SBI Manager arrested for stealing Rs 3 crore Gold from customer’s Locker

A 33-year-old service manager working at the State Bank of India’s personal banking branch in Mulund West has been apprehended by the Bhandup police for allegedly embezzling approximately 4 kg of gold jewelry worth around ₹3 crore from a bank locker. The police revealed that the branch had issued gold loans amounting to ₹1.94 crore, which represented approximately 65% of the value of the mortgaged gold ornaments. The jewelry was securely stored in the locker, which required the use of two keys to open. The accused, Manoj Maruti Mhaske, 33, resides in Raheja Township, Malad East, and originally hails from Nanded in Marathwada.

The case was registered based on a complaint filed by Amit Kumar, an administrator at the Mulund Branch of SBI Personal Banking Branch situated in Runwal Greens, Nahur. According to Kumar’s complaint, when a customer sought a gold loan, the gold was thoroughly examined for authenticity before being placed in the lockers. A loan was then granted, equivalent to 65% of the value of the mortgaged gold. The lockers were designed to be opened only by inserting both keys. One key was entrusted to the service manager, while the other was held by Sweta Sohani, the cash in-charge at the branch. As a standard practice, each customer’s gold was stored in a sealed envelope within the lockers in the presence of the customer and other officials.

“On the 27th of February, while Mhaske was on leave, Kumar assumed responsibility for the locker and made a note of it in the Core Banking System (CBS). Later that evening, around 5 pm, when Kumar went to deposit cash and jewelry in the locker, he discovered that several packets of gold jewelry were missing. Upon careful inspection of the documents, it was revealed that the branch had issued 63 gold loans. However, Kumar found only 4 packets of gold in the locker, with the remaining 59 packets missing,” explained a police officer

Kumar contacted Mhaske to inquire about the missing packets, and Mhaske confessed to taking them for personal use. He claimed to have mortgaged or sold the gold but promised to return it within the next seven days. Following discussions with senior officials, Kumar decided to register a complaint with the police, leading to Mhaske’s subsequent arrest.

The police confirmed that a total of 4 kg of gold, valued at approximately ₹3 crore based on the prevailing market rate, was missing. The accused has been charged under Section 409 (criminal breach of trust by public servant or banker, etc.) of the Indian Penal Code.

5 Day Banking and Salary Hike for Bank Employees expected in June

Bank employees in India may soon have a reason to rejoice as the government is likely to accept their long-standing demand for a 5-day workweek. According to media reports, the bank employees are expected to receive 5 working days in a week, subject to approval by the finance ministry. Additionally, a salary hike is also anticipated in June 2024. If the government accepts the demand of bankers, then it is expected that 5 day banking and salary hike may be introduced in June 2024. It is to be noted that bank unions have said that they will not sign the salary hike agreement without declaration of 5 day banking. This is based on the sources and news published in reputed news websites as mentioned below. There is no official communication from any bank union or IBA yet

Demand by Bank Unions

The United Forum of Bank Unions, a coalition of bank employee unions, has written a letter to Finance Minister Nirmala Sitharaman requesting the implementation of a 5-day workweek for the banking sector. They have assured that the proposed change will not result in reduced banking hours for customers or a decrease in the total working hours for employees and officers.

The unions have urged the finance minister to review the matter favorably and direct the Indian Banks’ Association (IBA) accordingly. Currently, bank branches are closed on the second and fourth Saturdays as per the 10th Bipartite Settlement signed in 2015, which declared these days as holidays

Regarding salaries, the IBA and bank employee unions reached an agreement last year for a 17% salary hike across all public sector banks (PSBs) in India, totaling ₹12,449 crore. This salary increase, if approved by the Centre, will benefit approximately 9 lakh employees, including 3.8 lakh officers, across all PSBs and select old-generation private banks.

The Memorandum of Understanding (MoU) between the IBA and bank employee unions, which was reached after negotiations held on December 7, 2023, includes a commitment to finalize the wage revision within 180 days.

Overall, bank employees are hopeful that their demand for a 5-day workweek will be met, along with the anticipated salary hike. These developments will have a positive impact on the work-life balance of bank employees and contribute to their overall well-being.

Banks will open on Sunday and other holidays

The Mahatari Vandana Scheme has brought some exciting news for its beneficiaries. Now, banks will remain open on Sundays and other holidays to assist with the account linking process. This will enable women to link their accounts to Aadhar and avail the benefits of the scheme more conveniently. The Chhattisgarh government has launched the Mahatari Vandana scheme, wherein a monthly amount of Rs 1000 will be deposited into the accounts of women. 

