(New Delhi) ED Summons Anil Ambani For ₹ 12800 Crore
Reliance Group Chairman Anil Ambani has been summoned by the ED in connection with its money laundering probe against Yes Bank promoter Rana Kapoor and others
As per officials ,Ambani, 60, has sought exemption from appearance on some personal grounds and he may be issued a new date.
Ambani’s group companies are stated to have taken loans of about Rs 12,800 crore from the bank that turned NPAs.
Tag: Yes Bank
ED Summons Anil Ambani For ₹ 12800 Crore:YES BANK Crisis
ED Stops YES BANK Founder’s Daughter Roshni at AirPort
(Mumbai) ED Stops YES BANK Founder’s Daughter at AirPort
The Enforcement Directorate on Sunday stopped Yes Bank founder Rana Kapoor’s daughter from taking a flight to London as she is required to join the probe in a money laundering case against her father
Roshni Kapoor was asked to join the investigation in the case by the ED after she was intercepted by immigration authorities
Her father Rana Kapoor was arrested by the agency on Sunday under the Prevention of Money Laundering Act (PMLA) following which a local court sent him to ED custody till March 11.
BJP Says You,Congress Says No it’s You:Yes Bank
New Delhi)
BJP Says You,Congress Says No it’s You:Yes Bank
A war of words broke out between the BJP and Congress on Sunday over the Yes Bank crisis with the ruling party seeking to link it with the Gandhi family, while the opposition wondered if the prime minister and finance minister were “complicit” as the bank’s loan book grew manifold.
Posting on Twitter a clip of a news channel report that Rana Kapoor, the arrested Yes Bank founder, had bought a painting from Congress leader Priyanka Gandhi Vadra, BJP’s information and technology wing in-charge Amit Malviya alleged that every financial crime in India has “deep links” with the Gandhis.
The Congress termed the charge “fake”.
It said Priyanka Gandhi Vadra had sold an M F Hussain painting of her father Rajiv Gandhi to Kapoor for Rs 2 crore, and the entire amount was disclosed in her income tax return of 2010.
Malviya tweeted, “Every financial crime in India has deep link with the Gandhis. Mallya used to send flight upgrade tickets to Sonia Gandhi. Had access to MMS (Manmohan Singh) and PC (P Chidambaram). Is absconding. Rahul inaugurated Nirav Modi’s bridal jewellery collection, he defaulted. Rana bought Priyanka Vadra’s paintings.”
Rubbishing the allegation, Congress spokesperson Abhishek Manu Singhvi said it was a “diversionary” tactic by the government.
He noted that the bank’s loan book rose from Rs 55,633 crore in March 2014, the year Narendra Modi became prime minister, to Rs 2,41,499 crore in March 2019.
Kapoor, 62, was arrested by the Enforcement Directorate in Mumbai after charges of alleged financial irregularities and mismanagement in the bank’s operations surfaced and the RBI and Union government initiated action to control its affairs.
Yes It’s True,Yes Bank Founder Rana Kapoor Arrested
(Mumbai) Yes It’s True,Yes Bank Founder Rana Kapoor Arrested
Yes Bank founder Kapoor Arrested under money laundering charges
The banker was held By ED under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am Sunday as he was allegedly not cooperating in the probe,
Kapoor’s arrest at the ED office in Ballard Estate followed over 20 hours of questioning by the central agency after it raided his residence on Friday night.
The arrest comes after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs.
The case against Kapoor is linked to the scam-hit DHFL as the loans lent by the bank to the company allegedly turned NPAs, they said.
A Rs 600 crore worth loan extended by the DHFL to an entity is also at the centre of the ED probe, officials said.
The CBI has recently taken over investigation into the Rs 2,267-crore Employees’ Provident Fund fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in Dewan Housing Finance Corporation (DHFL).
As per the RBI’s draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan.
Parliamentarians To Examine 32 Lakh Debit Card Data Fraud
[New Delhi]Parliamentarians To Examine Debit Card Data Fraud
Concerned over the biggest-ever breach of debit card data, a parliamentary panel will examine various security issues related to payments in the banking sector and has asked government officials and representatives of some banks to appear before it.
As many as 32.14 lakh debit cards data was compromised and 641 customers across 19 banks were duped of Rs 1.3 crore using stolen debit card data.
The Parliamentary Standing Committee on Finance, which is scheduled to meet later this week, has asked officials from the Finance Ministry, the Corporate Affairs Ministry and various banks to appear before it.
The panel is headed by Congress MP Veerappa Moily.
Representatives of State Bank of India, HDFC Bank, ICICI Bank and Yes Bank have been asked to brief the panel on “security-related issues concerning payments in the banking sector”, according to a Lok Sabha secretariat notice.
The suspected security breach happened through a malware in the systems of Hitachi Payments Services, which serves ATM networks.
There are around 60 crore debit cards operational in India, of which 19 crore are indigenously developed by RuPay while the rest are Visa- and Master Card-enabled.
Of the debit cards affected, about
26.5 lakh are on Visa and MasterCard platforms while
6,00,000 are on RuPay.
The breach reportedly involved some 90 ATMs.
Several public and private sector banks recalled or blocked over 32 lakh debit cards to safeguard their customers from any financial fraud.
The Reserve Bank of India also initiated forensic audit to investigate the entire matter.
Symbolic Photo
Ashok Chawla Is Now Non-Executive Chairman of Yes Bank
[New Delhi]Ashok Chawla Takes Over as Non-Executive Chairman of Yes Bank
Former finance secretary and Competition Commission of India chairman Ashok Chawla has taken charge as Non-Executive Chairman of Yes Bank from Sunday.
Chawla took over after non-executive part-time Chairperson Radha Singh completed her tenure as the bank’s director on Saturday
,”Ms Radha Singh, ceases to be Director at the close of business on October 29, 2016.”
A former IAS officer, Singh was non-independent director on the bank’s board since April 2008 and was appointed chairperson in 2014.
Assocham,To Promote Private airlines,Desires To Cage National Carrier A I
[New Delhi]Assocham,To Promote Private airlines,Desires To Cage National Carrier Air India
Air India’s 1st Right of Refusal on New Routes Should be Relooked:Assocham
Lobbying for domestic private airlines, industry body Assocham today urged the government to reconsider the ‘first right of refusal’ granted to national carrier Air India on new routes, to enable corporate-run carriers expand their international network.
“Air India’s First Right of Refusal on new routes should be relooked with the objective of private airlines getting fair opportunities to expand their international routes,” Assocham said in a paper jointly prepared with Yes Bank.
The paper also called for tweaking or abolishing all together the current norms for international operations by domestic airlines on the grounds that it would “equip Indian commercial airline operators with long term financial security and international quality standards”.
With a sharp fall in fuel prices, the Indian aviation sector can take off to a phase of sustainable growth if restrictive rules like 5/20 and First Right of Refusal to Air India in regard to international routes are dispensed with, the Assocham paper has suggested.
Under the current norms, popularly known as 5/20, domestic airlines can fly on international routes only when they have completed five years of operations in the country and have a 20-aircraft fleet.
Revisiting this rule will provide incentive for new players to enter the market due to advent of opportunity for enhancing revenues, yields and ultimately, profits, it said in the study paper titled ‘Indian Civil Aviation – At the Cusp of Taking Off’. .
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