Latest news with #CanaraBank
The Hindu
16 hours ago
- The Hindu
Compensation cheque of ₹1 crore handed to deceased CESC lineman's family in Mysuru
A compensation cheque of ₹1 crore was handed over to the family of Mahesh G.B., a lineman of the Chamundeshwari Electricity Supply Corporation (CESC) Limited, who lost his life while on duty. The cheque was handed over to Mr. Mahesh's parents Bore Gowda and Kamala in the presence of Chief Minister Siddaramaiah, Assistant General Manager and Regional Head of Canara Bank, Mysuru, S. Rajashekar, and CESC Managing Director K.M Munigopal Raju, at the 'Sadhana Samavesha' held at the Maharaja College Ground in Mysuru on Saturday. A statement from Canara Bank's regional office in Mysuru said that Mr. Mahesh, an employee of CESC, was one among the bank's Premium Payroll Account holders. The cheque had been issued under the Salary Account Insurance Benefit. Meanwhile, a statement from CESC said Mr. Mahesh, 27, was a junior lineman serving in the Pandavapura sub-division, and had died while on duty. CESC, it said, was committed to the health and safety of its employees and officers.
India Today
2 days ago
- Business
- India Today
Court pauses trial against Mehul Choksi in Rs 55-crore Canara Bank fraud case
A special CBI court in Mumbai on Friday stayed the issuance of process and the non-bailable warrant (NBW) against absconding diamantaire Mehul Choksi in connection with a Rs 55 crore loan fraud involving Canara case, registered by the CBI's Bank Securities and Fraud Branch (BSFB) on July 12, 2022, was based on a complaint filed by P Santosh, Chief General Manager, Canara Bank. It alleged fraud committed by Choksi, his companies, associates, and some unidentified public servants in the disbursal of working capital facilities sanctioned to Bezel Jewellery (India) Pvt Ltd under a consortium led by Canara Bank and Bank of this year, in April, a magistrate court issued a fresh NBW against Choksi. The businessman, currently imprisoned in Belgium, challenged the order through advocates Vijay Agarwal, Rahul Agarwal, and Jasmin Purani. His co-accused, Aniyath Shivraman Nair, then Assistant General Manager at Gitanjali Jewels, also filed a criminal revision Agarwal, representing both accused, argued that 'a cryptic order of issuance of process has been passed' by the magistrate court. He said the court had issued the process mechanically, without applying its mind and in violation of Sections 190 and 204 of the CrPC. Agarwal added, 'The order is a non-speaking and unreasoned order, hence, it may kindly be stayed.'CBI's Public Prosecutor Vikram Singh opposed the request for interim Special Judge JP Darekar, after reviewing the records and the magistrate's order, noted that the lower court failed to issue a reasoned order. 'Though the Trial Court has observed that there is sufficient material available on record for issuing process against accused persons, but order does not contain detailed reasons,' the judge a Supreme Court precedent, Judge Darekar said, 'Prima facie the impugned order does not reflect that any opinion was formed by the Trial Court on the basis of the material content in the charge-sheet.'The court further stressed the importance of reasoned orders. 'The reasons are necessary not only for the litigants before the court but also for the superior courts to know the thought process of the Trial Court. The court expects at least some brief outline of the reasons which led the Trial Court to form an opinion to issue summons in the case.'In view of these observations, the court stayed further proceedings in the trial court against Choksi and Nair until the next CBI court directed that its order be communicated to the magistrate court and granted the agency time till August 8 to file a reply.- EndsMust Watch
Indian Express
2 days ago
- Business
- Indian Express
Special court stays proceedings in 2022 bank fraud case filed against Choksi
A SPECIAL court Friday stayed proceedings against diamond merchant Mehul Choksi and a co-accused in a bank fraud case, pending before the magistrate court. The special court said that the magistrate court had in April issued summons to the seven accused in the case, including Choksi, but the order does not reflect any opinion of the court. Lawyers for Choksi and co-accused, Aniyath Nair, had approached the special court against the magistrate court order. 'The reasons are necessary not only for the litigants before the court but also for the superior courts to know the thought process of the learned trial court. The court expects at least some brief outline of the reasons which leads the Trial Court to form an opinion to issue summons in the case. Therefore, in view of this prima facie error of being no reasons in support of the order of issuance of process, the further proceedings…. pending before the court….are hereby stayed qua the present applicant Nos.5 (Nair) and 2 (Choksi) till next date,' the special court said. The case relates to a complaint filed in 2022, alleging wrongful losses caused to a consortium of banks led by Canara Bank to the tune of Rs 55.27 crore. Choksi, two companies— Bezel Jewellery India Ltd, Gitanjali Gems, and four other persons were named as accused by the CBI. The CBI had alleged that loans granted by the banks for manufacturing and sales of gold and diamond studded jewellery, were diverted by the accused. The magistrate court had passed an order summoning the accused and issued a non-bailable warrant against Choksi, who is currently facing proceedings in Belgium, where he is detained on an extradition request by Indian authorities, for investigation of the Rs 13,000-crore Punjab National Bank bank consortium fraud case. The lawyers for the accused, Rahul Agarwal and Jasmin Purani, had submitted that the magistrate court order taking cognizance of the chargesheet filed by the CBI was done 'mechanically', without giving any reasons. They also claimed that the order was passed in a 'lightning speed' on the same day when the chargesheet, running into thousands of pages, was put before the court, without perusal.
