Case Filed Against 5 Bank Officers in Agra, Chief Manager Suspended

In a serious development, the Jagdishpura police station in Agra has registered a case against five Indian Bank officers after an investigation based on a complaint filed by a woman. The case includes charges of fraud, defamation, and violation of the Information Technology (IT) Act, along with provisions under the SC/ST Act.

What Is the Case About?

According to ACP Loha Mandi, Mayank Tiwari, the case was registered after instructions from the SC-ST Commission. The complaint was filed by Preeti Singh, a resident of Nilgiri Enclave, Albatia Road, Agra.

Preeti Singh’s husband, Vikrant Singh, previously served as the Chief Manager at Indian Bank’s Noida branch. He was suspended by the bank in connection with a corruption case. Following his suspension, Preeti Singh filed a complaint alleging that bank officials acted illegally to falsely strengthen the case against her husband.

Who Are the Accused?

The FIR names five Indian Bank officers who are posted in different locations:

• Vikay Arya
• Deshbandhu Gupta
• Archit Gupta
• Harsha Sahu
• Vishesh Kumar Srivastava

These officers are posted in Noida, Lucknow, and Chandigarh, as per the FIR.

What Are the Allegations?

Preeti Singh alleged that the bank officers illegally accessed private bank account information belonging to her and her minor daughters, without any official permission. She claims that these details were taken without proper communication or authorization from the banks where these accounts were held, including Canara Bank and the State Bank of India (SBI).

She also said that forged documents were prepared to make false claims, and that every effort was made to damage her social reputation. The accused bank officials allegedly attempted to show that her husband’s corruption charges were valid by misusing their power and accessing private information.

Police Action and Legal Process

ACP Mayank Tiwari confirmed that serious allegations were made against the Indian Bank officials. He stated that the woman had been filing repeated complaints, which eventually reached the SC-ST Commission. After a legal review, police registered the case under relevant sections of the SC/ST Act, fraud, defamation, and the Information Technology Act.

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Indian Bank Q4 Net profit jumps 32%

 

On Saturday, May 3, 2025, Indian Bank released the results for the January through March quarter. In the fourth quarter of the 2024–25 fiscal year, the institutional lender's standalone net profits increased by 32% to ₹2,956 crore, up from ₹2,247 crore in the same period the previous year. 

 In comparison to the same quarter in the previous fiscal year, when interest income was ₹14,624 crore, the PSU bank's interest income for the quarter increased by 8.4% to ₹15,856 crore. In the January to March quarter of the 2024–25 fiscal year, the bank's provisions for bad loans decreased 36% to ₹794.60 crore from ₹1,247.75 crore in the same quarter the previous year.

The gross NPA's also dropped to 3.09 per cent for the fourth quarter of the financial year ended 2024-25, compared to its level of 3.95 per ent in the same period a year ago. This marks an 86 basis point drop in bad loans.

The State-run Indian Bank announced a dividend issue along with its fourth-quarter results on May 3, 2025. The board of directors decided to grant all eligible shareholders a dividend of ₹16.25 per share.

This means all shareholders who qualify under the mentioned criteria will get the dividend issue from the PSU Bank for every share they own.

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Bank Manager and Clerk Arrested in Rs.23 Lakh Fraud Case

 

A branch manager and a clerk from Indian Bank's Santhome branch in Chennai have been taken into custody by the Central Crime Branch's Bank Fraud Investigation Wing on suspicion of being involved in a significant fund theft case.

The police claim that Sathya Narayana, the regional manager of Indian Bank, lodged the complaint that led to the arrests. He accused P. Jayasingh, a clerk at the Santhome branch, and Sundar Mohan Maji, the branch manager, of grave financial malfeasance in his complaint to the City Police Commissioner.

Misuse of Customer Accounts

The complaint claims that by fraudulently taking money out of customer accounts, the two bank employees abused their positions. They allegedly obtained dormant accounts those that had not been used for a long period of time and falsified customer signatures to siphon off funds without the account holders’ knowledge.

