The document seen by Reuters said the planned closures were aimed at improving the bank's financial performance and could bring an end to close scrutiny by the Reserve Bank of India.
The bank is looking to reduce the number of branches by 600 by either shutting down or merging loss-making branches by the end of March 2023, according to the copy of a document reviewed by Reuters.
The penalty pertains to certain directions issued on ‘Customer Protection–Limiting Liability of Customers in Unauthorised Electronic Banking Transactions'
Earlier this month, Punjab & Sind Bank got board approval to raise equity capital worth Rs 4,600 crore by issuing preference shares to the government.
“The investigation of Parabolic Drugs and its directors has nothing to do with Ashoka," says university. CBI has filed a case against them and a few others of Parabolic Drugs for allegedly defrauding Central Bank of India and other banks of Rs 1,627 crore.
Under this partnership, the two entities aim to disburse up to Rs 1000 crore to U GRO Capital’s varied MSME segments under its programmes like Pratham, Sanjeevani, Saathi, GRO MSME and Machinery financing, in the next 12 months.
The two state-run banks might see 51 percent stake sale in the first phase of disinvestment.
On the asset quality front, net non-performing assets (NPAs or bad loans) reduced to 4.51 percent as of September 30, 2021, from 5.60 percent by end of the same month last year.
The Centre is confident of meeting the ambitious divestment target of Rs 1.75 lakh crore through share sales in Air India and other companies, including the Life Insurance Corporation IPO, which is expected to be India’s largest.
These five roads in Mumbai are named after politicians, bankers, lawyers and activists who had two things in common: one, they were Parsi, and two, they all contributed to the development of Mumbai, and India as a whole.
Indian Overseas Bank and Central Bank of India are likely candidates for disinvestment, according to sources.
Central Bank of India touched a 52-week high of Rs 28.30 and Indian Overseas Bank touched a 52-week high of Rs 27.95.
The two lenders might see 51 percent sale in the first phase of disinvestment. The government will amend the Banking Regulations Act, and some other banking laws for divestment, CNBC Awaaz reported.
The whole deal may not be as easy as it sounds, say analysts. Potential buyers for lenders like Central Bank and Indian Overseas Bank, the likely targets for privatisation, could be worried about the PCA tag, weak financials, say experts.
The bank had posted a net loss of Rs 1,529.07 crore in the same quarter of the preceding fiscal year. Sequentially, there was a net profit of Rs 165.41 crore in the December quarter of FY21.