Time of India
2 days ago
- Business
- Time of India
CBI court grants interim stay on proceedings against Mehul Choksi in bank fraud case
Mumbai: A Special Central Bureau of Investigation (CBI) court on Friday granted an interim stayed on the trial court proceedings before Magistrate court against wanted jeweller Mehul Choksi and other accused persons, Aniyath Nair and Vipul Chitalia in a bank fraud case probed by the CBI in relation to loan granted by Canara Bank to a company, Bazel Jewellery . In April, CBI had filed a chargesheet before the Esplanade court in the said matter alleging cheating, diversion of funds and misappropriation of funds by Mehul Choksi and other officials of the company. Explore courses from Top Institutes in Select a Course Category PGDM Technology Project Management MCA Management Finance others Others Data Science Data Science Operations Management healthcare Design Thinking Leadership Cybersecurity CXO Data Analytics Public Policy Degree MBA Digital Marketing Healthcare Product Management Artificial Intelligence Skills you'll gain: Financial Analysis & Decision Making Quantitative & Analytical Skills Organizational Management & Leadership Innovation & Entrepreneurship Duration: 24 Months IMI Delhi Post Graduate Diploma in Management (Online) Starts on Sep 1, 2024 Get Details Choksi and his nephew, Nirav Modi , are the main accused in the PNB case being probed by both, the ED and CBI for allegedly causing a loss of over Rs..25,000 crores to the bank. Choksi, is currently detained in a prison in Belgium where the police arrested him on India's request. He has contested the extradition . Advocate Vijal Aggarwal appearing for Mehul Choksi and others argued that the order summoning the accused persons is a non-reasoned and mechanical order as the perusal of the same shows that the Magistrate has not applied its mind and not given reasons for summoning the Accused persons as to how offence is made out against them. He further argued that the word used in Section 204 Cr.P.C. which deals with issuance of process/summons against an accused is 'sufficient reasons' and the said reasons have not been stated by the Magistrate in its order. He further argued that the Magistrate has taken cognizance and summoned the accused persons 'with lightning speed' on the same day it has received the chargesheet along with documents running into thousands of pages filed in trunks which suggests that the said order has been passed in a mechanical manner. Counsel appearing for CBI sought time to file reply to the Revision petitions filed by Mehul Choksi and others to reply to contentions raised by them. The Court granted time to CBI to file reply to the petition filed by l Choksi and others and posted the matter on August 8.
