But why should I worry when the government of India is my son-in-law who married my daughter Syndicate Bank," asked the late Tonse Madhav Ananth Pai in , in the aftermath of the nationalization of the first-generation private-sector banks. This incident was recounted to Mint by Ashok Pai, the youngest son of T.
In the new wave of bank mergers announced by finance minister Nirmala Sitharaman on 30 August, Syndicate Bank will now be merged with the anchor Canara Bank. In short, Syndicate Bank will cease to exist.
The Udupi-born Corporation Bank will also lose its name. Last year, another local bank, Vijaya Bank, which was started by the Bunt landowners leader A. Shetty, was merged with Bank of Baroda. Before they were bifurcated in , the Udupi and Dakshina Kannada districts had birthed five banks. All these banks were initiatives of private individuals, highly motivated for community welfare.
The undivided Dakshina Kannada district has always shown great concern about anything to do with its banks. The district raised the loudest protest when nationalization happened. As things stand, there has been a mixed reaction to the massive changes. Some opposition political parties are planning protests. And of course, many bankers and their families are upset and even perplexed at the development.
Take N. Santhosh Hegde, the former Lokayukta of Karnataka, who belongs to a family of bankers. I feel sad that the banks I held in high esteem may not be known for the next generation, their names will be wiped out," he told Mint. Many examples are cited. Suggested Exams. More General Knowledge Questions Q1. In which year Indian government has enacted the Consumer Protection Act? The activities in primary, secondary, and tertiary sectors are. When was the Human Development Report published for the first time?
Which of the following is one of the criteria of the UNDP for measuring development that is also used by the World Bank in classifying different countries? Underemployment occurs when people:. Must Watch. By Oneindia Staff. Bank strike ends, normal operations to resume from tomorrow. RBI bans zero per cent interest rate scheme for buying goods. Bank Strike: Several public sector banks to remain closed across India tomorrow. We have not exhausted ammunition on rate cuts, policy actions: RBI Governor.
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The Central Bureau of Investigation CB filed a chargesheet against 18 accused for their alleged involvement in causing a loss of nearly Rs crore to the Syndicate Bank. A special court in Thane has rejected former Bollywood actress Mamta Kulkarni's application for de-freezing her six bank accounts, three FDs and releasing two Mumbai flats sealed in connection with a Rs 2,crore drugs case. Karkala Govinda Shenoy, popularly known as K G Shenoy, former chief manager of Syndicate Bank, passed away here on Tuesday, following age-related illness.
He was He is survived by his wife, two daughters and a son. To provide easy access to investors to participate in public and rights issues by using various payment avenues, markets regulator Sebi on Tuesday allowed payments banks to carry out the activities of investment bankers.
The government informed the high court that a notification was issued on Tuesday for attaching properties of former minister R Roshan Baig in connection with the multi-crore IMA scam. As many as branches across public sector banks have been shut in the financial year A day after the Special Task Force STF of Uttarakhand Police unravelled what it termed as one of the biggest online scams to be busted by it, senior police officials said that on the basis of preliminary investigation and information provided by the arrested accused, almost 5 lakh people became victims of the scam in the entire country.
At Rs The successive rises have a far-reaching impact on the prices of commodities at a time when people are facing financial hardships and personal tragedies.
Thanks to the merger of some 10 public sector banks into four entities at the start of the financial year , branches of nationalized banks across Gujarat have been shut down.
The city police on Friday claimed to have busted an inter-state drug syndicate supplying illegal psychotropic drugs, with the arrest of 15 persons. In this case, the first two sets of eyes were those of Wipro employees. This was part of work that had been outsourced to Wipro. The finance ministry announced that the embargo on allotment of government business to private banks has been lifted. All banks can now participate. Private banks can now be equal partners in development of the Indian economy, furthering government's social sector initiatives, and enhancing customer convenience," the ministry said.
To facilitate privatisation of public sector banks, the government is likely to bring amendments to two legislations later this year. The South Korea-based Shinhan Bank has lodged a complaint of cheating and forgery against two private firms under the scanner for IPL betting racket for fraudulent transactions of Rs 68 crore involving entities based in the US and Singapore.
Andhra Bank has a rich sporting tradition producing dozens of cricketing stalwarts.
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