Public sector banks wrote off Rs 2.41 lakh crore worth of loans between April 2014 and Sep 2017, the Rajya Sabha was informed today. Writing-off NPAs is a regular exercise conducted by banks to clean up their balance sheet, and achieving taxation efficiency, Minister of State of Finance Shiv Pratap Shukla said in a written reply.
-Moneycontrol.com
Apportioning blame to the RBI over the PNB loan fraud , Central Vigilance Commissioner K V Chowdary today said there had been "no apparent audit" by the central bank during the period of the scam. He stressed the need to put into place a more robust auditing system. "They did not do this (an audit)," the head of the CVC told.
-Economic Times
The MS Sahoo-led Insolvency and Bankruptcy panel has recommended changes to the insolvency resolution framework in its report which was released by the ministry of corporate affairs today. The panel has recommended changes to the insolvency resolution framework to make it flexible for Resolution Professionals to raise interim finance. The panel's recommendations on interim finance states that interest should be calculated till one year after the liquidation date or repayment whichever is earlier. The panel also said that time bound approval from regulatory bodies should be put in place after the approval from NCLT in case of successful bids. For the CCI approval, specific guidelines should be put in place.
-Economic Times
The Government has asked PNB and probe agencies to share details of the ₹13,000 crore scam with chartered accountants’ apex body ICAI, which is looking into the systemic issues related to the fraud, an official said. A high-level group constituted by the Institute of Chartered Accountants of India (ICAI) is studying specifically the systemic issues involved in PNB fraud and would also suggest remedial measures
-Business Line
Facing allegations of wrongdoing in the loan extended to Videocon Group, ICICI Bank MD and CEO Chanda Kochhar has pulled out of the annual session of FICCI Ladies Organisation (FLO) to be held this week, where she was to be felicitated by President Ram Nath Kovind, according to the organiser. Kochhar was to be the Guest of Honour at the April 5 event and flyers sent out last month mentioned her name prominently.
-Business Line
Yes Bank is aiming to evolve itself into a “technology co in the business of banking” and has accordingly announced a rejig of its senior management. It has inducted Raj Ahuja, who comes with an experience in fintech, telecom and technology sectors, as chief financial officer and also realigned the job profile of the current CFO Rajat Monga wherein he will also head the digital banking and technology functions.
-Business Line
IndusInd Bank today announced a pilot program with WhatsApp enterprise solution in India to communicate with its customers. The integration with WhatsApp will allow IndusInd Bank to start appearing as a verified account when it communicates with its customers. The initial test phase will allow the bank to communicate important transaction alerts to the customers on WhatsApp.
-Deccan Chronicle
The Income Tax Dept has sent a notice to NuPower Renewables under Section 131 of IT Act seeking details of assets, income and tax paid. ICICI Bank CEO Chanda Kochhar's husband Deepak Kochhar is the founder & CEO of NuPower Renewables.
-Economic Times
Nirav Modi's close confidante and qualified charted accountant Shyam Wadhwa has admitted that he assisted Nirav Modi in forming shell companies to launder money. A source in the Enforcement Directorate confirmed to India Today that Wadhwa, who was arrested last week, has confessed that he helped Nirav Modi, who's the main accused in the Rs 13,700-crore PNB fraud, by creating shell companies to reroute money back to India
-Business Today
SBI Life Insurance has appointed Sanjeev Nautiyal as its new MD and CEO. He replaces Arijit Basu.
-Business Line
The UIDAI launched its Virtual-ID (VID) facility for Aadhaar cards. The new facility was planned by the UIDAI to provide a secure way of protecting people’s Aadhaar numbers.
-Moneycontrol.com
The UIDAI said it does not have "any separate social media profiles for mAadhaar. Any namesake Twitter handle/Facebook page etc. is fake..." The UIDAI, which currently offers mobile app mAadhaar for Android-based smartphones, said it "does not take responsibility" of any information posted by such fake social media profiles.
-NDTV Profit
The RBI dropped Axis Bank from a list of banks it has cleared to import gold and silver in the current FY that began April 1. It was unclear why Axis did not feature in the list that was released late on Monday.
-Business Line
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