Delhi court summons 11 top PNB officials

Agencies
March 27, 2019

New Delhi, Mar 27: A Delhi court has summoned as accused 11 top officials of the Punjab National Bank (PNB), including former and current executive officials and the current managing director, for alleged violation of banking regulations and criminal conspiracy.

Metropolitan Magistrate Dharmender Singh asked PNB Managing Director (MD) and CEO Sunil Mehta, Executive Director Sanjiv Sharan, former MD Usha Ananthasubramanian, former executive director R S Sangapure and seven others to appear before it on May 24 on the basis of a complaint filed by the Reserve Bank of India.

The court has also summoned as accused serving General Manager I J Arora, Assistant General Managers T R Venkateswaran and I P Singh, Chief Manager S K Srivastava, former general managers Nehal Ahad and Rakesh Kumar and former deputy general manager Sunil Mohan.

In its complaint, the RBI has alleged non-compliance of its 2016 order directing commercial banks, including the PNB, to integrate their core banking system with various critical applications to reduce online fraud.

The central bank alleged that the accused willfully and deliberately gave false information in their compliance report and the PNB's core banking system was not integrated with the applications and there was no online integration of SWIFT with the RBI's Core Banking Solution (CBS).

SWIFT is a messaging system that enables banks and financial institutions to send and receive information about financial transactions through encrypted codes.

The RBI has further alleged that the accused willfully and deliberately made false statements in the compliance report despite being aware of the risks and repercussions of failing to integrate SWIFT with the CBS.

The RBI, in its circular issued to all commercial banks, including the PNB, had advised the banks to strengthen the controls around the operating environment for fund transfers through SWIFT or similar interfaces and banks were advised to minimise the practice of direct creation of payment messages in the SWIFT environment with routing the same through CBS.

The RBI claimed that the case came to light during systems inspection at the PNB's Brady House Branch in Mumbai, where it was found that the information provided by the officials in the last few years were completely false.

"The accused have willfully made false statement in utter disregard to their statutory obligation of the Banking Regulation Act, 1949.

"Accused have deliberately furnished false and misleading statements to RBI and it was done with common intention and in connivance with each other," it alleged.

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News Network
August 7,2020

New Delhi, Aug 7: The Congress on Thursday demanded the removal of Karnataka minister KS Eshwarappa from the cabinet and his arrest for his statement that grand Krishna and Vishwanath temples would come up in Mathura and Kashi respectively after "liberating" them.

Mr Eshwarappa made the statement while reacting to Prime Minister Narendra Modi laying the foundation of the Ram temple in Ayodhya yesterday.

"By asking kar sevaks (volunteers) to launch a similar campaign, the minister (Eshwarappa) is trying to disturb peace in the society," Congress Karnataka unit chief DK Shivakumar said at a press conference in Ballari today.

"Such people should be arrested immediately, police officials should register a case against him and the Chief Minister should remove him from the cabinet,"he said.

Rural Development and Panchayat Raj minister Eshwarappa had said on Wednesday that he was of the firm opinion that "if not today, tomorrow, Mathura and Kashi temples will be liberated and grand temples would be built there."

"A place of devotion has to be built in both Kashi and Mathura. There too, grand temples have to be constructed. The mosques have to be removed from there," he said.

Mr Eshwarappa, a former BJP state president, said the centres of Hindu belief, Ayodhya, Kashi and Mathura were a kind of a symbol of "slavery" as "temples of our Rama, Krishna and Vishwanath were destroyed and mosques built."

Stating that Mr Eshwarappa is not an individual but a minister who represents the government, Mr Shivakumar on Thursday sought to know from the Chief Minister whether this was his government's stand.

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News Network
May 20,2020

Washington, May 20: The United States recorded another 1,536 coronavirus deaths over the past 24 hours, the Johns Hopkins University tracker said.

That figure, tallied as of 8:30 pm (0030 GMT), raises to 91,845 the total number of COVID-19 deaths in the US.

The US tops the global rankings both for the highest death toll and the highest number of infections, with more than 1.5 million cases.

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Agencies
July 30,2020

Mumbai, Jul 30: Counterfeiting incidents have increased 24 per cent in the country in 2019 over the previous year, creating an over Rs 1 lakh crore hole in the economy, according to a report.

The report also said counterfeiters are having a free run due to the pandemic-driven disruptions to organised supply chains and the resultant spike in consumer demand.

According to the report by ASPA, a self-regulated industry body of anti-counterfeiting and traceability solutions providers, counterfeiting has risen steadily in the last few years, and exploiting the pandemic as a cover for their activities.

Between February and April 2020, over 150 incidents of counterfeiting cases were reported, mostly about fake PPE kits, sanitisers and masks taking advantage of the high demand for these products, it noted.

"There was a 24 per cent increase in counterfeiting in 2019 over 2018, leading to the loss of more than Rs 1 lakh crore to the overall economy," said Nakul Pasricha, president of Authentication Solution Providers Association.

The association works with global authorities like the International Hologram Manufacturers Association, Counterfeit Intelligence Bureau of the Interpol, and domestic industry lobbies like Ficci, he said.

Counterfeiting is a universal issue and is 3.3 per cent of global trade, according to the OECD data, impacting social and economic development across the world.

The report lists the currency, FMCG, alcohol, pharma, documents, agriculture, infrastructure, automotive, tobacco, lifestyle and apparel, as the 10 sectors impacted most by counterfeiting.

Among these, currency, alcohol and FMCG continue to be the top three sectors with the highest counterfeiting in the last two years. The FMCG sector is most vulnerable, as counterfeit incidents rose 63 per cent between 2018 (79) and 2019 when the reported cases jumped to 129.

Within the states, the fakers have a free run in Uttar Pradesh, Bihar, Rajasthan, Madhya Pradesh, Bengal, Punjab, Jharkhand, Delhi, Gujarat, and Uttarakhand, calling for urgent actions to frame anti-counterfeiting policy measures.

According to the report, UP continues to be on top followed by Bihar, Rajasthan, and together these three states represent almost 45 per cent of all counterfeiting reported in the last two years.

What is more alarming is that counterfeiting is not limited to high-end luxury items today, as common everyday items as fake cumin seeds, mustard cooking oil, ghee, hair oils, soaps, baby care vaccines and medicines are aplenty in the markets.

"There is an urgent need for building and nurturing authentication ecosystems in the country with the active involvement and active participation of all stakeholders," said Pasricha.

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