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Higher FDI cap won't affect PSBs' financial inclusion goals: UCO Bank CEO
New Delhi
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The government's guarantee mechanism for startups is likely to improve lending to the sector in the coming years, says UCO Bank Managing Director and Chief Executive Officer (MD&CEO) Ashwani Kumar. In a telephonic interview with Harsh Kumar, he also discusses the expansion plans of the bank. Edited excerpts:
How is your bank addressing inoperative accounts under Pradhan Mantri Jan Dhan Yojana (PMJDY)?
We are conducting a saturation drive for inoperative PMJDY accounts, meeting customers one-on-one to encourage them to operate their accounts. The main issue we face is that some customers have multiple accounts across different banks, and are receiving

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Time of India
5 hours ago
- Time of India
ED attaches assets worth Rs 106cr of UCO Bank ex-CMD, associates
NEW DELHI: The ED on Friday said it has attached assets worth over Rs 106 crore belonging to former CMD of UCO Bank SK Goel, his family members and associates as part of an ongoing money laundering investigation against him. Earlier on July 11, a supplementary chargesheet was filed against Goel before a special PMLA court in Kolkata. Assets worth Rs 613 crore have been provisionally attached in the case so far. The key accused in the case - Sanjay Sureka, SK Goel and Anant Kumar Agarwal - remain in judicial custody. The probe against Goel began after ED found allegations of bribery against him in a Rs 6,211-crore bank fraud case. This was based on an FIR registered by CBI in Kolkata against Concast Steel & Power Ltd (CSPL) and its directors/promoters for defrauding banks and other financial institutions of Rs 6,211 crore, excluding interest. The CSPL promoters were accused of siphoning bank funds by submitting inflated stock statements, manipulating balance sheets, etc. Goel, ex-CMD of UCO Bank, was arrested in the case on May 16 for allegedly "playing a substantial role in sanctioning loans of more than Rs 1,460 crore to CSPL, which later turned into NPA". "In lieu of sanction of loans to CSPL, Goel received substantial illegal gratification in the form of cash, immovable properties, etc., which were routed through a web of shell companies. Evidence also shows the use of accommodation entries and structured layering through front companies for systematic settlement of kickbacks," the agency said. Anant Kumar Agarwal, a CA and close associate of Goel, was arrested on June 25 for facilitating accommodation entries, managing shell entities, and routing illegally acquired cash.
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Business Standard
9 hours ago
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Public sector banks' property e-auctions take a leap under BAANKNET
The new platform has improved the auction success rate to 14.7 per cent, up from 9 per cent under the previous system New Delhi Listen to This Article Public sector banks' (PSBs') revamped property e-auction platform, BAANKNET, has helped government lenders jack up the recovery of stressed assets. The new portal became operational on July 1 last year. The average annual successful bid value rose to ₹15,731 crore during the 12-month period up to June this year, compared to just ₹5,267 crore garnered through the previous e-Bikray portal during the corresponding 12-month period up to June, 2024. All 12 national lenders and Insolvency and Bankruptcy Board of India (IBBI) are using BAANKNET for listing and disposing of non-performing asset (NPA) properties across the country. Ashwani Kumar, managing director and


Hindustan Times
15 hours ago
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ED files chargesheet against ex UCO Bank CMD Goel; attaches ₹106-cr assets
New Delhi, A chargesheet has been filed against arrested former UCO bank CMD Subodh Kumar Goel and his family members, and his properties worth ₹106 crore have been attached under the anti-money laundering, the Enforcement Directorate said on Friday. ED files chargesheet against ex UCO Bank CMD Goel; attaches ₹ 106-cr assets Goel was arrested by the federal probe agency in May from his home in Delhi in an alleged bank loan fraud case of more than ₹6,200 crore linked to a Kolkata-based TMT bars supplying company named Concast Steel & Power Ltd. . He is currently lodged in a Kolkata jail under judicial custody Movable and immovable assets of Goel worth ₹106.36 crore were attached as part of a provisional order issued under the Prevention of Money Laundering Act on July 9, the agency said in a statement. It added that a fresh chargesheet was also filed before a special PMLA court in Kolkata on July 11, and Goel, his family members, close aides and related companies have been named as accused. The former UCO Bank boss was arrested for playing a "substantial" role in sanctioning loans of more than ₹1,460 crore to CSPL, which later on turned into an NPA . "In lieu of sanctioning loans to CSPL, Goel received substantial illegal gratifications in the form of cash, immovable properties, luxury goods and services routed through a web of shell companies," the ED said. Evidence, it alleged, also shows the use of accommodation entries and structured layering through front companies for systematic settlement of kickbacks, it said. A Chartered Accountant named Anant Kumar Agarwal, an alleged close associate of Goel, was also arrested by the agency in June for "facilitating accommodation entries, managing shell entities, and routing illegally acquired cash." Agarwal, too, is lodged in jail at present. With the latest attachment, the total freezing of assets in the case stands at ₹612.71 crore, according to the ED. This article was generated from an automated news agency feed without modifications to text.