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Hello Jammu News at 3:19:00 PM 0

Muzaffarnagar, Sep 29: A branch manager of the Overseas Bank was arrested in connection with alleged theft of Rs 18 lakh from an ATM in Shamli, police said Saturday.

Robin Bansal, who was absconding, was arrested Friday and more than Rs 14 lakh was seized from his possession, Superintendent of Police Dinesh Kumar said.

The manager of Bantikheda village branch was found to be involved in the theft of Rs 18 lakh from an Overseas Bank ATM in Shamli on March 4. Another accused, Chetan, had already been arrested in the case, the SP said.

Bansal had given the password to Chetan and also told him the technique to open the machine.

During investigation, an alleged scam of nearly Rs 4 crore came to light in the Bantikheda village branch, the official said. (PTI)
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Hello Jammu News at 2:16:00 PM 0

Muzaffarnagar, Sep 3: Rats in a bank in neighbouring Shamli district made its burglar alarm go off, throwing police and authorities into a tizzy.

The rodents accidentally breached the alarm system at a branch of the Indian Bank Monday, making the siren go off, police said.

They said there were no bank officials present, as it was a holiday on account of Janmashtami.

Local residents informed the branch manager and police, who rushed to the spot, Circle Officer Ashok Kumar said.

Nothing suspicious was found in the bank, barring some rats running around near the alarm system, Kumar said. (PTI)
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Hello Jammu News at 5:15:00 PM 0

New Delhi, Aug 31: Dismissing rumours, the government today said bank branches would remain open next week and there was no need for panic.

It has come to notice that a rumour is circulating in several sections of social media that banks will be closed for 6 days in the first week of September 2018, causing undue panic among the general public, Finance Ministry said in a statement said.

"It is hereby clarified that banks will remain open and banking activity will continue unimpeded in the first week of September. Banks will only observe holidays on Sunday, September 2, and second Saturday, September 8," it said.

Coming Monday, September 3 is not a pan-India holiday and banks only in some states where a holiday is declared under the Negotiable Instruments Act, 1881, will remain closed, it said.

Even on those days, it said, ATMs in all states will be fully functional and there will be no impact on online banking transactions.

Banks have been advised to ensure that sufficient cash is available for dispensation from ATMs. Banks will remain open on all other days, it added. (PTI)
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Hello Jammu News at 1:00:00 PM 0


Mumbai, Jul 7 :  A special court here has convicted and awarded varying jail terms to five persons, including senior bank officials, in the 1992 securities scam.
Justice Shalini Phansalkar Joshi, who presided over a bunch of cases related to the 1992 scam, convicted R Lakshminarayanan and S Srinivasan of Financial Fairgrowth Services Limited (FFSL), and Tharian Chacko, Y Sundara Babu and R Kalyana Raman of Andhra Bank Financial Services Ltd (ABFSL), a subsidiary of Andhra Bank.

While the court sentenced Lakshminarayanan and Srinivasan, executive director and senior vice-president respectively of FFSL at that time, to imprisonment up to three years, the officials of ABFSL were sentenced to four years.

According to the judgement passed on Thursday, those convicted "knowingly conducted fraudulent transactions between FFSL and ABFSL between July 1991 and May 1992".

As per the prosecution's case, FFSL, a private firm, was facing an acute cash crunch and was desperately in need of additional funds.

It, thus, began to borrow heavily from ABFSL and other banks and financial firms. Those convicted facilitated such borrowings without ensuring that the transactions were made against credible securities and stocks of the FFSL.

ABFSL officials convicted in the case issued illegal security receipts to the FFSL for these transactions, and it in turn made wrong declarations to other lenders by giving these security receipts that had been issued against securities and stocks that the FFSL did not really possess.

The court, however, acquitted Gopal Shankar Iyer and P Chandrashekhar, two other officials of FFSL, and share broker Pallav Seth.

The court also rejected the plea for leniency pressed by the convicts on account of the long trial, their old age, and on the argument that they did not make any personal gains out of these transactions.

