PSU Bank Officer Arrested for creating Fake Gold Loan Documents

 

A Canara Bank employee was detained by the Perambalur District Crime Branch police on Sunday for fabricating gold loan paperwork and defrauding the bank of Rs.1.2 crore.

Akash Chauhan, the 29-year-old officer, hails from Udaipur, Rajasthan. He was employed at Canara Bank's Labbaikudikadu branch in the Perambalur area, namely in the Gold Loan division.

The police claim that Akash started working for the bank in May 2022. He made fictitious gold loan documents in five customers' names while he was there. He moved the full amount of the loan, Rs.1.2 crore, into his personal bank account rather than disbursing it to the clients.

The fraud was discovered after a complaint was filed by N. Loga Krishnakumar, a 46-year-old Assistant General Manager from the Canara Bank regional office in Namakkal. After investigating the complaint, the District Crime Branch confirmed the fraud and arrested Akash Chauhan.

A press release by the police confirmed that Akash had misused his position to steal money from the bank by faking documents and cheating the system. Gold loan fraud is a serious threat to the credibility of banks and NBFCs (Non-Banking Financial Companies). While gold loans are a valuable financial tool for millions, increasing fraud cases highlight the urgent need for stronger checks, transparency, and accountability in the system.

 

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Assistant General Manager(AGM) arrested in Rs.27 Crore Loan Fraud

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.

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RBI imposed Penalty on 4 Major Banks

 

Four major banks, Bank of Baroda, IDBI Bank, Bank of Maharashtra, and ICICI Bank, have recently been hit with financial fines by the Reserve Bank of India (RBI) for noncompliance with key regulatory requirements. Following RBI examinations of the banks' operational and financial operations for the fiscal years 2023 and 2024, these fines were imposed. These fines are intended to improve adherence to banking regulations and guarantee that banks conduct themselves in an open and accountable manner. The RBI underlined, however, that these measures are only connected to regulatory matters and have no bearing on the legality of agreements or transactions between banks and their clients.

Bank of Baroda(BoB)

For failing to observe RBI guidelines regarding customer service and deposit interest rates, Bank of Baroda was fined Rs.61.40 lakh. In violation of the regulations, the bank permitted an insurance company to provide non-cash incentives to its employees. Additionally, some frozen or dormant savings accounts did not get timely interest credits. 

IDBI Bank 

In 2023, these problems were discovered during an RBI examination. Following a personal hearing and an assessment of the bank's response, the RBI chose to issue the penalty after the bank was requested to explain its actions.

For violating the RBI's guidelines under the Interest Subvention Scheme, which offers farmers interest relief on short-term loans made through the Kisan Credit Card (KCC), IDBI Bank was fined Rs.31.80 lakh.

Bank of Maharashtra 

BoM received a fine of Rs.31.80 lakh for failing to fully comply with Know Your Customer (KYC) rules. The bank opened several deposit accounts using Aadhaar-based e-KYC through OTP, in a non-face-to-face manner, but did not meet all the regulatory requirements for such processes. This was identified during the RBI’s evaluation for the financial year ending March 31, 2024. The bank’s explanations and submissions were reviewed, and the penalty was imposed for deficiencies in following the KYC norms.

ICICI Bank 

ICICI Bank faced the highest penalty of Rs.97.80 lakh. The bank failed to report a cyber security incident to the RBI within the required time, did not implement an effective system for alerting suspicious account activity, and also failed to send credit card statements to certain customers—yet charged them late payment fees. These failures were considered serious breaches of customer service and operational transparency. After a detailed inspection and review of the bank’s responses, the RBI imposed the penalty.These penalties are aimed at reinforcing the importance of following regulatory standards. RBI emphasized that these fines are not judgments on the legal validity of customer transactions or contracts, but are strictly based on gaps in compliance. Penalties have been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.

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State Bank of India(SBI) Q4 Net profit falls 10%

 On May 3, State Bank of India Ltd. (SBI), the biggest lender in the nation, reported a 10% decline in its fourth-quarter standalone net profit, coming in at Rs 18,643 crore. From January to March of 2023–2024, SBI made a profit of Rs 20,698 crore. For FY25, the board of the bank has announced a dividend of Rs 15.90 per equity share. In a regulatory statement, SBI stated that the overall revenues for the March quarter was Rs 1,43,876 crore, up from Rs 1,28,412 crore during the same period last year.

During the quarter, the bank earned an interest income of Rs 1,19,666 crore as against Rs 1,11,043 crore a year ago.

