IDBI Bank fraud: CBI books two bank chiefs, ex-Aircel promoter Sivasankaran
The Central Bureau of Investigation (CBI) on Thursday registered a case against former Aircel promoter C Sivasankaran and his company’s executives in an alleged Rs 6-billion bank fraud case. The agency also booked 15 senior executives, current and former, of IDBI Bank.
The list of bankers booked includes Kishor Kharat, managing director (MD) and chief executive officer (CEO) of Indian Bank, and Melwyn Rego, MD and CEO of Syndicate Bank. Kharat was MD and CEO of IDBI Bank between August 2015 and March 2017.
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SBI may integrate broking biz with SBI Caps as part of restructuring
SBIState Bank of India (SBI) might integrate its broking business with SBI Capital Markets as part of restructuring the latter’s business. If this happens, SBI Caps will focus on investment banking (debt and equity) and broking, while the project advisory and structured finance divisions will be transferred to the parent company.
SBI began the process of restructuring SBI Caps after the Reserve Bank of India (RBI) flagged the duplication of functions at the bank and its investment banking subsidiary. The restructuring is linked to a revamp in the corporate banking business at the parent company. The organisational recast will cover the large corporate, mid-corporate and stressed asset management units.
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PNB fraud: CBI finds major lapses, to file chargesheet next month
The Central Bureau of Investigation (CBI) is expected to file its first chargesheet in the Rs 130-billion Punjab National Bank (PNB) letters of undertaking (LoUs) fraud in the second week of May.
According to sources, it has found major lapses by bank officials while issuing LoUs to jewellery Nirav Modi’s entities via the foreign branches of other Indian banks. Sources say the chargesheet would detail flaws in the bank’s credit facilities to foreign branches and in its so-called SWIFT infrastructure, which appears to have been misused by some officials who have been arrested.
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Axis Bank posts first quarterly loss since listing in 1998 at Rs 21.8 bn
Private sector lender Axis Bank reported its first net loss, of Rs 21.8 billion, for the quarter ended March as non-performing assets (NPAs) soared and provisions for bad loans surged three times over the corresponding quarter last year.
Asset quality deteriorated, given that gross NPAs as a percentage of advances increased to 6.77 per cent in the March quarter from 5.28 per cent in the December quarter and 5.04 per cent in the March 2017 quarter.
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Soon, politicians will find it tough to influence voters through Facebook
Political parties in India will find it difficult to influence voters through Facebook unless their content is accurate — at least that is what the social networking giant has promised.
Facebook CEO Mark Zuckerberg has promised to keep track of the money spent by Indian political parties on advertisements they post on the website. Also, all content will be carefully vetted to ensure that false information is not being disseminated to influence voters.
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