London High Court rules in Favour of Bank of India(BOI), orders Nirav Modi to pay over Rs.100 crore

The London High Court has ruled against Fugitive diamond trader Nirav Modi. The London High Court has ruled in favour of Bank of India in a long-running loan recovery case. The court held Nirav Modi liable to pay more than $10.7 million, which is over Rs 100 crore at current exchange rates.

What is the case about?

The dispute is related to a loan given by Bank of India to Firestar Diamond FZE, a Dubai-based company linked to Nirav Modi. The bank argued that Modi had personally guaranteed the loan and was therefore responsible for repaying the outstanding amount.

In the UK courts, Modi contested the assertion. He personally challenged the case in front of the London court earlier this year.

Nonetheless, the High Court decided in Bank of India's favor, concluding that the bank's claim was legitimate and enforceable. The decision permits the bank to pursue with recovery through UK legal processes.

This decision adds to a series of legal setbacks for Nirav Modi in Britain.

In March 2026, the London High Court rejected his attempt to reopen proceedings related to his extradition to India. The decision supported earlier rulings that approved his extradition.

Modi has been in custody in the UK since his arrest in London in March 2019. British courts have rejected several of his bail applications over the years.

Nirav Modi PNB Fraud Case

The Nirav Modi–PNB fraud case is one of the biggest banking scams in India. The fraud came to light in 2018 when Punjab National Bank (PNB) found that businessman Nirav Modi and his companies had obtained loans from overseas banks using fake Letters of Undertaking (LoUs).

Some bank employees assisted in issuing these letters of intent without adhering to the correct protocols or entering the transactions into the bank's database. Banks lost almost ₹13,000 crore as a result. Numerous residences and assets connected to Nirav Modi and Mehul Choksi were seized once the scam was discovered, prompting investigations by the CBI and Enforcement Directorate.

Nirav Modi was arrested in the UK in 2019 after leaving India before the fraud was discovered. India is still working to extradite him and bring him back. Stricter regulations on foreign trade financing transactions were among the significant banking sector improvements brought about by the case.

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PSU Banks Beat Private Banks in RBI's sDQI Assessment: Full List & Analysis

The Reserve Bank of India(RBI) has released sDQI Scores for the March 2026 Quarter. Let’s have a look at the sDQI scores of public and private sector banks.

What is sDQI score?

The sDQI is a framework developed by RBI to assess the quality of data submitted by banks for supervisory purposes. The index evaluates four important parameters – Accuracy, Timeliness, Completeness, and Consistency. The objective is to ensure that banks comply with the principles laid down in the Master Direction on Filing of Supervisory Returns, 2024.

The sDQI for SCBs covers 87 SCBs and their key returns (viz. Return on Asset Liability and Off-Balance Sheet Exposures (ALE), Return on Asset Quality (RAQ), Return on Operating Results (ROR), Risk Based Supervision Return (RBS), Liquidity Return (LR), Return on Capital Adequacy (RCA), Central Repository of Information on Large Credits (CRILC) – Main) and microdata submitted for supervisory assessments.

Latest sDQI score

Scheduled Commercial Banks (SCBs)

Parameter	Dec-25	Mar-26
Accuracy	87.9	86.8
Completeness	95.8	96.4
Timeliness	92.7	92.1
Consistency	87.0	87.4
sDQI Score	90.9	90.7

Public Sector Banks (PSBs)

Parameter	Dec-25	Mar-26
Accuracy	88.0	86.2
Completeness	98.8	98.1
Timeliness	90.8	91.5
Consistency	86.4	86.8
sDQI Score	91.0	90.7

Private Sector Banks

Parameter	Dec-25	Mar-26
Accuracy	87.2	85.4
Completeness	97.6	95.5
Timeliness	90.1	88.9
Consistency	87.4	87.5
sDQI Score	90.6	89.3

Foreign Banks

Parameter	Dec-25	Mar-26
Accuracy	88.3	87.8
Completeness	92.9	95.7
Timeliness	94.4	94.6
Consistency	87.1	87.8
sDQI Score	90.7	91.4

Small Finance Banks (SFBs)

