The Reserve Bank of India has fined the UCO Bank for discrepancies in complying with the central bank’s norms on classifying and reporting frauds and on collection of account payee instruments, the bank said. “..the Reserve Bank of India..under the Banking Regulation Act, 1949 imposed...
FINANCIAL CRIMES
MCA orders inspection into Vakrangee’s accounts
Vakrangee Ltd, the Mumbai-based technology and distribution company, said the ministry of corporate affairs of India has ordered an inspection of its accounts for three years, and that PricewaterHouse will step down as the company auditor as part of the exercise. The inspection will be...
Indian Banks need Rs 3.3 lakh cr in 1 year to meet new norms – Fitch
Indian banks will need between $40 bln to $55 bln (Rs 2.8 lakh cr to Rs 3.8 lakh cr) of additional capital to meet the Basel III capital adequacy norms set to come into effect next year, Fitch Ratings said, adding that most of the...
Bank frauds up 359% in four years at nationalized banks
The amount of money swindled by fraudsters from nationalized banks has jumped 359% in four years, RBI data revealed. The trend at nationalized banks is in contrast to that at private sector banks and SBI, where frauds are being increasingly brought under control. According to...
Fitch downgrades PNB’s Viability Rating by two notches
Fitch Ratings has downgraded the ‘viability rating’ of scam-hit Punjab National Bank by two notches to ‘b’ from ‘bb-‘, citing a sharp rise in loan defaults. However, the bank’s ‘default rating’ has been kept at BBB-, given the high probability that the government of India...
ICICI Banks denies asking Kochhar to go on leave, no search committee
ICICI Bank said it did not ask its managing director, Chanda Kochhar, to go on leave nor has it appointed any search committee to find her successor. “She is on her annual leave which was planned in advance,” it said in response to media queries....
Manpasand Beverages denies refusing data to Deloitte
Manpasand Beverages denied charges that it had denied data to its auditor Deloitte Haskins & Sells, but disclosed the resignation letter of the auditor that contained charges to the effect. The beverage maker is under a cloud after news of the resignation broke, and its...
Strides Shasun denies rumors of auditor resignation
Pharma major Strides Shasun denied rumors that its auditors had resigned. The rumors, coming close on the heels of a similar development at Manpasand Beverages, had impacted the company’s share price today morning. Shares of Strides Shasun fell to a low of Rs 397 compared...
Authorities bust fake GST input tax credit racket in Delhi
In the first such case in Delhi, tax authorities arrested a city-based father and son duo for issuing input tax credit invoices without supplying anything to their ‘clients’. Under the GST regime, any company can get a reduction in the tax they have to pay...
RIL says tax tribunal satisfied with Biometrix deal
Reliance Industries said it was not aware of any inquiry into the funds received by entities connected with it or its promoters from Singapore-based Biometrix Marketing. It also said, as far as it was aware, that the Income Tax Appellate Tribunal “was satisfied with the...
ICRA downgrades Fortis Healthcare for missing loan repayment
Credit rating agency ICRA Ltd downgraded Fortis Healthcare’s outstanding debt obligations of Rs 1,170 cr after the company missed the repayment of a loan. The company’s long term rating for Rs 250 crore non-convertible debenture programme, Rs 105 crore fund-based limits, and Rs 195 crore...
As criminals switch to ‘digital India’, Govt forms committee to tackle phone fraud
The government of India has set up a “Committee on Phone Frauds” to deal rising instances of theft of money using phone calls and one time passwords. India has seen a sharp increase in the number of ‘phishing calls’ made on phones in recent years...
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...
Fortis Healthcare director quits
Fortis Healthcare, which is under the scanner of the Serious Fraud Investigation Office, said one of its independent directors, Joji Gill, stepped down due to ‘personal reasons’. “Ms Joji Sekhon Gill has tendered her resignation from the directorship of the company with effect from March...
Fortis Healthcare gets notice from Registrar of Companies
Hospital chain Fortis Healthcare said it received a notice from the Punjab and Chandigarh office of Registrar of Companies asking for information. The company did not clarify what the information was related to, but it is likely that it is related to the corporate affairs...
IndusInd Bank says only “small, two-digit exposure” to Gitanjali Gems
Private sector lender IndusInd Bank clarified that it does not have any heavy exposure to the ongoing saga of fraud and crime involving unauthorized letters of comfort issued by an employee of Punjab National Bank. “IndusInd Bank has no direct credit exposures to Nirav Modi...
Gitanjali Gems compliance officer resigns over “absence of disclosure”
Two key personnel of Gitanjali Ltd — its chief compliance officer and its chief financial officer — resigned last week, regulatory filings on Tuesday showed. While Pankhuri Warange, the chief compliance officer and the company secretary, resigned over concerns about “absence of disclosures” from the...
Allahabad Bank’s exposure to Nirav Modi incident at Rs 2,362 cr
Allahabad Bank said it is exposed to the tune of $366.87 million to the current incident involving diamond merchant Nirav Modi and the unauthorized Letters of Undertakings he allegedly secured from Punjab National Bank. However, said Allahabad Bank, it is not worried about getting its...
FULL TEXT – PNB STATEMENT on Nirav Modi; Axis, Allahabad Bank involved
Punjab National Bank, India’s second largest public sector bank, has issued a statement on exactly what happened in the Nirav Modi case that resulted in nearly $1.77 bln of unauthorized liabilities being taken on by the bank. In the statement, PNB detailed exactly how the...
LIVE: “Nirav Modi has given a vague offer” – PNB MD on Nirav Modi issue
Sunil Mehta, MD of Punjab National Bank today denied that billionaire diamond merchant Nirav Modi has offered a concrete proposal to repay the $1.77 bln that he’s accused to embezzling. Speaking at a press conference called to address the allegations and controversies surrounding the ‘scam’,...