Lack of education and the absence of bank branches across huge swathes of the country puts more than half of India's population outside the formal banking sector.
In its chargesheet filed in a special court in Srinagar, the CBI alleged that Abdullah as the association president at that time had connived with the treasurer of JKCA and others for undue siphoning off and misappropriation of funds, a CBI spokesperson said in New Delhi.
The second charge sheet may highlight some more financial transaction made by Raju and some of his associates.
HDFC Bank was penalised R15 lakh in April 2011 for its role in the so-called derivatives scam. By no means is this big money for the bank but such regulatory actions tarnish the image of a bank. In the financial world, they call it reputation risk. HDFC Bank couldn't escape this despite its hatred for risks. What went wrong? Journalist Tamal Bandyopadhyay lifts the veil off the incident, and the bank's response, in this fascinating insight from his forthcoming book
'Let them put their house in order first.' 'Let the RBI first rectify themselves.'
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
How long can you look at Ajith sitting with a machine gun on his lap? asks A Ganesh Nadar.
Nirav Modi, the fugitive diamond merchant wanted in India to stand trial on fraud and money laundering charges, told a UK court on Thursday that he could be in England for years as some ongoing proceedings prevent his extradition. The 52-year-old former billionaire appeared for a hearing at Barkingside Magistrates' Court in east London via video link from Thameside prison in relation legal costs, or fines, amounting to GBP 150,247.00, accrued over his failed extradition appeal proceedings in the London high court. Dressed in a pink prison-issue outfit and sporting a moustache, a plump and bald Nirav addressed the three-member magistrates' bench to reveal that he had complied with the previous court direction to pay in GBP 10,000 per month towards the fines.
External Affairs Minister Sushma Swaraj met Foreign Minister of Antigua and Barbuda E P Chet Greene on the sidelines of the 73rd session of the United Nations General Assembly and raised the extradition issue of Choksi, who is currently in the Caribbean island.
The Enforcement Directorate has alleged that this is a bigger bank scam in volume than that of the Punjab National Bank fraud by fugitive diamantaires Nirav Modi and Mehul Choksi, as it involves fraud to the tune of about Rs 16,000 crore.
According to the agency, several of the attached properties were registered in the name of shell companies and persons acting as proxies for Chatterjee.
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.
Banks have become more vigilant over the past two weeks, with many more officials involved in loan approval and disbursal.
The Italian businessman is one of the main accused in the Bofors payoff scam.
Shridhar Madhav Patankar, the brother of Thackeray's wife Rashmi, "owns and controls" Shree Saibaba Grihanirmiti Private Limited, it said.
The Enforcement Directorate on Wednesday night arrested the wife and son of the alleged kingpin of the multi-crore Saradha chit fund scam accused Sudipta Sen in a money laundering case.
The combined market capitalisation of the 21 listed PSU banks declined by about Rs 76,000 crore to Rs 425,800 crore during the month.
Congress general secretary (communications) Jairam Ramesh said they will pose three questions a day to Prime Minister Narendra Modi over the issue.
Nirav Modi, the fugitive diamond merchant wanted in India to stand trial on fraud and money laundering charges, on Thursday suffered another setback in his legal battle against his extradition as the high court in London denied him permission to appeal against his extradition order in the UK Supreme Court. In a judgment order pronounced at the Royal Courts of Justice in London, Lord Justice Jeremy Stuart-Smith and Justice Robert Jay ruled that "the Appellant's (Nirav Modi) application for permission to appeal to the Supreme Court is refused".
Replying to the no-confidence motion, Prime Minister Narendra Modi asserted on Thursday that the opposition's move is auspicious for his government as he expressed confidence that the Bharatiya Janata Party and its allies will break old records to retain power at the Centre in the 2024 Lok Sabha polls.
The Chennai high court on Friday issued a notice to Congress party spokesperson Jayanthi Natarajan, acting on an affidavit seeking direction to probe a Rs 300 crore scam involving her. Natarajan is a Congress Member of Parliament from Tamil Nadu.The affidavit alleges that Natarajan facilitated a sizeable bank loan from Vijaya Bank by misusing her links with the Union government.Natarajan is also under legal scrutiny for allegedly owning 6,88,300 square feet land.
Sebi on April 4 gave the brokerages 60 days to have their books vetted by third-party auditors.
Modi said that unlike other parties that believe in keeping people weak so that their dependence on them never ends and their "crown" remains intact, the BJP believes in empowering them and making them independent.
His business successes which started with the international distribution rights for the Bollywood blockbuster movie 'Sangam' in 1964 made him one of the richest in Britain but it was the Bofors scam that made Srichand Parmanand Hinduja famous, or rather infamous, back home. SP Hinduja, as he was known, died in London on Wednesday after a prolonged illness. He was 87, a family spokesperson said. Born in a business family in Karachi, British India, he and his two younger brothers were accused of receiving payments totalling Rs 64 crore in illegal commissions to help Swedish gunmaker AB Bofors secure an Indian government contract.
It is revealed that the 2G scam money has been transferred from Chennai to Dubai and Hongkong via Surat.
Sebi on Thursday sent a notice to fugitive businessman Mehul Choksi asking him to pay Rs 5.35 crore in a case pertaining to fraudulent trading in the shares of Gitanjali Gems Ltd and warned of arrest and attachment of assets as well as bank accounts if he fails to make the payment within 15 days. The demand notice came after Choksi failed to pay a fine imposed on him by the Securities and Exchange Board of India (Sebi). Choksi, who was the chairman and managing director as well as part of promoter group of Gitanjali Gems, is the maternal uncle of Nirav Modi.
'The RBI has not allowed any commercial bank to fail in the past three decades.' 'It has always played the role of a matchmaker, but this is the best deal it has stitched,' notes Tamal Bandyopadhyay.
The government must set up a Bank Investment Company to shrink its role in PSBs, if we are serious about tackling the two persistent issues - lax corporate governance practices and discretionary decision-making, says Shyamal Majumdar.
The NCP leader said that he will be happy to cooperate with the ED so that the agency understands the "complexities" of the aviation sector.
The court said a 'scam was created when there was none'.
Experts foresee possible scenarios: A BRS government with less majority, a BRS government with BJP and AIMIM support, or a Congress government.
Parekh was held guilty in the case related to the 1992 stock scam, in which Canbank Financial Services was duped of over Rs 47 crore (Rs 470 million). On April 1, a special court in Mumbai had sentenced Parekh, Hiten Dalal and four others to one year in jail for siphoning off funds from Canbank Financial Services Ltd, a unit of Canara Bank.
Choksi said that the ED has attached his properties illegally.
The Bill allows stopping of transmission and intercepting messages in case of public emergency, in the interest of the public, to prevent incitement for committing offence.
The Communist Party of India-Marxist on Thursday demanded a CBI probe into the multi-crore chit fund scam in West Bengal and asked the state government to confiscate all properties of Saradha Group to pay off thousands of small investors left in the lurch.
'One cannot avoid speculating whether there was something else at play that led to the uncovering of this saga.'
One incident should not be used to generalise the health of all cooperative banks, says RBI governor Shaktikanta Das.
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.