Parameter	Dec-25	Mar-26
Accuracy	87.7	86.6
Completeness	100.0	99.3
Timeliness	93.2	89.5
Consistency	86.5	86.4
sDQI Score	91.9	90.4

Change in Overall sDQI Score (Dec-25 to Mar-26)

Bank Group	Dec-25	Mar-26	Change
Scheduled Commercial Banks	90.9	90.7	-0.2
Public Sector Banks	91.0	90.7	-0.3
Private Sector Banks	90.6	89.3	-1.3
Foreign Banks	90.7	91.4	+0.7
Small Finance Banks	91.9	90.4	-1.5

Key Highlights:

Foreign Banks were the only group to improve their overall sDQI score, rising from 90.7 to 91.4.

Small Finance Banks recorded the largest decline, with their score falling from 91.9 to 90.4.

Private Sector Banks also saw a significant drop, from 90.6 to 89.3.

The overall Scheduled Commercial Banks (SCBs) score declined slightly from 90.9 to 90.7.

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State Bank of India(SBI) in Gujarat Incident: AGM Accused of Slapping Chief Manager

An SBI AGM has been the subject of a formal complaint for slapping and acting inappropriately against a chief manager in Junagadh, Gujarat. Chief Manager Ravindra Dharmanath Prasad has filed a complaint against SBI AGM Sudhir Sharma, who works at the SBI regional office close to Bhadadheen College.

The Chief Manager was assaulted by the AGM in front of all employees, according to the accounts. Employees at SBI are protesting this occurrence because no one has the right to mistreat or physically attack any employee.

An FIR has been lodged against the AGM by Chief Manager Ravindra Dharmanath Prasad. According to the FIR, the Chief Manager is assigned to Junagadh, Gujarat, and is from Ranchi, Jharkhand. For the past year, he has been employed as Chief Manager at the State Bank of India Regional Office, which is situated in Junagadh across from Bahauddin College. He took a leave of absence on June 16, 2026, due to illness. He visited Mr. Sudhir Sharma's (Assistant General Manager) office three times on June 17, 2026, for business-related reasons. AGM wasn't speaking clearly and was upset with him. According to the FIR, AGM humiliated him several times by saying, "You are useless and don't work."

He went to his chamber in the evening at 17:20 (5:20 PM) and asked him, "Sir, why are you angry with me?" I'm completing the task you gave me correctly. Sudhir Sharma became enraged at hearing this and said, "You don't work, you are useless, get out of my chamber!" After saying this, he got to his feet, grasped his left upper arm, opened the cabin door, and shoved him out. "Why are you acting like this?" he inquired. AGM lost control, stepped forward, and gave him a forceful smack across the cheek, saying, "I am your employee."

He then called out to the other staff members present, saying, ‘Get a stick and beat him out of here!’ When he protested, asking why he was acting this way, he threatened him, saying, ‘You don’t know who I am, I have connections all the way to the top. I will kill you.’

At that moment, our other office staff members gathered around. The incident was witnessed firsthand by some staff.

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Next Big Bank Merger in India: This PSU Banks Under Government Watch

A bank merger is making headlines once more. A new committee for the merging of public sector banks may shortly be established by the finance minister, according to media sources.

The government may combine 12 state-run banks into five and increase their foreign participation cap to 49%, according to sources and media reports. M. Nagaraju, a former secretary of the Department of Financial Services (DFS), could lead the committee.

Foreign Direct Investment (FDI) in Public Sector Banks (PSBs) is currently capped at 20% and requires prior government approval. The government must maintain a minimum 51% shareholding to retain public control.

The 20% FDI is allowed strictly through the government approval route. Individual foreign shareholder voting rights are currently capped at 10% to prevent them from taking strategic management control. In contrast to PSBs, private sector banks allow up to 74% FDI (49% via the automatic route and up to 74% through the government route).

The Union budget for FY27 had proposed a committee to chart “Banking for Viksit Bharat,” aimed at improving efficiency, governance and competitiveness among PSBs.

