Attack on Cashier of BOI, Police arrested one accused

Manoj Kumar Singh, a cashier at the Bank of India, was attacked by three unidentified attackers on his way home from work on Saturday in Arwal, in a startling occurrence. 

The victim had stopped to purchase kabab paratha for his kids at a trisection near the Sandi police station when the incident occurred. 

Three young people brandishing sticks reportedly attacked Antwa village resident Manoj Kumar Singh out of the blue. 

He suffered severe injuries in the incident. Singh claimed that he did not know who had attacked him and that he had no personal grudges.

This incident has caused concern and panic among bank employees in the region, raising security concerns for those handling financial transactions. The police are investigating all possible angles and ensuring strict action against the culprits. More details about this incident will be released soon.

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Government will sell stake in three PSU banks, why this situation came?

The central government can sell stake in three big public sector banks. These three banks are UCO Bank, Punjab and Sindh Bank and Indian Overseas Bank. The government has more than 95% stake in these, the rest is with public investors.

Let us tell you that as per the Minimum Public Shareholding (MPS) rules of SEBI, all listed companies should have at least 25% public shareholding. Keeping this in mind, the government has made a plan to sell its stake.

Live Mint news quoted sources as saying that depending on market conditions, the three banks may conduct multiple rounds of qualified institutional placement (QIP) in FY2026 to meet regulatory requirements.

The government has allowed public sector banks to explore equity dilution this year and time their market offerings strategically, a source said. The stake sale is expected to be between 5-10% of the paid-up equity capital this year.

SEBI gave time till August 2026 to public sector banks to comply with the rule. At the same time, Life Insurance Corporation of India (LIC) was given time till 16 May 2027 to reach 10% public shareholding.

By December 31, 2024, seven of the 12 public sector banks—State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Indian Bank, Union Bank of India and Bank of India—had fulfilled SEBI's MPS requirement.

Bank of Maharashtra and Central Bank of India have not yet taken steps to comply with the MPS rule. Let us tell you that the government has 93.08% stake in Central Bank of India, 79.60% in Bank of Maharashtra, 95.39% in UCO Bank, 98.25% in Punjab and Sindh Bank and 96.38% in Indian Overseas Bank.

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BOI Chief Manager sent to 3 Years Jail in Loan Fraud Case

For his role in a bank fraud case, Jeevangine Srinivasa Rao (J.S. Rao), the former chief manager of Bank of India's SM Road Branch in Ahmedabad, was convicted to three years in prison and fined ₹1.5 lakh by a special CBI court in Ahmedabad. 

On October 30, 2003, J.S. Rao and others were the subject of a case filed by the Central Bureau of Investigation (CBI). 

According to the Prevention of Corruption Act, the lawsuit was founded on claims of criminal conspiracy, fraud, forgery of valuable security, and criminal misconduct. 

The CBI claims that in order to obtain a loan, private participants in the conspiracy provided fictitious collateral security.

According to the investigation, J.S. Rao used dishonest methods to approve a loan of ₹80 lakh for private individuals. 

Among the loans were: 

As working capital, 

₹30 lakh A Letter of Credit (LC) for ₹25 lakh As a term loan, 

₹25 lakh These loans were made using fake and falsified collateral security, 

which caused the bank to suffer an unjustified loss and the accused to profit illegally.

 Additionally, the CBI discovered that Rao failed to properly investigate the business operations of the private entity both before and after the sanction. 

Even though he was aware that the company had previously provided fictitious collateral security, he nevertheless approved more phony paperwork, including as an equitable mortgage for a Gandhinagar plot.

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Know Maximum Limit and Rules, TDS Limit on FD Increased

For general (non-senior) individuals, the Union Budget 2025 has suggested raising the Tax Deduction at Source (TDS) cap on interest received from fixed deposits. Since it will enable them to save some money, this is good news for all Indian citizens.

The TDS limit on FD interest is now Rs. 40,000. The present Rs.40,000 limit will be increased to Rs.50,000 per fiscal year. The modifications will take effect on April 1, 2025. Let's now examine TDS and its regulations.

Understanding TDS on Fixed Deposits

Banks deduct TDS when the interest paid to an account holder exceeds a certain threshold in a financial year. This limit varies for senior citizens and general account holders. Currently, banks apply a 10% TDS rate on fixed deposit interest if the depositor’s PAN is available. If PAN details are missing, the rate increases to 20%.

Financial institutions or banks offering fixed deposit investment schemes are responsible for deducting TDS on interest income. The TDS deduction happens automatically at the end of each financial year when the interest is credited to the account, rather than at the time of maturity of the fixed deposit.

TDS Rules for Joint Fixed Deposit Accounts

For fixed deposits held in joint names, the primary account holder is responsible for TDS deductions. The second holder does not face any TDS liability related to the fixed deposit.

When is TDS Applicable?

TDS on fixed deposit interest is deducted only when the total interest earned exceeds the specified threshold in a financial year.

The bank or financial institution holding the fixed deposit is responsible for deducting the applicable TDS.

If the depositor has submitted Form 15G (for non-senior citizens) or Form 15H (for senior citizens), TDS will not be deducted, provided the total income is below the taxable limit.

With the new TDS threshold increase, general citizens will be able to earn up to Rs.50,000 in interest from fixed deposits without facing TDS deductions from April 2025 onwards. This move is expected to benefit small investors and fixed deposit holders by reducing their tax burden.

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Punjab and Sind Bank Recruitment for 110 Local Bank Officer (LBO)

Punjab & Sind Bank has officially released the notification for the recruitment of Local Bank Officer (LBO) posts. A total of 110 vacancies are available under the Punjab & Sind Bank LBO Recruitment 2025. The notification was issued on February 7, 2025, and the online application process will be open from February 7 to February 28, 2025.

