Fintechs need to behave with responsibility and transparency. A lot of mis-selling has been happening. Other issues have been plaguing the fledgling industry -- high interest rates, even higher processing fees, harsh collection process and, most critically, data leakage leading to rampant frauds, points out Tamal Bandyopadhyay.
PNB is fully committed to its clean banking policy. That is why we are the first one to detect and report this to the various law enforcement agencies," PNB's CMD Sunil Mehta said on Thursday.
'I am indirectly related to VG Siddhartha. Excellent human and brilliant entrepreneur. I am devastated with the contents of his letter,' Mallya said on Twitter.
'I was shocked by the kidnapping episode. I could have lost my life.'
Maharashtra recorded the highest number of cases in the country under the Indian Penal Code (IPC) in 2021 at 3,67,218, while Mumbai was placed second among major metropolitan cities in registration of criminal offences, according to a National Crime Records Bureau (NCRB) report.
The five-day extradition trial of fugitive diamond merchant Nirav Modi will begin from May 11 in a part-remote setting, a UK court has ordered. Modi is fighting his extradition to India over the nearly USD 2 billion Punjab National Bank (PNB) fraud and money laundering case.
While most of these payment players continue to run Indian data through the global processes of data analytics and fraud detection, the industry seems divided over whether the regulator would allow this to continue.
Doubts about Force India being able to race at Spa, the first Grand Prix since the August break, emerged on Wednesday with reports of legal complications.
The next phase is when factors such as prison conditions in India are likely to take centre-stage.
Is the RBI unable to accept with grace that beyond 55, one can have the ability to head the compliance functions in a bank, asks Tamal Bandyopadhyay.
Experts say, auditors must not allow themselves to be intimidated by the client management into conducting audits by conversation. It is important for auditors to conduct proper interviews and ask probing and searching questions.
'Fall in line or you will be in the line of fire.'
With a UK court ruling in favour of the extradition of fugitive diamond merchant Nirav Modi, wanted in India on charges of fraud and money laundering in Punjab National Bank (PNB) scam case, Mumbai's Arthur Road jail has kept a special cell ready to lodge him, an official said on Friday.
The dispute between RCom and Chinese banks led by ICBC started after Anil Ambani led company defaulted on its loans to Indian as well as Chinese banks. A British court on May 22 asked Ambani to pay nearly $717 million to three Chinese banks within 21 days.
The actor had appeared in the a TV commercial for the brand along with Sidharth Malhotra.
The indictment comes seven months after another Dhaka court issued an arrest warrant against the 69-year-old ex-chief justice who lives in the United States
Co-owner Vijay Mallya resigned as a director of the Force India Formula One team but will continue to serve as principal and shareholder.
During a three-hour long virtual meeting with CEOs of large public and private sector banks along with heads of NBFCs, the prime minister assured them that the government is ready to take all steps to support the financial sector.
Gaya Gayithrinathan alias Subramanya, 59, was running a travel agency in Bangalore.
'When an institution believes its knowledge and capability is superior to everyone, it behaves like a frog in the well.' 'And this is precisely the cause for the mess,' says J N Gupta.
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.
It will be the first to go, in what has become an overcrowded segment since India first allowed futures trading in commodities in 2003.
His brother Nishal, a Belgian citizen, also left the country on January 1, while wife Ami, a US citizen, and business partner Mehul Choksi, the Indian promoter of Gitanjali jewellery chain, departed on January 6, the officials said.
Fugitive diamantaire Mehul Choksi, wanted in a Rs 13,5000-crore loan fraud in Punjab National Bank, has gone missing in Antigua and Barbuda where he had been staying since January 2018, the Royal Police Force of the Caribbean island nation said in a statement.
There has been speculation within Formula One that Lawrence Stroll, the billionaire father of Canadian driver Lance, is willing to invest in Force India as part of a move for his son from Williams.
The 49-year-old jeweller, fighting extradition to India on charges of fraud and money laundering in the estimated $2-billion Punjab National Bank scam case, has made around six previous attempts at bail at the magistrates' court as well as at the high court level.
Mexican Formula One driver Sergio Perez described his Force India team's financial situation as 'critical' on Thursday, and recognised that his own future remained uncertain.
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.
Do not share your passwords or personal information with anyone.
Jabir Moti, 51, who was arrested by Scotland Yard last year, appeared before the Westminster Magistrates' Court in London at the start of his trial.
Court order follows submission of govt lawyers that Serious Fraud Investigation Office was probing a case of misappropriation of fund by Jet Airways and Goyal.
Documents accessed by Business Standard show owners of suspected Hong Kong-based shell companies are spread across the globe.
A common factor that binds all these men is greed.
Banks can collapse, markets can be rigged, investment instruments can become worthless overnight, auditors can fail to blow the whistle, board directors can be asleep, and regulators can be incompetent, notes T N Ninan.
Valuers have found almost no assets to pay for their claims against the Videocon group that entered the insolvency process in 2018. But the dissenters suggest that the money is elsewhere, possibly in the group's oil and gas assets, which are not part of the group's bankruptcy case.
Currently, Choksi has got interim relief from immediate repatriation to India by the Dominican court.
The common denominator: They were predominantly Gujarati, mostly male, and either related by blood or very well-known to Nirav.
The judge fixed April 26 as the next date of hearing when he will appear via video link from jail.
Spare the serious entrepreneurs but don't allow the rogues to use the shield of secrecy, writes Tamal Spare the serious entrepreneurs but don't allow the rogues to use the shield of secrecy, says Tamal Bandyopadhyay.
He attacked the dispensation over issues such as the state of the economy, the situation in Kashmir, the National Register of Citizens in Assam and action by probe agencies against opposition leaders.
