Five PSU banks post loss Rs 2,564 cr in Q1
PTI Saddled with rising bad loans, five public sector banks, including Bank of India, Dena Bank, and Central Bank of India, on Friday posted a combined loss of Rs 2,564 crore for the first quarter ended June. Meanwhile, the country's largest lender SBI witnessed a 78 per cent drop in consolidated profit to Rs 1,046 crore against Rs 4,714 crore profit in the same quarter a year ago. Oriental Bank of Commerce (OBC) too reported 61 per cent decline in net profit at Rs 100.69 crore as against Rs 257.84 crore in the corresponding April-June quarter of 2015-16. Leading the pack, Bank of India reported a loss of Rs 741.3 crore as provisions for bad loans nearly doubled. Provisions and contingencies ...
Red flag multiple forex transactions: CVC to RBI,IBA
Source: PTI The Central Vigilance Commission (CVC) has asked Reserve Bank of India and Indian Banks' Association (IBA) to red flag multiple transactions of smaller amounts from a single account and ensure compliance of KYC norms to check fraudulent forex transactions in the wake of alleged Rs.6,100 crore foreign remittance scam through Bank of Baroda, a top official said on Friday. "We have written to Reserve Bank of India (RBI) to say that if smaller forex transactions of less than one lakh dollars are being made than it should come to your notice," Vigilance Commissioner T M Bhasin told reporters here. He said similar communication has been sent to IBA chief, saying there may be "attempts to camouflage generation of alerts ...
