In connection with a bank fraud case, a special CBI court in Ghaziabad has convicted two people—a private individual and a former bank manager of Union Bank of India—to harsh jail. Manoj Srivastava, the former Branch Manager of Union Bank of India's SSI Branch in Noida, was given a three-year severe prison sentence and a ₹5 lakh fine by the Special Judge for CBI Anti-Corruption proceedings. Private citizen Raj Kumar Samanta, his co-accused, received a ₹10 lakh fine in addition to four years of hard labor. The court fined the two accused a total of ₹15 lakh.
The case was filed by the Central Bureau of Investigation (CBI) on December 14, 2010, in response to claims that Manoj Srivastava, the branch manager, had processed a loan for Raj Kumar Samanta fraudulently. The bank suffered an unjustified loss as a result. On September 29, 2012, the CBI filed a chargesheet against both accused following a thorough investigation. Following the trial, the court imposed the appropriate sentence after finding both defendants guilty of criminal misconduct and cheating.
This judgment underscores the CBI’s continued crackdown on banking fraud and misconduct by public servants in collusion with private individuals.
Rahul Patel, the branch manager of Axis Bank's Vesu branch, has been charged with fraud by the Athwalines police for allegedly defrauding Bank of India of Rs 2.20 crore by failing to turn over mortgage paperwork during a loan transfer.
Police say the branch manager of Bank of India's Ghoddod Road branch made the allegation. The issue concerns Siddhi Dasani, who owned Shri Anand Impex in Kadodara and had a Rs 2.20 crore cash credit account with Axis Bank.
Siddhi approached the Chauta Pul branch of Bank of India to assume the current loan because of the exorbitant interest rates.
A portion of the Rs 7.45 crore fresh loan that the Bank of India approved once all formalities were finished was used to pay off the outstanding balances at Axis Bank.
Rahul Patel allegedly neglected to shut the previous loan account and provide Bank of India with the original mortgage property paperwork, which are necessary for these loan takeovers, even after receiving the money.
Unexpectedly, Siddhi and her husband, Uttam Dasani, allegedly took money out of the Axis Bank account even after the settlement was reached and then stopped making payments to the Bank of India. The Axis Bank manager's inaction contributed to this chain of events, which caused Bank of India to suffer a financial loss and call the police.
For willful misconduct and fraud, authorities have filed a First Information Report (FIR) against Rahul Patel. They claim that Patel purposefully concealed important documents, allowing the Dasanis to abuse the system.
IDBI Bank Limited has officially released a recruitment notification for676 Junior Assistant Manager (JAM) Grade ‘O’posts across its branches in India. Interested and eligible candidates can applyonline from May 8, 2025. The recruitment drive offers a great opportunity for young graduates seeking a career in the banking sector.
Eligibility Criteria for IDBI JAM Recruitment 2025
Educational Qualification
Candidates must have completed a graduate degree with at least 60% marks from a recognized university. For candidates belonging to SC, ST, and PwBD categories, a minimum of 55% marks is acceptable. Additionally, basic computer knowledge is required for all applicants.
Age Limit
Applicants must be between 20 and 25 years as of May 1, 2025. Candidates should be born between May 2, 2000, and May 1, 2005 (both dates inclusive). Age relaxation is applicable for reserved categories as per government norms.
Application Process and Fee Details
Eligible candidates can submit their applications online through the official IDBI Bank website until May 20, 2025. The application fee is as follows:
General/OBC/EWS: Rs.1050
SC/ST/PwBD: Rs.250
Selection Process for Junior Assistant Manager Posts
The selection process includes the following stages:
Online Written Examination
Interview
Medical Test
Final selection will be based on performance in the above stages.
IDBI JAM 2025 Exam Pattern
The online written exam will consist of 200 multiple-choice questions carrying a total of 200 marks and will be conducted for a duration of 120 minutes. The exam pattern is as follows:
Note:There will be anegative marking of 0.25 marksfor every incorrect answer.
The Assistant General Manager (AGM) of the State Bank of India (SBI) has been arrested by the Crime Investigation Department (CID) for his role in a loan fraud case involving Rs 27 crore in 2013.
From 2009 to 2011, the 53-year-old officer, K Sanjay, was employed as a Relationship Manager at SBI's Balanagar SME (Small and Medium Enterprises) branch. He is charged with using unlawful means to assist a business called Adarsh Communications Pvt. Ltd. in obtaining a loan of Rs 27 crore while he was employed at the bank.
