Modi took on Gandhi for mocking him for chanting 'Bharat Mata ki Jai' at every meeting. The prime minister said he will continue to do so despite Gandhi's 'fatwa' on it.
'Change is the rule of politics.'
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.
Modi, 46, who had figured in the Forbes' list of richest Indians, has been named in the cheating case on a complaint from the PNB, which alleged that the jewellery firm owner, his brother, wife and Choksi entered into a criminal conspiracy with the officials of the bank and cheated it, causing a "wrongful loss".
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.
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.
Theoretically, Modi, who understood corporate finance, committed no crime by raising debt to fund a growing business. In fact, he did a tidy job of it, but his operation started to see the ground underneath it give way in January 2018. A fascinating excerpt from Pavan C Lall's Flawed: The Rise And Fall Of India's Diamond Mogul Nirav Modi.
'Teaching lessons is the objective behind every school.' 'For the moment, a state seems intent to teach a lesson -- that students of Classes 4, 5 and 6 can wage war against the mighty Indian nation,' says Krishna Prasad.
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.
The Congress said arrogance of the BJP has touched its zenith as it turned 'blind' to farm distress.
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.
'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.
Upgradation to the new product (from Infosys) will stabilise by this month-end
'Last year, Rs 20,000 crore was ripped off from the banking system.' 'The situation has deteriorated under the Modi government.'
Gandhi said the BJP, in power in Madhya Pradesh since 2003, is only working for a few rich people.
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'.
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.
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.
'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.'
The latest fraud is a failure of management supervision and accountability, as no bad debt was generated and no cash was involved
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!".
'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.'
'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.'
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