MoS Finance Anurag Thakur said that banks should treat the Insolvency and Bankruptcy Code as the last resort for resolution of stressed assets and approach the NCLT only when other options have been explored.
Tamil Nadu came in second, with losses worth Rs 3.63 crore for the same period and Delhi recorded 179 cases which cost the national capital Rs 2.9 crore
Risk-based pricing in India is still at a nascent stage. With the strengthening of credit bureau presence, credit score-based underwriting and alternative methods of risk evaluation, we can expect risk-based pricing to pick up over time.
Banks appear to be underestimating their ability to prevent frauds and this may impact the nature of anti-fraud compliance programmes being developed
The private sector bank said it has no exposure to the LoUs relating to the Punjab National Bank fraud worth Rs 13,000 crore
In 2014, PJ Nayak committee report on ‘Governance of Boards of Banks of India’ recommended that Govt must distance itself from several bank governance functions
Earlier this week, about 40 people who used a Kotak Mahindra Bank ATM in Mulund (East), lost a total of around Rs 14.80 lakh fraudulently withdrawn from their bank accounts in three days from Sunday to Monday.
Admitting that Aadhaar was a "great initiative" of the previous UPA government, Finance Minister Arun Jaitley today said it was being expanded by making it mandatory for direct benefit transfer of subsidy and checking of tax evasion.
Ahead of merger, State Bank of India (SBI) has called upon retired officers to become concurrent auditors with the bank to oversee compliance and risks under loans and operational activities.
According to a report by chipset maker Qualcomm e-wallets and mobile banking apps in India are not using hardware level security which can make online transactions more secure.
With several high-ticket alleged frauds like Vijay Mallya loan default case coming to fore, Central Vigilance Commission has now made it mandatory for the public sector banks to report to it all such matters involving funds over Rs one crore.
Nowadays fraudsters are using various digital techniques to commit frauds. It is the need of the hour to pledge ourselves to safe banking.
Indian call centers continue to be the source of various frauds, the US government told lawmakers on June 29 and said American officials were training Indian law enforcement agencies to act against the fraudsters
International payment gateway PayPal on June 29 began a service to safeguard cross-border digital transactions which will, in turn, insulate sellers and buyers from frauds
Raising concerns that Jan Dhan accounts can be misused by 'money mules', RBI warned they are "very vulnerable" to frauds and asked banks to be on guard against such activities
The Prime Minister's Office in a meeting with top finance ministry officials on May 14 will review steps to check loan frauds, an official source said. The Finance Ministry has already collected a comprehensive data on willful defaulters of public sector banks last month, sources said.
"It has...been decided that the Boards of banks should constitute a Special Committee for monitoring and following up cases of frauds involving amounts of Rs 1 crore and above exclusively," RBI said in a notification.
Whether it's a company that occupies a couple of floors in a swanky building or smaller establishments without the fancy digs - corporate India is just not ready to fight off fraud, not even in its traditional forms like bribery, corruption and theft.
Experts feel the corporate governance in PSU banks is not as strong as private banks and there is lot of involvement and interfering by government officials.
Investigations are in progress and services of employees involved in the fraud have been terminated and the company is in the process of taking legal action, according to the company's latest annual report.
Gearing up for greater powers to tackle investment frauds and to regulate the ever-expanding marketplace, Sebi plans to expand its headcount by more than 50 per cent to close to 1,000 employees in next few years.
Regulator Sebi has decided to empower depositories to take penal action against companies that do not properly reconcile their demat and physical shares and thus expose the equity market and investors to possible frauds.
Losses suffered by public sector banks in frauds nearly doubled to Rs 3,780 crore in 2010-11 over the previous year, CBI Chief A P Singh said, prompting the probe agency to work on a database of bank fraudsters.