These illegal methods included:
Accepting fake documents (forged papers).
Falsely claiming that agricultural land was actually non-agricultural, so it could be used to get the loan.
Ignoring bank rules and not properly checking or securing the property kept as guarantee (collateral) for the loan.
The main people behind Adarsh Communications are:
M. Anjaneyulu (Managing Director)
Manikonda Reeta (Director and his wife)
They were hiding from the police since 2013 but were finally caught by the CID in Bengaluru in May 2024.
Another bank employee, G. Ravindranath, who was working as a Customer Support Officer at the same branch, is also accused in the case. However, he has not yet been arrested.
According to CID officials, Sanjay and others broke bank rules, trusted fake documents, and failed to protect the bank’s money. Because of their actions, the bank lost a huge amount.
The charges filed against them include:
Cheating
Criminal breach of trust (breaking the trust given to them)
Forgery (using fake documents)
K Sanjay was brought to court and is now in judicial custody (kept in jail by court orders until the investigation or trial continues). More details will be released soon.
The Government of India has authorized the establishment of new senior-level roles in Public Sector Banks (PSBs), a major move intended to bolster the banking industry. It is anticipated that this action will improve asset management, increase the effectiveness of nationalized banks, and give bank workers better career options.
Shri Pankaj Chaudhary, the Minister of State for Finance, gave information on the newly created roles and the updated process for determining the number of senior positions in nationalized banks during the Rajya Sabha discussion of the decision. In five nationalized banks where the position was previously unattainable, the government has authorized the creation of the Chief General Manager (CGM) position. These financial institutions are:
1. Bank of Maharashtra 2. Central Bank of India 3. Indian Overseas Bank 4. Punjab & Sind Bank 5. UCO Bank
Until now, these banks did not have a Chief General Manager (CGM) post, which serves as an important leadership position just below the Executive Director (ED) level.
The CGM post has already been available in other Public Sector Banks (PSBs), and its introduction in these five banks will ensure a more uniform administrative structure across the banking sector. The new CGM positions in these banks will be introduced from October 2024 onwards.
Apart from introducing CGM posts, the government has also revised the methodology for calculating the number of senior-level positions in PSBs. This revision affects the following positions:
Chief General Manager (CGM), General Manager (GM), Deputy General Manager (DGM), Assistant General Manager (AGM)
The number of these posts has been determined based on the business size of each bank as of March 31, 2023. The revision aims to ensure that banks have the right leadership structure to manage their operations efficiently.
Let’s have a look at the number of posts – how many CGM, GM, DGM, AGM posts are available in different banks. The maximum number of posts are available in Punjab National Bank and Bank of Baroda. The number of posts vary according to the size of business of Bank.
Bank Name
CGM
GM
DGM
AGM
Punjab & Sind Bank
4
16
48
144
Bank of Maharashtra
8
32
96
288
UCO Bank
8
32
96
288
Indian Overseas Bank
8
32
96
288
Central Bank of India
8
32
96
288
Bank of India
12
48
144
432
Indian Bank
11
44
132
396
Union Bank of India
20
80
240
720
Canara Bank
21
84
252
756
Punjab National Bank
22
88
264
792
Bank of Baroda
22
88
264
792
This new structure will ensure that banks have sufficient leadership at different levels to handle their growing operations effectively.
The Indian banking sector has been growing rapidly, with increasing loan disbursements, rising customer demand, and digital banking advancements. To keep up with this growth, banks need strong leadership and better management structures.
Earlier, the number of senior positions was not aligned with the expanding business size of banks. This led to workload imbalances, slower decision-making, and operational inefficiencies.
By introducing new CGM positions and revising the number of GMs, DGMs, and AGMs, the government is ensuring that banks have the right number of senior officials to handle operations efficiently.
This move is also in line with the government’s efforts to:
1. Strengthen public sector banks and make them more competitive.
2. Improve the financial health of banks by ensuring better monitoring of assets and loans.
3. Support economic growth by making banking services more efficient.
The government’s decision to introduce new senior-level positions in public sector banks is a major step toward strengthening India’s banking system. By ensuring better management, improved supervision, and stronger leadership, this move will help banks become more efficient, financially stable, and customer-friendly.
With the new Chief General Manager (CGM) positions and revised senior-level post structure, nationalized banks are expected to see better operational efficiency, improved risk management, and stronger career growth opportunities for employees.
This change will not only benefit bank employees but also enhance banking services for customers across India, ensuring that the public sector banking system remains strong, efficient, and well-managed in the years to come.
