Money laundering: RBI imposes fine of Rs 49.5 crore on 22 banks

July 15, 2013

Money_launderingNew Delhi, Jul 15: The RBI on Monday imposed fines totalling Rs 49.5 crore on 22 private and public sector banks including SBI, PNB and Yes Bank for violating know your customer/anti-money laundering norms. It also gave cautionary letters to seven including Citibank and Stanchart following an expose made by an online portal.

"After considering the facts of each case...Reserve Bank came to conclusion that some of the violations were substantiated and warranted imposition of monetary penalty..." the central bank said in a statement.

A penalty of Rs 3 crore each has been imposed on State Bank of India (SBI), Bank of India, Canara Bank, Bank of Baroda, Central Bank of India, Indian Overseas Bank and Federal Bank.

United Bank of India, Lakshmi Vilas Bank, Punjab National Bank, Jammu & Kashmir Bank and Andhra Bank were slapped a penalty of Rs 2.5 crore each.

A penalty of Rs 2 crore each was imposed on Yes Bank, Vijaya Bank, Oriental Bank of Commerce and Dhanlaxmi Bank. The other banks which were penalised by the RBI include Deutsche Bank, Development Credit Bank, ING Vysya Bank, Kotak Mahindra Bank and Ratnakar Bank.

Besides, Reserve Bank has issued cautionary letters to Citibank, Standard Chartered Bank, Barclays Bank, BNP Paribas, Royal Bank of Scotland, Bank of Tokyo Mitsubishi and State Bank of Patiala. Following probe into charges levelled by an online portal Cobrapost, RBI has earlier imposed fines totalling Rs 10.5 crore on top three private lenders - Axis Bank, HDFC Bank and ICICI Bank.

Although the investigation did not reveal any prima facie evidence of money laundering, RBI said that "any conclusive inference in this regard can be drawn only by an end-to-end investigation of the transactions by tax and enforcement agencies".

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News Network
May 22,2020

New Delhi, May 22: India on Friday recorded its biggest spike in COVID-19 cases with 6,088 new cases and 148 deaths reported in the last 24 hours, taking the tally of coronavirus cases in the country to 1,18,447, as per the Union Ministry of Health and Family Welfare (MoHFW).

Out of the total cases, 66,330 are active cases and 3,583 have succumbed to the infection.

As many as 48,533 patients have been cured/discharged and one migrated till date.

Maharashtra continues to remain the worst-affected state with 41,642 cases, followed by Tamil Nadu (13,967 cases), Gujarat (12,905 cases), and Delhi (11,659 cases).

While Rajasthan has confirmed 6,227 cases of which 3,485 people have recovered while 151 patients are dead, Madhya Pradesh reported 5,981 cases including 2,843 patients recovered and 270 patients dead.

Uttar Pradesh has 5,515 COVID-19 positive cases.

In Kerala, which reported the first COVID-19 case, 690 people have been detected positive for coronavirus.

Ladakh has confirmed 44 coronavirus cases, 1,449 people have infected by the virus in Jammu and Kashmir.

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News Network
June 18,2020

New Delhi, Jun 18: Prime Minister Narendra Modi on Thursday launched the auction process for 41 coal blocks for commercial mining, a move that opens India’s coal sector for private players, and termed it a major step in the direction of India achieving self-reliance.

Launching the auction of mines for commercial mining, that is expected to garner ₹33,000 crore of capital investment in the country over next five to seven years, the Prime Minister said India will win the coronavirus war and turn this crisis into an opportunity, and the pandemic will make India self-reliant.

The launch of the auction process not only marks the beginning of unlocking of the country’s coal sector from the lockdown of decades , but aims at making India the largest exporter of coal, the Prime Minister said.

Presently, despite being the world’s fourth largest producer, he said India is the second largest importer of the dry-fuel.

“Allowing private sector in commercial coal mining is unlocking resources of a nation with the world’s fourth-largest reserves,” he pointed out.

Major scams had taken place in coal action earlier, but the system has been made “transparent” now, the Prime Minister said lambasting past policies of keeping the sector closed.

Mr. Modi said that this auction process will result in major revenues to states and create employment besides developing the far-flung areas.

The commencement of auction process of these blocks, part of the series of announcements made under ‘Atmanirbhar Bharat Abhiyan’, is likely to contribute ₹20,000 crore revenues annually to the state governments.

In line with the Prime Minister’s self-reliance call, the aim behind the auction process is to achieve self-sufficiency in meeting energy needs and boosting industrial development.

The government has taken an important decision to open up coal and mining sector to competition, capital and technology, he said.

Coal and Mines Minister Pralhad Joshi, who was also be present during the launch event, said ₹50,000 crore is being invested in the sector to jack up India’s coal output to 1 billion tonne.

With a view to achieve self-reliance in the coal sector, the Ministry of Coal in association with FICCI launched the process of auction of 41 coal mines under the provisions of Coal Mines (Special Provisions) Act and Mines and Minerals (Development and Regulation) Act.

Upon attainment of peak rated capacity of production of 225 million tonnes (MT), the government said, these mines will contribute about 15% of the country’s projected total coal production in 2025-26.

It will also lead to employment generation for more than 2.8 lakh people — direct employment to approximately 70,000 people and indirect employment to approximately 2,10,000 people, as per the government.

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News Network
June 23,2020

New Delhi, Jun 23: With an increase of 14,933 new cases and 312 deaths in the last 24 hours, India's COVID-19 count reached 4,40,215 on Tuesday.

According to the latest update by the Union Ministry of Health and Family Welfare (MoHFW), 14,011 deaths have been recorded due to the infection so far in the country.

The rise in confirmed cases today is lower than the highest spike of 15 thousand plus cases registered on Sunday.

The count includes 1,78,014 active cases, and 2,48,190 cured/discharged/migrated patients.

Maharashtra with 1,35,796 confirmed cases remains the worst-affected by the infection so far in the country. The state's count includes 61,807 active, 67,706 cured, discharged patients while 6,283 deaths have been reported due to the infection so far.

Meanwhile, the national capital's confirmed coronavirus cases reached 62,655.

2,233 deaths have been reported in Delhi due to the infection so far.

Tamil Nadu has reported 62,087 cases so far with toll increased to 794.

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