Banking associations question RBI on PNB-Modi fraud

News Network
February 19, 2018

Mumbai, Feb 19: As the Punjab National Bank-Nirav Modi scam seems to be compounding, banking employees associations have questioned the Reserve Bank of India (RBI) and the four successive governors.

"Apart from PNB, the other organisation who should be answering a lot of questions in this matter is the RBI. Banking supervision and regulation in India must be made legally accountable. What were YV Reddy, D Subbarao, Raghuram Rajan and Urjit Patel doing during this time," asked Vishwas Utagi, convener of Investor Action Forum Charitable Trust Mumbai.

Utagi, who is the former vice president of All India Banking Employees Association (AIBEA), said that it was a case of non-fund business resulting from a bad debt.

"The RBI should be accountable and responsible," he said.

He pointed out that LOUs issued by any bank in India has to be reported to the RBI on a quarterly basis.

"Why is it that when the first LOU was issued way back in 2011, without entering into the CBS, it was ignored by RBI and the PNB top management despite the amounts being so huge," he asked.

On the issue of Society for Worldwide Interbank Financial Telecommunication or SWIFT, he said: "Whenever a SWIFT message is sent it is verified checked and authorised at various checkpoints by personnel in various capacity and hierarchy. Why no one from the forex dept of PNB raised an alarm. This seems more like a top-level collaboration than a branch level fraud."

Whenever such huge amounts are sent through SWIFT, bypassing CBS, it generates daily reports.

"Were the concurrent auditors of PNB sleeping for seven years that they could not go through these daily reports," he said, adding that the problem is deep-rooted.

"When an LOU is issued by one bank to another, the receiving bank sends a letter of confirmation to the issuing branch and it's controlling office like a Regional or Zonal office. Did other banks do so? If so, then why didn't anyone in the PNB controlling office raise an alarm," said Utagi, who is also the general secretary of Maharashtra State Bank Employees Federation.

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Agencies
February 11,2020

New Delhi, Feb 11: AAP chief and Delhi Chief Minister Arvind Kejriwal has won from New Delhi assembly seat. He polled 46,758 votes, which is 61.1 per cent of total votes polled in the high profile constituency.

Kejriwal defeated Sunil Kumar Yadav of the Bharatiya Janata Party (BJP), who polled 25,061 votes, which is 32.75 per cent of total votes polled. Congress candidate Romesh Sabhawarl could get only 3,220 votes.

So far, the AAP has won 55 seats and is leading on seven seats. The BJP has won seven seats and is leading on two. The Congress is nowhere in the reckoning.

As per the details on the website of Election Commission of India at 8.27 pm on Tuesday, the AAP has secured 53.60 per cent votes, BJP 38.49 per cent, BSP 0.71 per cent, CPI 0.02 per cent, CPI-M 0.01 per cent, Congress 4.27 per cent, JDU 0.90 per cent, LJP 0.35 per cent, NCP 0.02 per cent, and NOTA 0.46 per cent.

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News Network
April 24,2020

Kochi, Apr 24: The central government on Thursday submitted a statement in the Kerala High Court on the three petitions challenging the contract between Kerala government and US-based data analytics company Sprinklr.

Assistant Solicitor General P Vijayakumar filed the statement on behalf of the central government, which is the second respondent in the case.

The statement said that the contract between the Kerala government and Sprinklr dilutes the rights of the people. It stated the contract does not specify the amount of compensation that individuals should receive in case of breach of privacy or misuse of information.

It also said that it was not clear whether the information was collected and handed over to the data analytics firm with full consent of the patients (suspected and otherwise).

''It is always preferable to utilise the services available in the government sector for sharing sensitive data required for analytical purposes.

The Government of India has introduced the 'Aarogya Setu' application for collection of health data and about seven crore Indian citizens have already downloaded the same. All the state governments are advised to promote the said application for fighting the pandemic," the statement said.

It was further submitted that the "Government of India with the support of NIC is capable of providing all the requirements relating to data storage, processing and application which are being offered the third respondent, if a request to that effect comes from the state government."

Kerala Congress leader Ramesh Chennithala and BJP state president K Surendran had earlier approached the Kerala High Court seeking cancellation of the state government's agreement with Sprinklr for processing of data related to COVID-19 patients.

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Agencies
March 16,2020

New Delhi, Mar 16: Chief Justice of India Sharad Arvind Bobde on Monday said that rules for preventing overcrowding in the courts to avoid the spread of coronavirus cannot be relaxed for journalists alone on the basis of profession.

"Can't make an exception on the basis of profession," CJI Bobde said while asking journalists to share information and notes and suggesting that a system can be put in place to facilitate daily media briefing by Secretary-General.

Video conferencing facility being contemplated may be brought into place but not sooner than one week from now and reporters may take turns to attend hearings, CJI Bobde said.

He said that the court does not wish to prevent any reportage.

Attorney General KK Venugopal and Solicitor General Tushar Mehta informed the Chief Justice of India about the crowded corridors on account of restricted entry inside courtrooms.

CJI Bobde said that he himself wishes to assess and take stock of the situation and may do so tomorrow at 10.30 am.

This comes after the top court introduced several precautionary measures to prevent the spread of coronavirus and allowed only restricted entry of lawyers, litigants, and journalists in the courtroom.

Thermal-screening of the lawyers, litigants, and media persons were also conducted in the Supreme Court on Monday amid coronavirus fears.

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