The Government today said it has not directed public sector banks to cut exposure in real estate following the housing-finance bribery scam. "No why should we say this," Financial Services Secretary R Gopalan told reporters when asked if the government has given such directions to the state-run banks.
The account turned bad before Chaudhari took over as SBI chairman and the asset was sold to AARC following an open bidding process, months after Chaudhari retired, explains Tamal Bandyopadhyay.
This is the fifth increase in withdrawal limit since the bank was placed under its direct control with an administrator on September 23. Since then as many as nine depositors have lost their lives including a 74-year-old man from Thane on Monday.
The Satyam case is unprecedented in the sense it highlights how a sluggish judicial process has thwarted the efforts of a government authority to attach financial assets of a scam-tainted corporate entity, says Paranjoy Guha Thakurta.
The Central Bureau of Investigation raided the office of Kalaignar TV channel in Chennai in the wee hours of Friday. Kalagnar channel, which is backed by the Dravida Munnetra Kazhagam, has been under the scanner for its links with the 2G scam.Officials of the CBI reportedly searched the premises from 12.30 am to 5.30 am. The channel is also facing allegations of money laundering.CBI officials also questioned the senior management of the office.
The capital infusion would help improve the financial health of banks. While some banks would get necessary regulatory capital while others would get it for fueling growth.
Currently, confiscation can be done through multiple laws, but it is a complicated process.
The Federal Trade Commission said the defendants used phony debt collection calls from India and bogus claims that they would reduce consumers' credit card interest rates to bilk consumers.
'I have tutored my family and myself to fight hunger,' the former agent for the disgraced Saradha chit fund says, his eyes welling up. 96 of the 107 cases referred to the Serious Fraud Investigation Office are based in Bengal!
Experts say the recent Rs 14,000-crore PNB fraud could have been avoided had there been an integration of PNB's CBS with its SWIFT system
'Let the Congress high command decide who will replace Captain Amarinder because they are far wiser than I am.'
Draped in black shawls, Trinamool Congress MPs on Monday staged a protest outside Parliament House against the arrest of West Bengal minister Madan Mitra in the Saradha chit fund case, accusing the Centre of misusing the Central Bureau of Investigation.
His statement assumes significance in the light of scams in the state-owned banks.
As economic policy making moves from pragmatism to populism, the bulls begin to make way for cautious optimists.
With an aggressive Opposition and unyielding government, important legislation could be the biggest casualty, as details of the helicopter contract surface.
The Rs 11,400 crore PNB fraud saga unfolded after a bribery complaint by the Hong Kong branch of an Indian bank.
Only time will tell, if the 'Shah' of exchanges will walk out of this battlefield unscathed.
The judgment in the 2G case is a huge, huge, indictment of the criminal investigation and justice system, says R Jagannathan.
Use a "virtual credit card" for every online transaction when you can't pay cash on delivery.
In the wake of ponzi schemes and chit fund scams, Reserve Bank Governor D Subbarao on Wednesday said there is a need to review the regulations governing these sectors and increase surveillance on such entities.
When the BJP forms government in Bengal, the chief minister will be a son of the soil, he said at the rally amid loud cheers from his supporters.
In further trouble for the chit fund scam-hit Saradha group of Kolkata, the Enforcement Directorate has registered a money laundering case to probe the allegations of financial irregularities by numerous depositors against it.
The political-electoral calculus favours spending thousands of crores on vanity projects like Sardar Patel's statue and the Central Vista over building up our military to handle the confrontations and conflicts that loom large, points out Ajai Shukla.
'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.'
Lawyers representing govt point out that telcos, because of the large money they can save if they get a favourable judgement, prefer to fight till all legal options are exhausted
The court directed Raju, the prime accused in Satyam scam, and others to furnish personal bond of Rs 20,000 each and sureties of the like amount on or before December 22 and posted the matter to the same date.
The Deputy CM arrived around 11 am at the ACB office on Friday and his questioning continued for over two hours, said a senior ACB officer.
The company paid over Rs 231 crore over three years to a web of 135 fake firms.
In its letter, finance ministry has pointed to sections 35, 35A and 36 of the Banking Regulation Act, 1949, to highlight the powers and functions of the RBI as regulator
The West Bengal Assembly had in a special session last week passed the West Bengal Protection of Interest of Depositors in Financial Establishment Bill, 2013, to protect investors in chit fund companies.
'This is a Frankenstein's monster that will engulf us all in its rage and greed.' 'This fake news/WhatsApp forwards industry -- and especially, the use of it in politics -- is one of the biggest threats to our world today,' warns Amit Mehra.
Also directed the company not make any financial transaction till further orders.
Even existing cases might come under the proposed law, including those of Vijay Mallya, Nirav Modi and Mehul Choski. But, the law would not cover earlier cases.
NFRA would look after the quality of audit, compliance by auditors as also the disclosures that they make.
'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 final arguments in the multi-crore accounting "fraud" in Satyam Computers commenced on Wednesday in a local court with the prosecution starting its arguments in the case.
Given how everything has played out, Mehul Choksi, now 62, achieved all that he wanted but for all the wrong reasons, says Pavan Lall.
'Genuine mistakes can and must be forgiven,' argues Vivek Gumaste.
The Commission observed vulnerability of junior untrained staff on probation and their misuse by senior officials.
RBI has allowed NRIs to invest in chit fund companies on a non-repatriation basis, subject to certain conditions
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