Tech-savvy scammers try to steal flood relief donations

Even as a large part of the country grapples with torrential rain and floods, scammers have set up fake bank IDs to get their hands on at least a part of the donations meant for disaster relief. For example, the original UPI ID for donating to Kerala’s disaster relief fund is keralacmdrf@sbi. However, given that […]

ICICI Bank tops in banking fraud hits; SBI, HDFC Bank follow

ICICI Bank, one of India’s top three lenders, has emerged as the No.1 target of bank fraudsters last year in terms of the sheer number of such incidents, overtaking bigger rival State Bank of India. ICICI Bank reported 374 medium and large sized incidents of fraud, beating back SBI, which came in with 338 such […]

‘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 […]

RBI fines UCO Bank over fraud reporting

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 a penalty of Rs 2.00 crore for non-compliance of instructions […]

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 carried out under section 206 of the Companies Act. 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 the RBI, nationalized banks lost a total of Rs 26,705 […]

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 will lend support in case of such an eventuality. “The […]

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 to the close of Rs 423 yesterday, before making up […]

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 if they produce receipts of raw material purchase, to the […]

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 source of funds”. The clarifications came after report by 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 term loans has been revised fromĀ  BBB- to C. It […]

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 for several reasons, including new laws that require people to […]

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 […]

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 7 due to personal reasons, primarily attributed to her occupation […]