-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...
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PMO Asked to Explain How Divulging Demonetisation Info Will 'Affect Economic Interests' of India -Gaurav Vivek Bhatnagar
-TheWire.in Three related pleas before the Central Information Commission throw up numerous facts on demonetisation, including how Ambedkar’s photo was proposed to be printed on new notes. New Delhi: With the Prime Minister’s Office (PMO) being reticent about the events around demonetisation that was announced late on November 8, 2016 and refusing to part with information about it in response to a query filed under the Right to Information Act, the Central...
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...
More »Currency circulation in India at 99% of pre-demonetisation level: RBI data -Alekh Archana
-Livemint.com Mumbai: Currency in circulation in India stood at Rs17.78 trillion as on 16 February, reaching 98.94% of the pre demonetisation level, according to the latest data released by the Reserve Bank of India (RBI). On 4 November 2016, the latest data released by the central bank before high-value banknotes were invalidated on 8 November, the currency with the public was Rs17.97 trillion. Subsequently, it dropped to a low of Rs8.98 trillion...
More »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...
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