Page 7 - Indian Bank

Indian Bank declares IL&FS and 7 other loan accounts as fraudulent

In a disclosure to the BSE, the bank said it had provided a sum of Rs 129.97 crore as on December 31, 2020 for the loans to seven domestic borrowers

Govt-owned Indian Bank declares 8 loan accounts as fraud, including IL&FS

Government-owned Indian Bank has declared bad loans amounting Rs 202.32 crore to seven domestic borrowers and $5.289 million lent to a foreign company as fraud

How Indian Bank-Allahabad Bank amalgamation proved an unlikely success

The merger was complicated by the fact that the government had not allowed post-merger lay-offs for any of the banks under this process

Banking services hit in Punjab, Haryana as unions protest privatisation

Employees under the aegis of the United Forum of Bank Unions went on a two-day countrywide strike

Indian-Allahabad Bank amalgamation: Changes & all the post-merger details

Despite the pandemic, the Allahabad Bank merger with Indian Bank concluded the final technical amalgamation (software integration) last month

Indian Bank to auction two properties owned by Saravana Stores Gold Palace

The bank has issued a notice of sale to recover Rs 288 crore from the jewellery represented by its partners, guarantors and title holders

Imran Amin Siddiqui appointed as ED of Indian Bank

He has been appointed for a period of three years

Bull run continues for 3rd day; Sensex ends 254 pts up; IT, metal stks jump

Among sectoral indices, the Nifty Metal index remained the star performer today, closing 1.8 per cent higher, followed closely by the Nifty IT index (up 1.6 per cent).

Indian Bank committee nods to raise up to Rs 4,000 crore through share sale

State-owned Indian Bank on Tuesday said its committee of directors has given approval for raising up to Rs 4,000 crore through share sale.

Amalgamation has led to all-round gains for merged entity: Indian Bank MD

In a Q&A, Padmaja Chundru says issues like equal stature of Allahabad Bank and Indian Bank and retirement of 10 GMs were addressed fairly with continuous communication with staff and customers

Indian Bank to divest stake in asset reconstruction JV ASREC India

State-owned Indian Bank on Friday said it will divest stake in joint venture entity ASREC (India) Ltd as part of asset monetisation exercise. The bank holds a 38.26 per cent stake in ASREC (India) Ltd. As part of the monetisation of the bank's non-core assets, the board of directors of the bank in its meeting held on March 5, 2021, accorded in-principle approval for partial/full divestment of the bank's stake in joint venture ASREC (India) Ltd, Indian Bank said in a regulatory filing. ASREC is an asset reconstruction company in which Bank of India, Union Bank of India, LIC and Deutsche Bank are the shareholders. The company was granted a certificate of registration by the Reserve Bank of India in October 2004 to carry out activities under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002. The company's authorised equity capital was Rs 125 crore and the aggregate paid-up equity and other equity was Rs 146.01 crore as

Indian Bank to monetise non-core assets, divest stake in ASREC (India)

ASERC acquires NPAs from banks and financial institutions at mutually agreed prices with the aim of maximising returns through innovative resolution strategies

PSU banks stage a comeback as tactical picks on sustained performance

The combination of low valuations and expected improvement in financials due to lowering credit cost is driving interest

Indian Bank reports 3 NPA accounts worth over Rs 35 cr as fraud to RBI

Indian Bank on Thursday reported three accounts as fraud to the RBI with total outstanding of over Rs 35 crore

Indian Bank seeks shareholders nod for Rs 4,000 cr equity capital raise

State-owned Indian Bank on Tuesday said it held an extra-ordinary general meeting (EGM) to seek shareholders nod for raising equity capital up to Rs 4,000 crore through various means. Extraordinary General Meeting (EGM) of the bank was held on 2nd March, 2021 through video conferencing/other audio visual means in accordance with government guidelines, the bank said in a regulatory filing. The EGM was chaired by bank MD&CEO Padmaja Chunduru who informed that sole agenda of the meeting was to seek approval of shareholders by way of passing special resolution to raise equity capital up to Rs 4,000 crore through QIP/FPO/rights issue or any combination of these, Indian Bank said. "The resolution seeks to enable the bank to create, offer, issue and allot equity shares by way of follow on public offer and/or on a private placement basis or any other mode approved by GOI and RBI. The issue proceeds will enable the Bank to strengthen its capital base to support growth," it said. As of now,

Indian Bank, IISc-run society join hands to fund start-ups and MSME

Society for Innovation and Development (SID) will identify start-ups and MSMEs based on their credentials and refer the list of such members that require financial assistance to the bank

Indian Bank signs MoU with IISc initiative to fund start-ups, MSMEs

State-owned Indian Bank on Friday said it has entered into an MOU with Society for Innovation and Development (SID), an initiative of Indian Institute of Science, for extending exclusive credit facility to Start-ups and MSMEs. This initiative is a part of the Banks scheme Ind Spring Board for financing Start-ups and will empower Start-ups and MSMEs to realise their research efforts powered by financial support from the Bank and backed by incubation facilities offered by SID, it said in a release. The Bank will extend loans of up to Rs 50 crore to these start-ups for their working capital requirements or for purchase of machinery, equipment etc, it added. Stating that SID is the forerunner in setting up joint R&D with industries and supporting start-up incubation, the bank said, it provides support to the MSME sector by providing joint research and development arrangements and technical and financial support for incubation and acceleration of high-end technology ...

Allahabad Bank merger: Combined CBS platform a success, says Indian Bank

This is the final step in the amalgamation, with data of 3,000-plus branches and all channels of erstwhile Allahabad Bank migrating seamlessly to Indian Bank database

Indian Bank integrates core banking software of erstwhile Allahabad Bank

Indian Bank on Monday said it has successfully integrated the software system with the erstwhile Allahabad Bank post the amalgamation

Indian Overseas Bank posts net profit of Rs 213 crore in December quarter

The firm posted a net profit of Rs 212.87 crore for the quarter ending December 2020 as provisions for bad loans declined