The head office of Canara Bank in Bengaluru.

New Delhi:

A video of a fight between a bank manager and a customer at a Union Bank in Ahmedabad has gone viral. Jaiman Rawal, the customer, was reportedly disappointed over the increased tax deduction on a fixed deposit. The argument between the customer and the bank manager broke into a nasty fight.

In a 43-second-long viral video, the two men are seen holding each other by the collar. The customer then slaps the bank employee on his head. In the video, a woman can be heard asking her colleague Shubham to let it go.

In the background an elderly woman, who appears to be the customer’s mother is seen trying to resolve the dispute, holding the arm of either of the two, pulling them away. She even slaps the customer, presumably her son, asking him to stop it.

When the two are finally pulled away, the customer again attacks, this time another bank employee.

The incident is reportedly from the Union Bank’s branch in Vastrapur, Ahmedabad.

Vastrapur police have registered a case and the probe is underway.

‘Customer’ turned ‘Crocodile’ after TDS Deduction in Bank FD. FM sud instruct Bank staffs to learn ‘taekwondo’ for self defense. pic.twitter.com/CEDarfxcqi

— Newton Bank Kumar (@idesibanda) December 6, 2024

A similar incident was reported from the Canara Bank branch in the Gandhi Maidan Police Station area, Patna where a woman bank manager was harassed and threatened by a customer over the CIBIL score. In a video, a man is seen walking toward a woman, he points a finger at her, almost shoving it in her face. He then snatches the phone from her and throws it on the ground. “You will record this and embarrass me”, he asks.

The man returns the phone to the woman and walks back to a nearby chair. He sits and threatens the woman. “No one will support you. Fix my CIBIL score. See what I do to you in your cabin. You don’t know who you are dealing with. You have done wrong to me,” he says.

The police are investigating the case.

एक सहकर्मी के साथ अभद्रता और बदसलुकी की जा रही है और बाकी के कर्मी मूक बधिर के तरह खड़े होकर तमाशा देख रहे हैं। एक शब्द नहीं निकल रहा किसी के मुंह से, धिक्कार हैं।
इस तरह की घटनाये इन दिनों आम हो गई हैं बैंको मे ऐसा ही चलता रहा तो भगवान ही मालिक हैं बैंकर्स का। #canarabankpatnapic.twitter.com/9dsb2c2SV1

— kanhaiya kumar (@MrKjha12) December 7, 2024

Canara HSBC Life Insurance Company is a joint venture company with a 51% stake owned by Canara Bank and a 26% stake held by the HSBC Insurance (Asia Pacific) Holdings and remaining 23% stake by Punjab National Bank.

Canara Bank on Thursday (December 5, 2024) said it has got Reserve Bank of India’s (RBI) approval for a proposal to divest the bank’s stake in life insurance and mutual fund ventures.

“Reserve Bank of India, vide its letter dated December 5, 2024, has accorded approval to our bank for divesting its shareholding in Canara Robeco Asset Management Company Limited and Canara HSBC Life Insurance Company Limited by 13% and 14.5%, respectively through Initial Public Offer (IPO),” Canara Bank said in a regulatory filing.

RBI Monetary Policy Committee meeting: policy rate unchanged at 6.5% for 11th time in a row

Further, RBI has intimated that in accordance with the exemption granted by the Government of India, the bank should adhere to the October 31, 2029 timeline for bringing its stake in these entities up to 30%.

Canara HSBC Life Insurance Company, established in 2008, is a joint venture company with a 51% stake owned by Canara Bank and a 26% stake held by the HSBC Insurance (Asia Pacific) Holdings and remaining 23% stake by Punjab National Bank (PNB).

In case of mutual fund business, Canara Bank also owns 51% stake in Canara Robeco Asset Management Company while Japan’s Orix Corporation holding has the remaining stake in the AMC.

Canara Robeco Asset Management Company is the country’s second oldest asset manager. The State-run lender had floated the company in 1993, partnering with Robeco, now part of Orix, in 2007.

Two videos have gone viral on X (formerly Twitter) where officers of Bandhan Bank and Canara Bank can be seen reprimanding their junior employees using foul language over failing to meet targets. The clips capture instances of verbal abuse, intimidation and demands for excessive work hours. They have sparked discussion among social media users on workplace ethics and employee well-being. Both incidents even prompted the banks to issue a clarification on the matter.  

In one of the videos that surfaced on May 4, a Canara Bank officer Lokapati Swain can be seen scolding employees for prioritising personal time over work. He is seen shouting and pressuring staff members to work extra hours, even on holidays and leave their family obligations. “If you will not participate in recovery, including holidays because you want time after working to travel with your family but your hell to your family. What should I do? I don’t care about my family, I don’t care about my family also, I care about Canara Bank. So clear message to all, and if week-wise, Monday to Saturday, work is not happening, Saturday or Sunday, whenever holiday, and if you did not respond kindly, things will be different and for everyone be it officer, chief manager, AGM,” he said

Take a look below: 

At Canara Bank we always value the contribution of our employees and their families, it is proven time and again. The bank does not endorse this kind of individual behaviour and personal opinion of a particular staff. We assure that appropriate action is being taken.