Finance Minister Nirmala Sitharaman had said reforms will help align public sector banks “with India’s next phase of growth, while safeguarding financial stability, inclusion and consumer protection.”

The committee may comprise up to five members, including current DFS secretary Sanjay Lohiya. A former chairman of the State Bank of India and a former deputy governor of the Reserve Bank of India (RBI) are also being considered for the committee.

On 1 April 2020, the government merged 10 PSBs into four larger banks. Oriental Bank of Commerce and United Bank of India were amalgamated with Punjab National Bank; Allahabad Bank merged with Indian Bank; Syndicate Bank with Canara Bank; and Andhra Bank and Corporation Bank with Union Bank of India.

Earlier, in April 2019, Dena Bank and Vijaya Bank were merged with Bank of Baroda. The consolidation drive reduced the number of public sector banks from 27 in 2017 to 12 by 2020, aiming to improve operational efficiency, risk management, capital utilization and lending capacity.

The new committee may also recommend raising the foreign direct investment (FDI) cap of 20% in PSBs to as much as 49% to attract global capital and strengthen banks’ balance sheets.

Earlier, it was reported that the finance ministry is drawing up a fresh blueprint to merge select public sector banks.

There were discussions around a potential merger of Union Bank of India and Bank of India and merger of Indian Overseas Bank and Indian Bank.

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State Bank of India(SBI) PO Recruitment 2026, 1500 Vacancies Released

State Bank of India (SBI) has released the official notification for the Probationary Officer (PO) Recruitment 2026 on its website.

Important Dates

• Online Application Start Date: 18 June 2026
• Online Application Last Date: 08 July 2026
• Last Date for Fee Payment: 08 July 2026
• Preliminary Examination Date: August 2026

Activity	Tentative Dates
Online Registration including Editing / Modification of Application by Candidates	18.06.2026 to 08.07.2026
Payment of Application Fee	18.06.2026 to 08.07.2026
Download of Preliminary Examination Call Letters	2nd / 3rd Week of July 2026 onwards
Phase-I: Online Preliminary Examination	August 2026
Declaration of Result of Preliminary Examination	August / September 2026
Download of Main Examination Call Letter	August / September 2026
Phase-II: Online Main Examination	September 2026
Declaration of Result of Main Examination	September / October 2026
Download of Call Letter for Phase-III (Psychometric Test, Interview & Group Exercises)	October / November 2026
Phase-III: Psychometric Test	October / November 2026
Phase-III: Interview & Group Exercises	October / November 2026
Declaration of Final Result	November / December 2026

Age Limit

• Minimum Age: 21 Years
• Maximum Age: 30 Years
• Age Limit as on: 01 April 2026
• Age relaxation will be applicable as per State Bank of India recruitment rules.

Educational Qualification

Post Name	Qualification
Probationary Officer (PO)	Candidates must possess a Bachelor’s Degree in any discipline from a recognized university in India or be appearing in the final year of their graduation.

Vacancy Details

There are a total of 1500 vacancies for this recruitment.

 Pay Scale Details

• Selected candidates will be appointed in Junior Management Grade Scale-I (JMGS-I). The starting basic pay is ₹48,480/- with four advance increments in the pay scale of ₹48,480–₹62,480–₹67,160–₹85,920.
• In addition to the basic pay, officers will be entitled to Dearness Allowance (DA), House Rent Allowance (HRA), City Compensatory Allowance (CCA), Provident Fund (PF), National Pension System (NPS), Leave Fare Concession (LFC), medical facilities, lease rental benefits, and other allowances and perquisites as per SBI rules.
• The approximate annual Cost to Company (CTC) at the initial scale of pay in Mumbai is around ₹21.97 lakh.

SBI PO Recruitment 2026 Notification PDF & Apply Online Form Link

• Download Notification PDF
• Click Here to Apply Online

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Bank of India(BOI) branch in Uttar Pradesh is missing gold

Following the disappearance of gold valued at crores from a bank locker in Firozabad, Uttar Pradesh, three persons were arrested on Thursday. The Bank of India has reported the event.

