A proposal to raise the mandatory retirement age for executives at public service banks and the Life Insurance Corp (LIC) is now under consideration. At the same time, the official told PTI that talks are on to increase the retirement age for PSBs’ CEOs to 62 from 60. The LIC chairman’s mandatory retirement age as of 2015 was 62. 

Dinesh Khara, chairman of the State Bank of India, is also expected to be granted a new term in office, according to PTI. On Sunday, a high-ranking government official informed PTI that the government is considering raising the retirement age of MDs of PSBs from the existing 60 to 62 years old.

Khara, a seasoned banking professional, is the current chairman of SBI. He assumed the helm in 2020 for a three-year term. Khara is required to retire next August, upon reaching the age of 63, as per the present policy.

No official statement has been made regarding the planned increase in the retirement age for government officials. A final verdict has not yet been reached.

Until June 29, 2024, Siddhartha Mohanty will serve as the head of India’s state-run life insurance company, LIC. After then, until June 7th, 2025, he will continue to serve as MD/CEO. Having succeeded M R Kumar in March of this year. LIC’s current management team consists of M. Jagannath, Tablesh Pandey, and Mini Ipe. Increasing doctors’ retirement ages can have an effect on how long they practice medicine.

Also Read:-FPIs invest Rs 10,689 cr in Aug; pace of investment slows

LIC was established by the government of India in 1956. Life insurance and national prosperity were two of the driving forces behind the organization’s inception.

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Any person trusts the bank the most, whether it is to keep money with the bank, to keep precious jewelry or to take a loan by mortgaging land papers with the bank. But sometimes the bank also defaults and the papers of the mortgaged land are lost. Something similar happened with the Link Road branch of State Bank of India (SBI) Ludhiana. The papers of mortgaged land have been lost from this bank branch of SBI and now the bank will have to pay the compensation.

SBI’s appeal rejected

National Consumer Disputes Redressal Commission (NCDRC) has rejected SBI’s appeal holding the bank responsible for deficiency in service and District Consumer Forum and State Consumer Disputes Redressal Commission to pay compensation of Rs. Has put his stamp on the decision of On January 3, a two-member bench of NCDRC’s presiding member C. Vishwanath and member Subhash Chandra gave this decision while rejecting the appeal (revision petition) of SBI while agreeing with the decision of the District Forum and the State Commission.

The NCDRC said in the judgment that there is no doubt that the petitioner (SBI) is responsible for the loss of sale deed. He should have protected the property documents that the complainant had handed over to him (SBI). Failure to take appropriate steps to safeguard the valuable original documents of the customer is a clear deficiency in service, causing serious loss to the customer.

The NCDRC, in its decision, has referred to the Commission’s earlier judgment in SBI vs Amitesh Mazumdar, which held that the market value of the property falls due to the absence of the original title deed. No one wants to buy a property at the prevailing market price knowing that the original title deed will not be handed over to him by the seller. In that judgment, it was even said that even banks would not be willing to lend against immovable property in the absence of the original title deed.

What was the whole matter?

Jitender Pal Singh, a resident of Ludhiana, had sanctioned an advance credit limit of Rs.20,000 from the bank in 1997 for M/s Sherry Knitwear, and in lieu of this, SBI Bank’s Link Road branch, Ludhiana, had transferred Jitendra Pal Singh’s Guru Nanak Pura status in Ludhiana Civil Lines. The papers of 100 square yards of land were mortgaged. In 2010, Jitendra Pal Singh asked back the land papers from the bank after paying off all the loan in one time settlement but the paper was lost from the bank and the bank could not return the paper. After going through a lot of rounds, Jitendra Pal Singh filed a complaint against the bank in the District Consumer Forum and demanded a compensation of one lakh rupees for the trouble caused along with getting back the original papers of the land from the bank.

Accepting the complaint, the District Forum held the bank responsible for the deficiency in service and ordered the bank to pay Rs 25,000 as compensation and Rs 2,000 as litigation costs to the complainant, as well as investigate and take action against the bank officials guilty of negligence. Go The bank had earlier challenged this order in the State Commission but the State Commission had dismissed the petition after which the bank approached the National Commission.

The bank had imposed a recovery case on the complainant

The bank’s contention was that it was not responsible for the deficiency in service as it had not done anything willfully. The bank said that the complainant had availed a cash credit limit in the name of Sherry Knitwear. Later the complainant became irregular in giving the money on which the bank filed a recovery case against him. The bank said that as per the NPA account rules, SARB (Stressed Assets Resolution Branch) is transferred. Earlier SARB was called SARC.

Bank’s arguments were not accepted

The SARC had settled the account with the concerned branch, in this sequence many times the files and documents went from one department to another in which the sale deed of the property mortgaged with the bank was lost. The bank made a lot of efforts to find the documents but they could not be found. The bank will return the documents whenever they are received. But these arguments were not accepted by the NCDRC and the bank’s petition was rejected.

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State Bank of India has warned its customers not to share their bank and other financial information on public platforms like social media under any circumstances. The bank has clearly said that if a person shares his banking and financial details on any public platform and because of that any kind of fraud happens to that person, then the bank will not be responsible in this matter. . But, why did the country’s largest bank give this warning to its customers, what happened after all that State Bank of India had to issue such a warning, let us know.

what is the whole matter

This whole matter is related to the wrong transaction of a customer. Actually, a customer of State Bank had lodged his complaint by tagging the Twitter account of State Bank of India regarding the wrong transaction done from the account. The customer also shared many important information related to the bank in his complaint lodged on Twitter. The customer’s move received a reply from State Bank which read, “Please do not share your banking or personal information publicly on this platform for security reasons. The Bank will not be responsible for any loss arising out of this. We recommend that you remove this information immediately. You can post your point again by removing such sensitive information. Our advice is that you contact us through DM.

