Public sector banks see headcount falling nearly 10% from FY21 to FY25
While these 12 banks led by the State Bank of India (SBI) had 8,31,630 employees on their rolls as of March 2021, the number fell to 7,58,172 in March 2025, a decline of 73,458 in this period, according to the annual reports of these banks, which did not specify whether all of this is due to retirement or if there are other reasons like annual attrition.
While the decline in percentage terms is the steepest at the Chennai-based Indian Overseas Bank which saw its staff strength plunging by 11% to 20,966 in FY25 from 23,579 in FY21, in absolute numbers, the declining trend is captured the best by the nation's largest lender SBI, which saw its headcount fall by 10,132 from 2,46,353 to 2,36,221.
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Time of India
32 minutes ago
- Time of India
Cops probe Rs11.5 crore loan fraud by petrol pump partners and guarantor
Pune: The city police's economic offences wing (EOW) is investigating an alleged Rs11.47 crore loan fraud committed on a leading private bank branch on Fergusson College Road by two partners in a petrol pump at Pirangut and a guarantor-cum-mortgagee. The three, including a woman, are accused of defaulting on a Rs5.38 crore loan extended in 2017 by the bank against the mortgage of a flat in Sadashiv Peth and the Pirangut petrol pump property, besides Rs6.09 crore worth of overdraft protection and interest on the loan. They are also accused of forging the bank's no-objection certificate (NOC) and mortgaging the same two properties to a cooperative bank to secure a Rs7 crore loan from that bank. Based on a complaint by the private bank's Navi Mumbai-based legal enforcement unit's official, the Shivajinagar police on Tuesday registered a case of criminal conspiracy, cheating, criminal breach of trust, forgery, and use of forged documents as genuine, among other charges, against the petrol pump (as a corporate entity), the two partners, and the guarantor-cum-mortgagee. The EOW later took over the investigation in the case. Senior inspector Deepali Bhujbal told TOI: "The suspects are related to each other. The prime suspect, who owns the land parcel at Pirangut as well as the petrol pump located there, approached the bank in 2017 for a business loan. The bank gave him Rs5.38 crore against the mortgage of his two properties i.e. the land and the flat. However, he did not pay the EMIs but kept on sending promissory notes to the bank to avert the loan account from getting listed as a non-performing asset (NPA). " You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune "The bank listed the account as an NPA in 2021 and followed the RBI norms to seize the mortgaged properties. However, when the bank officials reached the fuel station in Pirangut to attach the property, they realised that it was already sold to a third party," Bhujbal said. "The bank again conducted a fresh title search report. The report revealed that the suspect and other family members secured another loan of Rs7 crore from a cooperative bank, having an office on Shivaji Road, after submitting a fake NOC of the FC Road bank. Further inquiry by the EOW revealed that the suspects had not even paid the EMIs of the cooperative bank," Bhujbal said. "We have requested the cooperative bank officials to file a fresh complaint against the suspects," she said, adding a search is under way for the prime suspect. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and s ilver prices in your area.
Time of India
an hour ago
- Time of India
Trump tariffs: To beat 50% duty, exporters speed up US consignments
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Indian Express
an hour ago
- Indian Express
Bank ordered to pay over Rs 1 crore to company that lost the amount in 2023 SIM swap fraud; telecom major also penalised
An Ahmedabad-based company, which deals in ball bearings and had lost Rs 1.2 crore to cybercriminals in a SIM swap fraud in March 2023, has received compensation to the tune of Rs 1.2 crore from penalties imposed on a leading bank and a major telecom company that were held liable by the Adjudication Officer of the Department of Science and Technology (DST) of Gujarat. Passed on July 31, the order by Mona Khandhar, the Principal Secretary of the DST and the Adjudication Officer under the Information Technology Act, ordered ICICI Bank to pay Rs 10 lakh as penalty and Rs 1.05 crore as compensation to Collective Trade Links Private Limited. Further, Vodafone Idea Limited was ordered to pay Rs 5 lakh as penalty to the complainant. Both the companies have been asked to submit the amount within 6 weeks from the date of the order. Both companies were also directed to implement internal vulnerability checks within three months. ICICI Bank was further directed to upgrade its ICT (Information and Communication Technologies) platforms within six months. According to the original case filed at the Cybercrime Police station in Ahmedabad, the firm had lost a total of Rs 1,19,37,000 on March 12, 2023, in a series of 22 transactions. This happened on a Sunday, a non-working day, and when the Director, Prakash I Mehta, was not even in India but in Vietnam. The illegal transactions took place after cybercriminals sent an email to the telecom company asking for a change in the SIM card. This was authorised to approve financial transactions of the complainant firm. The fraudsters had also submitted fake documents to enable the transaction. The next day, the accountants at the firm discovered the theft and reported it to the police. Subsequently, the company's director approached the Adjudication Officer of the DST to seek compensation from the telecom company and the bank, and filed a civil complaint under sections 43 and 43-A of the Information Technology Act, which deal with civil liability for criminal action against unauthorised accesses, data theft and damage to computers systems. Hearings were held on five dates in 2024 and in January 2025. The order said, 'An investigation has revealed that Prashanta Datta, a Vodafone store manager in West Bengal, was allegedly complicit in the issuance of blank SIM cards, bypassing established verification protocols. One such SIM card was subsequently exploited in the commission of the fraud against the complainant.' Further, regarding the bank, the order stated, 'Negligence was exhibited by ICICI Bank in failing to exercise due diligence while adding new beneficiaries and approving transactions, thereby violating established banking norms and protocols. The bank's failure to implement proper verification procedures allowed for the approval of unauthorised high-value transactions which exceeded the standard transaction limits and by-passed necessary security checks. This breach of due negligence directly resulted in the financial loss of Rs 1,19,37,000 to the complainant.'
