3 Convicted for Swindling Rs 1.99 cr via Fake Account

A special court trying the CBI cases has sentenced three persons including a bank Dispatch Clerk to undergo a rigorous imprisonment for 7 to 10 years as they were found guilty of swindling `1.99 crore through a fake account. According to prosecution, S Sudalayandi, the dispatch clerk at SBI’s Vadiveeswaram branch in Nagercoil hatched a criminal conspiracy along with Rajkafur […]

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Niti Aayog Plans Rs 1 Crore Prize for e-Payments

The Niti Aayog has planned an incentive scheme, including a Rs one crore prize, to those who use digital payments systems the most as the government steps up measures to push electronic transactions. It has asked the National Payment Corporation of India (NPCI) to conceptualize and launch the programme to incentivize digital payments. Sources said Rs 125 crore would be […]

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Loan rates begin to fall despite RBI status quo on policy rate

State-owned Canara Bank has taken the lead in reducing lending rates, even though the Reserve Bank of India (RBI) decided not to lower policy rates on Wednesday. The bank has cut its one-year marginal cost of fund based lending rate (MCLR) by 15 basis points to to 9.15 from 9.30.  The country's largest bank, State Bank of India, said that while there's a case for […]

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16 of 22 Public Dector Banks skip dividend in FY16 on mounting NPAs

The government witnessed 67% decline in dividend receipt from public sector banks at Rs1,444.6 crore in 2015-16 as against Rs4,336.22 crore previous fiscal Saddled with mounting bad loans, as many as 16 public sector banks, including Punjab National Bank, Bank of Baroda and Canara Bank, skipped paying dividend in 2015-16, leading to three-fold decline in government receipts to Rs1,444.6 crore. […]

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