Banking & Bancassurance

Decide corruption cases in time involving retiring bank, govt officials: CVC

Indian News       May 20, 2020

  New Delhi: Probity watchdog CVC has asked all banks and central government departments to ensure expeditious finalisation of disciplinary proceedings against officials involved in alleged corruption cases who are due to retire shortly.   The move comes after it was noticed that some cases of alleged...

Citigroup launches new ESG investment banking group

International News       May 19, 2020

  NEW YORK: Citigroup Inc said on Tuesday that is launching a new business unit within its corporate and investment bank dedicated to environmental sustainability to strengthen its commitment to an area that has grown increasingly important to corporate clients and investors.   The New York-based company...

Barclays CEO says 'putting 7,000 people in a building may be thing of the past'

Facts       Apr 29, 2020

LONDON : The coronavirus pandemic could permanently change how many bankers make the daily trudge into tightly packed city centre offices, Barclays CEO Jes Staley said on Wednesday.   The bank, which like companies worldwide has seen the majority of its staff work from home or...

In an all-cash deal,Axis Bank to acquire 29% of Max Life Insurance

Indian News       Apr 28, 2020

  Mumbai: In an all-cash deal, Axis Bank,third largest private bank,has decided to further enlarge its stake in Max Life Insurance(Max Life) by buying additional 29 per cent in the life insurer and announced the signing of definitive agreements Analjit Singh's Max Financial Services(MFS) that holds...

Union Bank plans to lower stake in IndiaFirst Life to less than 10%

Indian News       Apr 26, 2020

Mumbai: Union Bank of India, which received 30 per cent stake in insurance joint venture IndiaFirst Life Insurance by virtue of the mega bank consolidation exercise of the government, plans to pare its holding to less than 10 per cent, a senior official said. Union...

Indian banks issue gag orders to employees over branch overcrowding - documents, sources

Facts       Apr 14, 2020

  MUMBAI: State-owned banks in India have barred employees from posting pictures, video clips or messages on social media on issues such as overcrowding at bank branches during the coronavirus crisis, according to multiple sources and documents seen by Reuters.Banks have seen a surge in traffic...

PNB to retain stake in two life insurance ventures as Irdai gives nod

Indian News       Apr 12, 2020

  New Delhi: Following the merger of Oriental Bank of Commerce on April 1 with PNB, 23 per cent of stake of the former in Canara HSBC OBC Life Insurance stands transferred to latter.   Already, PNB is a promoter of PNB Metlife Insurance with the highest...

RBI says coronavirus has 'drastically altered' India's growth outlook

Indian News       Apr 09, 2020

  MUMBAI: The outlook for India’s economic recovery has been sharply altered by the coronavirus outbreak, the central bank said in its Monetary Policy Report, underlining the pandemic’s deepening impact on South Asia’s engine of growth. “Prior to the outbreak of COVID-19, the outlook for growth...

EMI moratorium fraud: banks asking customers to be alert, not to share OTP with imposters

Indian News       Apr 09, 2020

  Mumbai: In a bid to warn customers against fraudsters who may attempt to exploit the EMI moratorium scheme, leading banks are reaching out to their customers to caution them against 'EMI moratorium frauds' and strongly advising them not to share sensitive information like OTP and...

Merging PSBs can continue their existing bancassurance partnerships for a year:IRDAI

Indian News       Apr 08, 2020

  Hydearbad: The insurance regulator IRDAI has clarified as to how the existing bancassurance arrangements for the public sector banks(PSBs), who are parts of  the mega merger exercise effected since 1st April, 2020, will function post the merger of these entities.   Earlier, Punjab National Bank (PNB)...

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