RBI New Circular on Death Claim Settlement

 The Reserve Bank of India (RBI) has released a new circular for Death Claim Settlement.

The nomination facility in deposit accounts, safe deposit lockers and articles in safe custody under the provisions of Sections 45ZA to ZF of the Banking Regulation Act, 1949 read with Section 56 of the Act ibid is intended to facilitate expeditious settlement of claims by banks upon death of a deceased customer and to minimise hardship caused to the family members. Further, in cases where nomination is not registered, the extant instructions require banks to adopt a simplified procedure for settlement of the claims up to a threshold limit. However, it is observed that divergent practices are being followed by banks. Hence, it has been decided to review the extant instructions and issue revised regulations to streamline the procedures and standardise the documentation to bring improvement in the quality of customer service in this regard.

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Cheque Clearing in Few Hours! RBI launches Continuous Cheque Clearing

The Reserve Bank of India (RBI) has launched Continuous CTS Cheque Clearing. Now, Cheques will be cleared in just a few hours. RBI has decided to transition CTS to continuous clearing and settlement on realisation in two phases. Phase 1 shall be implemented on October 4, 2025 and Phase 2 on January 3, 2026.

RBI Guidelines on Continuous Clearing with Settlement On-realisation in CTS

1. Single presentation session with continuous delivery:

There shall be a single presentation session from 10:00 AM to 4:00 PM.

Cheques received by the branches shall be scanned and sent to the clearing house by the banks immediately and continuously during the presentation session.

The clearing house will in turn release the cheque images to drawee banks on a continuous basis.

2. Continuous inward processing and confirmation by banks:

The confirmation session shall start at 10:00 AM and close at 7:00 PM.

For every cheque presented, the drawee bank shall generate either positive confirmation (for honoured cheques) or negative confirmation (for dishonoured cheques).

Each cheque will contain the ‘Item Expiry Time’ which indicates the latest time by which confirmation for the presented instrument needs to be provided by the drawee bank.

Processing by drawee banks is to be done continuously throughout the day and on a real time basis as soon as cheque images are received.

Information of positive/negative confirmation shall be sent by the drawee banks to the clearing house immediately after processing.

3. Time available for inward processing:

During phase 1 (From October 4 to January 2, 2026), drawee banks shall be required to confirm (positively / negatively) cheques presented on them latest by end of confirmation session (i.e. 7:00 PM) else those will be deemed to have been approved and included for settlement. Item expiry time for all cheques shall be set as 7:00 PM in phase 1.

In Phase 2 (from January 3, 2026), the item expiry time of cheques shall be changed to T+3 clear hours. For example, the cheques received by drawee banks between 10:00 AM and 11:00 AM will have to be confirmed positively or negatively by them by 2:00 PM (3 hours from 11:00 AM). Cheques for which confirmation is not provided by the drawee bank in the prescribed 3 hours shall be treated as deemed approved and included for settlement at 2:00 PM.

4. Settlement on realisation:

No accounting entries (settlement) will be posted for presentation of cheques.

Starting from 11:00 AM, settlement will be arrived every hour till the end of confirmation session, based on the positive confirmations received from drawee banks and cheques considered deemed approved.

No accounting entries shall be passed for cheques with negative confirmation.

5. Releasing payment to customers:

On completion of settlement, clearing house shall release the information of positive and negative confirmations to the presenting bank.

The presenting bank shall process the same and release the payment to the customers immediately, but not later than 1 hour from successful settlement, subject to usual safeguards.

Download RBI Circular on Continuous Clearing

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Indian Bank Specialist Officer (SO) Recruitment 2025 Notification Released, Check Details

Indian Bank has released the Specialist Officer (SO) Recruitment 2025 notification for 171 posts. The online application process starts on 23 September 2025 and will remain open until 13 October 2025. The salary for these posts ranges from ₹93,960 to ₹1,20,940.

Indian Bank SO Recruitment 2025 Overview

Organization	Indian Bank
Post Name	Specialist Officer (SO)
Vacancies	171
Job Location	All India
Last Date to Apply	13 October 2025
Mode of Application	Online
Categor	Indian Bank Specialist Officer (SO) Recruitment 2025 Notification PDF
Official Website	www.indianbank.in

Indian Bank SO Recruitment 2025 Important Dates

• Application Start Date: 23 September 2025
• Last Date to Apply: 13 October 2025 (till 11:59 PM)
• Fee Payment Last Date: 13 October 2025
• Exam Date: To be released

Indian Bank SO Recruitment 2025 Application Fees

• General / OBC / EWS: ₹1000/-
• SC / ST / PH: ₹175/-
• Payment Mode: Online

Indian Bank SO Recruitment 2025 Age Limit

• Minimum Age: 23 Years
• Maximum Age: 36 Years
• Age Limit as on: 01/09/2025
• Age relaxation will be applicable as per government rules.

