The Central Bureau of Investigation (CBI) also said that the accused cheated the bank to the tune of Rs 209.93 crore by availing loans on the basis of forged and fabricated documents, bills, quotations, certificates, among others.
Canara Bank also announced the discontinuation of the current swift code being used by the erstwhile Syndicate Bank customers for foreign exchange transactions.
The bank amalgamated Syndicate Bank with itself effective April 1, 2020. The financials as of December 2019, March, June and September 2020 are combined figures of both banks.
Bank of Baroda has alleged in a complaint that Rs 80 crore were disbursed by the banks, but the project was left in the lurch in its initial stages
Total income during the quarter increased to Rs 6,316.57 crore from Rs 6,077.62 crore in the same period of 2018-19, Syndicate Bank said in a regulatory filing.
The bank achieved this milestone on the back of every business unit contributing in its full capacity which included retail, MSME and priority sector, the lender said in a statement.
Slippages at the end of quarter stood Rs 2,185 crore, down 6.8 percent compared to Rs 2,344 crore in June quarter.
In a similarly worded release, it said a monetary penalty of Rs 75 lakh has been imposed on Syndicate Bank for non-compliance with the directions issued by RBI on frauds classification and reporting; innovative housing loan products wherein upfront disbursal of loans is done.
Syndicate Bank is an important milestone in India's evolution because it shows that when entrepreneurs are allowed to become wealth generators, everyone benefits.
The number of public sector banks will be 12, down from 27 in 2017 after this announcement.
The bank has recovered about Rs 800 crore in the first quarter and the target for the current fiscal is Rs 4,000 crore, Mahapatra said.
Total income during the June quarter of 2019-20 rose to Rs 6,080.69 crore from Rs 56,37.51 crore in the year-ago period, Syndicate Bank said in a regulatory filing.
The benchmark one-year MCLR, which forms basis of most of consumer and personal loans, will be at 8.60 per cent as compared with 8.65 per cent currently, the bank said in a regulatory filing.
The decision was taken at the board meeting of the bank held on June 29.
While State Bank of India gave a strong close at an all-time high, other banks such as Canara Bank, Union Bank, Syndicate Bank and Oriental Bank were a few others that formed bullish patterns over the last week
Total income during the quarter under review was at Rs 6,345.22 crore as compared to Rs 6,046 crore in the same period a year ago, the lender said in a regulatory filing.
The customers under the tie-up arrangement will be provided loans in the range of Rs 20 Lakh to Rs 300 Lakh and preferential pricing by Syndicate Bank, it said in a release.