The Reserve Bank of India (RBI) has started investigating the Rs 300-crore fraud by Citibank manager Shivraj Puri after receiving a report from the bank. Officials at Citibank said the RBI had been regularly updated on its internal investigations since the fraud came to light. “We have shared all the details with the RBI. The RBI will now investigate the matter further,” the Citibank official said. An RBI spokesperson confirmed that the probe...
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Banks want RBI to watch MFIs
Fearing a default from Andhra Pradesh-based microfinance institutions (MFIs), whose cash flows have been disrupted by new laws, lenders have asked RBI to ensure stability by bringing the sector under its purview. In a meeting called by the Reserve Bank to discuss funding of MFIs, it asked banks whether the institutions were repaying loans on time and if the end-borrower was suffering because of the credit crunch faced by them. RBI...
More »Rural retail gets a ‘suppat’ surprise by Antara Bose
No celebrity visits or satellite banking system? Never mind, bring on ‘suppat’. Unlike Doba, three other villages of Lohardaga district may not have been lucky enough to get Reserve Bank of India’s smart card based satellite-banking system. But they have a ‘suppat’ surprise up their sleeves. ‘Suppat’ or ‘super’ in tribal dialect, is also the name of a rural chain of mom-and-pop stores initiated by a private party, Dynamic Tarang Pvt Ltd,...
More »Dams before cash in bank by Amit Gupta
What is life like at a water-strapped village, after its 15 minutes of fame? The hitherto nondescript Doba under Kudu block of Lohardaga district, with a population of less than 1,500, was thrust into flashbulbs during Wednesday’s high-profile visit of Reserve Bank of India (RBI) governor D. Subbarao, who came with a team comprising chief secretary A.K. Singh and senior officials of nationalised banks. Not surprisingly, a hasty whitewash preceded the celebrity...
More »Hamlet becomes banking smart by Amit Gupta
Farmer Dharamshyam Kujur put the hitherto nondescript village of Doba in Kudu block of Lohardaga district on the banking map of India today as he withdrew Rs 100 from his newly opened account. Watching him create history was Reserve Bank of India (RBI) governor D. Subbarao, who, as part of RBI’s ambitious outreach programme aimed at financial inclusion, inaugurated a smart card-based satellite banking system in the village earlier in the...
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