The lender saw an improvement in asset quality, with gross non-performing assets (NPAs) declining to 1.82% of the total advances in the fourth quarter from 2.24 % as at March-end 2024. Similarly, net NPAs eased to 0.47 per cent as against 0.57 per cent.

On a consolidated basis, SBI's net profit in the quarter fell 8 per cent to Rs 19,600 crore as against Rs 21,384 crore in the same period a year ago. Total income, however, increased to Rs 1,79,562 crore from Rs 1,64,914 crore.

Besides, the board has approved raising equity capital of up to Rs 25,000 crore (including share premium) in one or more tranches during 2025-26 through Qualified Institutional Placement (QIP)/ Follow on Public Offer (FPO) or any other mode.

SBI Chairman CS Setty said, "Though the Indian economy is less impacted by tariffs, the uncertainty over tariffs will impact the economy and investment scenario."

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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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Indian Overseas Bank(IOB) Q4 profit jumps 30%

 

On Friday, May 2, Indian Overseas Bank said that its standalone net profit for Q4FY25 increased by 30% year-over-year (YoY) to ₹1,051.07 crore, up from ₹808.10 crore in the same period the previous year. 

 In comparison to the same quarter last year, when it was ₹1,961.11 crore, the bank's operating profit before provisions and contingencies for the current quarter was ₹2,617.92 crore, a 33.5 percent increase. At ₹3,123 crore, Net Interest Income (NII) grew 13% year over year. 

 During the quarter, the bank's gross non-performing assets (NPA) decreased 21.3% year over year to ₹5,347.72 crore from ₹6,794.43 crore in Q4FY24.

Additionally, net NPA decreased by 25% year over year to ₹911.86 crore from ₹1,216.86 crore. In comparison to the same quarter previous year, when it was 0.57 percent, net non-performing assets (NPA) were 0.37 percent. 

 Compared to Rs 1,961 crore during the same period last year. With the gross-non-performing assets ratio dropping to 2.14% at the conclusion of the most recent fiscal year from 2.55% three months prior and 3.10% a year earlier, the bank's asset quality improved. 

 Supported by a nearly 30% increase in retail loans and a 34% growth in agri-loans, its gross advances increased 14.15% year over year to Rs 2.50 lakh crore.Total deposits rose 9.11% to Rs 3.12 lakh crore with the share of current and savings account deposits standing at 43.65%.

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Bank of Baroda(BoB) Office Assistant (Peon) Recruitment 2025 Notification Released

Bank of Baroda(BoB), one of India’s top public sector banks, has announced a recruitment drive to fill 500 Office Assistant (Peon) posts in the Sub-Staff Cadre on a regular basis. Candidates will be posted across various branches and offices nationwide.

The recruitment notification is published under Advertisement Office Assistant (Peon). Interested and eligible candidates can apply online from May 3, 2025, to May 23, 2025 (until 11:59 PM). All detail such as eligibility, age limit, education qualifications are given below.

Bank of Baroda Office Assistant (Peon) Recruitment 2025 Overview

Organization	Bank of Baroda
Post Name	Office Assistant (Peon)
Cadre	Sub-Staff Cadre
Vacancies	500
Job Type Regular Basis Last Date to Apply 23 May 2025 Mode of Application Online
Official Website	www.bankofbaroda.in

Bank of Baroda Office Assistant Recruitment 2025 Important Dates

Important Events	Dates
Commencement of on-line registration of application	03/05/2025
Closure of registration of application	23/05/2025
Closure for editing application details	23/05/2025
Last date for printing your application	07/06/2025
Online Fee Payment	03/05/2025 to 23/05/2025

Bank of Baroda Office Assistant Vacancy 2025 Application Fee

• Rs.600/- + Applicable Taxes + Payment Gateway Charges for General, EWS & OBC candidates
• Rs.100/- + Applicable Taxes + Payment Gateway Charges for SC, ST, PwBD, EXS, DISXS & Women candidates

Bank of Baroda Office Assistant (Peon) Recruitment 2025 Age Limit

• Minimum: 18 years
• Maximum: 26 years
• A candidate must have been born not earlier than 01.05.1999 and not later than 01.05.2007 (both dates inclusive).

