This termination pertains to practices at the auto loans department where some staff allegedly forced customers to buy the GPS devices bundling it with the car loan. It was found that some customers were not even aware of purchasing such a product till the loan documents were checked.
These steps have been taken "attaching paramount importance to prevent spread of the virus among the bank employees while on duty," the government said in a notice.
The government is working on a privatisation plan to help to raise money by selling assets in non-core companies and sectors when the country is strapped for funds due to lack of economic growth caused by the coronavirus pandemic.
As gold prices are currently ruling high, the collateral is becoming more valuable, Managing Director George Alexander Muthoot said adding that now, people can borrow more money out of the same holding and as a lot of publicity is going around gold and gold prices, more and more people are inclined to take gold loan.
The First Bench of Chief Justice AP Sahi and Justice Senthil Kumar Ramamoorthy refused to grant any interim relief to the Big Kanchipuram Cooperative Town Bank Ltd and the Velur Cooperative Urban Bank Ltd which challenged provisions of the ordinance promulgated on June 26.
About 50% of the debt is expected to be resolved by March 2021, the indebted infrastructure lender's board said in a progress report, with 18% already addressed as of June end. The board had said in an update in October that it aimed to resolve 50% of the debt by March this year.
“The current environment will lead to more financial challenges for realty developers. Hence there will be a need for patient capital and the market will see more last mile funding transactions along with partial liquidity solutions to existing lenders,” said Vikas Chimakurthy, CEO, Kotak Realty Fund.
Kedaara is competing with global and domestic funds such as TPG, Advent International, James Murdoch’s Lupa Systems and Chrys Capital that have already evaluated the investment opportunity until lockdown temporarily halted the fundraising exercise at a $2-2.2 billion valuation, said four people with knowledge of the development.
The All India Bank Employees Association in a statement said that the coronavirus threat is haunting bankers, where they are highly exposed to the general public dealing and now a five-day week is the requirement of the hour. The association noted that while whole world is carving for four-day working, the country is still looking for a way to opt for five-days banking.
Corona Kavach, which was launched on July 10 and is being offered by both general and health insurers, is a standard health insurance policy created to meet the treatment requirements for coronavirus.
In the letter, United Forum of Bank Unions (UFBU) said, "Despite standard operating procedure (SOP) prescribed by the central government as also state government and local administration, banks are not complying with regular sanitisation of branches."
"The global economy has taken a hard hit due to Covid-19. The IMF in its recently released World Economic Outlook, June 2020 has reported that the global economy is expected to contract by 4.9% in 2020, the impact would be much larger than what we have seen during the global financial crisis of 2008."
The banker, who is set to retire in October this year on attaining the age of 70, had earned Rs 42.20 crore by exercising stock options in 2018-19.