indian overseas bank

Seven lenders, including Bank of Baroda (BoB) and HDFC, today raised interest rates by up to 50 basis points, in response to the Reserve Bank's tight monetary policy announced last week. While BoB and Oriental Bank of Commerce (OBC) raised the deposi Full Article

Next time you wish to cash in your fixed deposits, be ready to pay a penalty of as much as one per cent of the investment if money is withdrawn before completion of the maturity period. In a bid to discourage premature withdrawal of money from fixed Full Article

CHENNAI: It is well settled in law that once a charge of misappropriation is proved against a bank officer or employee in any department or organisation, who is dealing with money, the employer will lose trust and confidence in him. In such cases the Full Article

The Central Bureau of Investigation has arrested today a Branch Manager, Indian Overseas Bank, Berhampore Branch (under suspension), Chartered Accountant and four other private accused persons for defrauding Indian Overseas Bank, Berhampore Branch to the tune of Rs. 5.38 crores. Full Article

While RBI played down the issue, it emerged that Bank of Baroda (BoB) had an exposure of around $200 million (Rs 928 crore at Friday’s rates) to Dubai World, a senior bank executive said. “The amount is due for repayment only after 2011. It is paying interest and there are no overdues. So, we have absolutely no immediate concern,” a senior bank executive said. Full Article

In our considered opinion, no prudent businessman would borrow funds on interest and keep his own funds idle. Besides, (he transaction of loan is also not third party transaction but the funds borrowed from the Indian Overseas Bank by the sister concern have been taken as loan by the assessee without any business necessity because its own funds have remained idle throughout the year. The assessee has also admitted that the funds were kept idle and not utilized during the.. Full Article