Customers of the bank pledged this gold as security for the gold loan they had obtained from the bank. 96 packets containing pledged gold were discovered missing from the bank's Bharaul branch locker, according to officials. When a client comes to the bank for a gold loan, he gives the bank his gold, which is then securely stored in a vault. Two Bank employees still have the keys to this vault.

Aditya Pratap Singh, the chief manager of the bank's Agra regional office, filed a formal complaint against three workers, including the branch manager at the time, at the Araon police station on Wednesday night.

After investigating in the matter, it was found that bank staff member and key custodian Dilip Kumar, a resident of Basgaon village in Etawah district, had been absent without information since May 27.

Suspicion arose after the bank failed to contact him. Following this, senior security manager Ankit and senior manager (security) of the Ghiror branch, Sushil Kumar, were sent to the Bharaul branch on June 15.

Police said a duplicate key was arranged and the locker was opened in the presence of the bank’s panel advocate Shiv Kumar Sharma with video recording. Officials found that 96 gold loan packets were missing from the locker.

Following this, an FIR has been registered against former branch manager Sandeep Yadav, staff officer Dilip Kumar and credit officer/staff officer Naresh Kumar. More details will be released soon.

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Bank Ordered to Pay Rs 10 Lakh for Losing Customer’s Property Documents

After IDBI Bank failed to return a customer's original property documents, the District Consumer Commission in Kozhikode, Kerala, ordered the bank to compensate the customer with Rs 10 lakh. In 2017, a fire at a document storage facility destroyed papers, according to IDBI Bank. 

The commission noted that the borrower experienced severe hardship and that the loss of the original documents decreased the property's worth. A teacher and businessman who had taken out a Rs 33 lakh home loan from IDBI Bank in 2016 filed a case with the bench, which was made up of President Priya S and Member V. Balakrishnan. He had put the original title deeds to his properties, which included a villa and land, as security for the loan valued at around 1.3 crore.

The commission found the bank guilty of unfair commercial practices and service deficiencies in its order of May 30. It ordered the bank to compensate the plaintiff with Rs 10 lakh. The commission observed that because the bank misplaced the original title documents while they were in its possession, the complainant's lawful ownership rights had been negatively impacted. 

It noted that it was a valid claim to seek damages for such carelessness. The complaint claims that the borrower made extra lump-sum payments in addition to routinely using his wife's account to make loan EMIs. He said that he made the decision to sell the mortgaged property and close the loan account,following the death of his wife, the co-borrower and salaried family member, in March 2020.

In June 2020, the complainant paid Rs 15.1 lakh to settle the outstanding loan balance. Nevertheless, the bank did not return the actual title deeds in spite of repeated requests.

He claimed that the bank gave various explanations at first, first stating that the documents were undergoing closure procedures, then claiming they were lost in floods, and finally acknowledging in November 2020 that the documents had been destroyed in a fire at the Stock Holding Corporation's storage facility in December 2017.

The complaint claimed that he suffered a significant financial loss as a result of the bank's dishonesty, carelessness, and reckless behavior. He said that because the original title deeds were no longer available, he lost a lucrative property sale, had to borrow money and pledge jewelry to return the buyer's advance, and saw a decline in the property's market value.

He also claimed that the bank neglected to take fundamental actions, such submitting a formal complaint or promptly notifying the public about the documents' loss. He claimed that the Banking Ombudsman's participation was the only reason the bank took action.

The Banking Ombudsman ordered the bank in 2021 to give certified copies of the documents, notify the public of their loss, and pay Rs 60,000 in compensation, which included Rs 10,000 for delay and Rs 50,000 for service inadequacy. Despite protesting that the amount was insufficient, the complaint accepted it. He then went to the Consumer Commission to demand compensation of Rs 35 lakh for unfair commercial practices, carelessness, and poor service.

Advocate A.M. Bhaskaran, representing the bank, refuted the claims of carelessness. He contended that the borrower and his spouse had signed a typical 20-year house loan contract and that there was no proof that it was meant to be a temporary arrangement.

The bank admitted that the documents were destroyed in the 2017 fire at Stock Holding Document Management Services Ltd., where many banks and government institutions store important records. However, it argued that the fire was an unforeseen incident beyond its control.