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Business Standard
3 days ago
- Automotive
- Business Standard
Car loan rates this July: 7.60%-14.25%, check bank-wise rates & charges
If you're planning to buy a new car this monsoon, it's worth looking closely at how car loan rates stack up this July. According to data from public sector banks continue to offer some of the most competitive interest rates, though private lenders bring in flexibility with quicker processing. Here's a look at what borrowers need to know about the current rates and charges before signing up for a loan. Public banks keep rates low, with fee waivers Among public sector lenders, Canara Bank is offering rates between 7.70-11.70 per cent p.a. with a special offer: a 100 per cent waiver on processing fees under its Retail Loan Festival running from July 1 to September 30, 2025. Similarly, Union Bank of India has rates ranging from 7.80-9.70 per cent p.a., with a flat processing fee of up to Rs 1,000. Punjab National Bank (PNB) and UCO Bank also remain competitive with starting rates of 7.85 per cent and 7.60 per cent, respectively. PNB charges up to 0.25 per cent (Rs 1,000-1,500) as a processing fee, while UCO Bank's fee is slightly higher at 0.50 per cent (Rs 5,000). Here's a snapshot of some public lenders' offers: State Bank of India (SBI): 8.90-9.95 per cent p.a., processing fee of Rs 750-Rs 1,500. Bank of Maharashtra: 7.70-12.00 per cent p.a., 0.25 per cent processing fee (max Rs 15,000), with 0.25 per cent rate concession for existing home loan borrowers. Indian Bank: 7.75-9.85 per cent p.a., processing fee Rs 1,000. What are private banks offerings Private sector banks typically charge higher rates. ICICI Bank starts at 9.10 per cent p.a. with processing fees of up to 2 per cent of the loan amount. HDFC Bank's rates start from 9.20 per cent p.a., charging up to 1 per cent (Rs 3,500-Rs 9,000) in processing fees. IDFC First Bank and Federal Bank have rates beginning at 9.99 per cent p.a. and 10.40 per cent p.a. respectively. Steeper charges: Processing fees can go as high as Rs 10,000-Rs 11,000 in some cases. Below is a detailed table of rates and approximate EMIs for a Rs 5 lakh loan with a 5-year tenure. NEW CAR LOAN-RATES AND CHARGES Name of Lender Interest rate (%) p.a. EMI (Rs) Loan amount-5 lakh Tenure-5 years Processing fee (% of loan amount) Union Bank of India 7.80-9.70 10,090 - 10,550 Up to Rs 1,000 Punjab National Bank 7.85-9.70 10,102 - 10,550 Up to 0.25% (Rs. 1,000 - Rs. 1,500) Bank of Baroda 8.15-11.70 10,174 - 11,047 Up to Rs. 2,000 Canara Bank 7.70-11.70 10,067 - 11,047 0.25% (Rs 1,000 - Rs. 5,000) (100% waiver on processing fee under Retail Loan Festival from 01.07.2025 to 30.09.2025) Bank of India 8.00-12.15 10,138 - 11,160 Up to 0.25% (Rs. 2,500 - Rs. 10,000) UCO Bank 7.60-10.00 10,043 - 10,624 0.50% (Rs 5,000) State Bank of India 8.90-9.95 10,355 - 10,611 Rs 750 - Rs 1,500 IDBI Bank 8.40-9.20 10,234 - 10,428 Rs 2,500 Bank of Maharashtra* 7.70-12.00 10,067 - 11,122 0.25% of the loan amount (max. up to Rs. 15,000) Indian Overseas Bank 7.80-12.00 10,090 - 11,122 0.50% (Rs 500 - Rs 5,000) ICICI Bank 9.10 onwards 10,403 onwards Up to 2% HDFC Bank 9.20 onwards 10,428 onwards Up to 1% (Rs 3,500 - Rs 9,000) Karnataka Bank 9.16-11.64 10,418 - 11,031 Up to 0.60% (Rs 2500 - Rs 11,000) Federal Bank 10.40 onwards 10,722 onwards Rs 2,000 - Rs 4,500 Punjab and Sind Bank** 7.75-14.25 10,078 - 11,699 0.25% (Rs 1,000-Rs 15,000) Indian Bank 7.75-9.85 10,078 - 10,587 Rs. 1000 IDFC First Bank 9.99 onwards 10,621 onwards Up to Rs 10,000 Central Bank of India 7.85-9.45 10,102 - 10,489 0.50% of loan amount (Rs. 2,000 - Rs.20,000) *0.25% interest rate concession for existing home loan borrowers and other existing customers having atleast 6 months of relationship with the bank. **Concession of up to 50% on processing fee for PSB Apna Vahan Sugam. Rates and charges as of 16th July 2025. What should you watch out for? Compare EMIs: For a Rs 5 lakh loan over 5 years, EMIs can vary between Rs 10,043 (UCO Bank) and Rs 11,699 (Punjab and Sind Bank), depending on the bank and rate. Processing fee waivers: Take advantage of offers like Canara Bank's zero processing fee scheme. Relationship discounts: Some banks, like Bank of Maharashtra, offer concessions for existing customers. Bottom line If affordability is key, public sector banks may be your best bet this July, especially with different concessions and fee waiver offerings. However, if speed and flexibility matter more, private lenders, despite higher costs, could suit your needs. Compare rates and charges carefully before taking the plunge.
