Bank Frauds Jump 74% To Rs. 71,543 Crore In FY19, Says RBI

[timmy]

Bank Frauds Jump 74% To Rs. 71,543 Crore In FY19, Says RBI

বাংলায় পড়ুন

Reserve Bank of India (RBI) in its annual report said that frauds related to loans constituted dominant share of the total amount involved in frauds.

Banking & Financial Services | Written by Abhishek Vasudev | Updated: August 29, 2019 18:51 IST

 

 

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Reserve Bank of India: Average lag between date of occurrence of frauds and its detection was 22 months.

 

Frauds in the banking system shot up by 74 per cent to Rs. 71,543 crore in financial year 2018-19 compared with frauds worth Rs. 41,167 crore committed in the financial year 2017-18, the Reserve Bank of India said in its annual report on Thursday. The average lag between the date of occurrence of frauds and its detection by banks was 22 months, the Reserve Bank's report said.

“Among bank groups, state-run lenders, which constitute (the) largest market share in bank lending, have accounted for the bulk of frauds reported in 2018-19. It was followed by private sector banks and foreign banks,” according to the RBI's report.

Frauds related to loans constituted the dominant share of the total amount involved in frauds in 2018-19, while the share of frauds in off-balance sheet items declined from a year ago. Frauds relating to card/internet banking and deposits constituted only 0.3 per cent of the total value of frauds in 2018-19, the central bank's report added.

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72 cheating and forgery cases were the major components, followed by misappropriation and criminal breach of trust. Fraud cases involving an amount of less than Rs. 1 lakh were only 0.1 per cent of the total amount involved in 2018-19, the Reserve Bank of India's annual report concluded.

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[reality]

#Digital India, #Achedin

[timmy]

#Achhe din 

[timmy]

Just now, reality said:

#Digital India, #Achedin

These are not serious issues at all for BJP govt 

[reality]

4 minutes ago, timmy said:

These are not serious issues at all for BJP govt 

Social Dangal

CM Modi is PM Modi’s Worst Enemy –Take a Look at His Old Tweets

By Adila Matra

February 06, 2019 at 07:57 PM IST

 

The past can’t hurt you unless you let it, goes the famous saying. But in Prime Minister Narendra Modi’s case, it looks like the ghost of his Twitter past is vengefully haunting him. To be more clear, PM Narendra Modi of the present is being trolled by CM Narendra Modi of the past, on Twitter.

On the Misuse of CBI

In this whole CBI-Mamata brouhaha, Modi has remained silent even as he and the Bharatiya Janata Party (BJP) were being accused of using the CBI to organise a “political coup” in West Bengal.

West Bengal Chief Minister Mamata Banerjee questioned the autonomy of the Central Bureau of Investigation (CBI) and sat on a dharna (protest) to “save the country and its constituent institutions.”

BJP leaders were quick to defend the CBI and Home Minster Rajnath Singh said Banerjee has “stopped the CBI from performing its lawful duties.”

But were the BJP and Modi always this protective and encouraging of the CBI? Not so much. Take a look at Modi’s tweets from 2013, when he was the chief minister of Gujarat and his close aides were being probed for their role in the 2002 Gujarat riots and alleged fake encounters. In fact, his tweets from then are more akin to what Mamata Banerjee is saying now.

Many people dug this up to Twitterati’s amusement and Modi’s embarrassment.

While in one tweet CM Modi says “rampant misuse of CBI is happening,” in another he accuses the Centre of “undermining the intelligence systems in a quest to target political opponents.”

Congress President Rahul Gandhi was also not immune to his past Twitter ‘sins’. So, when he offered full support to Mamata Banerjee...

Twitter critics travelled in time and pulled out instances where Gandhi slammed Mamata for her silence on the Sarada scam.But scanning some of Modi’s old tweets, it becomes evident that CM Modi is PM Modi’s best critic and worst enemy. He has vehemently talked about the flip side of FDI, Aadhaar and openly criticised petrol price rise and falling rupee. Here are a few of CM Modi’s best jibes which could hurt PM Modi:

On Foreign Direct Investment

In January 2018, Modi government approved 100 percent FDI in single-brand retail via direct route . The government said that the decision would help provide ease of doing business and also lead to larger FDI inflows contributing to growth of investment, income and employment.

But, a quick look at Modi’s earlier tweets reveals that he was not a fan of FDI. In fact, he criticised the UPA government in December 2012 for passing the FDI law, said it will create unemployment.

The past again gave Modi a cruel reminder.

