A local court on Thursday extended police remand of Shivraj Puri, the main accused in the Rs 300 crore (Rs 3 billion) Citibank fraud, by 6 days as police sought time to recover an iPad used by the mastermind to communicate with his clients.
Naveen Munjal of Hero Exports alone had given around Rs 50 crore.
Credit card offers - discounts, reward points and cashback - could range across shopping, phone bill payments, dining and entertainment.
Both the Securities and Exchange Board of India and the Reserve Bank of India were trying to find if Puri was also involved in front-running and used his information on positions taken by Citi for placing bets, said an official with one of the regulators.
A key question in the minds of people who have been defrauded, including the Hero group, is why Citibank went to police when the matter was close to being resolved? Companies discovered the fraud around a month back and 'the matter was almost resolved', with Shivraj Puri undertaking to return the money, say people in the know.
Short-term loans from NBFCs can be more convenient but come at higher cost
The sense of pride and utter joy by some high profile Indian American alumni of the Indian Institute of Technology, Mumbai, that one of their own Nitin Nohria, had been appointed the new dean of the Harvard Business School was palpable.
For India, we continue to believe that the market and clients here require flexible pools of capital that can address their financing requirements across the capital structure, says Sanjay Nayar, CEO and Country Head for India, KKR.
Bankers of scam-tainted Satyam Computer on Friday declined to comment if the IT major's accounts have been frozen, citing client confidentiality. India's fourth-largest outsourcing firm plunged into a crisis after its chairman B Ramalinga Raju admitted to gross manipulations in the company's balance sheet and resigned.
There is a dearth of talent in the Indian banking industry. A testimony to this is the two new CEOs in the private sector -- Sandeep Bakhshi in ICICI Bank Ltd and Amitabh Chaudhry in AXIS Bank Ltd -- have come from the insurance sector, says Tamal Bandyopadhyay.
Although private banks continued to operate as usual majority of trade and industry was hit by the strike by staff of 25 nationalised banks who are demanding revision of wages and a second option for pension among other things. The Indian Banks' Association, a grouping of public sector banks, is yet to formally respond to the demands of the striking employees.
Both private and state-owned banks have told the government that tax deduction at source (TDS) certificates issued to Satyam by them between 2001-02 and 2006-07 were genuine.
Nitya Amarnath and Juhi Pandey, graduates of the National Institute of Design-Ahmedabad are conducting a Recycling Workshop in Mumbai.
The move comes almost a decade after lenders were seen encouraging customers to use alternate channels such as automated teller machines, phone banking and internet banking instead of branches in an attempt to cut costs. ICICI has started an initiative 'Just step in' aimed at establishing direct connection with the customers. A customer walking into an ICICI branches is now being greeted by placards and badges which says 'just ask'.
Rising delinquencies and non-performing assets in the credit card business are forcing banks to reorient their outlook, from an aggressive sales strategy to inducting people who will focus on recovery and cleaning up the portfolio.
Being distributed through a fake Flash Player app, the malware is designed for stealing login credentials, hijacking SMSs, uploading contact lists and SMSs to malicious servers, reports Romita Majumdar.
Citigroup chief executive Vikram Pandit will take home a salary of only $1 this year. He had in January said that he would accept only $1 as pay till the bank turned in profits. He will also not get any stock options this year, even as the beleaguered banking major labours under the burden of a government bailout.
Weighed down by mounting outstandings and non-performing assets (NPAs), credit card companies are taking strong measures that include slashing new card issuances and credit limits for existing customers.
The Supreme Court stayed the National Consumer Commission's order, which had capped the interest rate chargeable on credit card holders at 30 per cent. The verdict will allow banks to levy any interest rate they consider applicable to card holders. In their appeal, the banks said they were following the guidelines of the RBI, which was the only authority to regulate the fixing of the interest. The commission had no jurisdiction to pass an order directly to the banks.
The move comes at a time when four foreign banks - Standard Chartered, Hongkong and Shanghai Banking Corporation, American Express and Citibank -- have moved the Supreme Court with a special leave petition and the hearing for admission of SPL is on September 8. The committee is, however, expected to wait till the Supreme Court decides on the issue before finalising its recommendations. The committee is, however, expected to wait till the Supreme Court decides on the issue.
Foreign institutional investors are expecting the Third Front (read the Left) to play a crucial role in the formation of the new government and are worried about the fallout.
The surprise was Conde Nast Portfolio's topper for the world's best-ever CEO. It was Henry Ford, founder of Ford Motors. There is no doubt that Ford was a great entrepreneur and business visionary. But, with the hindsight of almost a century, it is worth questioning whether he was a good CEO. Ford could easily have won the accolade in his lifetime for revolutionising the personal transportation industry with the Model T.
