-Business Standard The banks - Allahabad Bank, Bank of India, Syndicate Bank, and UCO Bank - recently reported the matter to the Union government New Delhi/ Kolkata: The staff of four public sector banks (PSBs) has been alleged to have salted away depositors’ money by misusing the latter’s Aadhaar-based authentication. The banks — Allahabad Bank, Bank of India, Syndicate Bank, and UCO Bank – recently reported the matter to the Union government,...
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Banks have no liability for loss of valuables in lockers: RBI -Hary M Pillai
-PTI RBI says do not expect any compensation for theft or burglary of valuables in safe deposit boxes of public sector banks as the locker hiring agreement absolves them of all liability New Delhi: Do not expect any compensation for theft or burglary of valuables in safe deposit boxes of public sector banks as the locker hiring agreement absolves them of all liability. This bitter truth was disclosed in an RTI response...
More »Super rich defaulters push Indian banks towards collapse
-DNA What is worse is that just the top 30 cases of default account for a Rs 1.21 lakh crore, which is almost 40% of the Non Performing Assets (NPAs) in banks. The upper middle class, who usually takes loans of over Rs 1 crore, accounts for 33% of the total NPAs. It's not the poor farmers or the middle class who are defaulting on their loans. It's the country's super rich,...
More »Irregularities in MGNREGA Implementation in Chhattisgarh
-Outlook Raipur (Chhattisgarh): Slow pace of development work resulting in blockage of over Rs 8 crore and alleged irregularities in implementation of MGNREGA through payment of excess wages to labourers have been noticed in Chhattisgarh's Rajnandgaon district. As against 865 works sanctioned under 13th Finance Commission, only 391 works were completed and against allotment of Rs 16.20 crore, expenditure of only Rs 7.97 crore was made and Rs 8.23 crore was blocked,...
More »UP sugar mills run 'ponzi scheme' to pay farmers' dues -Anil Sasi
-The Indian Express On the surface, the sugar crisis in Uttar Pradesh may seem to be inching closer to a resolution. But cane farmers may have unwittingly mortgaged their land, signing up for crop loans from public sector banks, with the money so raised being used by the mills to pay arrears of a different set of farmers. This model, of mills rotating working capital loans from banks, to deliver pending payouts...
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