Saturday, March 17, 2018 07:58 PM

PNB scam: Nirav Modi episode shows how corporate frauds are eroding credibility of India's banking system

Corporate frauds like the Nirav Modi scam, phenomenal rise in non-performing assets (NPAs), new provisions like bail-in under Financial Resolution and Deposit Insurance (FRDI) regime are a multi-pronged conspiracy aimed at weakening India's predominantly public-owned banking system. This would result in corporate appropriation of public savings besides diverting household savings into speculative investment to fuel market bubbles. Thus, the Nirav Modi scam is not an aberration.

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Is privatization a solution to Nirav Modi Scandal?

Nirav Modi, and his uncle Mehul Choksi, are the latest additions to the list of the so-called “entrepreneurs of new India” who have looted public money and decamped with the loot. The Punjab National Bank, the second largest bank in the..


Fiscal situation to improve next year: Arun Jaitley

Finance Minister Arun Jaitley said the government's move to recapitalise public sector banks (PSB) would improve their lending capacity, adding that fiscal situation would improve next year."I think the indications are that it's (credit..


The Economic Survey 2017-18

LIKE the person on the proverbial tiger, the Indian economy is currently riding a precarious course. The Government of India’s Economic Survey for 2017-18 recognises this frankly, but its panacea is to keep one’s fingers crossed and hope..


The Myth of Bitcoin as Money

THE cryptocurrency Bitcoin has seen its price see-sawing wildly over the last 12 months, making it one of the most volatile of assets. Whether it can be considered at all a currency – a token of money which can be exchanged for other goods..


Narendra Modi offers young Indians with Pakoda Jobs

Prime  Minister Narendra Modi has, in an interview last week with a private television channel, claimed that someone who opens a pakoda shop in the street is to be considered as employed.  Further, his earning of Rs 200 per day is not..


US dollar falls against major currencies

The US dollar decreased against most other major currencies as investors digested a batch of economic data.The dollar index, which measures the greenback against six major peers, decreased 0.52 per cent at 88.667 in late trading on Thursday,..


Budget 2018 : What did it do for Anganwadis?

The election manifesto of the BJP for the 2014 Parliament elections say that if came to power it will “Review the working conditions and enhance the remuneration of Anganwadi worker's. The last full budget of the NDA government is the proof..


FRDI BILL: Tonsuring depositors

The controversial Financial Resolution and Deposit Insurance bill (FRDI) is likely to come up in this budget session. The FRDI bill was introduced in Lok Sabha in August last. The unprecedented uproar in social media forced the government to..