Indian Bank SO Recruitment 2025 Educational Qualifications

• Candidates must have Graduate, B.Tech/B.E, Post Graduate, CA, M.Sc, MBA/PGDM, MCA, MS, or ICSI in a relevant discipline.

Indian Bank SO Recruitment 2025 Notification PDF & Apply Online Form Link

• Download Notification PDF
• Apply Online

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Bank Manager in Noida Sentenced to 4 Years Jail in Bank Fraud Case

Manoj Srivastava, the Branch Manager of Union Bank of India's SSI Branch in Noida, was sentenced to four years in prison and a fine of Rs.30,000 by a CBI court in Ghaziabad on Saturday in relation to a bank fraud case.

The CBI claims that during his tenure as Branch Manager from May 2007 to June 2009, Srivastava misused his official position and colluded with others to approve a Rs.40 lakh loan to Rajeev Buddhiraja, the owner of M/s Bharti Associates, using falsified and fabricated documentation. The bank suffered an unjustified loss as a result.

A charge sheet against Srivastava, Anil Kumar Govil (Accountant, Union Bank of India), and Buddhiraja was filed in September 2012 after the case was lodged by the CBI in December 2010. In July 2017, the court formally framed charges.

In an application to enter a guilty plea before the CBI Special Court in Ghaziabad on August 22, 2025, Srivastava acknowledged his involvement in the fraud. The court accepted his plea, found him guilty, and sentenced him on Saturday.

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Bank of Baroda(BoB) Officer Dies by Suicide in Ranchi

The banking industry has been rocked by the death of a young Bank of Baroda staffer in Ranchi, which has also sparked new worries about occupational stress in the public sector. On September 20, Mr. Ishwar Chander Jha, a 37-year-old Senior Manager (Credit) assigned to the Ranchi Region under the Bhubaneswar Zone, is said to have committed himself.

According to the All India Bank of Baroda Officers' Association (AIBOBOA), the incident was directly caused by excessive work stress and a breach of internal policies. The association wrote a forceful letter to Shri Debadatta Chand, the bank's managing director and chief executive officer, expressing "deep regret and anguish" over the events that led to Mr. Jha's passing.

Late-Night Meeting Cited as Trigger

The union claims that on September 19, Mr. Jha and his Chief Manager were called to the Regional Office for a review meeting that lasted until ten o'clock at night.  According to the group, this was blatantly against Corporate Office directives, which explicitly prohibit such gatherings outside of the 4–6 p.m. time window.

 According to the union's letter, "these directives were issued specifically to prevent officers from being overburdened and to ensure a healthy work-life balance."  "Yet, without fear of accountability, some Regional Heads and DRMs continue to ignore the advisory and subject officers to lengthy late-evening meetings."

This is not the first such incident in the bank. The association reminded the management that a similar tragedy occurred in Pune zone in July 2025, prompting the Corporate Office to form a committee on officers’ work-life balance.

Following that incident, specific guidelines had been circulated across zones and regions. These included:

• Meetings with branches must be confined to 4 p.m.–6 p.m.
• The number of official campaigns must be restricted to 3–4 at a time
• Misbehavior and harassment of staff were designated as “Zero Tolerance” issues

Despite these clear instructions, the union alleged, violations remain rampant, putting officers under unbearable stress.

Demand for Accountability

The AIBOBOA has demanded that responsibility be fixed in Mr. Jha’s case and that corrective steps be taken immediately.

“We earnestly request that accountability be fixed in this particular case for defiance of Corporate Office guidelines and that necessary steps be reinforced across the organization to ensure strict adherence,” wrote Prem Kumar Makker, General Secretary of the association.

As the news of Mr. Jha’s death spreads, employees across the bank are said to be under “tremendous psychological pressure,” with growing demands for reforms in workload distribution, meeting practices, and managerial accountability.

The ball is now in the bank management’s court to respond to the union’s concerns and reassure its staff.