Be careful while filing a complaint

If you also have any problem related to any bank account, then while registering a complaint on social media, do not share any kind of confidential information related to your bank account even by mistake. If you do this, then there can be a big cyber fraud with you. In such a case even the bank will not help you. The State Bank of India has warned in clear words regarding such cases that if a customer shares information related to his bank account on social media and because of that a fraud happens to you, then the bank will not be responsible for it.

Dear Sir, as per your suggesition, I had contact to Near branch along with beneficiary bank by email to return the money, But till date I had not replied or returned any money, poor service given by SBI, just referring one to anather counter/ departments @RBI @FinMinIndia pic.twitter.com/6BeeA8XT5Y

— Dr Deepak Ku Nayak (@dr_deepak432) January 4, 2023

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Bank FD vs Stock Market

If you are planning to invest your money somewhere. So first of all options like Stock Market or Fixed Deposit will come in front of you. We are going to tell you about some such banks, which have made investors rich by owning more bank shares than their fixed deposits (FD). With this news, you can make your investment plans better. Also, you can invest in the right place.

Investing in the stock market is very risky, but if you are ready to take the risk, you can become a millionaire and a millionaire from a millionaire in a few months or years. Your money can be doubled. If you make a fixed deposit of your money in the bank for 7 to 30 days. So in this case you will get a maximum return of 3.5%. Means your 1 lakh rupees will become 103500 rupees after one month. On the other hand, if you invest 1 lakh rupees in the shares of these banks before 1 month, then your money can be up to 2.5 lakhs

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Bank fd vs bank shares

Let us tell you that, you can see the comparison of 1 month returns of shares and FDs of some public sector banks. Just like Uco Bank is paying 2.9 percent interest on fixed deposits for 7 to 29 days, the same bank’s stock has given a return of 145 percent in 1 month. Similarly, the Central Bank of India has given a return of 76 per cent to its equity investors during this period, while 3.25 per cent on FD. State Bank of India has given equal returns in both.

Return on Bank Shares (in %) Return on FD (in %)
UCO Bank 145 2.9
Central Bank Of India 76 3.25
Indian Bank 10.68 2.80
Indian Overseas Bank 77.58 3.25
Punjab National Bank 38 3.50
State Bank of India 3.00 3.00

Fixed Deposit (FD) Interest Rates: ICICI Bank Vs HDFC Bank Vs SBI Vs Kotak Mahindra Bank – NDTV https://t.co/rhdq0xEtGC I think that present situation is different. People have lost their confidence about banking work. So it is better to invest in share market.

— ALOKE KUMAR DAS (@ALOKEKUMARDAS10) February 20, 2018

Must take expert opinion

If you are going to invest money anywhere. Before this, you must take the opinion of a market expert. If you are going to invest money in shares, then you must keep in mind that it is not necessary that your money will always increase. Many occasions come when your money can also be drowned. Money does not sink in the same fixed deposit in the bank. You get decent interest.

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IDBI Bank would continue its primary dealer business even if a foreign bank acquires majority stake and management control in the private sector bank, the finance ministry said on Tuesday.

As part of the primary dealer activity, IDBI Bank is involved in market making activities in respect of G-Secs, including T-bills. IDBI’s treasury actively participates in primary auction of government bonds.

In response to a query on the primary dealership activities undergoing change/getting impacted, where a foreign bank acquires more than 50 per cent shareholding and management control in the strategic sale, the Department of Investment and Public Asset Management (DIPAM) said, “There may not be any impact on the primary dealer business of the IDBI Bank.”

Primary dealers are RBI registered entities that buy and sell government bonds. They have the licence to buy government securities (G-secs) directly from the central bank and sell them to other buyers, thereby creating market for G-Secs.

The clarification is part of the supplementary responses to queries received from interested bidders for IDBI Bank. The first set of responses were released last month.

The DIPAM had then clarified that IDBI Bank will continue to operate as an ‘Indian private sector bank’ after its strategic sale even if the successful bidder is a foreign bank.

The government had on October 7 invited bids for privatising IDBI Bank and said that it along with LIC will sell a total of 60.72 per cent stake in the financial institution. The last date for putting in Expression of Interest (EoI) or preliminary bids is December 16.

The government and LIC together hold 94.72 per cent stake in IDBI Bank and have offered to sell 60.72 per cent stake in the bank. The successful bidder would be required to make an open offer for acquisition of 5.28 per cent of the public shareholding.

Interested bidders would have to clear RBI’s ‘Fit & Proper’ assessment and get security clearance from the government/home ministry in the EoI stage itself to be able to access IDBI Bank’s data room for due diligence

The DIPAM had earlier said that potential investors should have a minimum net worth of Rs 22,500 crore, must report net profit in three out of the past five years to be eligible for bidding for IDBI Bank.

Also, a maximum of four members would be allowed in a consortium. The successful bidder would be required to mandatorily lock-in at least 40 per cent of the equity capital for five years from the date of acquisition.

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