Prevention Financial News

public sector banks (PSBs), other ministries and investigating agencies, including Central Bureau of Investigation (CBI), for expeditious and effective investigation in bank fraud cases. In a statement the finance ministry noted that enhance inter-departmental cooperation among different departments, CBI and PSBs for expediting investigation will have salutary deterrent effect and is likely to further catalyse resolution of stressed banking assets. «All measures were discussed for expeditious investigation in bank fraud cases,» it said noting that amendments made to Prevention of Corruption Act, 1988, to prevent investigation and prosecution of bankers for bonafide decisions has had a positive impact.

U.S. officials are urging telecommunication companies to boost network security following a Chinese hacking operation that gave officials in Beijing access to the private texts and phone conversations of Americans

It is an ambitious social experiment of our moment in history

Bangladesh organised a rally at the White house demanding release of Chinmaya Das and protection for Hindus of Bangladesh. «Bangladesh's interim government has an absolute obligation to protect its Hindu minority and meaningfully address the protests of thousands of minority Hindus in outcry over the recent wave of attacks and harassment,» Congressman Brad Sherman said in a statement. «With the calls for an investigation from the Bangladesh Hindu Buddhist Christian Unity Council and the United Nations High Commissioner for Human Rights Volker Turk for killings and other rights violations during the violent unrest leading up to and after the fall of Bangladesh's former Prime Minister Sheikh Hasina, the current administration must demonstrate leadership in eliminating acts of violence against the Hindu community,» Sherman said.

Workers seeking an end to smoking in Atlantic City casinos say the main employee union has been won over by tobacco companies seeking allies in the fight against smoking restrictions

income tax department making errors in processing income tax returns (ITR). The Karnataka State Chartered Accountants Association (KSCAA) has sent a representation to the CBDT in this regard. KSCAA's representation says that the CPC has erred in considering the due date for filing ITR and has imposed penalties even for those who filed ITR well within the deadline. A chartered accountant, who did not want to be named, also said that her own firm as well as the firm's clients got slapped with the penalty for late filing of ITR even though it was filed on time.

Reserve Bank of India on Monday announced decision to remove its supervisory restrictions on Sachin Bansal's Navi Finserv Limited following several rounds of interaction with the company for rectification of deficiencies. «RBI had several rounds of interaction with the company for rectification of deficiencies. Now, having satisfied itself based on company’s submissions, and in view of adoption of revamped processes, systems, and the company’s commitment to ensure adherence to the Regulatory Guidelines on an ongoing basis, especially for ensuring fairness in the loan pricing, the Reserve Bank has decided to lift the afore-mentioned restrictions placed on Navi Finserv Limited, with immediate effect,» said RBI in the statement. The central bank on October 17, 2024 had issued directions to Navi Finserv Limited, Bengaluru (and three other NBFCs), to cease and desist from sanction and disbursal of loans, effective from close of business of October 21, 2024.

Following the decision of the state government, police have intensified surveillance at inter-state borders to prevent the transportation of potatoes out of the state. This has led to several trucks being stranded at border crossings. «We will go on strike from Tuesday if the government does not lift the restrictions,» Progressive Potato Traders' Association secretary Lalu Mukherjee told PTI.

A twice-yearly shot that prevents HIV infections will be available at low cost in 120 poor countries

cyber fraud when scammers posing as Delhi Police officers threatened her with "digital arrest" and coerced her into stripping during a video call under the guise of «body verification.» According to woman, who works at a pharma company, the incident occurred between November 19 and 20. The Dahisar police initially registered an FIR but later transferred the case to Andheri Police, as the offence occurred in their jurisdiction. The fraudsters also defrauded her of Rs 1.7 lakh online, and no arrests have been made yet. In a similar case last month, a 51-year-old music therapist from Navi Mumbai's Nerul was duped of Rs 32 lakh by cybercriminals impersonating ED officials. Claiming her Aadhaar and SIM card were linked to illegal bank accounts used for money laundering, the gang tricked her into downloading Skype and subjected her to round-the-clock surveillance via video calls. Over 10 days, the scammers convinced her to transfer her savings and investments before she realized the fraud and filed a complaint with the Nerul police.

