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New Delhi, Feb 11: The government has decided to rename National Institute of Financial Management (NIFM), Faridabad, as Arun Jaitley National Institute of Financial Management, an official statement said on Tuesday.

Set up in 1993 as a registered society under the Department of Expenditure, NIFM trains officers of Finance and Accounts Services recruited by the Union Public Service Commission (UPSC) as also officers of Indian Cost Accounts Service. The Union Finance Minister is the President of the NIFM Society.

"Aligning the vision and aspiration of the Institute for the future with the vision and contribution of late Arun Jaitley, the Government has decided to rename National Institute of Financial Management (NIFM) as the Arun Jaitley National Institute of Financial Management(AJNIFM)," the statement said.

NIFM has become a premier resource centre to meet the training needs of the central government for senior and middle level of management in the fields of public policy, financial management, public procurement and other governance issues for promoting highest standards of professional competence and practice.

Padma Vibhushan awardee Jaitley was the Union Minister for Finance and Corporate Affairs during May 26, 2014 to May 30, 2019.

Apr 12: The board and management of troubled NMC Healthcare should be held accountable for the financial irregularities, said Abdulaziz Al Ghurair, chairman of the UAE Banks Federation.

"Banks have dealt with the exposure professionally and they lent to a company which was listed on FTSE-100 index with world-class regulator and the world's largest audit firm doing their audit. Even if they present their balance sheet today, people will still lend to them. This is a world-class fraud and the management and board members should be held accountable. We should have a different track to handle this company. It is not a normal track that we can go," Al Ghurair said during a virtual press conference on Sunday.

It is estimated that the more than 80 local, regional and international banks have exposure to healthcare firm. The UAE bourses had asked all the listed companies in the UAE to announce their exposure. The UAE banks last week announced nearly Dh10 billion exposure to NMC Healthcare, which is owned by the billionaire BR Shetty.

Abu Dhabi Commercial Bank has the highest exposure to NMC at Dh3 billion. Dubai Islamic Bank and its subsidiary Noor Bank announced Dh2 billion exposure while Emirates NBD and its Shariah-compliant unit Emirates Islamic Bank revealed Dh747.34 million exposure. Ajman Bank has Dh151.8 million while Al Salam Bank pegged its exposure at Dh161.5 million. All these lenders revealed their exposure for the first time on Sunday.

Abu Dhabi Islamic Bank said it had extended Dh1.07 billion in financing to NMC Healthcare, and an additional Dh113.67 million exposure to Islamic bonds issued by NMC.National Bank of Fujairah pegged its exposure to NMC at Dh289.1 million, while Sharjah-based United Arab Bank said its exposure was Dh135.3 million.

NMC recently revised its debt position to $6.6 billion, well above earlier estimates.

London's High Court last week placed hospital operator NMC Health into administration, on the application of Abu Dhabi Commercial Bank.

"I know leading bank in UAE have already legal guardian of the company so now management cannot hide anything. The new team will manage and discover what happened," said Al Ghurair.

Dubai, Feb 13: An Indian expatriate found to be infected with coronavirus in the UAE on February 10 is in a stable condition, the Indian Embassy told Gulf News.

“The Indian is a 36-year-old male,” an embassy official said, adding “he a resident of the UAE”.

However, the official did not say if the man had any travel history to China and also refused to divulge which state he hailed from.

On February 10, the Ministry of Health said the Indian national was found infected with coronavirus in the latest such case in the UAE. “The Indian national had interacted with a recently diagnosed person,” the ministry had said in a statement.

"All reported cases are in stable condition, except for one case, who is being put under close observation by a team of senior consultants at the Intensive Care Unit," added the statement.

The man is among the eight cases of coronavirus detected in the UAE so far. Others include six Chinese nationals and one from Philippines.

Earlier this week, the UAE announced that one of the infected patients, a 73-year-old Chinese national, Liu Yujia, had recovered.