Latest news with #CSBBank
Time of India
7 days ago
- Time of India
MCD agent, Delhi hosp technician among 5 arrested in Rs 500 crore insurance scam
Meerut: Five people, including a woman, were arrested on Saturday for allegedly forging medical and civic records to fraudulently claim insurance payouts by falsely declaring already deceased individuals as recently dead. The arrests are the latest development in the Rs 500 crore insurance scam that has spanned over seven years and involved multiple states. The arrested include Prem Pal, an agent linked to Delhi MCD; Nawaz Ahmed, a technician from GB Pant Hospital, Delhi; Kalpana Singh, a CSB Bank employee; Ravinder Gupta, an insurance claim investigator; and Virender Kumar, a former guard and aspiring cricketer. The scam, first reported by TOI, has unravelled a network of fraud that spans multiple states and involves forged documents, insider collusion, and insurance manipulation. In one instance, the gang secured Rs 70 lakh through three fraudulent policies for Trilok Kumar, a Delhi man who died of cancer in June 2024. After convincing Kumar's widow, Sapna, with promises of financial help, the gang procured his ID documents and purchased three policies in Sept 2024. They later submitted forged ECG reports, fake doctor seals, and a fabricated second death certificate claiming Kumar died of a heart attack at GB Pant Hospital in Dec 2024. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is it legal? How to get Internet without paying a subscription? Techno Mag Learn More Undo Prem Pal, leveraging his MCD links, allegedly created a fake certificate for Rs 5,000. Nawaz Ahmed, a hospital orderly, forged medical files and stole documents for Rs 17,000 in bribes. He and others inserted the fake file into hospital records. Sambhal ASP Anukriti Sharma said, "They faked ECGs, signatures and the death record to match the insurance date. It was a complete fabrication. They even forged doctors' signatures and official seals." HDFC Life assigned Ravindra Gupta to investigate the claim of one of the policies. Persuaded by alleged kingpin Shahrukh Khan, Gupta filed a false report, leading to Rs 20 lakh being credited to Sapna's account. Police had seized her debit card and cheque book during Shahrukh's arrest in Feb, so the funds remained untouched. Other claims were cancelled once the fraud was detected. The scam was first uncovered on Jan 17, when Sambhal police intercepted a vehicle with Rs 11 lakh, 19 debit cards, and numerous documents. Six more were arrested by Feb 15 — including Shahrukh, Hirender Kumar, Roop Kishor, Prem Pal, Prem Singh and ASHA worker Neelam Devi. Seized items included 81 passbooks, 31 fake death certificates, and 18 forged bank stamps. The scam preyed on the poor and the sick, with some cases involving murder disguised as accidents to claim insurance. The wider UP-based insurance racket emerged as a large-scale fraud involving forged medical records, fake death certificates, and inflated insurance claims — sometimes linked to murders staged as accidents. It began surfacing in 2024 in Sambhal and has since spread to at least 12 states, including Delhi, West Bengal and Uttar Pradesh. Initial investigations had estimated the scam's value at over Rs 100 crore, but fresh revelations, including the Trilok case, pushed the suspected fraud total higher. Enforcement Directorate is now probing links to multiple deaths and fraudulent claims, many targeting terminally ill patients or those already dead. Trilok's case was uncovered from documents seized in Feb. The gang had already taken control of Sapna's phone number, passbooks and chequebook. Police said Virender Kumar, once a guard, began helping patients get appointments, which connected him to Nawaz. After meeting Shahrukh in 2022, Virender became a full-time member, approaching bereaved families and offering false promises of aid. During Kumar's illness in early June 2024, his family had tried to admit him to GB Pant Hospital but were redirected. He later died, and Virender approached his widow. "We found out he had died, and that's when the gang reached out to his wife," said an officer. Kalpana, working as a business development officer, opened fake accounts using a lookalike of co-accused Hirender Kumar. She also tried to rope in Sapna with false insurance promises and received expensive gifts from Shahrukh to help meet her targets.
