Page 5 - Banking Finance February 2025

BANK UPDATE

ment of Financial Services (DFS) direc-
tives on performance reviews and PLI,
citing concerns over job security and
employee division.
The AIBOC executive committee
warned of further agitation and strin-
gent actions if their demands are not
Ò»©­ addressed. Strike notices will be issued
this month, followed by other agitation
programs.

UCO Bank Adds 40
Branches on Its 83rd Foun-
dation Day
Central Bank of India Celebrates 114th Foundation UCO Bank celebrated its 83rd Founda-
Day tion Day on January 6, 2025, by inau-
gurating 40 new branches and one
The Central Bank of India commemorated its 114th Foundation Day on RSETI. The theme of the day, "Empow-
December 21, 2024, with celebrations nationwide. Special ceremonies were ering Women, Empowering India," un-
conducted at the bank's Main Office and Corporate Office in Mumbai. The derscored the bank's focus on
event highlighted the institution's legacy, ongoing transformation, and dedi- inclusivity and growth.
cation to excellence in banking.
The bank launched a range of products
The occasion was attended by Shri M.V. Rao, Managing Director & CEO,
and services in deposit, retail, MSME,
along with Executive Directors Shri Vivek Wahi, Shri M.V. Muralikrishna, and
and digital banking. Blood donation
Shri Mahendra Dohare. Dr. Piloo Hakim, granddaughter of the bank's founder
and health camps were also organized
Sir Sorabji Pochkhanawala, also graced the event. Floral tributes were paid
across zonal offices, with over 2,000
to the founder, and the 4th edition of the bank's History Book was released, units of blood donated.
chronicling its rich legacy.
EXIM Bank Raises $1 Bil-
Supreme Court Overturns Citibank, American Express, and HSBC, lion Through Overseas
had challenged the NCDRC's decision,
30% Interest Cap on Credit arguing that it interfered with RBI's Bond
Cards statutory role in regulating interest The Export-Import (EXIM) Bank of In-

In a major relief for banks, the Supreme rates. dia has successfully raised $1 billion
Court has nullified a 2008 NCDRC rul- (approx. Rs 8,570 crore) through an
ing that capped credit card interest Bank Officers Union overseas bond issuance at competitive
rates at 30% per annum for late pay- Threatens Nationwide rates. The funds will support ongoing
ments. A bench comprising Justices and new global initiatives.
Bela Trivedi and Satish Chandra Strike in February 2025 Managing Director Harsha Bangari
Sharma ruled that setting such a ceil- The All India Bank Officers' Confedera- highlighted the achievement of secur-
ing is beyond the jurisdiction of the tion (AIBOC) has announced a nation- ing the tightest spread ever for an In-
National Consumer Disputes Redressal wide strike on February 24-25, 2025, to dian issuer, with pricing set at US Trea-
Commission (NCDRC), as interest rate press for demands such as a five-day sury plus 1%. Deputy Managing Direc-
regulation falls under the Reserve work week and adequate recruitment tor Deepali Agrawal noted the peak
Bank of India's purview. across cadres. The union has also called order book reached $2.7 billion, re-
Banks, including Standard Chartered, for the withdrawal of recent Depart- flecting strong investor confidence.

BANKING FINANCE | FEBRUARY | 2025 | 5