Karnataka government to close SBI, PNB accounts
4 months, 1 week ago

Karnataka government to close SBI, PNB accounts

Hindustan Times  

Karnataka’s finance department on Wednesday directed all state government departments, public sector undertakings, boards, corporations, local bodies, universities, and other state-run institutions to close their accounts with State Bank of India and Punjab National Bank. The other case pertained to the Karnataka State Pollution Control Board, which had invested ₹10 crore in a fixed deposit at the erstwhile State Bank of Mysore, now merged with SBI. The finance department’s order stated: “The Karnataka Industrial Areas Development Board deposited ₹25 crores in a fixed deposit for a one-year term at the Punjab National Bank, Rajajinagar branch, through a cheque on 14.09.2021. However, due to an alleged fraud involving the bank officials in connection with the second deposit, the bank has not refunded the amount to date.” The order further stated: “The Karnataka State Pollution Control Board had invested ₹10 crore in a fixed deposit at the then State Bank of Mysore, Avenue Road, Bangalore, in August 2013.

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History of this topic

India: Centre rules out new PSU bank mergers
2 weeks, 6 days ago

India: Centre rules out new PSU bank mergers

Deccan Chronicle  

New Delhi: The Centre may not consider merger of public sector banks as several reforms undertaken by the government in the banking sector have created systemic improvements and instituted checks and controls to minimise the risk of recurrence of excessive stress, the government said on Tuesday. “The reforms undertaken by the government in the banking sector have created systemic improvements …

Karnataka govt orders closure of accounts with SBI, PNB over non-refund of deposits
4 months, 1 week ago

Karnataka govt orders closure of accounts with SBI, PNB over non-refund of deposits

Hindustan Times  

The Karnataka government has ordered all its departments, boards, corporations, public sector units and universities to withdraw all their deposits and investments in the State Bank of India and the Punjab National Bank and stop transacting any business with these institutions. ₹ 10 crore deposited by the Karnataka State Pollution Control Board was not returned by the bank owing to …

Karnataka government puts circular on hold for 15 days ordering suspension of all transactions with SBI, PNB
4 months, 1 week ago

Karnataka government puts circular on hold for 15 days ordering suspension of all transactions with SBI, PNB

India TV News  

The Karnataka government today kept its circular in abeyance for 15 days, which prohibited all business transactions with the State Bank of India and the Punjab National Bank. "After considering the banks' requests, the Chief Minister has directed officials of the Finance Department to keep the circular in abeyance for 15 days," the state government said. It said that putting …

Why Is Karnataka Govt Angry With SBI, PNB and Saying ‘Withdraw All Deposits’
4 months, 1 week ago

Why Is Karnataka Govt Angry With SBI, PNB and Saying ‘Withdraw All Deposits’

News 18  

Karnataka PNB SBI News: The Karnataka government has ordered all its departments, boards, corporations, public sector units and universities to withdraw all their deposits and investments in the State Bank of India and the Punjab National Bank and stop transacting any business with these institutions. The order came after the denial to redeem Rs 12 crore deposited by the Karnataka …

SBI and PNB in talks with Karnataka govt for resolution over transaction suspension issue
4 months, 1 week ago

SBI and PNB in talks with Karnataka govt for resolution over transaction suspension issue

India TV News  

Following Karnataka's unexpected decision to halt all transactions with them, the State Bank of India and Punjab National Bank on Thursday said that they are working with the state to find an "amicable resolution" on the matter. Karnataka govt suspends all transactions with SBI and PNB The Karnataka government had issued an order suspending all transactions with the State Bank …

Karnataka govt orders state departments to close accounts with SBI and PNB; here’s why
4 months, 1 week ago

Karnataka govt orders state departments to close accounts with SBI and PNB; here’s why

Live Mint  

Karnataka Government has instructed all its departments, public sector units, universities, and subordinate organizations to cease all transactions with the State Bank of India and Punjab National Bank, as quoted by The Economic Times. The Finance department issued a circular to all department heads, highlighting that the Karnataka Industrial Areas Development Board was unable to recover a deposit from Punjab …

Government may introduce amendments to laws to push banking sector reforms in Budget session
5 months, 1 week ago

Government may introduce amendments to laws to push banking sector reforms in Budget session

The Hindu  

The government is likely to introduce amendments to Banking Regulation Act 1949 and other laws to push banking sector reforms during the upcoming Budget session. Apart from this, amendments in the Banking Companies Act, 1970, and the Banking Companies Act, 1980 are needed for privatisation of public sector banks, sources said. Amendments, if approved by Parliament, would help bring down …

CBI books Amrapali Biotech, directors in alleged ₹48 crore bank fraud
3 years, 4 months ago

CBI books Amrapali Biotech, directors in alleged ₹48 crore bank fraud

Live Mint  

The Central Bureau of Investigation has filed an FIR against Amrapali Biotech and its directors over allegations of duping Punjab National Bank to the tune of ₹47.97 crore. The original bank of concern was Oriental Bank of Commerce, which was merged with Punjab National Bank, with effect from April 1, 2020, under the mass public-sector banks' consolidation. The Central Bureau …

Centre likely to bring amendments to two legislations to facilitate privatisation of PSU banks
3 years, 10 months ago

Centre likely to bring amendments to two legislations to facilitate privatisation of PSU banks

Firstpost  

New Delhi: To facilitate the privatisation of public sector banks, the government is likely to bring amendments to two legislations later this year. Finance Minister Nirmala Sitharaman while presenting Budget 2021-22 earlier this month had announced the privatisation of Public Sector Banks as part of disinvestment drive to garner Rs 1.75 lakh crore. “Other than IDBI Bank, we propose to …

Govt to amend two Acts to enable privatisation of PSU banks
3 years, 10 months ago

Govt to amend two Acts to enable privatisation of PSU banks

India TV News  

To facilitate privatisation of public sector banks, the government is likely to bring amendments to two legislations later this year. The ongoing Budget session is scheduled to take up as many as 38 Bills including the Finance Bill 2021, Supplementary Demands for Grants for 2020-21 and related Appropriation Bill, National Bank for Financing Infrastructure and Development Bill, 2021, and Cryptocurrency …

SBI, PNB, Bank of Baroda among banks cheated of Rs 525 crore; CBI registers 2 cases
4 years ago

SBI, PNB, Bank of Baroda among banks cheated of Rs 525 crore; CBI registers 2 cases

India TV News  

In a major banking fraud, prominent banks in the country have been cheated of over 500 crore rupees. According to the complaints registered with the probe agency, a consortium of banks including the State Bank of India was duped of Rs 452.62 crores and Bank of Baroda of Rs 73 crores. The first case was registered on the complaint from …

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