Business Standard
03-07-2025
- Business
- Business Standard
CSB Bank rises after gross advances jump 32% YoY in Q1 FY26; deposits at Rs 35,990 crore
CSB Bank added 1.88% to Rs 398.35 after the bank's gross advances increased by 32% to Rs 33,142 crore as on 30 June 2025 from Rs 25,099 crore as on 30 June 2024. The gross advances are higher by 4% as compared with the figure of Rs 31,842 crore recorded on 31 March 2025. Advances against Gold & Gold Jewellery (excluding receivables secured against gold) amounted to Rs 14,928 crore, up 36% YoY and up 6% QoQ. Total deposits added up to Rs 35,990 crore as on 30 June 2025, up by 20% from Rs 29,920 crore as on 30 June 2024. On a sequential basis, however, the deposits base has declined by 2% from Rs 36,861 crore as on 31 March 2025. Share of CASA and term deposits in total deposits stood at 24% and 76%, respectively, as on 30 June 2025. CSB Bank is an old private sector bank with a history of over 100 years and operates 829 branches as on 31 March 2025. The business is concentrated in Kerala with the remaining spread across Tamil Nadu, Andhra, Karnataka, and Maharashtra. The banks standalone net profit jumped 25.7% to Rs 190.44 crore on 37.4% rise in revenue form operations to Rs 1,362.36 crore in Q4 FY25 over Q4 FY24.
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Business Standard
03-07-2025
- Business
- Business Standard
CSB Bank share pops 3% on healthy Q1 business show; key info inside
CSB Bank shares were buzzing today after the lender posted a healthy business update in the June quarter of financial year 2026 (Q1FY26). SI Reporter New Delhi CSB Bank share price: Private lender CSB Bank share price was in demand on Thursday, July 3, 2025, with the scrip popping up to 2.77 per cent to hit an intraday high of ₹401.85 per share. At 9:55 AM, CSB Bank share price was trading 1.16 per cent higher at ₹395.55 per share. In comparison, BSE Sensex was trading 0.25 per cent higher at 83,616.29 levels. CATCH STOCK MARKET LATEST UPDATES TODAY LIVE Why did CSB Bank share price rise today? CSB Bank shares were buzzing today after the lender posted a healthy business update in the June quarter of financial year 2026 (Q1FY26). As of June 30, 2025, the company reported provisional total deposits of ₹35,990 crore, marking a 20 per cent year-on-year (Y-o-Y) growth from ₹29,920 crore recorded on June 30, 2024. Within these deposits, Current Account Savings Account (CASA) stood at ₹8,465 crore, up 14 per cent Y-o-Y from ₹7,449 crore, while term deposits increased 22 per cent Y-o-Y to ₹27,525 crore from ₹22,471 crore. Advances against gold and gold jewellery (excluding receivables secured against gold) rose sharply by 36 per cent annually to ₹14,928 crore compared to ₹10,947 crore in the same period last year. The bank also witnessed a 32 per cent Y-o-Y rise in gross advances, which came in at ₹33,142 crore as of June 30, 2025, up from ₹25,099 crore a year earlier. About CSB Bank CSB Bank, formerly known as The Catholic Syrian Bank Limited, is one of India's oldest private sector banks, established in 1920 and headquartered in Thrissur, Kerala. Rebranded in 2019, the bank has a rich legacy, especially in Kerala, and has steadily evolved into a modern financial institution. CSB offers a comprehensive suite of banking services across SME, retail, and wholesale segments. It also manages treasury operations to optimise its financial resources. With a customer base of over 2 million, the bank provides a wide range of products, including loans, insurance, and internet banking. In recent years, CSB Bank has focused on expanding its footprint beyond southern India, operating a growing network of branches and ATMs across the country. Focusing upon digital transformation, the bank is integrating technology-driven solutions to enhance customer experience and operational efficiency. Recognised as a Scheduled Bank since 1969 under the Second Schedule of the RBI Act, CSB is positioning itself as a full-service, contemporary financial institution committed to innovation and customer-centric banking. The CSB Bank's market capitalisation is ₹6,857.89 crore, according to BSE The company falls under the BSE Small Cap category.