Age Relaxation

Category	Age Relaxation
Scheduled Caste / Scheduled Tribe	5 years
Other Backward Classes (Non-Creamy Layer)	3 years
Persons With Benchmark Disabilities (as per The Rights of Persons with Disabilities Act, 2016)	10 years
Ex-Servicemen / Disabled Ex-Servicemen	Actual period of service in defence forces + 3 years (8 years for Disabled Ex-Servicemen from SC/ST), max age 50 years.
Widows, divorced women, and women judicially separated who haven’t remarried	Up to 35 years for General/EWS, 38 years for OBC, and 40 years for SC/ST candidates

Bank of Baroda Office Assistant Recruitment 2025 Education Qualification

1. Passed the 10th Standard (S.S.C./ Matriculation)
2. Proficient in the Local Language of the State/ Union Territories ( i.e. Candidate should be able
   to read, write and speak in the Local Language of the State / Union Territories) for which
   vacancies candidate wish to apply.

Bank of Baroda Office Assistant (Peon) Notification 2025 Vacancy Details

Post Name	Vacancies
Office Assistant (Peon)	500

Bank of Baroda Office Assistant (Peon) Recruitment 2025 Vacancy Notification PDF & Apply Online Form Link

Short Notification PDF	Click Here
Detailed Notification PDF	Click Here
Apply Online	Click Here

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PSU Insurance Employees Reject Salary Hike Proposal given by DFS

 Workers at public sector insurance companies have turned down the government's request for a 12% pay increase. Rather, they have called for a pay raise of at least 17%. The Department of Financial Services' (DFS) proposed 12% pay increase has been rejected by unions that represent 35,000 workers in the public sector general insurance business. Instead, the unions are calling for a 17% pay raise to match that of the employees of the Indian banking industry and the Life Insurance Corporation (LIC).

The Reserve Bank of India (RBI) recently raised employee salaries. In March of last year, Public Sector Banks signed the 12th BPS. The DFS has agreed in principle to update the employee family pension, raising it to 30%, which is a favorable step that the unions have endorsed. The unions applauded this action as a positive stepping stone.

Details of the Wage Revision Meeting

The wage revision discussions were held in New Delhi. The meeting was attended by representatives from the management of the General Insurance Public Sector Association (GIPSA), which represents the six public sector general insurance companies. Also, representatives from all the recognized unions of the industry, were present in the meeting.

The six state-owned general re/insurance companies included in this discussion are:

• New India Assurance
• Oriental Insurance Company
• United India Insurance
• National Insurance Company
• Agriculture Insurance Company

The Unions’ Stance on the Wage Proposal

Initially, the GIPSA management proposed a 10% increase on the basic pay and dearness allowance (DA). However, this proposal was immediately rejected by the unions. After this rejection, the management raised the offer to 12%. Despite this, the unions stood firm on their demand for a 17% wage hike to ensure parity with LIC employees and those in the Indian banking sector.

According to sources from the unions, they have been clear in their stance that the offer is still insufficient. The unions continue to push for a higher increase in salary.

Next Steps and Future Discussions

In response to the unions’ demand, the GIPSA management has assured that the matter will be revisited and taken up with the Joint Secretary of the DFS for further discussion and consideration.

The meeting was attended by the CMDs, executive directors, and general managers of the participating companies, along with the Joint Secretary and Under Secretary from the DFS. More details will be released soon.

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DA decrease for Bank Employees from May 2025

The Dearness Allowance (DA) for bank employees for the period of May 2025 to July 2025 is expected to be 19.90% based on the average CPI-IW index of 142.93 for the current quarter. This is a slight decrease compared to the 21.20% paid in the previous quarter. The calculation is based on the 12th BPS, and the DA is expected to be 20.17% from May 2025. 

Here's a more detailed breakdown:

Expected DA: 19.90%
CPI-IW Index (Base 2016=100): 142.93
Average Index for Current Quarter: 142.93
Index above 123.03 points: 19.90
DA for Previous Quarter: 21.20% 

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Bank Management is not serious about resolving issues, says Chief Labour Commissioner

Under the direction of the Chief Labour Commissioner (CLC) of the Ministry of Labour & Employment, a conciliation meeting was conducted today (April 29, 2025) to settle ongoing conflicts between management and public sector bank unions. The purpose of the meeting was to ensure good labor relations and to address a number of important requests. All participants were greeted by the CLC, which also urged them to collaborate and seek a peaceful resolution.

Concern Over Lack of Commitment by Bank Managements

The CLC expressed disappointment that many bank managements are not taking the conciliation meetings seriously. Despite repeated advice, some banks are not sending senior officials who can make decisions. This attitude not only disrespects the authority of the CLC but also delays the process of finding a fair solution.

All banks have again been advised to depute senior officers who can actively participate and help reach settlements.

Conclusion and Next Meeting

The CLC urged all stakeholders to continue discussions at the bipartite level (between unions and management) and try to solve issues amicably. The next conciliation meeting is scheduled for June 17, 2025, at 11:30 AM.

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