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ED has arrested a Bank of India(BoI) officer in a fraud case for Rs 16.10 crore

In accordance with the Prevention of Money Laundering Act, 2002 (PMLA), Hitesh Kumar Singla, an officer of Bank of India, was taken into custody by the Directorate of Enforcement (ED), Mumbai, from Ahmedabad Junction Railway Station. Bank of India had previously suspended the officer. 

 After his appearance before the Greater Bombay Special PMLA Court, he was given seven days of ED detention. Under Sections 13(1)(a) and 13(2) of the Prevention of Corruption Act, 1988, Section 409 of the Indian Penal Code, and Section 316(5) of the BNS, the CBI had brought a case against Singla and Others.

As the case involved money laundering, it was transferred to ED and ED started its investigation.

Investigations revealed that between May 2023 and July 2025, Singla fraudulently closed multiple accounts—including Term Deposits (TDs), Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), Savings Bank (SB), and Current Accounts (CA)—without authorization. The funds were then diverted to his personal SBI savings accounts.

According to the ED, Singla deliberately targeted 127 account holders, mostly vulnerable customers such as senior citizens, minors, deceased persons, and dormant account holders, to avoid detection.

The diverted funds were layered and transferred in small, concealed transactions, causing a total loss of ₹16.10 crore to Bank of India and its customers, while severely damaging the bank’s reputation and public trust.

Singla had been evading the bank and not reporting since the crime was discovered. At Ahmedabad Junction, ED apprehended him based on technical surveillance and intelligence inputs. He was detained despite his repeated attempts to avoid detection by switching carriages and seats on Train No. 19320 Mahamana Express (Ujjain–Veraval).

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CBI Investigates ₹121 Crore Fraud in Gujarat, Complaint lodged by BOI

Three sites in Ahmedabad and Gandhinagar have been searched by the CBI in relation to a ₹121 crore bank scam involving the city-based company Anil Bioplus. Incriminating documents were seized as a result of the Wednesday raids. 

The CBI has charged the firm and its directors, Amol Shripal Sheth, Darshan Mehta, and Nalin Thakur, in response to a complaint filed by the Bank of India. 

 Based on a complaint received from Bank of India against M/s. Anil Bioplus Ltd., a private company based in Ahmedabad, its three directors—Amol Shripal Sheth, a full-time director; Darshan Mehta, a full-time director; and Nalin Thakur, a director—as well as unidentified public employees and other unidentified individuals, the Central Bureau of Investigation (CBI) opened a case on September 8, 2025.

The lawsuit alleges that the directors of a private company situated in Ahmedabad conspired with unidentified Bank of India personnel with the malicious purpose to cause the bank to suffer an unjustified loss of Rs. 121.60 crores.

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PSU Banks Are Under Huge Pressure to Implement Social Security Plans

 

The Indian government has reportedly requested that Public Sector Banks increase the number of people enrolled in the PMJJBY and PMSBY social security schemes.  In order to accomplish this, banks are exerting tremendous pressure on branches to sign up as many clients as possible for this program.

 These letters and communications demonstrate the intense pressure banks are putting on branches to maximize social security enrollments.

PNB Orders Branches to achieve targets under PMJJBY, PMSBY

Bank branches are the most direct and reliable channels for raising awareness of government programs because they deal with clients on a daily basis.  Consumers frequently seek counsel and direction from banks in addition to financial services, which increases their openness to information provided by bank employees.

Banks now serve two purposes: they continue to offer financial services, but they also play a significant role in advancing the government's social welfare program. As a result, banks now serve as a conduit between the public and the government, guaranteeing that welfare programs reach the people where they are most needed.

Banks are involved in much more than just deposits, loans, and payments. They now play a crucial role in the development of the country by assisting in the expansion of financial inclusion and offering millions of people a safety net through government-sponsored programs.

The implementation of this pressure on bank branches will determine if it is appropriate or not.  On the one hand, the government's objective is admirable; programs like PMJJBY and PMSBY give crores of Indians who would not otherwise have access to insurance reasonably priced insurance.  Naturally, banks are the ideal way to raise awareness and increase enrollments because they are the most reputable financial institutions with direct access to customers.

 But when branch goals become unattainable and employees are compelled to vigorously promote enrollments, there is cause for concern.  In these situations, it may result in misselling, unhappy customers, and more stress for staff members due to workload.  The programs run the risk of being viewed as a burden by both employees and clients, rather than promoting voluntary awareness and informed decision-making.

