ECONOMY & NATION


A curious difference could be seen in the two complaints - one filed this year and the other in 2017 - by government-owned United India Insurance Company with the Central Bureau of Investigation (CBI) relating to loan defaults.   While both the complaints are for cheating of funds,...

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State-run lender Punjab National Bank (PNB) will honour all inter-bank Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs) issued by it which mature on or before March 31, 2018.   The decision was taken by the Board of PNB in a meeting held on Wednesday.   "The...

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The central government has invited 'Expression of Interest' to divest 76 per cent stake in the national passenger carrier Air India (AI).   The development follows the issue of Preliminary Information Memorandum (PIM) which invited "Expression of Interest" for the strategic divestment...

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Moneylife Digital Team 28 March 2018
ICICI Bank on Wednesday ruled out any quid pro quo or nepotism and conflict of interest as is being alleged in various rumours regarding the Bank's Managing Director and Chief Executive Chanda Kochhar. Expressing full confidence and reposing full faith in Ms Kochhar, the Board in a statement...

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India's budgetary fiscal deficit for the 11 months ended in February of 2017-18 stood at 120.3 per cent -- Rs 7.15 lakh crore -- of the full year's revised target of Rs 5.94 lakh crore, official data showed on Wednesday.   The data furnished by the Comptroller General of Accounts...

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Arun Kumar Das (IANS) 28 March 2018
After receiving a rap on its knuckles for setting conditions that go against domestic manufacturers -- as also receiving just a single bid -- the Railways has scrapped the global tender for its ambitious Rs 2,700-crore project to manufacture aluminium-bodied trainsets.   The new...

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The Enforcement Directorate has arrested Firestar Group Vice President Shyam Sunder Wadhwa, a confidant of Nirav Modi, who is wanted in the multi-crore Punjab National Bank fraud case, an official said on Wednesday.   Wadhwa was arrested in Mumbai on Tuesday night after questioning,...

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The CBI on Tuesday said it has registered a case against a private company and eight others including directors and unknown public servants for cheating the State Bank of India (SBI) to the tune of Rs 65 crore, given out as loans which have since turned bad.   On a complaint filed by...

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Securities market regulator SEBI on Tuesday "exempted" the central government from making open offers for its proposed acquisitions of additional shares of three public sector banks (PSBs).   According to the separate "exemption" orders passed by SEBI, the central government will not...

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The Income Tax Department has frozen bank accounts of software services company Cognizant for alleged evasion of Dividend Distribution Tax (DDT) but the firm said on Tuesday that its operations of the company were not affected by the action.   A company official also said that...

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Moneylife Digital Team 27 March 2018
The Central Board of Direct Taxes (CBDT) on Tuesday extended till 30 June 2018, the date for linking Aadhaar with permanent account number (PAN) while filing tax returns.   In an order, CBDT says, "Vide its orders dated 31 July 2017, 31 August 2017 and 8 December 2017, in the file of...

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Moneylife Digital Team 27 March 2018
Former secretary EAS Sarma has requested independent judicial probe in the incident where Bharatiya Janata Party (BJP) announced election dates in Karnataka before a formal announcement by the Election Commission of India (ECI).   Mr Sarma, in a letter to President Ram Nath Kovind,...

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Pravin Banker 27 March 2018
Honourable Shri Arun Jaitley, Finance Minister    Subject: NCLT and Essar    Dear Arun-ji,   There is a ticking time bomb ready to explode on your watch. The bad loan burden sitting on public sector banks (PSBs) books, known and unknown are growing by the day. I write...

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The Enforcement Directorate (ED) attached assets worth Rs 55.65 crore of the city-based computer manufacturing firm, RP Info Systems, in connection with alleged defrauding a consortium of ten banks to the tune of Rs 515.15 crore, an official said on Monday.   "Under the Prevention of...

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A professor who retired from Osmania University a decade back got arrears under the 7th Pay Commission. He went to a manager of a public sector bank (PSB) seeking his advice. The manager promptly advised him to invest in insurance or mutual fund products. When asked, why not in term deposit...

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Moneylife Digital Team 26 March 2018
'We Bankers', an online forum that has turned into a bankers’ union, led by young generation of bank employees is gathering momentum among bank employees. It cuts across the officers and clerical cadre. By claiming to take up more contemporary issues, it has begun to rattle the big...

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Coal India on Monday said that demand notices amounting to Rs 8,297.77 crore were received for 17 projects of its subsidiary firm, Mahanadi Coalfields Ltd (MCL), for production beyond approved limits for the period between 2000-01 and 2010-11.   The miner's subsidiary has already...

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Banks will not remain closed for five consecutive days starting from Thursday, a union leader said on Monday.   "The banks will work on March 31 (Saturday) and there is no continuous holidays as per messages in the social media," D. Thomas Franco Rajendra Dev, General Secretary of the...

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Urjit Patel, governor of the Reserve Bank of India (RBI) is clearly furious. Having taken the blame for the badly-managed and futile demonetisation programme, he is apparently unwilling to be targeted for the Rs13,000 crore Nirav Modi-Gitanjali Gems banking fraud as well, especially when RBI...

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The CBI has filed a case against Deccan Chronicle Holdings Ltd (DCHL)and its Chairman T. Venkatram Reddy for allegedly causing a wrongful loss of Rs 30.54 crore to United India Insurance Co Ltd (UIIC), an official said on Friday.   The FIR registered by the Central Bureau of...

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