How To Combat White Collar Crime and Financial Frauds
Ranganathan V
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We have seen an avalanche of corporate frauds since the outbreak of the IL&FS (Infrastructure Leasing & Financial Services) scandal in October 2018 and the aftermath is sitting as muck and filth (euphemistically termed non-performing assets, NPAs) in the books of banks and non-banking financial companies (NBFCs). The estimate is a mind-boggling sum and is far in excess of a full year’ revenue of the Central government.
Strangely, neither the Budget nor the Economic Survey that preceded it gave a full picture of this. The Reserve Bank of India (RBI)’s report on the financial sector did put out projections under different scenarios. None of the scenarios assumed provides any comfort on the figures.
Updated Mar 06, 2021 | 06:11 IST
In order to lure customers back, top lenders like SBI, HDFC Bank, ICICI Bank and Bank of Baroda (BoB) are offering extra interest rates over the existing rates on FD applicable for senior citizens Senior citizens special fixed deposit (FD) scheme of SBI, HDFC Bank, ICICI, Bank of Baroda ends this month
New Delhi: As the cost of living and inflation is going up, senior citizens are looking for ways to invest their money in instruments that offer good returns to ensure that they are financially stable. Bank fixed deposits (FDs) and the Senior Citizen Savings Scheme (SCSS) is the ideal investment opportunities, keeping the long-term stability aspect and added additional benefits into consideration.
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Days after finance minister (FM) Nirmala Sitharaman spoke about trading halt at the National Stock Exchange (NSE) and the ‘cost’ of such incidents for the financial markets, the ministry of finance (MoF) has asked the market regulator to share its finding based on the root cause analysis that NSE has been asked to submit within 21 days.
FM Sitharaman held a meeting on Thursday to discuss the issue with key secretaries and SEBI chairman Ajay Tyagi, who is understood to have participated through video-conferencing. We learn that secretaries from the department of economic affairs (DEA), dept of financial services (DFS), department of investment and public asset management (DIPAM) and the revenue secretary were present in the meeting.
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The disruption in services of the National Stock Exchange (NSE) has triggered a widespread discussion about why the Exchange did not switch operations to its disaster recovery (DR) site when it faced a major technical issue on 24th February. The DR is expected to get started in 45 minutes after a disaster. The NSE is an extraordinarily technology-intensive operation, which allows traders to conduct extremely high frequency trading (HFT) in milliseconds through its co-location systems. On paper, NSE’s DR is tested and run from the back-up site several times a year as part of a regulatory requirement mandated by the Securities and Exchange Board of India (SEBI).