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Business Standard
21 hours ago
- Business
- Business Standard
Four PSBs seek 1-year extension to comply with shareholding norms
As per SEBI norms, listed entities must reduce promoter shareholding to 75 per cent premium New Delhi Listen to This Article At least four public-sector banks (PSBs) — Indian Overseas Bank, UCO Bank, Punjab & Sind Bank, and Central Bank of India — have approached the Department of Financial Services (DFS), seeking a one-year extension to meet the Minimum Public Shareholding (MPS) requirement. These banks have expressed their inability to meet the current deadline of August 2026 via the qualified institutional placement (QIP) route. According to Sebi norms, listed entities must reduce promoter shareholding to 75 per cent. Of the 12 PSBs, seven have already met the MPS norms. The current government holdings in the five PSBs are: Indian Overseas Bank
New Indian Express
6 days ago
- New Indian Express
Six arrested for running online betting racket in Andhra Pradesh's Prakasam
ONGOLE: Prakasam district police busted an online betting racket and arrested six individuals for their involvement in operating the network and misusing bank accounts to transfer funds abroad. The arrests were made under the supervision of Prakasam District Superintendent of Police AR Damodar, who briefed the media on Wednesday. The accused are Shaik Nayab Rasool (32), Arusumalla Praneeth Kumar (32), Syed Shahajad Ali (25), Singanaboina Chaitanya Kumar (25), Shaik Khadarunnisa alias Mastanamma (50), and Shaik Ayesha (30). All were arrested near Mukthinuthalapadu and Milk Dairy Centre. SP Damodar said the primary accused, Shaik Yasin from Udayagiri and currently residing in Hyderabad, collaborated with international online betting operators known as White, Jimmy, and Maunika via the Telegram app. The group allegedly created multiple fake bank accounts using false documents, offering payments between Rs 15,000 and Rs 45,000 to account holders in exchange for their banking kits, ATM cards, SIMs, and passbooks. These were routed to foreign handlers for illegal transactions. The racket operated across Nellore, Ongole, and Hyderabad, utilising banks like Karnataka Bank, Indian Overseas Bank, and Federal Bank. Efforts are underway to apprehend other suspects, including Ajay, Vijay, Syam, Rabbu, Jimmy, White, and Maunika. SP Damodar praised the investigation team led by Ongole DSP R. Srinivasa Rao, Ongole Taluka CI Vijayakrishna, IT Core CI V Suryanarayana, and IO B Phani Bhushan.
The Hindu
7 days ago
- The Hindu
Ongole police bust online betting racket, arrest six
Ongole Taluka police on Wednesday arrested six persons for their involvement in the operation of an online betting racket and misusing bank accounts of people to transfer money to foreign countries. The police are in the process of arresting eight others who are also linked to the betting racket. The accused created and sold multiple bank accounts to facilitate their monetary transactions. Shaik Nayab Rasool from S.N. Padu, Arusumalla Praneeth Kumar from Hyderabad, Syed Shahijad Ali from Udayagiri, Singanaboina Chaitanya from Nellore, Shaik Khadarunnisa from Kurnool, and Shaik Ayesha from S.N. Padu were arrested near Peerlamanyam and Arunodaya Colony at Pernmitta village, S.N. Padu mandal, in Prakasam district on Wednesday. Addressing a press conference, Prakasam Superintendent of Police (SP) A.R. Damodar said, 'The main orchestrator, Shaik Yasin, a native of Udayagiri and currently residing in Hyderabad, maintained contacts with international online betting app operators named White, Jimmy, and Maunika through the Telegram app.' 'The group offered lucrative amounts from ₹15,000 to ₹45,000 in exchange for opening savings and current accounts, along with submission of ATM cards, SIM cards, and bank passbooks. Praneeth, Nayab Rasool, and others coordinated with individuals like Syam, Ajay, Vijay, Chaitanya, and others to deliver the account kits to foreign handlers via couriers,' he informed. These accounts were used to route betting money internationally, exploiting net banking and digital verification methods. They have operated across Nellore, Ongole, and Hyderabad, and have used banks like Karnataka Bank, Indian Overseas Bank, and Federal Bank to create fake accounts. Efforts are on to arrest Ajay, Vijay, Syam, Rabbu, Shaik Yasin, Jimmy, White and Maunika, police said.