"This special case is a fallout of the financial scam that rocked the economy of the nation in the era of Harshad S Mehta," Justice Phansalkar-Joshi said.

"It is true that in this case the offence has taken place in 1992 and that in these 24 long years the accused have undergone the rigours of the trial, which were in the nature of physical and mental torture also, as the sword of this case was always hanging on their heads," she said.

"However, considering the serious nature of the offence and the repercussions it had on the nation's economy, taking a lenient view can have a counter-effect. An appropriate message needs to be sent out to the society," she said.

"In my considered opinion, the evidence of all these prosecution witnesses, some from FFSL, some from ABFSL and some from an independent source, like RBI, is more than sufficient to prove beyond reasonable doubt that ABFSL has deployed crores of funds to FFSL on 'securities receipts', which were, to their own knowledge, not backed by physical securities and it was done by the ostensible transactions of sale and purchase.

"Their evidence also proves that the money received by FFSL from ABFSL in these transactions was diverted by FFSL to share market investment and not for purchase of securities," she said.

Justice Phansalkarb Joshi added that even if the court were to accept the contention that the convicts did not make any personal gains, it must remember the view taken by the apex court in previous judgements that financial scams affect the economy of the nation.

"Such scams result in the loss of hard-earned money for many innocent members of the public. Some victims even lose their lives," she said while awarding the sentence.

The court, however, suspended the sentence of all the convicts for four months to permit them to file their respective appeals in the Supreme Court.PTI

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Hello Jammu News at 11:00:00 PM 0


Tourism the backbone of J&K economy: R K Chhibber

Srinagar, June 07: A delegation of representatives of Hotel & Restaurant Association, Katra called upon the Executive President R K Chhibber.
The delegation was led by its President Rakesh Wazir, Chairman Shyam Lal Kesar, former President Shiv Kumar Sharma, Vice Presidents Vivek Sharma besides former MLA Baldev Raj Sharma and Former Municipal Committee President Ashu Magotra.
The Bank’s Zonal Head Udhampur Sudhir Gupta, Cluster Head Rajesh Dubey and heads of major business units of Reasi District were also present at the meeting.
Speaking on the occasion, Executive President said, “Tourism is the backbone of the J&K economy. Therefore, the bank will try to provide every support and assistance to those associated with it, particularly the hotel Industry so that the maximum number of tourists visit and enjoy the heavenly beauty and hospitality of our state.”
Further, he assured the participants of continued support to the entrepreneurs of the Katra Town through maximum finance and other facilities.
President of the Association, Rakesh Wazir hailed the longtime relationship between the bank and Katra hotel industry and said, “WE have had a longtime relationship with the bank as most of the hotels at Katra are financed by the J&K Bank. Thus the bank has got a major role to play in the progress of Hotel and allied industries in Katra.”
Appreciating and thanking the Chairman & CEO Parvez Ahmed for accepting the major demands including collateral free financing to the hotels and delegation of powers to the Zonal and Cluster heads for financing and other matters for quick disposal, he further said, “The management of the bank shall surely see the results of all these measures in the days to come and will have major enhancement in its business particularly in tourism sector.”
He said that the business at Katra was picking up very fast as J&K bank provided financial support to the entrepreneurs.
Wazir while elaborating the contribution of the bank being local he said, “In every kind of turmoil it IS only J&K Bank that stands with the people of J&K and it becomes our duty as well to be the part of this bank in a big way.”
He further expressed his satisfaction and gratitude for the quality services rendered by business units in Katra.
The Executive President listened to the representatives patiently and assured continued support and financial assistance to the local hotel industry.
The representatives of the Hotel Industry thanked the bank forever proactive and timely support.
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Hello Jammu News at 7:51:00 PM 0
Srinagar, Jun 1: J&K Bank gave a warm send off to its Executive President Vagesh Chander, who attained superannuation after serving the bank for over three decades at various key positions.
Chairman and CEO Parvez Ahmed along with Executive Presidents Pushap Kumar Tickoo, Rajesh Kumar Chibber, Presidents, Vice-presidents and other senior officers attended the farewell held at the bank’s Corporate Office.
Throughout his service career that spanned over three decades, Vagish Chander has played an important role in different capacities in the growth and development of the bank. He was currently among other departments heading the bank’s Human Resource Development Department.
Speaking on the occasion, Chairman Parvez Ahmed said, "People like Vagish Chander are rare now. He was one of the most gentle and humble officers who served the bank utilizing all his capacities and with exemplary dedication. In that sense, he was one of our pioneering officers to have contributed richly to the growth of this bank.”
The chairman while praising his humility and humble nature said, “Now it is the responsibility of new leadership along with the younger officers to carry forward such rich legacy towards new heights.”
Thanking the bank and his longtime colleagues Vagish Chander said, "I feel immensely indebted to this great institution for everything I have learned and earned during these memorable years of my life."
“I extend my heartfelt gratitude to all my colleagues who worked with me and gave me wonderful memories to cherish for the rest of my life.”
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Hello Jammu News at 2:04:00 PM 0


