Mumbai, June 11 (IANS) India’s top financial banking services providers — State Bank of India (SBI), Bank of India (BoI), and Yes Bank — have sharply raised interest rates on Foreign Currency Non-Resident (Bank) or FCNR(B) deposits following the Reserve Bank of India’s recent measures to attract foreign currency inflows, with lenders now offering Non-Resident Indians (NRIs) returns of up to 6.6 per cent on US dollar deposits.The banks have revised their FCNR(B) deposit rates, a significant inc…
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Ranchi, May 25 (IANS) The story of the transformation of Dhaneshwar Saw, a Hazaribagh-based commoner, to a noted entrepreneur in his locality, is a testament to the potential and success of the Pradhan Mantri Mudra Yojana (PMMY), a flagship of the Modi government launched a decade ago to give wings to the Micro, Small, and Medium enterprises as well as enterprising individuals. As the PMMY schemes have been around for more than a decade, the success stories of common individuals and small-time e…
Bhubaneswar, May 23 (IANS) The Odisha Police’s Economic Offences Wing (EOW) has arrested two more persons in connection with the multi-crore District Mineral Foundation Trust (DMFT) fund embezzlement case involving fraudulent withdrawal of more than Rs 9.56 crore from a Bank of India account in Mayurbhanj district, a senior EOW official said. The accused, identified as Surjit Roy and Sameer Srivastav, proprietors of Roy Associates and SS Traders respectively, were arrested from Raipur in Chhatti…
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…
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…