Page 5 - Banking Finance August 2025

BANK UPDATE

nated options. The fundraising move
reflects the bank's aim to strengthen
its capital base and support future
growth.

SBI Begins Recruitment for
541 Probationary Officers
Ò»©­ The State Bank of India (SBI) has initi-

ated recruitment for 541 Probationary
Officer (PO) posts, with online applica-
tions open from June 24 to July 14,
2025. This marks a return to PO hiring
after a gap, as no notification was is-
sued in 2024. The last PO recruitment
ED Raids 10 Locations in Rs 988 Cr Loan Fraud Probe occurred in 2023, when 2,000 positions

Involving Shilpi Cables were announced.
The Enforcement Directorate (ED) has searched 10 locations in Delhi-NCR This new recruitment follows SBI's
and one in Ludhiana in connection with a Rs 988 crore bank loan fraud in- major hiring drive in December 2024,
volving Shilpi Cables Technologies Ltd (SCTL), as part of a probe based on a when it announced 13,735 clerical va-
CBI FIR. SCTL's promoters, including MD Manish Goel, are accused of de- cancies-up from 8,283 in 2023 and
frauding IDBI Bank and a consortium of lenders through manipulated let- 7,820 in 2020. Notably, SBI continues
ters of credit and routing funds abroad via fictitious trade deals. to enforce its credit discipline clause,
which bars applicants who have de-
The ED is probing Goel and entities linked to him, including dummy firms
faulted on loans with banks, NBFCs, or
used for fund rotation and illicit cash infusion. Investigators claim Goel in- financial institutions.
fused illicit funds into businesses he beneficially owned to launder and
legitimise the proceeds of crime. Candidates must have a clean CIBIL
record to be eligible for the PO role.
Separately, the ED is also conducting searches in Mumbai, Surat, and The fresh recruitment is expected to
Ahmedabad in a Rs 100 crore cybercrime case involving fake USDT trading
attract thousands of applicants as SBI
and digital arrest scams, where funds were transferred abroad via
remains one of the most sought-after
cryptocurrency and hawala routes.
employers in the banking sector, offer-
ing long-term career stability and
Union Bank of India to crore will be mobilised through equity growth across India.
Raise Rs 6,000 Crore via issuance in one or more tranches via
public issue, rights issue, private place- SBI Declares RCom Loan
Equity and Debt for ments including Qualified Institutional

Growth Placements (QIPs), or a combination Account Fraudulent, Tar-
thereof. This fundraising is contingent gets Anil Ambani
Union Bank of India has announced
plans to raise Rs 6,000 crore through on approvals from the government, The State Bank of India (SBI) has de-
a combination of equity and debt in- regulators, and shareholders. clared Reliance Communications'
struments to support its business ex- In addition, the bank's board cleared (RCom) loan account as "fraud" due to
pansion. The public sector lender the issuance of Basel-III compliant alleged fund diversion, misuse of sanc-
stated in a regulatory filing that the bonds, comprising up to Rs 2,000 crore tioned loans, and irregular inter-com-
decision was approved at its recent in Additional Tier-1 (AT-1) bonds and up pany transactions. In a letter shared on
board meeting. to Rs 1,000 crore in Tier-2 bonds, which the stock exchanges, SBI said funds
Of the total amount, up to Rs 3,000 may include foreign currency denomi- were diverted to connected parties,

BANKING FINANCE | AUGUST | 2025 | 5