The emphasis should ideally be on awareness and education rather than merely statistics.  Enrollment will rise steadily if banks provide comprehensive explanations of the advantages and promote sincere involvement.  However, too much pressure could lead to mistrust among customers and discontent among employees.

 What advantages do these systems provide?

 In India, the government supports the Pradhan Mantri Suraksha Bima Yojana, an accident insurance program.  For a yearly premium of Rs.20, individuals with bank accounts who are Indian residents or NRIs and between the ages of 18 and 70 can apply for the Pradhan Mantri Suraksha Bima Yojana.  The nominee will receive Rs.2 Lakh in the event of death or complete disability, and Rs.1 Lakh in the event of partial permanent disability.

Atal Pension Yojana is a government-backed pension scheme in India, primarily targeted at the unorganised sector. Any Indian citizen within the age group of 18 – 40 years, can join APY Scheme. Each subscriber under APY shall receive a guaranteed minimum pension of Rs. 1000/- per month or Rs. 2000/- per month or Rs. 3000/- per month or Rs. 4000/- per month or Rs. 5000/- per month, after the age of 60 years until death.

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Big Fraud of Rs.1,396 Crore Fraud in Bank of India(BOI) and Other Banks

On August 30, 2025, the Shimla-based Directorate of Enforcement (ED) conducted search operations in Bhubaneswar, Odisha, as part of a large-scale bank fraud and money laundering case involving M/s Indian Technomac Company Ltd (M/s ITCOL). In addition to the business establishments of M/s Anmol Mines Pvt. Ltd. (AMPL) and M/s Anmol Resources Pvt. Ltd. (ARPL), the searches were carried out at the residence of Shakti Ranjan Dash, Managing Director of these companies. The action was carried out in accordance with the Prevention of Money Laundering Act (PMLA), 2002.

The Himachal Pradesh Police CID filed a formal complaint (FIR) alleging that M/s ITCOL's directors conspired with corporate officials and chartered accountants to embezzle bank loans approved by a group of banks. According to ED findings, M/s ITCOL submitted fabricated project reports and displayed fictitious sales to dummy/shell firms in order to fraudulently obtain loans from a consortium managed by the Bank of India between 2009 and 2013. The loans were diverted elsewhere rather than being used for approved reasons. The estimated value of the suspected scam is ₹1,396 crore.

The ED had already seized assets totaling ₹310 crore in April 2025, of which ₹289 crore had been returned to the group of banks headed by Bank of India. According to the most recent inquiry, M/s ITCOL and its shell companies transferred ₹59.80 crore into M/s Anmol Mines Pvt. Ltd.'s (AMPL) bank accounts. The managing director of AMPL, Shakti Ranjan Dash, has been charged by the ED with willfully aiding Rakesh Kumar Sharma, the founder of M/s ITCOL, in money laundering by directing cash into mining operations in Odisha.

Investigators found that Shakti Ranjan Dash subsequently integrated the diverted money into AMPL’s accounts and recorded it as legitimate business income, thereby attempting to project “proceeds of crime” as clean money.

During the Bhubaneswar raids, the ED seized many luxury vehicles, cash,jewellery and property. Two lockers belonging to Dash were also frozen.

The ED confirmed that the seized assets belong to Shakti Ranjan Dash and his associated companies. Officials emphasized that the investigation is ongoing and further action will follow as evidence is scrutinized.

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Latest Update on 5 Days Banking

To find out how the 5-Day Banking implementation was going, an RTI was submitted. For a while now, the implementation has been delayed. While the DFS claims that the idea is being considered, the IBA claims that it is still pending. However, how much time will it take? An RTI was filed to obtain clarification on the issue, but the government declined to offer any updates. No information may be disclosed until the matter is resolved, according to the response.

In addition to refusing to provide any information, the Appellate Authority received an appeal against the RTI reply. The government has not made a firm decision about the introduction of 5-Day Banking, despite numerous debates. For years, workers and unions have been calling for this reform, but the Department of Financial Services (DFS) and the Indian Banks' Association (IBA) are unable to resolve the issue.

Instead of offering a precise date, the government opted to provide evasive and inconclusive responses when the matter was brought up in Parliament earlier. No progress has been made even after over a year. This delay demonstrates a lack of accountability and seriousness toward the banking staff. Such persistent delays beg the question: Why is the government unable to execute a long-overdue reform like 5-Day Banking if it genuinely cares about the well-being of bank workers and increasing industry efficiency?

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