It was reported that women are waiting outside SBI since 2 AM at night. While the bank’s opening time is at 10 AM, women are queuing up outside the bank late at night. After filling out forms for the Mahatari Vandana scheme, women are waiting outside banks from 2 AM to link their accounts with Aadhar and complete the KYC process. 

Video conference to expedite Aadhar seeding

To streamline the Aadhar seeding process for the scheme beneficiaries, a video conference was conducted. Chaired by the Secretary of the Women and Child Development Department, Sharmi Abidi, the conference involved the participation of the SLBC coordinator, members, and bank officials.

During the conference, Secretary Sharmi Abidi provided directives to accelerate the process of linking Aadhar cards to the accounts of Mahatari Vandana Scheme beneficiaries. She instructed district officials to collaborate with State Bank branches to expedite the Aadhar seeding process in their respective districts.

Ensuring convenience for women beneficiaries

Secretary Sharmi Abidi emphasized the importance of ensuring no inconvenience to women during the Aadhar linking process. To facilitate this, she suggested organizing camps at bank branches with CSPI/bank representatives equipped with laptops. These camps would help beneficiaries link their accounts with Aadhar more efficiently.

Expediting the Aadhar seeding process

To further expedite the Aadhar seeding process, the Director of the Institutional Finance Department announced that camps would soon be organized in Raipur, Bilaspur, and Durg districts. This step aims to speed up the linking of Aadhar to accounts.

All member banks were urged to prioritize the Aadhar seeding process and issue necessary directives to complete the work on time. It was also mentioned that bank branches would remain open on Sundays and other holidays to facilitate the Aadhar seeding of beneficiaries.

Youth ended his life due to harassment from Bank Officers

In Deshraj Colony, Bhawana Chowk, Panipat, a young individual tragically ended their own life on Friday night due to ongoing harassment from bank officials. The family was notified of the incident on Saturday morning, prompting the police to carry out a post-mortem examination at the district civil hospital morgue. The deceased has been identified as Sandeep Kumar, aged 38.

According to the family, a suicide note was discovered with Sandeep, in which he accused recovery agents, including the bank manager, of subjecting him and his family to constant harassment. They claim that Sandeep had taken a loan from a private bank, and since his employment ceased last year, he was unable to meet the installment payments. The relentless harassment from the bank officials, ranging from home visits to threats of recovery, had severely impacted Sandeep’s mental well-being.

The family asserts that Sandeep had been distressed for a considerable period of time, ultimately leading him to take this drastic step. The Tehsil Police Station has initiated an investigation into the matter.

Wife files police case against SBI Peon for demanding dowry

In the incident involving a couple from the Jagdishpura area, the wife alleges that her husband’s behavior took a drastic turn after they got married in June 2020. The husband, who had previously been involved in mobile repairing, secured a job as a peon at the State Bank of India branch in Agra around seven months ago. Following this, the behavior of the in-laws changed, with increased demands for dowry and harassment. The husband eventually left, abandoning their rented house and leaving the wife struggling with hunger due to financial constraints.

The wife has filed a complaint with the police, and an investigation is currently underway. Anandveer Singh, the in-charge of Jagdishpura police station, has stated that appropriate action will be taken based on the evidence gathered.

Legal Rights and Actions for Husbands in Dowry and Cruelty Cases

In cases where husbands face false dowry and cruelty-based complaints, there are legal rights and actions they can take. It is important to collect evidence to disprove the allegations, such as text messages, emails, videos, social media posts, or witnesses who contradict the accusations. Documenting your version of events and preparing a detailed account of the incidents mentioned in the case can also be helpful.

Husbands can file a damage recovery case under Section 9 of the Code of Civil Procedure (CPC) if the wife falsely claims emotional, physical, or monetary torture and breaks into the husband’s home. Legally, the husband should give notice around the same time or the following day, and the suit will proceed for quite a while.

In cases of false dowry and domestic violence complaints, husbands can seek anticipatory bail to preempt their arrest and file for divorce on the grounds of cruelty against their wives.

Support and Redressal for Victims of Dowry Harassment and Abuse

For victims of dowry harassment and abuse, it is important to seek support and redressal. The National Commission for Women (NCW) provides a Complaint & Investigation Cell that expedites and monitors investigations by the police. The commission takes up complaints with concerned organizations and departments to ensure suitable redressal of grievances. The complaints received are also analyzed to understand gaps in the routine functioning of the government in tackling violence against women and to suggest corrective measures.

