The latest fraud is a failure of management supervision and accountability, as no bad debt was generated and no cash was involved
According to ED sources Sunil Mehta said the fraud took place due to "systemic failure" and "procedural lapses", owing to lack of interface or proper links between the core banking software and the SWIFT interbank messaging system.
While the scam highlights the need for an overhaul of the oversight mechanism of banks and of their internal controls, questions are being raised on why multiple audits failed to raise an alarm
Modi knew in his heart that India does not have the financial muscle to support the new bank with offers of co-financing international projects, something China can do from the bank's base in Shanghai. If established in Mumbai, it may have employed a few Indian bankers and satisfied the national ego but there was little financial value to be drawn from it.
PM has asked the Reserve Bank to prepare a 20-year road map for financial inclusion
2014 sees slowest start to festival season in at least 7 years
RBI may be inclined to impose severe restrictions on lending in the coming quarters.
Lower inflation, FCNR(B) outflows likely to influence central bank decision
It was unclear how bankers were deciding which jewellers to support
The 'Indian story' will be badly damaged if the Modi government is not re-elected, argues investment banker Christopher Wood.
Finance minister Arun Jaitley has delivered a Arun Jaitley delivered a bold, far sighted budget
The first signs of growing bonhomie between Modi and Rajan came early last year, when Modi called Rajan the "best teacher" for explaining complex economic issues to him.
The country has come a long way in the process of financial inclusion, Raghuram Rajan said, but "still has a way to go".
As a result, the forecast of eight per cent retail inflation by January next year looks achievable.
Loans make money for the lender in the initial years but losses come later when they turn bad.
'If you look at this Budget, except for the Rs 2 increase in petrol and diesel, there is no positive or negative impact from the Budget for the common man.'
'For years, the RBI has been warning banks on probable frauds in bank guarantees and advised them to exercise due care.' 'PSB staffers feel their jobs are secured, hence there is no need to be vigilant and exercise financial prudence.'
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SBI Chairman in the last year's banking conclave had started a debate by seeking to abolish cash reserve ratio to enhance liquidity in the banking sector for more productive use.
''I have been saying for the last 25 years, to no avail naturally, that the only government asset that is politically unproblematic is land,' says T C A Srinivasa Raghavan.
Tomorrow's review could also turn out be the last policy anchored by Rajan if the proposed Monetary Policy Committee (MPC) is put in place before the next review due on August 9.
Formula One chief executive Bernie Ecclestone goes on trial for bribery in Germany this week in a case that threatens to end the Briton's long reign as the commercial boss of the motor sport.
Given the stability of the rupee over the last 10 months, many companies have been tempted not to hedge their foreign currency risk.
Stung by the crisis arising out of the Syndicate Bank bribery case, lenders have gone into a fire-fighting mode to avoid fresh bad loans from their exposure to Bhushan Steel, one of the most indebted steel companies in the country.
India's banks rely on overnight borrowings to fund longer-term lending.
At the prison, both Ranjan and Manglik's cell phones were pressed into service by the CBI. Why the CBI didn't bring its own equipment seems a mystery... Ranjan's cell handset was given to Indrani and Manglik dialed it. Indrani then spoke and her speech, that emanated from the phone, via speaker mode, was recorded.
India's investigating agencies have in the past made a lot of noise about probes that resulted in few convictions
After months of denying there was a liquidity problem, Governor Raghuram Rajan has reversed course.
According to the RBI's Financial Stability Report, the industry's gross bad-loan is at a 14-year high. As RBI's March 2017 deadline for banks to clean up soured credit looms closer, Shailajanand Mishra takes stock of just how bad the situation is.
Insolvency professionals feel the bankruptcy code will deter defaulters, but NPAs will not cease unless banks are sensitised on credit appraisal and experts are hired by banks to inspect what is happening with their loans.
'The current crisis is a result of a clash between a coercive attempt by the government to justify demonetisation and rising digital transactions against the market and the economy fighting the unexpected pressure from atop.'
About 12 other lenders with combined exposure of Rs 1,200 crore likely to follow
'The reform agenda is progressing in the right direction'.
A year ago, Greece's bankers thought they were on the cusp of a new era.
The sleuths of the department seized over Rs 4 crore in new currency, mostly in denomination of Rs 2000, some notes of Rs 100, demonetized notes of Rs 500 and a few gold biscuits
The Reserve Bank of india is likely to tell state-run United Bank of India (UBI), which has seen erosion of capital due to bad loans and higher provisioning to implement prompt corrective action.
RBI has, since January, cut its policy rate four times.
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State oil refiners, who are the biggest buyers of US dollars, agreed to implement the RBI order with immediate effect, sources with direct knowledge of the development said.
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Money exchangers and bankers in Muscat said that non-resident Indians have started resorting to personal loans as rupee touched an all-time low of 62.03 against the US dollar on Friday, Times of Oman reported.
Tamal Bandyopadhyay offers some unsolicited advice for a government wh,ich came to power, with brute majority and the nation's pragmatic chief money man.
Central bank sees action as discriminatory, unfair