USD 656.582 billion in the week that ended on November 22, data from the Reserve Bank of India (RBI) showed. The forex reserves dropped by about USD 1.310 billion in the reporting week. The reserves have been falling ever since it touched all-time high of USD 704.89 billion in September. The reserves have been declining likely due to RBI intervention aimed at preventing a sharp depreciation of the Rupee. A substantial foreign exchange reserve buffer helps shield domestic economic activity from global shocks.

State Bank of India (SBI) on Saturday said it has launched a nation-wide drive to raise awareness about the importance of inoperative account activation. A savings or a current account is treated as inoperative if the customer has no transaction in the account for a period of over two years. Activation of these accounts requires Re-KYC. Necessity of regular transactions in the account and preventing categorization into in-operative was the key message, SBI said in a statement.

Rouse Avenue Court on Saturday was informed by the Enforcement Directorate (ED) that the sanction obtained in the CBI case is comprehensive/broad enough to cover offences not only under the Prevention of Corruption Act, 1988, but also other potential offences arising from the same facts. The submission came in response to a plea filed by Delhi's former Chief Minister Arvind Kejriwal, who had claimed he had not received a copy of the sanction order in the ED case against him. In his plea, Kejriwal pointed to a recent Delhi High Court hearing, where the Solicitor General representing the ED had stated that the necessary sanction had been obtained when the chargesheet was filed. In its response, the ED's Special Counsel Zoheb Hossain clarified that the sanction obtained in the CBI case was broad enough to cover not just the Prevention of Corruption Act, but also other offences that could arise from the facts and circumstances presented, and was sufficient for the court to take cognizance of the case.

NASA has recently raised alarms about the existential threats facing Earth, bringing into focus the predictions made by physicist Stephen Hawking prior to his death in 2018. Though the space agency has not endorsed Hawking’s specific timeline of Earth’s demise, it has echoed concerns about the dangers of global warming, overconsumption of energy, and other threats to humanity’s survival. As the climate crisis worsens, the world is left wondering: how close are we to the catastrophic fate Hawking envisioned?

fraud through widely prevalent "mule accounts", a top executive said. The Reserve Bank Innovation Hub's (RBIH's) platform, termed Mulehunter.Ai, has already been deployed by two large public sector banks, according to RBIH chief executive Rajesh Bansal. The trademarked platform was developed after identifying a total of nineteen patterns based on insights from multiple banks, he said. A mule account refers to a bank account that is used to receive and transfer funds acquired by illegal means.

social media ban for children under 16 passed the Australian Senate Thursday and will soon become a world-first law.The law will make platforms including TikTok, Facebook, Snapchat, Reddit, X and Instagram liable for fines of up to 50 million Australian dollars (C$45.5 million) for systemic failures to prevent children younger than 16 from holding accounts.The Senate passed the bill 34 votes to 19. The House of Representatives on Wednesday overwhelmingly approved the legislation by 102 votes to 13.The House has yet to endorse opposition amendments made in the Senate.

Best energy-efficient room heaters: Top 10 smart heating solutions for comfort and savings all winter longWith rising air pollution in Delhi and other metros, a portable air purifier helps eliminate allergens, dust, and pollutants, ensuring a healthier breathing environment. Many purifiers are equipped with HEPA filters to remove fine particles, making them particularly beneficial for those with allergies or respiratory issues. Their compact size makes them easy to place on desks, ensuring clean air throughout the day.A USB-charged portable electric kettle is a versatile gadget for making hot beverages on demand.

Canada’s antitrust watchdog is suing Google over alleged anticompetitive conduct in the tech giant’s online advertising business and wants the company to sell off two of its services and pay a penalty

One of Denmark’s largest cellphone networks has suffered severe outages that prevented people from contacting emergency services and forced at least one hospital to reduce non-critical medical care

Higher interest rates should help prevent NIM contraction, and higher inflation could drive credit growth by an additional 100-150 bps, says Santosh Pandey, President & Head at Nuvama Professional Clients Group. Banks are currently trading at reasonable valuations, Pandey said as he opines that higher interest rates could benefit banking stocks, assuming no major surprises in asset quality. Excerpts:

The bill that would make platforms including TikTok, Facebook, Snapchat, Reddit, X and Instagram liable for fines of up to 50 million Australian dollars ($33 million) for systemic failures to prevent young children from holding accounts. It is likely to be passed by the Senate on Thursday, the Parliament's final session for the year and potentially the last before elections, which are due within months.