It is crucial for victims to reach out to the police and file a complaint against the perpetrators. The police should take appropriate action based on the evidence and provide adequate relief to the complainant.

Conclusion

The incident of dowry harassment and abuse faced by the wife in the Jagdishpura area is a serious matter. It is important for victims to seek legal support, collect evidence, and file complaints with the police. The investigation is currently underway, and appropriate action will be taken based on the evidence gathered. Victims of dowry harassment and abuse should also seek support from organizations like the National Commission for Women to ensure suitable redressal of their grievances.

Indian Bank will outsource employees for various banking operations

Indian Bank, one of the leading public sector banks in India, has recently taken a significant step towards expanding its operational capabilities by opening a wholly owned subsidiary called Indbank Global Support Services Ltd. (IGSS). This new subsidiary aims to offer comprehensive outsourcing solutions for various banking operations.

According to the CEO-designate of IGSS, Kanhaiyalal Agarwal, the subsidiary will initially focus on sourcing and collection-support activities. This means that IGSS will handle activities related to sourcing funds and managing collections on behalf of Indian Bank. By outsourcing these functions to IGSS, Indian Bank can streamline its operations and enhance efficiency.

However, the ambitions of IGSS do not stop there. The bank has plans to gradually expand the services offered by the subsidiary. In addition to sourcing and collection-support activities, IGSS will eventually cover processing activities, contact centre services, and technology-related functions. This indicates that IGSS will play a pivotal role in managing and supporting various banking operations, allowing Indian Bank to leverage its expertise and resources.

The MD & CEO of Indian Bank, S.L. Jain, expressed confidence in IGSS and its potential to contribute to the continued growth and success of the bank. During the inauguration of IGSS’s registered office in Chennai, Jain highlighted the importance of this subsidiary in augmenting Indian Bank’s operational capabilities. By leveraging the services provided by IGSS, Indian Bank can enhance its efficiency, improve customer service, and focus on its core banking activities.

The establishment of IGSS reflects Indian Bank’s commitment to innovation and its proactive approach to meeting the evolving needs of the banking industry. By creating a dedicated subsidiary for outsourcing solutions, Indian Bank aims to optimize its operations, reduce costs, and improve overall performance.

Overall, the opening of Indbank Global Support Services Ltd. marks an important milestone for Indian Bank. The subsidiary will not only enhance the bank’s operational capabilities but also contribute to its continued growth and success. With a focus on sourcing, collection-support, processing activities, contact centre services, and technology-related functions, IGSS is poised to play a vital role in the future of Indian Bank.

Standard Chartered Bank ordered to pay compensation for not updating CIBIL score of loan borrower

The Standard Chartered Bank and its assignee, Shaha Finlease, have been instructed to pay compensation to a businessman for their failure to update his CIBIL score after the closure of his credit card account. The Additional Consumer Disputes Redressal Commission of Bengaluru has also directed the two companies to pay a litigation cost.

Background

The complainant, VV Venkatesh Babu, surrendered his credit card in 2010. However, the bank allegedly continued to harass him for different rental charges. Venkatesh Babu offered to close the account upon payment of a specific amount towards full and final settlement.

Non-updated CIBIL Record

Despite the payment and confirmation of no outstanding dues, the bank failed to update Venkatesh’s CIBIL record. Instead, the record was transferred to Shaha Finlease, who demanded an additional sum to issue a no-dues certificate and update the CIBIL record.

Consumer Court Case

Venkatesh filed a complaint with the consumer court seeking compensatory damages for the faulty services provided. The bank did not appear in the case, while Shaha Finlease argued that the complaint was time-barred.

After considering the arguments and evidence, the quorum of the Consumer Disputes Redressal Commission found in favor of Venkatesh. The assignee had released legal notices to Venkatesh, stating a large due amount outstanding in his name. Additionally, Shaha Finlease demanded a specific amount to clear his name from the CIBIL records.

Conclusion

Advocate Abhishek MR represented Venkatesh in the case, while advocate Santhosh Kumar MB represented Shaha Finlease.

In conclusion, the Standard Chartered Bank and Shaha Finlease have been ordered to compensate the businessman for their failure to update his CIBIL score. The court also directed them to pay a litigation cost.