New Delhi, Mar 5: Amidst Opposition uproar over a range of issues including bank scams, Cauvery water dispute and special status for Andhra Pradesh, the Rajya Sabha was adjourned till 1400 hours on Monday.
The House had convened for the second leg of Budget Session after a month-long recess. 
Congress party MPs raked up the issue of jewellers Nirav Modi and Mehul Choksi in connection with the alleged Rs 12,600 crore fraud at Punjab National Bank. 
All India Anna Dravidra Munnetra Kazagham MPs raised Cauvery issue in the House, demanding early constitution of the Management Board for the river waters. 
Telugu Desam Party MPs also joined the protests for special status for Andhra Pradesh. 
The Upper House was first adjourned till 1120 hrs and subsequenty, till 2pm. 
Opposition continued to create ruckus which forced Chairman Venkaiah Naidu to adjourn the House. UNI
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Hello Jammu News at 5:51:00 PM 0


Mumbai, Jan 19: Private sector lender, Kotak Mahindra Bank Ltd reported a rise of 19.72 percent in its standalone net profit forthe quarter ended December 31, 2017 at Rs 1,053 crore as compared with Rs 879.76 crore for the same quarter a year ago. 
Standalone Total Income for the quarter ended December 31, 2017 grew by to Rs 6,049.02 crore as compred with Rs 5373.83 crore for the same quarter a year ago. 
On consolidated basis, the bank reported a rise of 28 percent in its net profit for the quarter under review at Rs 1,624.24 crore as compared with net profit of Rs 1,266.59 crore for the same quarter a year ago.
Net interest income, or the core income of the bank, rose 16.75 percent to Rs 2,393.72 crore compared with Rs 2,050.32 crore last  year Other income was at Rs1,039.82 crore, up 14.24% from Rs910.22 crore a year ago.
Provisions and contingencies rose 10.76 percent to Rs 212.77 crore from Rs 192.10 crore a year ago. On quarter-on-quarter basis, it fell marginally 1.74 percent from Rs216.53 crore.
Gross non-performing assets (NPAs) advanced 16.9 percent to Rs 3,714.99 crore at the end of the December quarter from Rs 3,177.88crore in the same quarter last year. The bank said during the quarter, restructured loans considered standard were at Rs 67
crore or 0.04 percent of net advances.
As a percentage of total loans, gross NPAs improved to 2.31 percent as compared to 2.47 percent in the previous quarter and 2.42% in the year-ago quarter. Net NPAs were at 1.09 percent in the December quarter compared to 1.26 percent in the previous quarter and 1.07 percent in the same quarter last year.
Advances rose 23.06 percent from a year ago to Rs 1.59 trillion.
Deposits gained 21.07 percent to Rs 1.81 trillion.
Saving account deposits grew 60 percent to Rs 55,397 crore, Current account deposits grew 21 percent to Rs 24,776 crore.
CASA ratio stood at 46.7 percent at the end of the quarter.
The bank's assets under management rose to Rs 1,82,879 crore from Rs 1,33,078 crore a year ago. UNI
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