-The Telegraph Guwahati: Gauhati High Court has taken up a suo motu PIL against the Calcutta-based Saradha Group and similar deposit collecting companies for allegedly duping scores of investors in Assam of their hard-earned money. Official sources said the high court recently took up the PIL (15/2013) after taking cognisance of Krishak Mukti Sangram Samiti (KMSS) general secretary and RTI activist Akhil Gogoi's letter to Chief Justice Adarsh Kumar Goel. Akhil had alleged...
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Cobrapost sting: RBI gets stricter on money laundering, banks ask customers to resubmit IDs -Sangita Mehta
-The Economic Times MUMBAI: If you get a phone call from your long-time banker asking you to resubmit your name and address proofs, don't be surprised or irritated. It is the fallout of the Reserve Bank going beyond the cobrapost.com expose on unethical practices of banks, forcing them to go back to the drawing boards to weed out bogus and wrong documentation that allowed many people to open accounts and launder...
More »FM P Chidambaram warns rich promoters on loan defaults
-The Economic Times Finance Minister P Chidambaram has warned corporate bigwigs against wilful defaults, reminding promoters that it was their duty to bring in additional capital if their companies got into trouble. "We cannot have an affluent promoter and a sick company," he said, in an apparent reference to the collapse of Kingfisher Airlines, owned by the flamboyant Vijay Mallya. Banks are stuck with nearly Rs 7,000 crore worth of loans they...
More »India Post readies plan to start bank -Sidhartha & Saurabh Sinha
-The Times of India The Reserve Bank of India having opened the window for new bank licences, the postal department is finalizing the blueprint to set up a bank of its own at your neighbourhood post office, a move that will challenge the dominance of large public sector lenders in smaller towns and rural India. While the department already has a balance sheet of Rs 6.18 lakh crore, which includes deposits of...
More »The Guv keeps the bar high -KT Jagannathan
-The Hindu It took nearly three years for the Reserve Bank of India (RBI) to give a final shape to the government’s decision to let more players in the private sector banking field. That by itself offers a clue to the divide in thinking between the fiscal and monetary managers of the Indian economy. When it did come out with guidelines for “Licensing of New Banks in the Private Sector”, the...
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