage="60" keywordseo="Dena-Bank">Dena Bank</keyword> and Oriental Bank of Commerce, the Finance Ministry has asked public sector banks to tighten norms for high-value fixed deposits (FD). As per preliminary forensic audit report, frauds worth Rs 436 crore were committed in these banks. 
 Banks have been asked to categorise FDs on the basis of their value. Apart from the Finance Ministry, the Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="80" keywordseo="RBI">RBI</keyword>) too has asked the banks to tighten lending regulations in order to prevent borrowers from opening multiple current accounts outside their consortium banks. 
 Kingfisher Airlines had allegedly diverted funds by opening a current account in <keyword id="6357149" type="CITY" weightage="60" keywordseo="HDFC-bank">HDFC Bank</keyword>, where it had a balance of Rs 7,50,00,000 crore. This fact was concealed from the consortium of lenders headed by the State Bank of India, having a debt of Rs 6,521 crore to Kingfisher Airlines. 
 
A few days ago, the Finance Ministry had ordered forensic audit into some non-performing accounts of UCO Bank to probe alleged irregularities in sanctioning of loans.

You Searched For "Oriental Bank of Commerce" and got 15 results

Forensic Audit Of Dena Bank, OBC Ordered After Reports Of Scam

BI India Bureau

PNB, Union Bank get in-principal nod from govt for proposed merger

PTI

OBC, Syndicate Bank shares zoom; other PSBs too gain

PTI

Prime Minister Narendra Modi's mother sets an example by exchanging old notes at Gandhinagar bank

Poulomi Das

PNB expects to complete technology integration of OBC, United Bank of India by March

PTI

Union Bank plans to lower stake in IndiaFirst Life to less than 10 pc

PTI

Mega bank merger marks new dawn for Indian banking space: FinMin

PTI

Amalgamated PNB gets onboard Vijay Dube, Sanjay Kumar as executive directors

PTI

Govt gives two-year extension to Union Bank of India MD

PTI

PNB seeks IRDAI forbearance for paring stake in Canara HSBC OBC Life

PTI

RBI Shortlists 10 Candidates For The Post Of CMD In 8 PSU Banks

BI India Bureau

Domestic Banks are having the last laugh

Shailendra Bhatnagar

Efforts of banks under PCA frameworks are being monitored: RBI Governor

PTI

Merger process major challenge for PSBs in near future: SBI chief

PTI

Govt Asks PSU Banks To Tighten High-value Fixed Deposit Norms

BI India Bureau

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