The bank also contended that the Banking Ombudsman had already decided the matter and awarded compensation of Rs 60,000, which the complainant accepted without filing an appeal. Therefore, according to the bank, the Ombudsman’s decision was final and the fresh complaint was not maintainable.

After considering the matter, the Consumer Commission ruled in favour of the complainant and directed IDBI Bank to pay Rs 10 lakh as compensation.

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AIBEA 30th Conference 2026: C.H. Venkatachalam Re-Elected as General Secretary, New Leadership Announced

Below is a blog post draft based on the AIBEA Circular No. 30/1/2026/34 dated 11 June 2026.

AIBEA 30th Conference Concludes Successfully: New Leadership Elected and Key Resolutions Adopted

The All India Bank Employees' Association (AIBEA) has successfully concluded the adjourned delegate session of its 30th Conference held in Bengaluru, marking an important milestone for the organisation and its members across the country.

Conference Successfully Completed

The delegate session, which was originally adjourned on 22 April 2026 due to disturbances during the proceedings, was reconvened on 10 June 2026 at the same venue in Bengaluru. The session was presided over by Com. Rajen Nagar along with other Vice Presidents and concluded peacefully with active participation from delegates.

The conference began with a one-minute silence to pay tribute to former AIBEA office bearer Com. K. Sreenivasan, who passed away recently.

General Secretary's Report Approved

The General Secretary replied to the discussions and suggestions made by the delegates. Following detailed deliberations, the General Secretary's Report was adopted by an overwhelming majority, reflecting the confidence of the delegates in the organisation's leadership and direction.

40 Important Resolutions Passed

Delegates approved 40 resolutions covering various important issues and demands placed before the conference by the Central Committee. The resolutions were adopted by an overwhelming majority, reaffirming AIBEA's commitment to protecting and advancing the interests of bank employees.

Amendment to Rules and Bye-laws

The conference also approved an amendment to the Rules and Bye-laws providing for:

* Two General Council Members (Youth)

* Two General Council Members (Women)

for State Federations having a membership of 7,000 and above. The proposal received overwhelming support from the delegates.

Election of Office Bearers

An Election Commission comprising former leaders Com. D.D. Rustagi, Com. B.S.R. Mohan Reddy and Com. C.D. Josson conducted the election process.

A total of **1,028 delegates exercised their voting rights**, and the following office bearers were elected:

### President

* Rambabu B.S. (AP & Telangana)

### Vice Presidents

* Sharma J.P. (Delhi)

* Shankar N. (Maharashtra)

* Partha Chanda (West Bengal)

* Janak Rawal (Gujarat – MGBEA)

### General Secretary

* C.H. Venkatachalam (Tamil Nadu)

### Secretary

* Indranil Mitra (West Bengal)

### Joint Secretaries

* Ramprakash B. (Kerala)

* Dholakia J.J. (Gujarat – GBWU)

* Anirudhkumar (Bihar)

* Pereira A.M. (Goa)

* Rajneesh Gupta (Uttar Pradesh)

* Karthik R. (Tamil Nadu)

* Udayakumar V. (AP–Telangana)

* Richa Gandhi (Madhya Pradesh)

* Paneendra K.G. (Karnataka)

* Gaurav Sharma (Assam)

* Jayaram B. (Maharashtra)

### Treasurer

* Kumaran C.R. (Tamil Nadu)

### Joint Treasurer

* Naveen Modi (Madhya Pradesh)

Appreciation for Karnataka Hosts

The delegates unanimously expressed their gratitude to the Reception Committee of the Karnataka Pradesh Bank Employees Federation for making excellent arrangements for the conference held from 19–22 April and the adjourned session on 10 June 2026.

Looking Ahead

The successful conclusion of the 30th Conference reflects the resilience and unity of AIBEA. The newly elected leadership, along with the resolutions adopted, is expected to strengthen the organisation's efforts in safeguarding the rights and interests of bank employees while addressing emerging challenges in the banking sector.

The conference concluded with a message of unity, collective responsibility and renewed commitment to taking AIBEA to greater heights in the years ahead.

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