Loans Taken Without Customers’ Knowledge

The officials also allegedly took out loans in the names of unsuspecting customers. These loans were then settled by pledging jewellery, possibly stolen or fraudulently acquired. In one instance, they are accused of swindling 146.5 grams of gold jewellery from a customer. The total loss caused by their fraudulent activities has been estimated at Rs.23 lakh, as per the bank’s internal findings.

Arrest and Legal Action

The Central Crime Branch investigated the case and arrested both Sundar Mohan Maji and P. Jayasingh. They were presented before the court and have been remanded to judicial custody as the investigation continues.

This case has raised serious concerns over internal monitoring and customer account security at banking institutions. Authorities have assured that strict action will be taken and all efforts are being made to recover the defrauded amount.

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This PSU bank introduced objective performance appraisal system for Employees

 

Over the next three years, Indian Bank, a well-known public sector lender, intends to open 300 additional branches to increase the size of its branch network. The bank will be present in every district headquarters nationwide thanks to this development. 

To improve its competitiveness and strengthen its leadership pipeline, the bank is also starting a leadership development program that will train some 400 staff. The strategy for branch expansion Indian Bank's Managing Director and CEO, Binod Kumar, stated that the bank's top goal is branch expansion. 

We have opened 70 to 80 branches during the past two to three years. With the goal of opening 300 new branches during the next three years, we now intend to greatly grow our network," Kumar stated.

The bank intends to apply a cluster-based model, increase its presence in current sites, and concentrate on developing towns. The plan calls for opening branches in agribusiness clusters, MSME (Micro, Small, and Medium Enterprises), and expanding urban regions. The bank's long-term goal is to open a branch in each of the major district headquarters. 

Pay Attention to Employee Satisfaction The bank's growth plan heavily relies on employee satisfaction. Kumar underlined the significance of enhancing productivity through employee-centric initiatives and keeping top personnel. 

To better identify and reward strong performers, Indian Bank has implemented a more objective performance appraisal system. Kumar clarified, "This will help us distinguish between high performers and non-performers, thus motivating top talent."

Indian Bank has selected 400 staff members to participate in a year-long training program as part of its endeavors to develop a strong leadership team. Through project-based learning, classroom instruction, on-site training, and private coaching, the curriculum will concentrate on fostering managerial and strategic skills. 

In addition to bolstering efforts in compliance, IT, HR, and cybersecurity, the objective is to develop a strong pool of leaders capable of propelling corporate expansion. 

"Our leadership development programs will guarantee qualitative improvements in a number of operational areas in addition to boosting business growth," Kumar stated. 

Enhancing Resource Acquisition and CASA Indian Bank is concentrating on improving its Current Account Savings Account (CASA) percentage in addition to growing its branch network and leadership team.

The bank aims to increase its CASA ratio from 40% to 42%, despite the challenges in deposit mobilisation. To achieve this, the bank has expanded its Resource Acquisition Centers (RACs), opening 100 last year, with plans to open 25 more. 

The bank has also set up Resource and Government Relationship (R&G) Centers to improve relationships with government departments and offer banking solutions beyond account openings.

“CASA growth depends on customer satisfaction, convenience, and efficiency,” Kumar concluded, highlighting the importance of meeting customer expectations to drive deposit growth.

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Indian Bank Q3 Profit surges 35% YoY

The third quarter net profit of the state-owned Indian Bank increased by 35% year over year to Rs 2852 crore from Rs 2119 crore in the previous year due to fewer provisions and higher earnings. 

The quarter's net interest margin increased from 3.41% to 3.45%. Binod Kumar, the bank's new managing director, stated that the increase in profitability was a result of both a good recovery and higher net interest income. This position was taken up by Kumar earlier this month.

 Also Read - Quarterly Financial Results of Public & Private sector banks for Q3FY25

At 4749 crore as opposed to Rs 4097 crore, the bank's operational profit was 16% higher year over year. Compared to Rs 5815 crore, net interest income increased by 10% to Rs 6415 crore. At Rs 1059 crore as opposed to Rs 1349 crore, the total provisions were less.

