Latest news with #IOB
Time of India
11-06-2025
- Business
- Time of India
Union Bank of India, IOB cut lending rate by 50 bps
Union Bank of India and Indian Overseas Bank have reduced lending rates by 50 basis points, aligning with the RBI's recent rate moderation. This revision includes a decrease in the External Benchmark Lending Rate (EBLR) and Repo Linked Lending Rate (RLLR), benefiting both new and existing retail and MSME borrowers. IOB's RLLR will decrease from 8.85% to 8.35%. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Two state-owned lenders, Union Bank of India and Indian Overseas Bank (IOB), on Wednesday slashed lending rates by 50 basis points in line with the rate moderation done by RBI last changes include downward revision of External Benchmark Lending Rate (EBLR) and Repo Linked Lending Rate (RLLR) by 50 basis points, the Union Bank said in a this move, Union Bank of India has completely aligned its EBLR and RLLR with the recent RBI rate cut which will be beneficial to new and existing retail (home, vehicle, personal, etc.) and MSME borrowers, it Liability Management Committee (ALCO) in its meeting held on Wednesday has approved a reduction of Repo Linked Lending Rate (RLLR) by 50 basis points from 8.85 per cent to 8.35 per cent effective Thursday, IOB said in a the RBI action, many banks have slashed lending rate remaining will follow suit RBI last week cut interest rates by a larger-than-expected 50 basis points, and unexpectedly reduced the cash reserve ratio for banks to make available more money to lend in a bid to boost the RBI's six-member monetary policy committee, headed by Governor Sanjay Malhotra and consisting of three external members, voted five to one to lower the benchmark repurchase or repo rate by 50 basis points to 5.5 per also cut the cash reserve ratio by 100 basis points to 3 per cent, adding Rs 2.5 lakh crore to already surplus liquidity in the banking system.
Time of India
10-06-2025
- Business
- Time of India
Indian Overseas Bank launches ''Locate IOB'' initiative
Public sector Indian Overseas Bank on Tuesday announced the launch of 'Locate IOB' facility enabling customers to easily identify the nearest branches and ATM networks. The feature allows the bank customers to access IOB's new location tool directly at portal or at the bank's website 'Locate IOB' offers customers a simple and a smart way to access addresses, directions, IFSC codes for all IOB branches and ATM networks. It also enables users to call a branch directly from the website," the city-headquartered bank said in a press release on Tuesday. With more people using mobile phones and the internet, initiatives like 'Locate IOB' are increasingly important. These tools help the bank deliver an excellent customer support experience , the release said.
Time of India
06-06-2025
- Time of India
Ex-bank manager among 4 convicted for giving loans to fake SHGs
1 2 Madurai: The second additional district court (CBI cases) in Madurai on Thursday convicted four people including a former senior manager of Indian Overseas Bank (IOB) in Trichy district for sanctioning loans to fictitious self help groups (SHGs) without following proper procedures. It caused a loss of 3.38 crore to the bank. The first accused, B Ravichandran, was working as a senior manager in IOB, Chinthamani branch in Trichy district. Rajaram and Usha were office-bearers, and Kalpana and Lavanya were workers at an NGO called Kurinji Social Welfare Society in Trichy. The prosecution said Ravichandran conspired with the other accused and created fictitious SHGs with fictitious people as members and opened savings bank accounts in the name of groups. The SHGs availed loans ranging from 4.25 lakh to 5 lakh between June 2012 and March 2013. Ravichandran, without verifing the genuineness of the papers, and granted loans to 73 'SHGs' sponsored by Kurinji Social Welfare Society through Rajaram and Kalpana, thereby causing a wrongful loss of 3.38 crore for the bank. Based on the complaint of bank authorities, anti-corruption branch of CBI, Chennai registered a case against Ravichandran, Rajaram, Usha, Kalpana, and Lavanya for offences under various sections of IPC and Prevention of Corruption Act. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Stunning 2-Bed Senior Houses: Take A Peek Inside! GoSearches | Search Ads Undo The additional district judge S Shunmugavel, convicted and sentenced Ravichandran and Rajaram to seven years rigorous imprisonment and imposed a fine of 21 lakh and 29.63 lakh on them respectively. The judge convicted and sentenced Kalpana and Lavanya to three years of rigorous imprisonment and imposed a fine of 11 lakh each on them. The judge acquitted Usha from the case. The judge further directed CBI to collect the fine amount from the four accused by attaching their properties and selling them in a public auction. The judge directed that the recovered amount be paid to IOB, Chinthamani branch. Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
