Banks will remain closed from 2nd to 4th March

LIC Officer and His Wife sentenced to 10 Years Jail for embezzling Money

The CBI Court in Jaipur has convicted and sentenced three accused – Mahendra Kumar Jain, the then Higher Grade Assistant, LIC of India Unit-Il, Kota, Bhupesh Tagore, the then AAO, LIC Branch, Rang Bari Road, Kota, and Abhilasha Jain (Private Person) in a Fraud Case.

The accused Mahendra Kumar Jain, has been sentenced to Rigorous Imprisonment for 10 Years with a fine of Rs. 1.46 Lakh. Bhupesh Tagore has been sentenced to Rigorous Imprisonment for 10 Years with a fine of Rs. 1.21 Lakh and Abhilasha Jain has been sentenced to Rigorous Imprisonment for Five Years with a fine of Rs. 1.46 lakh.

The Central Bureau of Investigation (CBI) registered the case on 06.01.2010 against accused Mahendra Kumar Jain, the then Higher Grade Assistant, LIC of India Unit-Il, Kota and 02 others on the allegations that Mahendra Kumar Jain, during the period 2006-2008, entered into criminal conspiracy with his wife Abhilasha Jain and Bhupesh Tagore, the then Assistant Administrative Officer (AAO), Life Insurance Corporation of India, Branch, Rang Bari Road, Kota (presently Assistant Administrative Officer, LIC of India, Satellite Office, Aashind, Bhilwara,).

They fraudulently and dishonestly prepared false vouchers and cheques in favour of Life Insurance Corporation of India and deposited the amount of the cheques as premium in the LIC policies of self or his wife Abhilasha Jain or his family members/relatives/known persons and misappropriated a total amount of Rs. 3,92,863 of Life Insurance Corporation of India, thereby caused undue loss to Life Insurance Corporation of India to the tune of Rs.3,92,863 and undue gain to himself and his family members.

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Latest updation of pension case

The hearing for the M.C. Singla vs. Union of India case in the Supreme Court concluded for the day a short while ago. While a final "judgment" was not delivered today, the proceedings were significant as the case remains "Part-Heard."

Summary of Today's Outcome (Feb 25, 2026)

The bench of Justice Vikram Nath and Justice Sandeep Mehta focused primarily on the technical data and financial implications submitted by the Indian Banks' Association (IBA).

 * Review of IBA Documents: The Court examined the ~200-page document and year-wise pension charts filed by the IBA. These charts detailed the financial impact of pension updation for different categories of retirees (1986, 1987–2003, and post-2003).

 * Core Discussion: Arguments revolved around Regulation 35(1) of the Bank Pension Regulations. The petitioners argued that bank pensions should be updated in a manner similar to the RBI and Central Government, while the respondents (IBA/Union) highlighted the massive financial burden such a move would place on public sector banks.

 * Part-Heard Status: The hearing did not conclude the entire matter. The case has been adjourned and is expected to be listed again shortly to continue final arguments.

What Happens Next?

 * Next Hearing Date: An official date for the next session will be reflected in the written order. Based on the current trajectory, the court is looking to resolve this as a priority "Weekly List" matter.

 * Daily Order: The formal written order signed by the judges will likely be uploaded to the Supreme Court's official portal by late tonight or tomorrow morning. This will contain the specific technical directions given to the counsel during today's session.

ना तो आईबीए और डीएफएस हमें आरबीआई के पेटर्न पर पेंशन रिवीजन देना चाहता है और ना ही हमारी कोई यूनियन हमें आरबीआई के पेटर्न पर पेंशन रिवीजन दिलवाना चाहती हैं। अब सुप्रीम कोर्ट ही भगवान बनकर हमें आरबीआई के पेटर्न पर पेंशन रिवीजन देना चाहती हैं।

यदि जब कभी भी हम पेंशनर्स के हक में सुप्रीम कोर्ट भगवान बनकर निर्णय दे देती हैं तो हम पेंशनर्स की अपनी अपनी बेसिक पे के अनुसार रू.5,000/- से लेकर रू.25,000/- प्रति महीना आमदनी बढ़ सकती हैं।

Supreme Court struck down Bank Nationalisation Act 1969, Read R.C. Cooper vs Union of India case

Did You Know? The Supreme Court of India cancelled the nationalisation of Banks in 1969. Yes, you heard it right. In this article, we will have a look at the Supreme Court case.

On February 10, 1970, the Supreme Court of India struck down the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1969, which had nationalized 14 major commercial banks. In the landmark R.C. Cooper v. Union of India case, a 10-1 majority ruled the act unconstitutional due to hostile discrimination and inadequate compensation. 

The then Prime Minister Indira Gandhi wanted to nationalise the private banks so that banks could participate in the development of the nation and public welfare. In 1969, the Government of India, led by Prime Minister Indira Gandhi, nationalised 14 major commercial banks. The government took control of these private banks to improve credit flow to farmers, small industries, and weaker sections. However, this decision was challenged in the Supreme Court. R.C. Cooper filed case in Court against the Government.

Rustam Cavasjee Cooper (R.C. Cooper) was a prominent figure in the Indian financial sector. He served as the Director of the Central Bank of India Ltd. & held significant shares in multiple banking institutions. When the government moved to nationalize banks, Cooper felt his rights as a shareholder & a citizen were being crushed. He was not just a businessman; he became the face of a movement that forced the Supreme Court to reconsider the limits of state power over private enterprise

The Court said:

• The compensation given to bank shareholders was not fair.
• The law violated the Right to Property (which was a Fundamental Right at that time under Article 31).
• Some provisions of the Act were unconstitutional.

PSU Banks will spend approx Rs.100 – Rs.150 crore in rotational transfer of Officers this year

PSU Banks will spend approx Rs.100 – Rs.150 crore in rotational transfer of Officers this year. Banks are transferring officers after 5,6,7 years in a region. Critics say this amount can be used to hire more staff and improve infrastructure.

PMO India Nirmala Sitharaman Narendra Modi

RBI Moves to ban sales Incentive for bank staff

High-Level Committee Announced on Bank Mergers 🏦

📢 High-Level Committee Announced on Bank Mergers 🏦

The Government has announced the formation of a High-Level Committee to review and recommend the future course of bank mergers in India.

🔍 What the committee is expected to examine: • Impact of past mergers on efficiency and service quality

• Financial strength and operational challenges of merged banks

• Concerns of employees and customers

• Whether further mergers are needed or a consolidation pause is required

Bank mergers are not just structural changes—they affect staff morale, customer access, regional presence, and overall trust in banking. A data-driven, transparent, and consultative approach is essential.

👉 The outcome of this committee will shape the next phase of banking reforms.

#BankMergers #HighLevelCommittee #BankingReforms #PublicSectorBanks #IndianBanking