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Banks to play major role in making India developed by 2047: FM Sitharaman

Finance Minister Nirmala Sitharaman on Thursday said the banking sector will have to play a crucial role in driving the agenda of making India a developed nation or Viksit Bharat by 2047. The Finance Minister was speaking at an event here to mark the 90th Foundation Day of the Bank of Maharashtra, a public sector lender. "Banks will have to play a crucial role in driving the agenda set by the Prime Minister and by your role, we are going to give greater momentum to achieving this dream," she said. Sitharaman said banks will be required to give strong momentum to the infrastructure sector, ensure the availability of need-based funding to MSMEs, bring unbanked population under the ambit of formal banking channels, and help increase insurance penetration. She noted that technology is changing the banking landscape as it provides a secure and easy-to-navigate digital banking experience to all customers. However, she added that "you (banks) cannot have a digital system which somewhere

The Economic Times

You cannot have a system which gets hacked: FM Nirmala Sitharaman to banking sector

Finance Minister Nirmala Sitharaman emphasized the crucial role of the banking sector in achieving India's goal of becoming a developed nation by 2047. Speaking at the Bank of Maharashtra's 90th Foundation Day, she highlighted the need for strong support to infrastructure, MSMEs, and digital banking while ensuring robust cybersecurity measures.

The Economic Times

No trade in G-Sec, FX, money markets on Sep 18 due to public holiday, says RBI

The Reserve Bank of India announced that there will be no transactions in government securities, foreign exchange, money markets, and rupee interest rate derivatives on September 18 due to a public holiday in Maharashtra for Eid-e-Milad. The previously declared holiday on September 16 has been canceled.

The Economic Times

NCLT dismisses Bank of Maharashtra’s plea against personal guarantors of Gopal Krishna Oil Tech Industries

The National Company Law Tribunal in Mumbai has dismissed the Bank of Maharashtra's application to initiate insolvency proceedings against the personal guarantors of Gopal Krishna Oil Tech Industries Pvt. Ltd. The tribunal ruled that the lender approached beyond the limitation period, making the petitions not maintainable.

The Economic Times

Bank of Maharashtra opens branch on Supreme Court's premises

State-owned Bank of Maharashtra has opened a branch within the premises of the Supreme Court of India to cater to the financial needs of the court and its constituents. Chief Justice of India D Y Chandrachud inaugurated the branch, which offers internet-enabled kiosks and 24X7 locker facilities, alongside other tech-enabled solutions.

The Economic Times

RBI imposes penalties on BoM, Hinduja Leyland Finance, Poonawalla Fincorp

RBI penalized Bank of Maharashtra with Rs 1.27 crore for breaching directives like Know Your Customer. Hinduja Leyland Finance Ltd faced a Rs 4.90 lakh penalty for similar violations, while Poonawalla Fincorp Ltd was fined Rs 10 lakh for charging interest on loans before disbursement, violating loan terms.

Business Standard

Bank fraud: ED attaches Rs 678 cr worth land assets of Avantha Group

Land assets worth more than Rs 678 crore of the Avantha Group have been attached under the anti-money laundering law as part of an alleged bank loan fraud linked probe, the Enforcement Directorate said Thursday. A provisional order under the Prevention of Money Laundering Act (PMLA) has been issued to attach the properties located in Haryana, Maharashtra and Uttarakhand. The assets belong to various group companies of Avantha Group, "owned and controlled" by businessman Gautam Thapar. "On 19.08.2019, CG Power and Industrial Solutions Ltd had made disclosure under Regulation 30 of the SEBI (listing obligations and disclosure requirements) Regulations, 2015 to Bombay Stock Exchange and National Stock Exchange regarding findings which had potential implications on the financial position of the company. "The disclosure made by CG Power and Industrial Solutions Ltd. revealed that assets and liabilities of the company have been understated considerably," the ED said in a statement. It w

Business Line

Stock to buy today: Bank of Maharashtra (₹68.75): BUY

Bank of Maharashtra share price can rise to ₹75

The Economic Times

RBI makes adverse remarks against top PSU Bank Exec

In a rare move, the Reserve Bank of India (RBI) has raised concerns about Asheesh Pandey's conduct as an executive director at Bank of Maharashtra, influencing his candidacy for MD & CEO at Indian Bank. The RBI highlighted issues related to regulatory compliance during a 2023 exit meeting. Despite being shortlisted, Pandey's final approval hinges on the Appointments Committee of the Cabinet (ACC), which includes the Prime Minister and Home Minister. The decision awaits responses from the finance ministry and Department of Personnel and Training (DoPT) following RBI's communication.

Business Standard

Bank of Maharashtra records 19% growth in credit for April-June quarter

State-owned Bank of Maharashtra (BoM) on Friday reported a 19 per cent growth in credit to Rs 2.09 lakh crore for the April-June quarter. The outstanding credit was Rs 1.75 lakh crore at the end of June 30, 2023, BoM said in a regulatory filing. The Pune-headquartered lender reported a 9.44 per cent increase in total deposits to Rs 2.67 lakh crore as against Rs 2.44 lakh crore at the end of the first quarter of the previous financial year. During the quarter, it said, Current Accounts and Savings Accounts declined to 49.86 per cent of the total deposits as against 50.97 per cent. The Credit Deposit ratio increased to 78.18 per cent at the end of June 30, 2024, as against 71.89 per cent in the year-ago period.