-The Hindu Business Line The government must simplify and rationalise GST, kickstart rural consumption, revive agriculture and tackle the lack of credit for capital creation, says former PM Former Prime Minister Manmohan Singh, an eminent economist himself, feels that the Narendra Modi-led government needs to come out of its habit of headline management and address the economic challenges which the country is facing today. “We cannot afford to deny that India is facing...
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Rs 71,500 crore worth of Bank Frauds detected in FY19: RBI report -Ashwin Manikandan
-The Economic Times Indian banking system detected Rs 71,500 crore worth of frauds in financial year 2018-19, the RBI report said. Indian banking system detected Rs 71,500 crore worth of frauds in financial year 2018-19 which to put in scale is slightly more than the Rs 71,000 crore recapitalisation package planned by the government to revive the health of its public-sector banks. Interestingly, over 90 percent of these losses were to the government...
More »Bank Frauds Zoom to Rs 71,500 Crore in 2018-19
-PTI A total of 6,800 cases of fraud were reported by scheduled commercial banks and some financial institutions in last fiscal, the RBI said in an RTI query. New Delhi: Over 6,800 cases of bank fraud involving an unprecedented Rs 71,500 crore have been reported in 2018-19, the Reserve Bank of India (RBI) has said. A total of 5,916 such cases were reported by banks in 2017-18 involving Rs 41,167.03 crore, it said. As...
More »The government's anti-corruption scorecard -Anjali Bhardwaj and Amrita Johri
-The Hindu The last five years have seen consistent attacks on anti-corruption laws and institutions The popular sentiment that helped the BJP in the 2014 general election was resentment against corruption in public life. The party’s clarion call for a corruption-free India resonated with the electorate, who believed the BJP’s prime ministerial candidate when he pledged, “Na khaunga, na khane dunga (neither will I indulge in corruption, nor allow anyone else to...
More »Demonetisation triggers 1400 per cent rise in suspicious transaction reports: Financial Intelligence Unit
-PTI The elite financial snooping unit of the country has compiled comprehensive data of such instances, including fake currency deposits, for the year 2017-18. NEW DELHI: The 2016 demonetisation of two high-value currencies has led to an all-time high generation of over 14 lakh suspicious transaction reports (STRs), a record 1,400 per cent jump over the past, by banks and other financial institutions in the country, a latest FIU report has found. The...
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