Time of India
23-07-2025
- Business
- Time of India
Indian Overseas Bank's Hong Kong branch fined ₹9cr
Indian Overseas Bank (Image only for representation) CHENNAI: The Hong Kong Monetary Authority has imposed a penalty of HK$8.5 million (Rs 9.3 crore) on Indian Overseas Bank, Hong Kong branch (IOBHK) for contraventions of anti-money laundering and counter-terrorist financing ordinance (AMLO). It has pulled up the lender for "significant failure" to mitigate risks. Apart from IOB, the authority has levied penalties against the Bank of Communications (Hong Kong) and Bank of Communications Co. Hong Kong branch for HK$ 4 million and HK$ 3.7 million, respectively. A senior IOB official told TOI that there was no fraud or any anti-money laundering and counter-financing of terrorism violations. It pertains to issues over handling alerts generated by the software, which the bank is addressing by putting additional checks in place. "IOBHK has no history of disciplinary record regarding AMLO. It was only a matter of putting procedures in place," the official said. The development follows an investigation by the HKMA, in which the authority has charged that IOBHK has contravened three specified provisions of AMLO between May 2021 and Jan 2024. "IOBHK's management oversight of anti-money laundering and counter-financing of terrorism (AML/CFT) controls was inadequate. The senior management did not have a clear leadership role and responsibility over AML/CFT matters. They did not adequately discuss key AML/CFT control issues at relevant committee meetings and failed to appoint a competent person with sufficient AML/CFT knowledge as the Compliance Officer. As a result, the transaction alerts generated by IOBHK's transaction monitoring system were not properly followed up," the HKMA statement said. IOB in a statement to the exchange said "The bank and its branch operating at Hong Kong have taken necessary preventive actions to avoid such recurrence in future and further strengthen its internal processes in this regard. The impact of the said action on the bank is not material." Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
20-07-2025
- Business
- Time of India
Indian Overseas Bank Q1 earnings: Profit hits Rs 1,111 crore; aims 12% annual growth
Representative image Public sector lender Indian Overseas Bank (IOB) reported its highest-ever quarterly net profit of Rs 1,111 crore in the April–June 2025 quarter, marking a 76 per cent year-on-year jump from Rs 633 crore. The bank, headquartered in Chennai, said it is confident of sustaining and growing this performance through the rest of FY26. 'Exactly. One hundred per cent sure. We are very confident of maintaining this and growing it from here,' said IOB Managing Director and CEO Ajay Kumar Srivastava, as quoted by news agency PTI. He pointed out that the net profit 'quarter on quarter… is increasing' and the graph has been 'very consistent.' He added that the Q1 growth came despite it typically being a 'lean quarter.' In the previous quarter (January–March 2025), IOB had posted a net profit of Rs 1,051 crore — also a record at the time. Looking ahead, Srivastava said the bank is targeting 12 per cent overall business growth in FY26, similar to the previous year. 'That is very comfortable to maintain. That is the minimum also. Beyond that also we are expecting to grow,' he noted. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo On recoveries, the bank aims to meet its Rs 4,500 crore annual guidance. 'In Q1, we have done Rs 851 crore and remaining we are very very comfortably doing it,' Srivastava said. He added that IOB has recovered around Rs 4,500–Rs 5,000 crore annually in the last two years. IOB expects credit growth of 12–13 per cent this financial year. It is also in the process of obtaining approvals to open a branch at GIFT City in Gujarat. 'We are in the process of getting approvals and depending on the approvals, we will be opening a branch. It is in our priority and we want to have one branch as early as possible,' he said. The bank's gold loan portfolio remains a strong segment, especially in Tamil Nadu. Srivastava said the portfolio has consistently grown 37–38 per cent every year and is expected to maintain that rate this year as well. To support growth, IOB plans to raise Rs 4,000 crore in FY26, likely in Q3, through one or two tranches. Following the issue, the Government of India's stake is expected to come down from 94 per cent to around 90 per cent, he added. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
