SEBI fines SBI, LIC & BoB

The Securities and Exchange Board of India (SEBI) on Friday imposed penalties of Rs 10 lakh each on the State Bank of India (SBI), the Life Insurance Corp of India (LIC) and the Bank of Baroda (BoB) for violation of its mutual fund regulations. Continue Reading

IndiaFirst Life elevates Poonam Tandon as CIO

IndiaFirst Life Insurance Company Limited, promoted by Bank of Baroda (BoB) and Union Bank of India (UBI), has announced the elevation of Poonam Tandon as the firm’s chief investment officer (CIO). Continue Reading

Allahabad Bank gets fresh capital of Rs 2,153 crores

The Department of Financial Services in a letter conveyed the sanction for release of the fresh capital infusion fund of Rs 2,153 crore, Allahabad Bank said in a regulatory filing. Continue Reading

RTI: Over 3,400 branches of 26 PSBs closed or merged in last 5 years

Over 3,400 branches of 26 public sector banks (PSBs) have been either closed or merged during the last five financial years due to merger under the consolidation exercise in the banking space, revealed an RTI query. Of this, 75 per cent of the affected branches belong to the country’s biggest lender State Bank of India (SBI). Continue Reading

Bank of Baroda enters into transaction with DHFL

Bank of Baroda (BoB) has entered into a transaction with Dewan Housing Finance Corp. Ltd (DHFL) to acquire loans worth Rs 3,000 crore against its exposure to the non-bank lender, even as a lenders’ consortium to the stressed non-bank lender considers a resolution plan, two people aware of the development said. Continue Reading

Maha bankbandhan of Bank of Baroda, Dena & Vijaya banks will be complete in 2 years

State-owned Bank of Baroda (BoB), which has become the country’s second-largest bank by merging Vijaya Bank and Dena Bank, is likely to complete the entire process of the merger in two years. Continue Reading