Telecom infrastructure major GTL Infrastructure will use its Rs 2,200 crore cash reserves to buy back foreign currency convertible bonds.
After bidding adieu to his technology firm, this ex-Citibanker-turned-poet is now indulging in his latest passion of providing affordable housing for the masses.
Raman's hacking expertise is much in demand -- and not from criminal elements. Indian firms and multinationals like ABN Amro Bank, Aditya Birla Group, Bank of Maharashtra, Bombay Dyeing, HSBC, ICICI Bank, Indiabulls, Centurion BOP, Citibank, India Infoline, Ispat Industries and Kotak Group proactively seek his services. Raman's hacking expertise is much in demand -- and not from criminal elements.
This effectively freezes the legal fight in the courts until Wednesday noon (2130 IST) following Wells Fargo and Wachovia announcement of $15 billion deal which bested the earlier deal with Citibank. Meanwhile, the Wall Street Journal said discussions to resolve the mess are continuing, with the most likely scenario resulting in Citigroup buying branches from Wachovia in the Northeast and mid-Atlantic region.
It's wonderful that Jerry Rao is planning to build houses that cost Rs 700,000 or less. The former Citibanker's model is simple enough: land is bought with the equity capital while construction is financed through bank loans at market-related rates currently anywhere between 11 and 13 per cent.
CitiFinancial, Citibank India's non-banking finance arm, has reduced its asset book by one-third and its branch network by a quarter of the year-ago level as part of a restructuring exercise, Citi CEO for South Asia Mark T Robinson told Business Standard.
The Supreme Court on Monday admitted the appeals of Standard Chartered Bank, HSBC and Citibank challenging the order of the National Consumer Commission imposing restriction on charging credit card holders an interest rate in excess of 30 per cent.
According to the sources, the National Terrorist Financial Investigation Unit of New Scotland Yard began investigations against Salim Mohammed Ghaus Sheikh following a 'suspicious account' report given by the Citibank group.The UK probe agency came to know from newspapers that Ghaus was a wanted by CBI in Ghutka case. The Citibank reported to the British authorities about suspicious transaction of Rs 19 crore of Ghaus.CBI was immediately approached by the New Scotland yard.
The bank, which had announced a similar cut in January, will see its mortgage prime rate fall to 13.75 per cent from April 1. In a statement, the bank said that the benefit will be available to all its existing customers on floating rate loans. A bank spokesperson said that, depending on loan tenure and amount as well as the customer's relationship with the bank, he could get a loan at up to 50 basis points lower than the benchmark rate.
"We have a number of plans on partnerships..we are in discussions...to work with people having competency, to bring more services to customers...," Citi India's Country Business Manager (Global Consumer Group), P S Jayakumar, told reporters on the sidelines of a press conference in Mumbai on Thursday. Jayakumar said the bank is looking at tie-ups in the areas of product distribution and technology, without, however, divulging further details.
Apart from SBI, the consortium will include leading entities like Citibank, Standard Chartered, BNP Paribas, JP Morgan, Tokyo Mitsubishi UFJ and Mizuho Financial Group, a source closely connected to the development told PTI. The country's largest lender is also in talks with two-three public sector banks to be a part of the consortium, the source said. The company reported a loss of $12.7 billion for the fiscal ended December 30, 2006.
The investigative arm of the country's anti-monopoly watchdog has recommended action against two multinational banks for making false promises to their credit card customers and violating the Reserve Bank of India guidelines.
Troubled banking giant Citigroup on Friday said it has completed the sale of its German retail banking business to European banking group Credit Mutuel-CIC for euro 5.2 billion ($ 6.6 billion) in an all cash deal.
The investigative arm of MRTPC has alleged flagrant flouting of the November 2005 RBI guidelines on credit cards by commercial banks like ICICI, HSBC and Citibank.
Citigroup Global Markets (M) Ltd has acquired 5.67 per cent stake in the Nishar group's Hexaware Technologies Ltd.\n\n\n\n
The sub-prime loss-hit Citigroup is on a cost-cutting exercise in its Indian operations. CitiFinancial, its consumer finance unit, which is also reeling under the burden of rising bad loans, is considering closing about 100 of its 450 branches in India.
Foreign banks operating in India want the Reserve Bank of India to prepare a vision document on policy changes they can expect after March 2009.
EMI card is a unique installment concept, wherein you have the option of paying a fixed amount every month subject to the purchase limit you enjoy.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances