Politicians face backlash for supporting illegal flats in Maradu

The demolition of five illegal high-rise apartment buildings in Kochi has snowballed into a major controversy, with some of the state’s prominent politicians who openly supported the illegal buildings now coming under fire from social media and even their own colleagues. The initial response of the political community in the state was one of support […]

Chidambaram’s Arrest: A Breakdown in Lutyen’s Consensus?

The arrest of former finance minister P Chidambaram has thrown many critics of the current administration into a quandary. On the one hand, they know that there may be some truth to the allegations of corruption made by the investigating agencies. They would, therefore, like nothing better than for corrupt politicians to be probed just […]

Milind Deora says businessmen scared, afraid of speaking out

Milind Deora, head of Congress Party’s Mumbai unit who is known to be close to the business community of the country, said businessmen in the country are feeling uneasy about the current climate, but not speaking out due to fear. Deora, who was speaking in the context of the suicide of entrepreneur and businessman VG […]

‘We’re cleaning up the banks’ – FinMin gives the numbers

Finance ministry on Thursday gave detailed numbers to detail the efforts that the Narendra Modi government has been making to overcome the problems created by corruption and bad loans in India’s public sector banks. Finance Minister Nirmala Seetharaman pointed out that a review in 2015 found that a huge chunk of loans issued in previous […]

SC sets up high-powered inquiry into “conspiracy against CJI Gogoi”

The Supreme Court has appointed former judge Justice A K Patnaik to conduct a detailed inquiry into the allegation that external forces hatched a conspiracy to remove Chief Justice Ranjan Gogoi from benches seized of high-profile cases. Justice Patnaik will have the full use of three investigating agencies, including the Central Bureau of Investigation, Delhi […]

Anand Sharma warns BJP: Power is not permanent, don’t misuse ED, CBI

Former cabinet minister Anand Sharma today warned against what he called the misuse of tax and investigation agencies in the country, and warned BJP leaders that they may not always be in power. He said the BJP government has ‘spoiled the habits’ of agencies like Enforcement Directorate, Income Tax Vigilance and Central Bureau of Investigation, […]

Center gives ‘secret letter’ on ED official: Swamy alleges sabotage in Aircel-Maxis case

BJP leader Subramanian Swamy has expressed suspicions of an ‘internal sabotage’ of the investigations into the so-called Aircel-Maxis scam, in which the accused include former finance minister P Chidambaram and son Karthi. “BJP government at Centre, judging by today proceedings on Aircel Maxis in SC, is under internal sabotage. Have to find out who is […]

Fitch says Chanda Kochhar issue raises governance concerns at ICICI Bank

The ongoing allegations around the sanction of a loan by ICICI Bank to the Videocon Group and the bank’s reluctance to support an independent probe into the matter has created doubts about the bank’s internal governance standards, global ratings agency Fitch said. “..the presence of the bank’s CEO on this credit committee – and the […]

PNB revamps SWIFT system, to deploy Infosys’ Finacle 10 software

Punjab National Bank, in the eye of a storm after a couple of employees issued unauthorized credit guarantees worth $2 bln to clients, said it has put in place procedural and technological changes required to prevent a repeat of the incident. Two key technical changes being implemented are a revamp of the way the bank […]

Ind-AS to crimp public sector banks’ growth due to higher provisioning

Public sector banks would need to divert an estimated Rs 63,000 cr, or about 41% of the total money that the government has promised, to meet increased provisioning requirements for loans under the new Ind-AS accounting standard, India Ratings said, adding that this would ‘knock down’ their growth aspirations and hurt market share. Provisioning refers […]

Kejriwal govt ropes in Maruti Suzuki to help check corruption in license issue

Maruti Suzuki India Limited said it entered into an agreement with the Government of NCT of Delhi to set up Driving Test Centres in 12 locations in the city. In the first phase, these Automated Driving Test Centres will be set up at Hauz Khas, Shakur Basti, Raja Garden, Hari Nagar, Burari, Loni Road, Sarai […]

Trial Court vs Supreme Court – Who is right in 2G scam judgment?

The decision by a trial court in Delhi’s Patiala House complex to dismiss charges of corruption and conspiracy against former telecom minister and others in the 2G scam case has created a curious legal imbroglio as the order seems to fly counter to the Supreme Court’s verdict in the 2G scam case. The special court […]

Demonetization unearths Rs 25,000 cr of black money so far – Govt

The move to withdraw high-value currency notes in November last year has helped the income tax department unearth Rs 25,000 cr of undisclosed income as of October this year, the finance ministry said. Out of this, Rs 15,761 cr was unearthed by searches and raids, while the remaining was detected using ‘surveys’, the ministry said. […]

NPA crisis: We’re not out of the woods yet – SBI official

A senior State Bank of India official warned against assuming that the bad loan malaise affecting the Indian banking sector has started declining. Praveen Kumar Gupta, MD in charge of retail and digital banking, said one cannot directly draw conclusions by extrapolating trends seen in the first two quarters of the current financial year. In […]

Nawaz Sharif Proves Unlucky For The Third Time

Nawaz Sharif is third time unlucky to have to abandon his term as the democratically elected Prime Minister of Pakistan. With the Supreme Court disqualifying him over the corruption cases for ten years, sixty-seven-year-old Sharif’s premiership comes to end one year before his term expires. It also potentially means the termination of an eventful political […]

Demonetization took India forward by 3 years – SBI

The demonetization of currency notes late last year has doubled the number of card transactions and helped push India’s payment digitisation by three years, State Bank of India said in a note. “Even after seven months post demonetization, the transaction value is quite large and approximately double of what it had been corresponding month last […]