The banking sector's credibility is on thin ice. Unless the government takes strict steps, things could get worse.
Handle cards like you would handle cash.
Billionaire Gautam Adani-led promoter group has paid off all of the $2.15 billion loans taken pledging their shares in the conglomerate, and only debt at operating company level remains, Adani Group said seeking to assure investors of its ability to repay debt. Adani Group in a statement termed reports of the group not completing repayment of $2.15 billion share-backed debt "baseless and deliberately mischievous." "Adani has completed full prepayment of margin linked share-backed financing aggregating to $2.15 billion (as was announced on March 12) and all corresponding shares pledged for those facilities have been released," it said.
The bench asked the group to submit within 15 days a valuation report of movable and immovable properties of its managing director and directors.
Soon, one will be able to pay utility bills at the local supermarket, while buying groceries, with the RBI allowing the setting up of payment banks.
The staff at post offices misappropriated Rs 95.62 crore of public money between November 2002 and September 2021, the Comptroller and Auditor General has said. The money may seem small but it is what common citizen invested in post office savings, the oldest and the largest banking system in the country. The system serves the investment needs of urban and rural clients through schemes such as savings bank, recurring deposits, time deposits, national savings certificates, kisan vikas patras, public provident fund, monthly income account scheme, sukanya samriddhi accounts and senior citizens savings scheme.
Advisors and agents known to you personally can also sell wrong policies.
The recent case of embezzlement by a Wipro insider, believe industry experts and analysts, would have little impact on the company's business or image. However, they simultaneously caution that the issue yet again highlights the need for better measures on corporate governance and fraud.
'If the RBI had done the right things, these mistakes would not have happened in banks, public or private,' says Ajay Shah.
The corporate affairs ministry proposed the names of Borkar & Mazumdar & Co and MM Chitale & Co for IL&FS and IFIN respectively; and GM Kapadia & Co and CNK & Associates for IL&FS Transportation Networks.
Terrorist organisations are using driving tests in the UK to open bank accounts needed to move money in and out of the country to fund their operations, a news report revealed on Sunday. The British authorities have stepped up action to stop the fraud with a far reaching undercover operation.
The Income Tax Department on Tuesday also raided 20 premises linked to Gitanjali Gems promoter Mehul Choksi and suspected shell firms in connection with an alleged tax evasion case against them, official sources said.
'We are all in a tizzy about NBFCs in the aftermath of the IL&FS default.' 'We tend to jump to the notion that an NBFC is like a bank. But banks make a promise that deposits are liquid and have an assured return.' 'NBFCs make no such promises,' points out Ajay Shah.
The ED's fresh chargesheet against Mallya and his firms is likely to pave the way for him to be declared "fugitive" under a new Indian law.
The banks also received a warning from the rating agency Care, in February 2016, after Firestar's financials deteriorated.
The regulatory actions, undertaken by the RBI and the government, came hours after finance ministry sources confirmed that SBI was directed to bail out the troubled lender. For the next month, Yes Bank will led by the RBI-appointed administrator Prashant Kumar, an ex-chief financial officer of SBI.
The ministry has also made Udayen Sen of Deloitte, and Kalpesh Mehta and Sampath Ganesh of BSR as respondents as they were the signatories of the audit reports of the company.
For the startup ecosystem in India, the scorecard so far has been a mixed bag, observes Akhil Gupta.
the three investors that have submitted their final bids are not commercial banks. Among the three, one is a non-banking financial company. Another distinctive feature of the revival is that PMC may lose its cooperative bank characteristic after its reconstruction.
The case pertains to alleged financial irregularities in supply of high-altitude tents worth Rs 22 crore to intelligence agency Research and Analysis Wing during 2009-13.
Taking bank lottery scam to a new level, scamsters are using the name and picture of RBI chief Raghuram Rajan to lure gullible people into making a cash deposit of Rs 15,500 to get a winning amount of Rs 5.50 crore.
The RBI has been critical of banks for using restructuring schemes to hide the stress.
'Put the assets of PMC Bank and the personal assets of the HDIL promoters and head of PMC Bank in an escrow account and ring-fence it from the ad hoc action of the revenue departments and creditors,' recommends Debashis Basu.
CBI has registered a case against general secretary of Mumbai BJP Mohit Kamboj, his jewellery manufacturing firm Avyaan Overseas, its directors, few mid-level bankers and others for alleged diversion of funds by availing fraudulent foreign bills negotiation limit and export packaging credit limit, issued by lender Bank of India between 2013 and 2018.
'What the RBI is doing is trying to catch the mouse when they have to catch the tiger.'
The amendments to the treaty will now be placed before the Swiss Parliament for final approval.
With growing internet penetration and aspirations, there's a surge in the number of fraudsters issuing fake ads and decamping with the money.
An FIR has been registered against Shivraj and his parents for allegedly duping a Mumbai businessman and his wife of Rs 13 crore (Rs 130 million) while he was out on bail.
Govt steps up security to check criminals seeking bank details of taxpayers
The judge also asked the Indian government to provide within 14 days the information on which prison he will be held at.
Investing in special situations can help you tap opportunities that arise during adverse conditions, advises Joydeep Sen.
The 39-year-old was arrested by the Enforcement Directorate from Ranchi after the agency conducted multi-city raids against him, Singhal, her businessman husband Abhishek Jha and others, on May 6.
The onus is on companies to put in place a vigil mechanism to detect and deter fraud.
For non-banks, the IL&FS crisis was nothing short of India's Lehman moment, which has for a foreseeable future reset the sector on multiple grounds.
The online application of such claims would enable EPFO to eventually settle those within three days.
Tamal Bandyopadhyay details HDFC Bank's digital journey.
The payments industry is at a crossroads with the banking regulator on two pressing issues, neither of which seems headed towards an amicable solution. Depending upon which side accommodates the other, customers in India will have to choose between convenience and ironclad safety. In the end, the Reserve Bank of India (RBI), which regulates both banks and all payments services providers, will prevail. But the question is: will it do so by bending a little or by sticking to its firm stand? The two issues - one concerning payment facilitators storing customers' card details and the other about auto-renewal of payments - appear similar but aren't.
Modi's defence team doubled the bail security to 2 million pounds and offered he would stay on 24-hour curfew at his London flat.
Between December 2013 and August 2016, Gannamaneni abused his position as a senior software consultant at the investment bank and accessed sensitive, highly-confidential information concerning at least 40 mergers, acquisitions, tender offers
George Soros, who is in the eye of the storm over his remarks against Prime Minister Narendra Modi on the Adani issue, is an Hungarian-born American financier, philanthropist, and activist whose success as an investor made him one of the wealthiest men in the world. He is also known as a powerful and influential supporter of liberal social causes. In a speech at the Munich Security Conference on Thursday, the billionaire philanthropist said he believes the turmoil at Gautam Adani's business empire may weaken Prime Minister Narendra Modi's hold on the government, a statement which was strongly contested by the BJP as an attack on Indian democracy.
