-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...
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Corporates make 73% of public sector bank bad loans -Sunny Verma
-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...
More »RBI governor Urjit Patel lists all the (other) reasons for PNB fraud -Malvika Joshi
-Livemint.com RBI’s regulatory powers over PSU banks are weaker than those over the private sector banks, says Urjit Patel, putting the onus of tackling Bank Frauds such as the one at PNB on the finance ministry Mumbai: Reserve Bank of India (RBI) governor Urjit Patel broke his silence on Wednesday on the PNB fraud, putting up a blistering defence for the regulator and sought to put the onus on the finance ministry...
More »Public sector banks lost Rs 2,450 crore to frauds involving staff: RBI data -Chethan Kumar
-The Times of India BENGALURU: Among other things that emerged in the aftermath of the massive Punjab National Bank (PNB) scam is the active role of employees of the Public Sector Banks (PSBs) in multiple frauds over the years. TOI has accessed Reserve Bank of India data that reveals the number of cases involving staff across various states and the amount of loss reported. Overall, data from April 2013 to June 2016...
More »Can banking recover? -Jayati Ghosh
-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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