New Delhi, May 18 (IANS) India’s financial system has become stronger and more stable due to the growing role of asset reconstruction companies (ARCs), M Nagaraju, Secretary, Department of Financial Services, said on Monday.Addressing an industry gathering during ASREC logo launch event in the national capital, he said ARCs have emerged as a key pillar of the country’s financial ecosystem by helping banks and financial institutions resolve stressed assets efficiently.“ARCs play a major rol…
Latest Bank of India News & Updates
New Delhi, May 18 (IANS) Bank of India on Monday announced an increase in interest rates on medium- and long-term fixed deposits of less than Rs 3 crore, effective today.According to the state-owned lender, the revised interest rate for fixed deposits with tenures ranging from one year to less than two years has been increased to 6.50 per cent per annum.For deposits with maturities between two years and less than three years, the interest rate has been revised to 6.60 per cent, while three-year …
Bhopal, May 15 (IANS) A Central Bureau of Investigation (CBI) court in Bhopal has sentenced a former Senior Branch Manager of Bank of India (BOI) and a private individual to seven years of Rigorous Imprisonment (RI) in connection with a bank fraud case involving fraudulent sanction and diversion of loan funds, officials said on Friday.The convicted accused have been identified as Piyush Chaturvedi, the then Senior Branch Manager of Bank of India’s Misrod branch in Bhopal, Madhya Pradesh and Moha…
Lucknow, May 14 (IANS) The Central Bureau of Investigation (CBI) has arrested two accused in a bank fraud case involving unauthorized fixed deposits worth Rs 64 crore in the name of an Uttar Pradesh government entity and embezzlement of interest, an official said on Thursday. The CBI registered the instant case on January 15 on receiving a complaint from Bank of India, Lucknow, against accused Deepak Sanjeev Suvarna and Deepak Yadava – both private persons, the probe agency said.The accused we…
Guwahati, May 9 (IANS) The Directorate of Enforcement, Guwahati Zonal Office, has provisionally attached six immovable properties worth around Rs 6.56 crore in connection with a money laundering case linked to alleged bank loan fraud by M/s Agnipa Energo Pvt. Ltd. and others, officials said on Saturday. According to the Enforcement Directorate, the attached properties include two commercial spaces in “Shine Towers” and two flats along with two penthouses in the “Shine Heaven” project,…
New Delhi, May 6 (IANS) The Central Bureau of Investigation (CBI) has filed a chargesheet in a major homebuyers fraud case, unearthing an alleged nexus between builders, bank officials and proxy buyers that led to significant financial losses for both financial institutions and innocent homebuyers.According to CBI, the chargesheet has been filed against M/s AVJ Developers (India) Pvt Ltd, M/s AVJ Developers Pvt Ltd, M/s Kesar Builders Pvt Ltd, their Directors, and certain bank officials associat…
New Delhi, April 17 (IANS) The Union Government on Friday allowed 15 major banks, including State Bank of India, HDFC Bank, and ICICI Bank, to import gold and silver from April 1, 2026, to March 31, 2029. The Union Bank of India and Sberbank have been authorised to import only gold during this period.The notification has been issued by the Directorate General of Foreign Trade (DGFT).The move is part of the government’s ongoing effort to streamline bullion imports and ensure they are routed thr…
Bhopal, April 15 (IANS) The Directorate of Enforcement (ED), Bhopal Zonal Office, has filed a prosecution complaint before a special court under the Prevention of Money Laundering Act (PMLA), 2002, in connection with a bank fraud case involving M/s Excel Vehicles Pvt. Ltd. and its directors, officials said on Wednesday.According to the ED, the complaint was filed on April 13 before the Special Court (PMLA) in Bhopal. Following the issuance of notice, the accused persons appeared before the court…
New Delhi, April 10 (IANS) The Cyber Police Station of Delhi’s South-West district has busted a major nexus involved in fake loan app fraud under Operation Cyhawk 4.0, arresting two more accused and uncovering links to virtual numbers originating from Pakistan and Bangladesh, officials said on Friday.According to police, the latest arrests take the total number of accused held in the case to six. The two newly arrested individuals have been identified as Karan Kumar (24) and Shami Ahmad (27), …
Patna, April 8 (IANS) The Pradhan Mantri Mudra Yojana (PMMY), which completed 11 years today, has helped many small-time entrepreneurs realise their dreams, shaping their journeys. Thousands of success stories have emerged, with beneficiaries crediting the flagship scheme for unlocking their entrepreneurial spirit. One such inspiring story is that of Deepak Kumar, a resident of Pakrar in the Katkamdag block of Jharkhand’s Hazaribagh district, who leveraged this scheme to significantly expand …