Fugitive businessman Nirav Modi’s brother, Nehal Modi, was the “main co-conspirator” in the ₹6,498 crore Punjab National Bank (PNB) loan fraud, the Enforcement Directorate (ED) said. In its application to declare him a Fugitive Economic Offender (FEO), the ED stated that Nehal played a key role in transferring and hiding millions of dollars. Nehal Modi,…
Department of Financial Services (DFS) Secretary inaugurated a Facilitation Camp organised by Punjab National Bank at Jeevandeep Building, New Delhi Department of Financial Services (DFS) Secretary inaugurated a Facilitation Camp organised by Punjab National Bank at Jeevandeep Building, New Delhi, in association with other Public Sector Banks (PSBs), under outreach program of the Salary Account…
SBI renovates Primary School in Haryana The State Bank of India (SBI) has renovated Primary School Ambersar in Jind, Haryana, under its Corporate Social Responsibility (CSR) program. The bank spent around ₹75 lakh on the project. The renovation work has greatly improved the school. It included repairing the school building, renovating classrooms, fresh painting, improving…
5 Employees of HDFC Bank arrested in Financial Fraud in Jammu and Kashmir Five employees of HDFC Bank have been arrested by EOW in connection with an alleged large-scale financial fraud in the Shopian district of Jammu and Kashmir. The Economic Offences Wing (EOW) of the Crime Branch carried out searches in Shopian and Budgam…
Gorakhpur, Uttar Pradesh: The Economic Offences Wing (EOW) has taken action in a 27-year-old embezzlement case and arrested Jaideep Mitra, the then branch manager of the Golghar branch of Punjab and Sindh Bank, from Varanasi. The accused had been absconding for the past 27 years. It is alleged that he fraudulently opened bank accounts in…
Tax on Disability Pension: The government’s decision to impose income tax on a section of disability pensions for armed forces personnel has sparked strong public criticism. Many veterans and opposition leaders have called the move unfair and discriminatory. For more than 100 years, certain retired armed forces personnel have been receiving disability pensions that were…
The Bank of Russia has proposed discussing new rules for financial influencers, also known as “finfluencers.” The central bank wants to consider creating an official register of finfluencers, setting qualification requirements for them, and making them responsible for the quality of information they share. Why Is This Being Discussed? In recent years, the number of…
The People’s Bank of China (PBOC) and the National Financial Regulatory Administration (NFRA) recently conducted the 2025 assessment of China’s systemically important banks, based on the Evaluation Measures for Systemically Important Banks. The assessment identified 21 domestic systemically important banks (D-SIBs), including 6 state-owned commercial banks, 10 joint-stock commercial banks, and 5 city commercial banks. They are divided into five groups based…
Russia asks Banks to open accounts for minors only with written consent of legal representatives Russia has asked its banks to open accounts for minors only with the written consent of legal representatives. Credit institutions have been advised to check the availability of the written consent of legal representatives of a minor aged 11 to 18 before opening an account for him/her. The regulator has found that some banks open accounts for minors without their legal representatives’…
RBI RBI has released Circular on Unique Transaction Identifier for OTC Derivative Transactions. The Unique Transaction Identifier (UTI) has been identified as one of the key data elements globally for reporting over-the-counter (OTC) derivative transactions, with the aim of enabling policymakers to obtain a comprehensive view of the OTC derivatives market. At present, all transactions…