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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Fraud turns spotlight on desi millionaires
Citibank manager Shivraj Puri’s alleged fraud on wealthy clients has swivelled the spotlight on the growing number of high net-worth individuals whose money banks rush to manage for a fee. The wealth of high net-worth individuals (HNIs) — defined as those who have “investable assets of at least $1 million (around Rs 4.5 crore) — in India is estimated at a staggering $477 billion and is rising each day. According to the...
More »Binayak Sen Support Fund open to public
Members of the Christian Medical College Alumni Association, who have helped to support social activist Binayak Sen's family and his legal battles through private contributions, now propose to open up the fund to donations from the public. The Binayak Sen Support Fund was set up in May 2007 through initial contributions by 10 alumni “to provide assistance, as necessary, for the safety and liberty of Dr. Binayak Sen, and for the...
More »The loyal, seditious Dr Sen by Samar Halarnkar
“Take again Section 124-A of the Indian Penal Code. Now so far as I am concerned that particular section is highly objectionable and obnoxious and it should have no place both for practical and historical reasons, if you like, in anv body of laws that we might pass. The sooner we get rid of it the better.” —Prime Minister Jawaharlal Nehru in Parliament during debates on the first amendment to...
More »MFIs: Confusion still reigns by Arvind Panagariya
Confusion continues to reign in the debate on microfinance that has unfolded following the promulgation of the Andhra ordinance, soon to be replaced by Andhra Pradesh Micro Finance Institutions (Regulation of Money Lending) Act, 2010. A key confusion has been that microfinance is a major instrument of poverty alleviation. Going by the available scientific evidence and agreement among scholars, to-date, there exists no compelling study linking the expansion of microfinance to...
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