— Canara Bank (@canarabank) May 4, 2024

Responding to the incident, Canara Bank said that it “always values” the contribution of employees and their families, and “it is proven time and again”. “The bank does not endorse this kind of individual behaviour and personal opinion of a particular staff. We assure that appropriate action is being taken,” it said in a statement on X.

Also read | Feeling Extremely Busy Can Damage Brain Health, Says Yale Psychologist

In the second video that surfaced last month, a Bandhan Bank officer, Kunal Bhardwaj, can be seen screaming at a junior employee who apparently did not meet the targets set for the month. The clip, which has now been deleted, captures Mr Bhardwaj using abusive language and questioning the employee’s shame for their performance. When the employee apologised for his mistake and promised to rectify it, Mr Bhardwaj said, “Definitely correct sir?… Are you even ashamed of yourself? This is March?”

The Bank has taken cognizance of the incident. At Bandhan Bank, we place high emphasis on values & we condemn such behaviour. We do not endorse or promote such approach. Necessary action has already been initiated & we will take appropriate steps in line with the Bank’s policy.

— Bandhan Bank (@bandhanbank_in) April 25, 2024

Reacting to this incident, Bandhan Bank said, “The Bank has taken cognizance of the incident. At Bandhan Bank, we place high emphasis on values and we condemn such behaviour. We do not endorse or promote such an approach. Necessary action has already been initiated and we will take appropriate steps in line with the Bank’s policy”. 

Despite clarifications from the banks, the videos have sparked outrage among social media users. “In an organisation as toxic as yours @canarabank thousands of such cases go unnoticed. What action has been done against one such hyped case? Also we will make sure the employee who highlighted this is not harrassed as you have a history of doing so!” wrote one user. 

“What kind of values you people  are talking about!  Subjugation , threatening ,pressurising, abetment of sucide,” expressed another. “Nothing new ! We all know the working culture in Canara Bank. Neither they respond to any emails nor they pick up any call,” commented a third. 

“@canarabank What has been shown in the video is the sad reality. I left the organisation because of the toxic culture. What action have you taken till now? Was there no other senior management staff in this meeting who interrupted during this task? Your policies are only on paper,” shared an X user. 

The Reserve Bank of India (RBI) imposed a monetary penalty on State Bank of India and Canara Bank for regulatory violations, the central bank said in a press statement on Monday. 

The State Bank of India was fined Rs 2 crore for violations related to depositor education awareness funds and shareholding in a company exceeding 30% of the paid-up share capital of that company.

“This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers,” said the central bank.

The Canara Bank was fined Rs 32.30 lakh for failing to rectify the rejected data and upload the same with the credit information companies within seven days of receiving such a rejection report from the CICs.

The RBI also fined City Union Bank Rs 66 lakh for violations related to the divergence of non-performing assets. 

“There was significant divergence between the non-performing assets, as reported by them and as assessed during the inspection. It did not put in place a system of periodic review of risk categorisation of accounts of its customers,” the RBI said. 

New Delhi:

Jet Airways founder Naresh Goyal has been arrested by the Enforcement Directorate (ED) in an alleged Rs 538 crore money laundering case linked to Canara Bank, sources said.

Mr Goyal was taken into custody under the Prevention of Money Laundering Act (PMLA), following a long session of questioning at the ED’s office in Mumbai.

Mr Goyal, 74, will be produced before a special PMLA court in Mumbai on Saturday, where the ED will seek his custodial remand.

The money laundering case stems from a first information report (FIR) of the Central Bureau of Investigation (CBI) against Jet Airways, Mr Goyal, his wife Anita and some former company executives in connection with an alleged Rs 538 crore fraud case at Canara Bank.

The FIR was filed on the bank’s complaint that alleged it sanctioned credit limits and loans to Jet Airways (India) Ltd (JIL) to the tune of Rs 848.86 crore, of which Rs 538.62 crore is outstanding.

The CBI had said the account was declared “fraud” in July 2021. The bank alleged the forensic audit of JIL showed it paid “related companies” Rs 1,410.41 crore out of a total commission expenses, thus siphoning off funds from JIL.

The FIR said personal expenses such as salaries of staff, phone bills and vehicle expenses, among others, of the Goyal family were paid by JIL.

It surfaced during the forensic audit that funds were also siphoned off through Jet Lite (India) Ltd (JLL) by making advance and investing and subsequently writing off the same by making provisions.

JIL allegedly diverted the funds for the subsidiary JLL in the form of loans and advances and investments extended.