Did men and women of redoubtable experience and public service, upholders of the country's steel frame and paragons of corporate governance, never smell a rat?
The problem is actually acute in the diamond jewellery industry where there is no uniform criteria of inventory valuation unlike gold, whose prices are uniform and widely quoted.
'As long as the government owns the banks, bankers will follow signals from politicians as to how to lend.' 'State-owned banks will remain State-owned banks as long as the current dispensation is in power -- and certainly there will be no change if the other chaps get in,' says Mihir S Sharma.
RBI has cited at least 10 areas where it has no control over PSBs.
A combination of externalities such as global trade wars and slowing growth, continuing glitches in accessing offsets under the GST regime, which has created a liquidity crunch for smaller exporters, and the growing competitiveness of smaller countries are causing the slowdown.
'Karti Chidambaram may be the beginning of a larger can of worms that the government has waited thus far to pop open,' says Vikram Johri.
Manish Kumar Sinha has also alleged that the complainant in the case, businessman Sana Sathish Babu, had told him that Union minister Haribhai Parthibhai Chaudhari had been paid bribes to the tune of several crores of rupees for alleged help in matters related to CBI.
Gandhi added the minimum income guarantee would be implemented across the country.
During a 'Main bhi chowkidar' event, the prime minister also took a jab at the Congress about its minimum income poll promise and said that first-time voters should see the track record of those pitching for poverty.
Currently the currency in stock is about Rs 2 lakh crore and the reserves are adequate to meet any unusual spurt in demand
'Teaching lessons is the objective behind every school.' 'For the moment, a state seems intent to teach a lesson -- that students of Classes 4, 5 and 6 can wage war against the mighty Indian nation,' says Krishna Prasad.
After taking over on Tuesday night, Rao overhauled the team probing allegations of corruption against Asthana, bringing in completely new faces, officials said.
From the Aadhaar verdict to #MeToo's arrival in the country to the entry into the Sabarimala temple -- India had a newsworthy 2018. As we step into 2019, these are the top moments from the year gone by.
Hitting out at Gandhi, the BJP said it was his party's app that was sharing user data with his friends in Singapore.
The least the Opposition can do, for India's sake, is try to offer one, says Mitali Saran.
While Arun Jaitley remains part of the decision making process, Piyush Goyal, who was given additional charge on May 14, attends cabinet meetings and takes the day-to-day decisions.
The country's largest lender State Bank of India will get the largest sum of Rs 8,800 crore as government's capital infusion.
The Congress hit back saying the PM could not mislead the people by 'lying' as he had been 'exposed'.
He said it should not be allowed to continue 'even for a minute'.
The spotlight is back on the hawala trade in diamonds.
Without naming either the alleged kingpin of the fraud, billionaire jeweller Nirav Modi, or Punjab National Bank, Jaitley questioned the ethics of some businesses in the country and asked as to why the bank's internal and external auditors could not detect the fraud which had been going on for 7 long years.
Does Abhijit Banerjee's Nobel Prize help India reduce extreme poverty, asks Rajeev Srinivasan.
'If there is any industry that is unfit for modern corporate form it is the diamond trade.' 'But no one was asking the right questions.' 'The music was playing and so the game was on,' says S Murlidharan, former MD, BNP Paribas.
'The Modi-Shah duo won't leave the war zone without putting up a tough fight.' 'Modi's slogan for 2019 could well be, "I have done much. Give me one more chance to do even more".' '2019 will be tough for the BJP.' 'But it will be even tougher for the Opposition -- united or otherwise,' says R Rajagopalan.
Modi took on Gandhi for mocking him for chanting 'Bharat Mata ki Jai' at every meeting. The prime minister said he will continue to do so despite Gandhi's 'fatwa' on it.
Legal experts are not sure if threat of confiscation of property will be deterrent enough for fleeing offenders
'Most likely scenario is Modi comes back with either a much smaller majority and no majority at all and a coalition.' 'Very hard to imagine him doing better than he did last time.' 'He will then be a weaker prime minister,' the author of The Billionaire Raj tells Rediff.com's Vaihayasi Pande Daniel.
'Change is the rule of politics.'
It won't be an easy ride for the markets, reckon experts, considering the multiple state elections in 2018 and general elections next year.
In the atmosphere created by the reaction to the PNB fraud and RBI's resolution framework, "don't lend, don't resolve" is bound to become the bankers' new mantra, says T T Ram Mohan.
'It does not appear to me that the campaign of 2019 will be positive. By that I mean it is unlikely that there will be an 'achche din' style slogan either from the government or the opposition.'
Lauding the contribution of non-resident Indians in the development of the country, he said, 'Mahatma Gandhi, Sardar Patel, B R Ambedkar, Jawaharlal Nehru were all NRIs. They travelled the world and helped India with new perspectives.'
What was the RBI doing, what was the PNB top management doing, what were the auditors doing, asks Debashis Basu.
Priyanka's sultry look or Elli Avram's elegance: Take your pick!
Rahul exuded confidence that his party will emerge victorious in Karnataka, Rajasthan, Madhya Pradesh and Chhattisgarh assembly polls and defeat the BJP in the 2019 general polls.
What Indrani doesn't know is that even if she is handed down a sentence of not guilty by the judge at the end of the long and meandering Sheena Bora murder trial, for India's legion of armchair judges, she will always be guilty. She won't be able to change that. Ever.
Thursday was the penultimate day of the Budget Session of Parliament. The second half of the session which began on March 5 has been a washout with no legislative business being transacted due to stalling of proceedings by the opposition.
The PNB fiasco falls into a family line that involves non-fund limits - read contingent liabilities which are off-books. Harshad Mehta did it with bankers' receipts in 1992. Ketan Parekh exploited the ignorance of bankers who did not know the difference between a cheque and a pay-order. And the RBI blinked when it failed to insist the SWIFT platform be linked to the core banking solution. Raghu Mohan & Abhijit Lele trace the banking mess that was just waiting to happen.
TRPs have a better affinity for Karti Chidambaram and his alleged timely assistance to INX Media, the company Peter and Indrani once ran, than the more recent murder of a 25-year-old woman.
From corruption to communalism, Chief Minister Siddaramaiah's Rs 70 lakh Hublot watch to United Progressive Alliance chairperson Sonia Gandhi's foreign origin, the electoral potboiler had it all.
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