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Cabinet secretary holds a meeting regarding privatization of banks

According to reports, the cabinet secretary held a meeting with the high level panel regarding the privatization of the two public sector banks. The meeting was held to discard various regulatory and administrative issue so that the proposal could be placed before the group of ministers on disinvestment or Alternative Mechanism (AM) for approval. Following, […]

Amidst COVID-19, banks recorded profit around 1 lakh crore

In Financial Year’21, the banking sector has recorded the highest profit ever at Rs 1,02,252 crores, amidst COVID-19, a time when economy was going through its toughest times. This is said to be a huge turnaround after the net loss of Rs 5,000 crore recorded by the sector in Financial Year’19. The biggest turnaround took […]

RBI frames guideline to appoint MD’s in urban cooperative banks

The Reserve bank of India (RBI) on Friday laid down a set of rules for appointing managing directors and whole time directors in Urban cooperative banks. It has limited the tenure for an appointed person to 15 years. On the first appointment, the term of a director will be a for a period between three […]

Tamil Nadu: State bank of India stands disabled for all ATM withdrawal

After two member gang exploited the technical flaws and looted at least 48 lakhs from the bank, India’s largest bank –  State Bank of India has ceased its functioning of Automated Transaction Machine (ATMs) across Tamil Nadu. How will it impact SBI’s Customers? The SBI customers wont be able to make any transaction or withdraw […]