In keeping with the improvement in asset quality, provisions to cover bad loans totaled Rs 611 crore out of this, compared to Rs 906 crore. 

At the end of December, its gross non-performing assets ratio dropped from 4.47% to 3.26%. Compared to 0.53%, net NPA was 0.21%. The provision coverage ratio increased to 90.09%, a 219 basis point improvement.

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New MD & CEO appointed in Two Public Sector Banks

Two major public sector banks, Indian Bank and Punjab National Bank, have had their leadership changes authorized by the Appointments Committee of the Cabinet (ACC), the government said in two separate orders.Ashok Chandra, who is now Canara Bank's executive director, was named PNB's managing director and chief executive officer (MD & CEO) for a three-year term.

"The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for appointment of Shri Ashok Chandra (DoB: 16.12.1968), Executive Director (ED), Canara Bank as Managing Director and Chief Executive Officer (MD&CEO), Punjab National Bank (PNB), for a period of three years w.e.f. the date of assumption of charge of the office, or until further orders, whichever is earlier," the order said.

Read More - Top 10 Government Banks in India 2024

The new MD and CEO of Indian Bank is Binod Kumar, the Executive Director of PNB.After a performance assessment, Kumar, who was hired for a three-year tenure, may be eligible for a two-year extension.

After the Reserve Bank of India (RBI) allegedly made disparaging statements about the top executive, the Financial Services Institution Bureau (FSIB) revoked its previous recommendation, which was followed by his hiring.

"Appointment of Shri Binod Kumar (DoB: 01.01.1971), Executive Director, Punjab National Bank as Managing Director and Chief Executive Officer, Indian Bank for a period of three years w.e.f. the date of his assumption of charge of the post, or until further orders, whichever is earlier," stated the order.

The reports that the FSIB recommended Asheesh Pandey, executive director of Bank of Maharashtra, for the top job at Indian Bank in April 2024. The banking regulator then wrote to the finance ministry, requesting that it take its observations into account when assessing Pandey's candidacy.

According to the RBI, Asheesh Pandey's "behavior and conduct" during a supervisory findings exit meeting was "found not befitting his position and responsibilities concerning regulatory compliance."

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Indian Bank Q1 Results: Net profit soars 41%

 

State-owned Indian Bank on Monday posted a 41 per cent jump in its net profit to Rs 2,403 cr for the June 2024 quarter due to a decline in bad loans.

The Chennai-based lender had earned a net profit of Rs 1,709 cr in the year-ago period.

During the quarter, the bank's total income increased to Rs 16,945 cr against Rs 14,759 cr a year ago, Indian Bank said in a regulatory filing.

Its interest income grew to Rs 15,039 cr during the period under review from Rs 13,049 cr in the corresponding quarter a year ago.

On the asset quality side, the bank's gross non-performing assets (NPAs) improved to 3.77 per cent of gross advances as of June 30, 2024, from 5.47 per cent in the April-June quarter of the previous fiscal.

The net NPAs also declined to 0.39 per cent of the advances from 0.70 per cent a year ago.

As a result, provisions for bad loans declined to Rs 896 cr against Rs 930 cr earmarked during the same quarter a year ago.

The capital adequacy ratio of the bank increased to 16.47 per cent compared to 15.78 per cent on June 30, 2023.

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Indian Bank Q4 Net profit jumps 55%

Public sector lender Indian Bank reported a 55 per cent jump in net profit at Rs 2,247 crore in March quarter of 2023-24.

The bank had a net profit of Rs 1,447 crore in March quarter of the preceding fiscal.

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Total income increased to Rs 16,887 crore in March quarter of FY24, from Rs 14,238 crore in the fourth quarter of FY23.

Net Interest Income (NII) increased by 9 per cent YoY to Rs 6,015 crore in March quarter of FY24, from Rs 5,508 crore in March quarter of FY23.

For full 2023-24 fiscal, net profit went up by 53 per cent YoY to Rs 8,063 crore, from Rs 5,282 crore in FY23.

Total income for FY24 increased to Rs 63,482 crore, from Rs 52,085 crore in FY23.

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