-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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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 »MPs hiking own pay an ethical issue: Supreme Court -Amit Anand Choudhary
-The Times of India NEW DELHI: The Supreme Court on Tuesday agreed to examine a plea seeking a permanent mechanism to fix and revise the salary and allowances for MPs and MLAs, saying lawmakers increasing their own salary raised an "important ethical and legal issue" that needed adjudication. A bench of Justice J Chelameswar and Justice Sanjay Kishan Kaul said the Centre had been considering setting up a permanent body for the...
More »SC push for electoral reforms: Candidates now have to declare source of income as well
-The Indian Express The landmark order is intended to bring in more transparency in the poll process and comes ahead of elections scheduled to several states. So far, candidates only needed to reveal their income, not the sources. New Delhi: Candidates contesting polls will now have to disclose their sources of income and that of their family members. The Supreme Court on Friday allowed a petition filed by NGO Lok Prahari which...
More »There's No Reason to Be Confused on How to Calculate the Right MSP -R Ramakumar
-TheWire.in The Swaminathan Commission was clear in its recommendations, and the rationale offered by the NITI Aayog to rule out the use of comprehensive cost is dubious at best. Finance minister Arun Jaitley had announced in Budget 2018-19 that his “government has decided to keep MSP [minimum support price] for the all unannounced crops of kharif at least at one and half times of their production cost”. This announcement set off a flurry...
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