Time of India
06-06-2025
- Time of India
Loan scam: Four convicted including ex-bank manager for illegally sanctioning funds to fictitious self-help groups in Trichy
Image used for representative purpose only MADURAI: The II Additional District Court ( CBI cases) in Madurai on Thursday convicted four persons, including a then senior manager of Indian Overseas Bank (IOB), for sanctioning loans illegally without following proper procedures to fictitious SHGs, thereby causing a loss of Rs 3.38 crore to the bank in Trichy district. The prosecution's case is that the first accused, B Ravichandran, was working as a senior manager in IOB's Chinthamani branch in Trichy district. Rajaram and Usha were office bearers, and Kalpana and Lavanya were workers at an NGO called Kurinji Social Welfare Society in Trichy. Ravichandran conspired with the other accused persons and created fictitious SHGs with fictitious persons as members and opened SB accounts in the name of the SHGs. The SHGs availed loans ranging from Rs 4.25 lakh to Rs 5 lakh between June 2012 and March 2013. Ravichandran did not verify the existence of the SHGs and their members, nor the genuineness of the signatures of the members, and granted loans to 73 SHGs sponsored by Kurinji Social Welfare Society through Rajaram and Kalpana, thereby causing a wrongful loss of Rs 3.38 crore to the bank. Based on the complaint of bank authorities, the CBI, Anti-Corruption Branch (ACB), Chennai, registered a case against Ravichandran, Rajaram, Usha, Kalpana, and Lavanya for offences under various sections of the IPC and the Prevention of Corruption Act. The Additional District Judge, S Shunmugavel, convicted and sentenced Ravichandran to undergo seven years of rigorous imprisonment and imposed a fine of Rs 21 lakh on him. The judge convicted and sentenced Rajaram to undergo seven years of rigorous imprisonment and imposed a fine of Rs 29.63 lakh on him. The judge convicted and sentenced Kalpana and Lavanya to undergo three years of rigorous imprisonment and imposed a fine of Rs 11 lakh each on them. The judge acquitted Usha in the case. The judge further directed the CBI to collect the fine amount from the four accused persons by attachment of their properties and sell them in a public auction. The judge directed that the recovered fine amount shall be paid to the IOB, Chinthamani branch in Trichy. Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
Budapest Times
06-06-2025
- Sport
- Budapest Times
President Sulyok meets with head of International Olympic Committee
President Tamás Sulyok visited Lausanne on Wednesday at the invitation of Thomas Bach, the head of the International Olympic Committee (IOB), and he met members of Hungarian communities in Switzerland in Bern afterwards. President Sulyok's visit to Lausanne marked the 130th anniversary of the founding of the Hungarian Olympic Committee, the sixth such organisation in the world, the statement said. President Sulyok congratulated Bach, the outgoing IOB president, on his achievements during his 12-year tenure. They also discussed the relations between the international and the Hungarian Olympic movement. President Sulyok was accompanied by Zsolt Gyulay, the president of the Hungarian Olympic Committee, and two Olympic medalists, pentathlon athlete Michelle Gulyas and swimmer Agnes Kovacs. Incoming IOB-President Kirsty Coventry and Balazs Furjes, the permanent Hungarian member of IOB, also attended the talks, the statement said. Later, President Sulyok met representatives of Hungarian communities in Switzerland in Bern. Marking the Day of National Cohesion, President Sulyok said Hungarian national cohesion meant 'always being faithful to the homeland and the nation. To never forget other Hungarians, to see them as partners, to accept community with them despite differences in opinion, and to always help and count on each other.'
