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india’s banking system: the anatomy of a bank scam




want create site? find free wordpress themes and plugins.satish k nagpal, chief vigilance officer, pnb, receiving the vigilance excellence award from vice president venkaiah naidu in delhi last yeara senior vigilance officer with the sbi explains how nirav modi’s fraud on punjab national bank woul...



india’s banking system: the anatomy of a bank scam




want create site? find free wordpress themes and plugins.satish k nagpal, chief vigilance officer, pnb, receiving the vigilance excellence award from vice president venkaiah naidu in delhi last yeara senior vigilance officer with the sbi explains how nirav modi’s fraud on punjab national bank woul...



pnb fraud: why india's banking system is flawed and how we can fix it




to the collective dismay of the public, there is one more bank scam, which, not surprisingly, involves a public sector bank (psb) — punjab national bank. nirav modi, a flamboyant jeweller, and his uncle mehul choksi (a one-time favourite of foreign institutional investors) have allegedly pulled of...



rs 114-bn pnb scam: govt seeks rbi's view on lapses in banking system




the union government has shot off a letter to the reserve bank of india (rbi) on the alleged rs 114-billion punjab national bank (pnb) scam, asking whether at any stage the banking regulator had detected the fraud, involving letters of undertaking (lous) issued to foreign branches of indian banks on...



it, fmcg stocks could help overcome pnb-driven market volatility




in the past month, a post-budget correction turned into a rout for the banking sector after the pnb (punjab national bank) scam emerged and other scams were unearthed in its wake. the psu bank index is down by about 11 per cent in the last one month, while the private bank index is down 1.3 per cent...



bring out white paper on banking system: congress to nda




the congress on sunday claimed "fraudsters" were linked to the "highest echelons" of the bjp-led nda and urged the government to bring out a white paper on the banking system which it said had witnessed scams involving over rs 61,000 crore in the last five years."bank frauds are tumbling out of the ...



phishing scam targets nab customers with fake website




nab online banking customers are the latest target of an email scam that tells victims their account has been disabled before prompting them to enter their password into a fake website.the email sent to nab customers tells recipients their bank account has been disabled and prompts them to clic...



the treadmill of business frauds: from 1957 lic scandal to pnb scam




every country has its share of business frauds but india’s are unique in that they have almost consistently involved the failure of the financial system and/or regulatory loopholes that businessmen have exploited. that has been the case from the rs 12.6 million haridas mundhra-life insurance corpo...



congress to take pnb fraud issue to people; rope in other parties




with the pnb banking scam gaining traction, congress on saturday decided to put all its might to "expose" the nda government's "complicity" in the fraud and also rope in other like-minded parties to corner prime minister narendra modi in parliament.leading from the front, congress president rahul ga...



phishing scam targets nab customers with fake website




nab online banking customers are the latest target of an email scam that tells victims their account has been disabled before prompting them to enter their password into a fake website.the email sent to nab customers tells recipients their bank account has been disabled and prompts them to clic...



news digest: pnb fraud, essar steel auction, rotomac scam, and more




pnb fraud: govt to chase down those who cheat banking system, says jaitley finance minister arun jaitley on tuesday blamed senior officials of public sector banks (psbs), lenders’ auditors and the regulator for financial fraud. read more...pnb crisis: rbi's malegam-led panel to look into npa diver...



banks' risk management under a cloud after rs 114-bn pnb fraud case




the fraud perpetrated against punjab national bank (pnb) raises grave concerns about the banking sector’s risk management system and fraud detection ability, and shows that despite all the checks and balances in place, a scam can take place bypassing the whole system. lenders, particularly public ...



pnb fraud: what does it take to set up a high-performance rbi?




a certain minimal state capacity in bank regulation and supervision is required, and we are repeatedly discovering this is absent. some people see this as a question of public versus private banking. private banks in india also have major difficulties with non-performing assets (npas), which suggest...



after pnb, rs 3.9-bn oriental bank of commerce scam hits banking sector




another alleged fraudulent loan scam, involving rs 3.90 billion, has emerged in the jewellery sector. the central bureau of investigation (cbi) has registered a case against a delhi-based jeweller on a complaint from government-owned oriental bank of commerce (obc). the lender has alleged the firm, ...



pnb scam and state-owned banks: the writing on the wall




punjab national bank’s valentine’s day disclosures about diamonds turning to coal is yet another wake-up call that the state-owned banks need a cure for. what is unsettled is what ails these banks. and till this question is resolved, there can be no repair. there are worrying signs that the deba...



fraud overlooked at several places in pnb scam: bank association




a whopping rs 11,400-crore pnb scam has been overlooked at multiple auditing and regulatory levels said the maharashtra state bank employees federation (msbef).the msbef, which is affiliated to the all india bank employees association (aibea), also demanded a parliamentary probe into the issue."the ...



markets live: nifty, sensex open higher taking cues from global markets




the benchmark indices opened slightly higher on thursday, taking cues from its key asian counterparts.on wednesday, punjab national bank (pnb) had declined 10% on bse after the state-owned bank said that it had detected some fraudulent and unauthorised transactions worth about rs 1.13 trillion ($1,...



need to revisit surveillance system to plug loopholes: former pnb chief




admitting that failure of linkage of swift to core banking system (cbs) could have led to rs 11,400 crore fraud at punjab national bank, the former head of the scam-hit lender today said there was an urgent need for banks to revisit their surveillance system and plug the loopholes.usha ananthasubram...



rbi governor urjit patel's statements 'unbecoming', say officials




the government has not officially responded to reserve bank of india (rbi) governor urjit patel’s contention that the central bank’s power to prevent or investigate financial scams has been curtailed. privately, however, finance ministry officials are exasperated. senior officials are talking ab...



nirav modi punches rs 113-bn hole in pnb through fraudulent transactions




in what may turn out to be one of the biggest scams in the country’s corporate history, delhi-based punjab national bank (pnb) said on wednesday it has been defrauded about rs 113 billion by globally renowned jeweller nirav modi and his relatives through a clutch of companies they own. the second-...



'fraudsters' were linked to the 'highest echelons' of nda, alleges congress




the congress today alleged, "fraudsters" were linked to the "highest echelons" of the bjp-led nda and urged the government to bring out a white paper on the banking system which it said had witnessed scams involving over rs 610 billion in the last five years. "bank frauds are tumbling out of the clo...



pnb chief sunil mehta admits the collusion of employees in lous scam




punjab national bank’s (pnb’s) managing director and chief executive, sunil mehta, admitted the collusion of employees in the letters of undertaking (lous) scam while being questioned by the enforcement directorate (ed) on thursday, according to sources. mehta’s statement was recorded by the p...



not to pursue islamic banking in india, says rbi




in a major move, the reserve bank of india (rbi) has decided not to pursue a proposal for introduction of islamic banking in the country.replying to an rti query, the central bank said the decision was taken after considering "the wider and equal opportunities" available to all citizens to access ba...



bs banking round table: msmes big opportunity for 2018, like retail earlier




are non-performing assets (npas) the biggest challenge for the indian banking system at present? or is there too much stress on ‘recognition’ of npas rather than recovery? state bank of india (sbi) chairman rajnish kumar agrees npas are a key challenge but he is also worried about data security ...



rbi says won't pursue proposal to introduce islamic banking in india




in a major move, the reserve bank of india (rbi) has decided not to pursue a proposal for introduction of islamic banking in the country.replying to an rti query, the central bank said the decision was taken after considering "the wider and equal opportunities" available to all citizens to access ba...