 

Important Date

• Apply Online Start Date: 7 February 2025
• Last Date to Apply: 28 February 2025
• Last Date for Fee Payment: 28 February 2025
• Exam Date: To be released

Application Fee

• General/ OBC/ EWS: Rs. 850/-
• SC/ ST/ PWD: Rs. 100/-
• Mode of Payment: Online

Age Limit

• Minimum Age: 20 Years
• Maximum Age: 30 Years
• Age Limit as on 01/02/2025
• The age relaxation will be given as per the rules.

Educational Qualification

Post Name	Qualification
Local Bank Officer	Graduation + Knowledge of Local Language+ 18 Month Exp. in Officer Cadre in any Public Sector Bank/Regional Rural Bank

Selection Process

The Punjab & Sind Bank LBO Recruitment 2025 selection process includes the following stages:

• Written Exam
• Personal Interview
• Local Language Test
• Document Verification
• Medical Examination

Exam Pattern

Subject	Questions	Marks	Duration
English Language	30	30	30 Mins
Banking Knowledge	40	40	40 Mins
Banking Awareness / Economy	30	30	30 Mins
Computer Aptitude	20	20	20 Mins
Total	120	120	02 Hours

Notification PDF

Apply Online

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Bank of Maharashtra Recruitment For 172 Managerial Positions

Applications are being accepted for managerial posts at Bank of Maharashtra. Candidates that meet the requirements can apply on the official website. The goal of this hiring campaign is to cover 172 open positions within the company. The registration period will end on February 17, 2025, having started on January 29.

Eligibility Criteria

Candidates can check the detailed notification for information on educational qualifications and age limits.

Selection Process

A written exam, if necessary, and a face-to-face interview or discussion are part of the selection process. To create a shortlist of applicants, the bank may perform an initial screening of applications based on the qualifications, suitability, and experience of the individuals.

The ultimate choice will be determined by the score earned during the 100-point personal interview or discussion. applicants must receive at least 50 points (45 for SC, ST, and PwBD applicants) in order to be eligible.

If more than one applicant meets the cutoff score, they will be arranged according to age. Depending on the volume of applications submitted, the bank retains the right to alter the selection procedure. 

Application Fee

• UR/EWS/OBC: Rs  1,180
• SC/ST/PwBD: Rs 118

The fee can be paid online.

Emoluments: Presently, the starting basic pay applicable is as under:

• Scale 7- 156500 - 4340/4 - 1,73,860
• Scale 6-  1,40,500 - 4000/4 - 1,56,500
• Scale 5- 1,20,940 - 3,360/2 - 1,27,660 - 3680/2 - 1,35020
• Scale 4 1,02,300 - 2980/4 - 1,14,220 - 3,360/2 - 1,20,940
• Scale 3 8,59,20 - 2,680/5 - 99,320 - 2,980/2 - 1,05,280
• Scale 2 64,820 - 2,340/1 - 67,160 - 2,680/10 - 9,3960

Click here for 

Detailed Notification

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UFBU announced two days strike in PSU Bank

The United Forum of Bank Unions has declared a two-day strike for March 24 and 25, 2025. The union has made proposals for public sector banks to implement five-day banking and hire enough employees. The union's demands and the strike timeline are listed below.

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This PSU bank introduced objective performance appraisal system for Employees

 

Over the next three years, Indian Bank, a well-known public sector lender, intends to open 300 additional branches to increase the size of its branch network. The bank will be present in every district headquarters nationwide thanks to this development. 

To improve its competitiveness and strengthen its leadership pipeline, the bank is also starting a leadership development program that will train some 400 staff. The strategy for branch expansion Indian Bank's Managing Director and CEO, Binod Kumar, stated that the bank's top goal is branch expansion. 

We have opened 70 to 80 branches during the past two to three years. With the goal of opening 300 new branches during the next three years, we now intend to greatly grow our network," Kumar stated.

The bank intends to apply a cluster-based model, increase its presence in current sites, and concentrate on developing towns. The plan calls for opening branches in agribusiness clusters, MSME (Micro, Small, and Medium Enterprises), and expanding urban regions. The bank's long-term goal is to open a branch in each of the major district headquarters. 

Pay Attention to Employee Satisfaction The bank's growth plan heavily relies on employee satisfaction. Kumar underlined the significance of enhancing productivity through employee-centric initiatives and keeping top personnel. 

To better identify and reward strong performers, Indian Bank has implemented a more objective performance appraisal system. Kumar clarified, "This will help us distinguish between high performers and non-performers, thus motivating top talent."

Indian Bank has selected 400 staff members to participate in a year-long training program as part of its endeavors to develop a strong leadership team. Through project-based learning, classroom instruction, on-site training, and private coaching, the curriculum will concentrate on fostering managerial and strategic skills. 

In addition to bolstering efforts in compliance, IT, HR, and cybersecurity, the objective is to develop a strong pool of leaders capable of propelling corporate expansion. 

"Our leadership development programs will guarantee qualitative improvements in a number of operational areas in addition to boosting business growth," Kumar stated. 

Enhancing Resource Acquisition and CASA Indian Bank is concentrating on improving its Current Account Savings Account (CASA) percentage in addition to growing its branch network and leadership team.

The bank aims to increase its CASA ratio from 40% to 42%, despite the challenges in deposit mobilisation. To achieve this, the bank has expanded its Resource Acquisition Centers (RACs), opening 100 last year, with plans to open 25 more. 

The bank has also set up Resource and Government Relationship (R&G) Centers to improve relationships with government departments and offer banking solutions beyond account openings.

“CASA growth depends on customer satisfaction, convenience, and efficiency,” Kumar concluded, highlighting the importance of meeting customer expectations to drive deposit growth.

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