The RBI had issued two circulars in 2016 to banks on strengthening the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, the misuse of which was unveiled last month in the Rs 12,600 crore fraud on state-run Punjab National Bank (PNB), Parliament was informed on Tuesday.
The RBI has taken other fraud-control measures like bringing out a framework for dealing with loan frauds above Rs 50 crore, creating an online Central Fraud Registry, issuing caution advices detailing names of fraudsters and their modus operandi and ordering banks to re-verify the title deeds for all credit exposures above Rs 5 crore.
The bank has accused two jewellery groups - one controlled by diamond tycoon Nirav Modi and the other by his uncle, Mehul Choksi - of colluding with rogue bank employees to secure credit from overseas branches of Indian banks using fraudulently issued guarantees largely in the form of letters of undertaking. Accordingly, in the Choksi case, the total amount allegedly defrauded between 2013 and 2017 is now about ₹7,080.86 crore, said the agency. LoUs and LoCs are two of the instruments issued by Indian banks to domestic importers to get foreign exchange from banks overseas at a cheaper rate. The CBI has also arrested officials of the Brady House branch of PNB for their alleged involvement in the fraud.
Intentions Seeker Stock: Pretium Res Inc (PVG)
The Stock now has Analyst' mean Recommendation of 2 where the scale is from 1 to 5, 1 means Strong Buy and 5 means Sell. Canaccord Genuity maintained the shares of PVG in report on Monday, August 24 with "Speculative Buy" rating.
The maximum punishment for the offence under section 409 of the IPC (criminal breach of trust by public servant, or by banker, merchant or agent) is life imprisonment.
The logo of Punjab National Bank (PNB) is seen on a branch office window in New Delhi, India, February 27, 2018. The court has directed the CBI to file its reply and will hear the plea on Thursday.
Thus, the earlier master circulation of RBI said, "Banks should not extend any non-fund based facilities or additional/ad-hoc credit facilities to parties who are not their regular constituents, nor should they discount bills drawn under LCs, or otherwise, for beneficiaries who are not their regular clients. This amount has nothing to do with any new fraudulent LoUs/LoCs", the PNB clairification said.
The incident took place as the journalist was trying to get Hasin's reaction on one of the issues involving Mohammed Shami . While on the other hand, the fast bowler denied all the accusations and called them false and a conspiracy to defame him.
With 148 lawmakers in the Federal Parliament and 243 in Provincial Assemblies, the CPN-UML commands a total vote of 23,356. Bidya Devi Bhandari was re-elected as the president of Nepal for a second term through a parliament vote on Tuesday.
The X-Blade is powered by a 162.71-cc engine, which has been specifically created to deliver good low and mid-range performance. The CB Unicorn and the CB Hornet 160R have an option to be equipped with CBS, which the X-Blade misses out on.
Investigators last month recommended to prosecutors that Netanyahu be indicted in at least two corruption cases against him. Netanyahu would go on to study at MIT, serve in the Israeli army, and become Israel's longest-serving prime minister.
This resulted in a number of councils withdrawing more than R1bn from the bank , causing a serious liquidity crisis. When the municipalities asked for their money back, the bank was unable to pay it, he said.
In the first scenario, identity thieves file a fake tax return and have the refund deposited into your bank account. These aren't necessarily critical areas, but can save taxpayers money if they know certain tips and tricks.
The stock of International Business Machines Corporation (NYSE: IBM ) has "Buy" rating given on Friday, July 21 by Argus Research. Peddock Capital Advisors LLC increased its position in shares of International Business Machines by 7.3% in the second quarter.
Rain and snow amounts look to be on par with the first system, but snow totals will be higher due to the lower snow level. Northwest winds will be 5 to 10 mph, increasing west to 15 to 20 mph with gusts up to 30 mph in the afternoon.
Dolphins to sign Albert Wilson
His replacement will come from the unknown of free agency, with the Dolphins reportedly inking a deal with wideout Albert Wilson . Landry, by comparison, had 112 catches a year ago alone, even though he averaged only 8.8 yards per catch.
Dog dies on flight after being put into overhead bin
Maggie Gremminger, a passenger on the plane, told People Magazine that the pet owner was travelling with a young girl and a baby. In a statement to Newsweek , United Airlines said it took "full responsibility" for the pug's death and are investigating.
Keenum Intends to Sign with Broncos
ESPN first reported the news early Tuesday morning, with National Football League insider Ian Rapoport also reporting soon after. Keenum intends to sign with the Denver Broncos when free agency opens Wednesday, according to ESPN's Adam Schefter.