A bank’s “paramount right of set-off and general lien” over a borrower’s accounts does not extend to life-insurance proceeds received by his widow on his death, the Allahabad High Court held prima facie, ordering SBI to refund Rs 17.29 lakh it had recovered from a widow’s account towards her late husband’s personal loan. Prayagraj: The […]
The Patna High Court has quashed the State Bank of India’s decision treating a long-serving officer as having “voluntarily resigned” for staying away on medical grounds, holding that absence compelled by illness is not wilful abandonment and that the Bank acted arbitrarily and in breach of natural justice. Patna: The Patna High Court has set […]
The Mumbai Bench of the NCLT admitted SBI’s application seeking personal insolvency proceedings against Reliance Group Chairman Anil Ambani. The Tribunal appointed a Resolution Professional and directed issuance of a public notice inviting creditor claims, marking a major development in the insolvency process.
Delhi High Court Judge Yashwant Varma has been named in a CBI FIR related to a sugar mill cash row. The case involves alleged financial irregularities linked to the sale of sugar mills. The FIR reportedly includes serious accusations against multiple individuals. Authorities are investigating the extent of involvement and financial transactions.
The Supreme Court ruled that banks, specifically State Bank of India (SBI), are accountable for unauthorized transactions. This decision followed a fraudulent case where a customer lost Rs 94,204.80 after being deceived by a fraudster. The court emphasized banks must utilize advanced technology for safety and advised customers not to share sensitive information.
The Chhattisgarh High Court ruled that a lawyer cannot be held criminally liable for financial losses to a bank without evidence of intent to defraud. Charges against an SBI lawyer were quashed as there was no proof of collusion or active participation in a loan fraud scheme, emphasizing the necessity of malicious intent in fraud cases.
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The Supreme Court of India ruled that disciplinary proceedings against SBI employees cannot start after retirement, as such actions are void unless permitted by law. The ruling clarifies that the employment relationship ends at retirement, emphasizing employers must comply with legal standards when addressing past employee misconduct.
The Supreme Court will hear a PIL seeking a court-monitored investigation into the electoral bonds scheme on July 22. Chief Justice D Y Chandrachud and Justices JB Pardiwala and Manoj Misra scheduled the hearing after reviewing submissions from lawyer Prashant Bhushan representing Common Cause and CPIL.
The State Bank of India refuses to disclose electoral bond SOPs, citing “commercial confidence” and intellectual property concerns. An advocate’s appeal for transparency has been denied, leading to escalation to the Central Information Commission. This reflects broader concerns about transparency in political funding, highlighting the tension between transparency advocates and institutions prioritizing confidentiality.