The latest fraud is a failure of management supervision and accountability, as no bad debt was generated and no cash was involved
In the atmosphere created by the reaction to the PNB fraud and RBI's resolution framework, "don't lend, don't resolve" is bound to become the bankers' new mantra, says T T Ram Mohan.
Finance Minister Piyush Goyal said the instances of people running away and evading the legal process was increasing and this needed to be stopped, as the current laws do not allow fully dealing with the severity of the problem.
What was the RBI doing, what was the PNB top management doing, what were the auditors doing, asks Debashis Basu.
Of the 16 FMCG firms, 12 companies saw an increase in their respective foreign institutional investors holding in three months ended September 2013 over the year-ago period, while the remaining four witnessed a decline in FIIs stake, according to a report by A C Choksi Share Brokers.
Import in the first nine months of the current calendar year fell 20 per cent to 525 tonnes from 658 tonnes in the year-ago period.
The PNB fiasco falls into a family line that involves non-fund limits - read contingent liabilities which are off-books. Harshad Mehta did it with bankers' receipts in 1992. Ketan Parekh exploited the ignorance of bankers who did not know the difference between a cheque and a pay-order. And the RBI blinked when it failed to insist the SWIFT platform be linked to the core banking solution. Raghu Mohan & Abhijit Lele trace the banking mess that was just waiting to happen.
Syed Firdaus Ashraf/Rediff.com attended the Congress president's rally in Mumbai on Friday, and explains why people who came with high hopes left disappointed.
A sightholder is a company on the Diamond Trading Company's list of authorised bulk purchasers of rough diamonds.
Heading to the third year, will Urjit Patel be busy firefighting a currency crisis? Almost no governor of the RBI managed to evade it and Patel perhaps knows it.
'All governments try owning the message, but the Modi-Shah BJP has developed it into a fine art.'
Gandhi said the BJP, in power in Madhya Pradesh since 2003, is only working for a few rich people.
The Congress said arrogance of the BJP has touched its zenith as it turned 'blind' to farm distress.
The event will also hurt PNB's asset quality in the March 2018 quarter. While the finer details of the fraud have not been provided, making it difficult to gauge the exact impact, analysts say it will dent the bank's financials.
Dealers expect prices to fall further, owing to an impending rate hike in the US
'The Modi government needs some big private sector trophies to affirm its anti-corruption credentials before the polls.' 'So on whose neck will the sword fall next?' 'To that extent, the outing of the ICICI Bank-Videocon story is cathartic,' says Shekhar Gupta.
A worker earns Rs 10,000-20,000 but in the past month earnings had dwindled to Rs 5,000-7,000.
'Last year, Rs 20,000 crore was ripped off from the banking system.' 'The situation has deteriorated under the Modi government.'
From the Aadhaar verdict to #MeToo's arrival in the country to the entry into the Sabarimala temple -- India had a newsworthy 2018. As we step into 2019, these are the top moments from the year gone by.
'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.'
Shah said the Opposition's 'irresponsible' conduct caused a loss of over Rs 333 crore of public money and the ruling National Democratic Alliance MPs' decision to forgo their salaries was a 'call of conscience'.
'Four weeks have passed after the scam was exposed, yet no big guy has been arrested.' 'This gives the impression that he wants to be soft on the biggies.'
Rahul exuded confidence that his party will emerge victorious in Karnataka, Rajasthan, Madhya Pradesh and Chhattisgarh assembly polls and defeat the BJP in the 2019 general polls.
Among Indian cars Vizag-based Stephen Panchigalla clocked 13.366s in his Skoda Octavia in the same J Class, which was run jointly for both Foreign and Indian cars, to ended up as the 'Fastest Indian Car.' Of the day.
'We feel there is definitely something murky in the system.' 'Will anyone believe that Nirav Modi will go to a branch and bribe a low-level officer?' 'Just look at the people with whom he had moved around.'
Then came the electrifying climax of Tuesday's hearing. Pasbola showed Sharma copies of cheques that had been deposited at the bank with Indrani's signature on them. He accused Sharma of forging Indrani's signature and collecting the money for herself. In the back Indrani stood up in the accused box and very pointedly nodded her head up and down and mouthed, "She did!".
'This speech is going to be more of a punishment. I spoke too much this afternoon' A tireless Prime Minister Narendra Modi left over 700 notable luminaries in peals of laughter with his quick wit and sense of humour during a dinner and reception hosted by Indian Ambassador Subrahmanyam Jaishankar at the Taj-owned, The Pierre Hotel. In the presence of the who's who of desi Americans and US lawmakers, Modi once again thanked the Indian-Americans for their contributions and discussed his plans of developing India and the ties he hopes to nurture with America. Aziz Haniffa/Rediff.com presents a sneak-peak into the festive, grand dinner.
'If there is any industry that is unfit for modern corporate form it is the diamond trade.' 'But no one was asking the right questions.' 'The music was playing and so the game was on,' says S Murlidharan, former MD, BNP Paribas.
Business reacted with caution to the reforms of 1991, and demanded protection from multinationals and imports. Twenty-five years later, traces of that demand can still be found, reports Bhupesh Bhandari.
