-The Telegraph New Delhi: The government's spending on the rural job scheme increased 10 per cent in the last fiscal despite a matching decline in the number of beneficiaries because of deletion, challenging claims that weeding out bogus card-holders helped cut down on expenditure and pointing to the lack of jobs in rural areas. After verification, the government struck off the names of 1.62 crore job card-holders under the Mahatma Gandhi National...

-The Economic Times KOLKATA: Charges for SMS alerts on banking transactions may not squeeze account holders much but can be a reasonable earning for many banks, especially in accounts with meagre monthly transactions though income from SMS alert service goes against the advisory from the sector regulator. While Reserve Bank of India told banks to send SMS alerts for every transaction as means to fight Frauds, the regulator also directed banks to...

-The Telegraph New Delhi: The Centre on Thursday conceded in the Supreme Court that Aadhaar cannot be a panacea for detecting bank Frauds like the one allegedly committed by diamantaire Nirav Modi, saying the scam would not have occurred if due "diligence" had been exercised by banks. The admission comes against the backdrop of the Centre's aggressive push for Aadhaar for the receipt of various government benefits and as an antidote to...

-PTI NEW DELHI: Central Vigilance Commissioner K V Chowdary on Tuesday said the Reserve Bank of India had apparently not conducted an audit during the period of time when a Rs 13,000-crore scam hit the Punjab National Bank. Chowdary stressed the need to put into place a more robust auditing system. "They did not do this (an audit)," the head of the probity watchdog said. The CVC exercises superintendence over the CBI which...

-The Indian Express The Finance Ministry directed smaller PSBs to cut their corporate loan exposure to 25 per cent of their risk-weighted assets over the medium term and focus more on retail lending. Corporate loans corner the lion’s share of rising bad loans in public sector banks while retail loans have a far superior track record when it comes to timely repayment, according to the latest available Reserve Bank of India...