London, Mar 12 (PTI) To strenghthen trade and investment relationship between both the countries, Britain''s Minister of State for Trade and Investment Lord Stephen Green will be visiting India on a five-day tour from March 14.The Minister will call on the Governor of the Reserve Bank of India D.Subbarao and meet a range of business leaders such as Mahindra Group chief Anand Mahindra, Tata group chairman Ratan Tata and ICICI Bank chief executive Chanda Kochhar.
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Saturday, March 12, 2011
Fake currency to the tune of Rs 87,600 seized this year
New Delhi, Mar 11 (PTI) The government today said fake currency of face value of Rs 87,600 was seized this year till March 4 by various agencies. In 2010, fake currency of face value Rs 10.1 crore was seized by various government agencies against Rs 8.8 crore in 2009, Minister of State for Finance Namo Narain Meena said in a written reply to the Lok Sabha. Replying to another question, Meena said, "Reserve Bank of India has reported that they had recently undertaken quick scrutiny in some banks to examine if the reasons for corruption could be attributed to systemic issue i.e. risk to the system independent of the bribery case and if absence of proper internal controls had provided opportunities for bribery." Further, he said that acting upon the media reports that appeared in November 2010, regarding arrest of LIC Housing Finance CEO and some other persons in connection with allegation of receiving illegal gratification by senior officers of some public sector banks and financial institutions for sanctioning loans, RBI conducted scrutiny. RBI undertook scrutiny of borrowable accounts of the groups of Punjab National Bank, Central Bank of India and Bank of India, which were stated to be under scanner of Central Bureau of Investigation, he said. The outcome of the preliminary scrutiny did not reveal any systemic risk and lacuna in the loan sanctioning system and the relevant internal control system of serious nature requiring immediate supervisory or regulatory interventions, he said.
RBI asks US firm Zoha to close India biz
The Reserve Bank of India (RBI) today asked the US-based money transfer firm Zoha Inc to immediately wind up its operations in India. "The RBI has asked Zoha Inc, USA to wind up their existing services for cross border money transfer to India with immediate effect," the RBI said in a statement. The central bank, which has refused to grant authorisation to Zoha Inc, said the firm should not operate payment system for cross-border in-bound money transfer services in India. The RBI, however, did not give any reason for refusing authorisation to the money transfer firm. The central bank has refused authorisation application of Zoha Inc, exercising the powers conferred on the Reserve Bank under sub-section 3 of Section 7 of the Payment and Settlement Systems Act, 2007, the statement added.
Chaudhuri only nominee for SBI chief: Source
Pratip Chaudhuri, deputy managing director of State Bank of India (SBI), was the only person nominated to become chairman of the nation’s largest lender, a finance ministry official with knowledge of the matter said. His name has been proposed to the appointment committee of the cabinet, which will make a decision in the last week of March, the person said. Om Prakash Bhatt, chairman of SBI, will retire at the end of this month. The search committee that recommended Chaudhuri included RBI governor D Subbarao and former banking secretary R Gopalan, the person said.
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