-The Hindu We need stricter adherence to sound banking rules and more transparency from public and private players The bank frauds involving Punjab National Bank (PNB) and the companies associated with businessmen Nirav Modi and Mehul Choksi as well as the Rotomac case couldn’t have come at a worse time. The Indian banking system is already reeling under the pressure of growing NPAs, or non-performing assets (less politely known as loans that...
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Jaitley rules out privatisation of public sector banks
-PTI Finance Minister Arun Jaitley today ruled out privatisation of public sector banks as a response to the Rs 11,400-crore fraud hitting Punjab National Bank, saying the move may not be politically acceptable. Speaking at an event, he said a lot of people have started talking of privatisation in the aftermath of the PNB fraud. “This (privatisation) involves a large political consensus. Also, that involves an amendment to the law (Banking Regulation...
More »86% of bank frauds tied to loans, 99% in case of PNB -Chethan Kumar
-The Times of India BENGALURU: From misuse of letters of credit, guarantee or undertakings to diversion and siphoning of funds, a variety of frauds linked to advances haunt the Indian banking system, indicating a lack of hygiene and risk frameworks. While 86% of all frauds in India for 2016-17 are linked to advances, it was 99% at Punjab National Bank (PNB) which, experts say, points to collusion with insiders. Also, 26 banks...
More »Formulate comprehensive policy to stop stubble burning: NGT
-PTI The Punjab government had earlier faced the wrath of the tribunal for not taking effective steps to provide financial assistance and infrastructure facility to the farmers to encourage them not to burn agricultural residue. The National Green Tribunal (NGT) on Tuesday directed Delhi and four northern states to formulate a comprehensive policy for providing incentives and infrastructural assistance to farmers to stop them from burning crop residue to prevent air pollution. The...
More »Water harvest: Punjab's experiment with DBT for power to the farm sector could pay off for groundwater in the state
-The Financial Express The scheme, part-funded by the World Bank, aims at pushing recharge of groundwater sources and efficient use at the local level. Rapidly-depleting groundwater in nearly a third of the blocks that were assessed in a study by the Central Ground Water Board (CWGB) has caused, The Times of India reports, the Centre to put the Rs 6,000-crore Atal Bhujal Yojana on fast-track. The scheme, part-funded by the World Bank,...
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