 

On the Falling Rupee

It is no secret that the rupee has been falling steadily. In August 2018, rupee crashed to 70.1 against dollar.

The government was quick to wash hands off the issue and attributed it to “external factors.” Economic Affair secretary Subhash Chandra Garg said rupee is still better compared to certain other currencies. At the time of writing this article, one dollar was equal to 71.74 rupees.

PM Modi has maintained silence on the falling rupee fiasco but he was not so silent in 2013, when he tweeted a sarcastic comment on the UPA government tumbling down along with the rupee.

In the article attached with the tweet, Modi says this, “When Atalji became PM,1 dollar was equal to 42 rupees and when he left, 1 dollar was equal to 44 rupees.”

On Petrol Prices

Remember the embarrassing graphic on petrol prices that the BJP’s official Twitter tweeted? The column for September 2018 was shorter than those of 2009 and 2014 the previous years even though the petrol prices were higher than these years.

Both the BJP and Modi were trolled endlessly for this. But more embarassing than this for Modi is another flashback tweet from 2012 when he was the CM of Gujarat.

Seems like Modi’s definition of ‘failure’ is a tad bit discriminatory.

On Aadhaar Security Issue

In spite of the protests and the nightmare of security breaches in the Aadhaar system, the Modi government has made Aadhaar indispensable for daily life in the country.

The security problem was so in-your-face that once a simple Google search revealed thousands of databases with Aadhaar information of individuals but the UIDAI has time and again brushed aside security concerns and been dismissive.

PM Modi even went to the extent of saying, “ The only people who are adversely affected by Aadhaar are dishonest, corrupt and middlemen. This is the real reason why it is being opposed.”

But he was aware of the security problems, reveals a tweet from 2014. He says the then PM Manmohan Singh couldn’t answer his questions on the security threat posed by Aadhaar. Little did he know that neither could he.

 

You are your worst enemy, they say. In PM Modi’s case though, it is literally true.

[timmy]

"Soft Patch Mutating Into A Cyclical Downswing", Says RBI On Slowing Growth

The RBI report said reviving consumption and private investment have assumed the "highest priority" now for all.

Economy | Press Trust of India | Updated: August 29, 2019 18:51 IST

 

 

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The RBI has cut its key rates by 1.10 per cent in 2019 to a nine-year low of 5.4 per cent.

 

MUMBAI: 

The Reserve Bank says the ongoing economic slowdown is a "soft patch mutating into a cyclical downswing", and has underlined reviving consumption and private investment should be the highest priority for policymakers and government.

In the annual report for FY19, released Thursday, the central bank concedes that diagnosing the exact problems is "difficult", but reiterates that the issues are not structural in nature, barring those around land, labour and agri produce marketing.

"The key question that confronts the economy is: are we dealing with a soft patch, or a cyclical downswing, or a structural slowdown?" the RBI, which has revised down its GDP forecast to 6.9 per cent earlier this month, says and concludes that "the ongoing deceleration can be in the nature of a soft patch mutating into a cyclical downswing, rather than a deep structural one".      

The RBI, which has cut its key rates by 1.10 per cent in 2019 to a nine-year low of 5.4 per cent in four successive rate cuts, to help revive the sagging growth, says reviving consumption and private investment have assumed the "highest priority" now for all.              

This can be done by strengthening both the banking and non-banking sectors, a "big push" to infrastructure spends and implementation of the much-needed structural reforms in laborious, taxation, and other legal reforms, it says.

Stating that aggregate demand has "weakened" more than anticipated, the report says domestic demand is at the "core"of factors that "ails the animal spirits" in the economy.       

As a solution to this specific problem, it suggests" continuing focus on improving ease of doing business and reforms in land and labour" laws.

Amid widespread demand for fiscal stimulus, the RBI lists factors like farm loan waivers, implementation of the seventh pay panel report and the various income support schemes are "constraining" the states' ability to deliver fiscal stimulus.

However, the "silver-lining" is the macroeconomic stability, where inflation is expected to be benign on better monsoons, fiscal deficit being reigned in and also the low current account gap, it notes.

The report attributes the troubles that non-banking lenders are facing now to the irrational exuberance and considerable over leveraging, with asset-liability mismatches of the past, and but promises to reduce the regulatory arbitrage between banks and NBFCs. The banking sector is poised to build upon the consolidation achieved in the year gone by, the report says.

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"Going forward, global factors like trade related developments between the US and China and concerns about slowdown in global growth could weigh upon financial markets. But strong domestic macroeconomic fundamentals should act as buffer against volatility," the report concludes.

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