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Tag: Union Bank of India

  • Check which lenders supply greatest rates of interest on new automobile loans

    MUMBAI: While buying a brand new automobile, the supplier is prone to ask for those who want a mortgage. In case you do, they may direct you to a mortgage desk the place completely different lenders supply loans.

    Most patrons find yourself taking a automobile mortgage from a lender which has partnered with the supplier because it’s handy that every one providers can be found beneath one roof. However, earlier than you join the mortgage with the lender who has partnered with the supplier, test if you may get a less expensive charge elsewhere.

    Even a 1% distinction within the rate of interest may help you save. Suppose you desire a ₹7 lakh mortgage, the supplier presents it at 8% for 5 years. Your equated month-to-month instalment (EMI) will work out to be ₹14,194 and the entire outgo might be ₹8,51,609.

    If your mortgage is 0.5% cheaper, your EMI might be ₹14,027 and the entire mortgage outgo might be ₹8,41,594.

    If the mortgage is 1% cheaper, the EMI and whole mortgage outgo might be ₹13,861 and ₹8,31,650, respectively.

    Other than rates of interest, the processing price added to the entire outgo could make a extra important distinction.

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    Public sector banks (PSBs) are usually cheaper than private-sector lenders in a number of mortgage classes. At current, the bottom rate of interest supplied by Bank of Baroda presents is 7%, Union Bank of India at 7.15%, Canara Bank at 7.3%, in line with knowledge from Paisabazaar.com. The lowest charge that State Bank of India presents is 7.5%.

    In non-public banks, ICICI Bank and HDFC Bank supply 7.9% and seven.95%, respectively, as their lowest charges.

    Some of the banks that supply decrease processing charges embody Union Bank of India ( ₹1,000), IDBI Bank ( ₹2,500), and Federal Bank ( ₹1,500 – 2,500).

    Hence, whenever you consider mortgage presents, contemplate rates of interest together with different expenses.

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  • Lakhs of cash go lacking in Union Bank of India department of Paradip

    By Express News Service
    PARADIP: Banks elsewhere in India have been in information for credit score and mortgage scams. In this financial institution, lakhs of cash have gone lacking sending financial institution officers right into a tizzy.

    A whopping Rs 14.86 lakh in cash of various denominations are discovered lacking from Paradipgarh department of Union Bank of India prompting the financial institution authorities to lodge a criticism with the native police. 

    The matter got here to fore throughout an inner audit of the department on Tuesday. Mathematically talking, the cash lacking might run into just a few lakhs – at the very least over 3 lakh by way of quantity.

    Santosh Kumar, who joined as department supervisor on January 25 detected the discrepancy in variety of cash of Rs 1, Rs 2 and Rs 5 denominations within the financial institution as per deposits between 2016 and 2020.

    He checked with the interior audit group which corroborated the lacking of cash. Kumar lodged an FIR on this regard at Paradip Lock police station towards 4 workers, two of whom had served as managers of the department. 

    Paradip Lock IIC Pravash Sahoo mentioned a case has been registered underneath sections 420, 409 and 34 of IPC towards some workers who will quickly be interrogated.

    A police group will conduct a probe into the matter. Last month, Rs 2.61 crore was misappropriated from the financial institution’s Sadeipur department inside Balikuda police limits. The funds have been allocations in direction of initiatives underneath Ama Gaon Ama Bikash scheme and Critical Grant Funds of the block.

    When the Block Development Office sought a transaction assertion on December 31, 2020, the alleged bungling was seen.

  • Big financial institution fraud! Consortium of banks undergo lack of over Rs 4,837 crore, CBI probe underway

    Image Source : FILE PHOTO Consortium of banks undergo lack of over Rs 4,837 crore. Representational picture
    The Central Bureau of Investigation (CBI) has registered a case towards a personal firm primarily based at Hyderabad and others together with its managing Director, Joint Managing Director, and unknown public servants/others on a grievance from State Bank of India, Hyderabad.

    It was alleged that the accused in connivance with unknown public servants and others defrauded the consortium of Public Sector Banks, consisting of State Bank of India, IDBI Bank, Canara Bank, Andhra Bank, Corporation Bank, EXIM Bank, Punjab & Sind Bank, Union Bank of India and triggered a lack of Rs. 4837 crore (approx).

    ALSO READ | SBI, Punjab and Sind Bank allegedly cheated of over Rs 131 crores; CBI registers circumstances

    It was additional alleged that the borrower firm represented by its administrators had availed varied credit score limits from a consortium of banks, led by SBI and cheated the banks, with out repaying the mortgage quantity. It was additionally alleged that as per the Forensic Audit Report, the corporate made funds to associated events by way of LCs, with out recording any buy transactions within the books and routed the funds to the account of the corporate, thereby misappropriated the financial institution funds. Searches had been carried out at this time on the residential and official premises of the accused at Hyderabad which led to the restoration of a number of incriminating paperwork. The investigation underway.

    Name of the accused 

    IVRCL Limited, Hyderabad.
    E. Sudhir Reddy, Managing Director of IVRCL Ltd.
    R Balarami Reddy, Joint Managing Director of IVRCL Ltd.
    Other unknown public servants and unknown others.
    ALSO READ | Bank fraud! CBI recordsdata chargesheet towards 24 accused for alleged lack of over Rs 297 crore to varied banks
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