Business Standard
17-06-2025
- Business
- Business Standard
Jupiter Bets on RuPay Credit Card, Partners with CSB
VMPL Mumbai (Maharashtra) [India], June 17: Jupiter, one of India's leading money apps, has launched their most rewarding RuPay Credit Card in partnership with CSB Bank. The launch of the Edge+ CSB Bank RuPay Credit Card marks a major milestone in Jupiter's mission to build the most rewarding, intuitive, and user-centric payments ecosystem in the country. The card is designed to seamlessly integrate UPI and traditional card transactions, offering users a best-of-both-worlds experience with more than ₹50,000 in rewards every year and financial insights on their personal finances. "Edge+ is not just another credit card. It's the natural extension of Jupiter's philosophy: simple, powerful, and rewarding money experiences. This card will anchor deeper engagement and unlock the life of consumers who deserve the most rewarding credit card in their wallet. " said Jitendra Gupta, Founder & CEO, Jupiter Money. Available exclusively on the Jupiter app, the card is aimed at digital native and rewards savvy consumers, helping them supercharge their spends with unmatched rewards on UPI and credit card transactions. "We saw an opportunity to create India's leading rewards program while leveraging the power of UPI -- one that goes beyond gimmicks and gives users value on the brands they actually love and use, like Amazon, Myntra, Nykaa, MakeMyTrip, and more. By combining this with Jupiter's intelligence and user-first design, we've reimagined the credit card experience from the ground up," said Rohit K Pandey, President, Jupiter Money. Cardholders can enjoy benefits across everyday categories -- including 10% cashback on popular shopping platforms like Amazon, Myntra, and Nykaa, and 5% cashback on travel bookings made via leading portals such as MakeMyTrip and Yatra. A flat 1% cashback applies to most other eligible spends, both online and offline. The credit card comes with no annual fee and offers more than ₹50,000 in yearly benefits. Rewards can be redeemed via the widest variety of options including cash, statement credit, bill payments, and Digital Gold. A seamless integration with Jupiter's smart spend tracking makes sure it's designed to turn everyday purchases into extraordinary perks. Founded in 2019, Jupiter offers a range of financial services, including debit cards, SIPs, mutual funds, personalised savings options, expense management, and UPI payments.
Business Standard
13-06-2025
- Business
- Business Standard
CSB Bank gets RBI nod to reappoint Pralay Mondal as MD & CEO till 2028
CSB Bank announced that Reserve Bank of India (RBI) has approved the reappointment of Pralay Mondal as managing director (MD) & CEO of the bank for a period of three years with effect from 15 September 2025. The bank will now seek shareholder approval for the reappointment within the timeframe mandated under the Companies Act, 2013, and SEBI Listing Regulations. Pralay Mondal joined CSB Bank in September 2020 after serving as the head of retail banking at Axis Bank. At CSB, he initially took on the role of President overseeing retail, SME, operations, and IT, before being promoted to Deputy Managing Director in February 2022. Pralay had been the Banks interim MD and CEO since April 2022. He has earlier worked with companies like Yes Bank, HDFC Bank, Standard Chartered Bank, Wipro InfoTech and Colgate Palmolive. CSB Bank is an old private sector bank with a history of over 100 years and operates 829 branches as on 31 March 2025. The business is concentrated in Kerala with the remaining spread across Tamil Nadu, Andhra, Karnataka, and Maharashtra. The banks standalone net profit jumped 25.7% to Rs 190.44 crore on 37.4% rise in revenue form operations to Rs 1,362.36 crore in Q4 FY25 over Q4 FY24. Shares of CSB Bank fell 1.26% to Rs 384.05 on the BSE.
