IDBI Bank Ltd said fraudulent loans worth Rs 772 crore were issued from five of its branches in Andhra Pradesh and Telangana on Tuesday night, sending its shares spiraling down on Wednesday. Some of the loans, which were issued during fiscal years 2009-2013 for fish farming businesses were obtained against fake lease documents of non-existent fish ponds and by inflating the value of collateral, the company said. The bank found major lapses in processing and disbursing the loans by two of its officials. The lender dismissed one of the officials, while the other official had already retire ... Read More

Indias fiscal deficit soared to Rs 7.15 lakh crore at the end of February, exceeding the revised target of Rs 5.94 lakh crore for the entire 2017-18 fiscal. As per data released by the Controller General of Accounts (CGA), fiscal deficit for April-February was 120% of the revised estimates on account of increased expenditure and subdued revenue receipts. The monthly account till February-end revealed that the government has collected Rs 12.83 lakh crore revenue, which is 79.09% of the revised estimates. Of this, over Rs 10.35 lakh crore is collected from taxes, while over Rs 1.42 lakh ... Read More

भारतीय रिजर्व बैंक जल्द ही 350 रुपये का सिक्का जारी करने वाला है। आरबीआई इसे गुरु गोबिंद सिंह जी महाराज के 350वें प्रकाशोत्सव पर आम जनता के लिए बाजार में पेश करेगा। जानकारी के लिए आपको बता दें कि इस सिक्के को बहुत ही छोटी अवधि के लिए जा ... Read More

The Punjab National Bank-fraud to the tune of around Rs 12,600 crore involving the celebrity diamond merchant, Nirav Modi, has again brought to light the various issues plaguing the banking sector in India. The Nirav Modi case is not the first big ticket fraud involving the banking sector. In recent years, India has witnessed various banking frauds, in fact, in 2017, a facsimile fraud involving Jatin Mehtas Winsome Diamond Group was discovered. The total amount involved in the Winsome Diamond matter was around Rs 6,800 crore, out of which Punjab National Bank had the highest exposure of aro ... Read More

Indias largest integrated power company Tata Power has sold its stake in two group companies to cut its mounting debt burden. The company has said its board has approved the sale of its shares in Tata Communications and Panatone Finvest to Tata Sons and its affiliates. The estimated realisation will be about Rs. 2150 crores and is subject to shareholders approval, said an official announcement. The company has cross-holdings at the group level. It holds stakes in seven group companies, including Nelco, Tata Communications, and Voltas, besides an unlisted Tata Teleservices. Panatone Finvest ... Read More

When the National Food Security Act 2013 was passed, it expanded the coverage of the public distribution system from about half to two-thirds of the population. As corruption has been a long standing problem in the PDS, the NFSA mandated some PDS reforms based on Tamil Nadu and Chhattisgarh experiences. These were among a handful of states that had successfully reduced leakages. One such reform was end-to-end digitisation. Though computerisation of the PDS database had already begun when the NFSA was passed, only a handful of states had reliable last-mile authentication of sales in place. ... Read More