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What the Statutory Auditors of PNB have Assured Stake Holders in their Audit Report for the Year Ended 31-03-2017

There is a lot of misinformation in the media about the role of the statutory auditors of a Bank whether at the HO or the branches. It is not just a test check as stated by a CA to Economic Times. It is not as per an article in Business Standard of 20th February 2018 ...

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Posted Under: Fema / RBI |

The way I see it…(A big bank fraud)

With the latest Rs. 11,000 crore scam by a world-renowned jeweler Nirav Modi and his firms, several questions arise in our minds. This is a willful scam carried out by few bank officials and the jeweler. Having said that the involvement of top politicians and RBI officials cannot be ruled out....

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Posted Under: Fema / RBI |

Analysis of RBI Circular : Resolution on Stressed Assets: Revised Framework

RBI has issued circular No. RBI/2017-18/131 DBR.No.BP.BC.101/21.04.048/2017-18 dated February 12, 2018 on resolution of stressed assets. I have summarized key points of the Circular for ready reference of readers- 1. SMA reporting now need to be done on weekly basis for borrowers entities having aggregate exposure of Rs. 5 crore and above...

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Posted Under: Fema / RBI |

The Great Jewel Scam. Is It System Failure?

The great jewel scam that is rocking the nation has opened up a Pandora Box on how the banks have become soft target for unscrupulous scam creators in connivance with the bank officials. It is apparent from the modus operandi of the operations that it is a systematic, well conceived and planned loot of the Indian Banking system....

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Posted Under: Fema / RBI |

What is the Nirav Modi scandal?

It is textbook banking fraud. Let’s start with a brief overview of how trade in diamonds is settled. Rough diamonds are very expensive, easy to transport, and cutting – polishing them adds little value to the final product. This makes rough diamonds an excellent tool for round-tripping funds into India via fake invoices. Diamon...

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Posted Under: Fema / RBI |

Musings on the new NPA rules of RBI

The new Non Performing Assets (NPA) Rules of RBI announced recently seems to be  apparently to make the books of the Banks reflect the actual underlying asset quality but in the short term the NPA provisioning in the short term would get bad ,if not worse, in the short term. (Assuming that there are no […]...

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Posted Under: Fema / RBI |

Do we really understand government securities? You can now, with its distinguishing features

Flummoxed was the correct reaction when I heard from my son that thousands of pages of research papers have been written in USA over government securities. But, when Mr. Viral V. Acharya, Deputy Governor, RBI in his speech at annual dinner of FIMMDA, Mumbai stated that current bond future contracts, introduced only in 2014...

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Posted Under: Fema / RBI |

Brief Overview of Corporate Debt Restructuring (CDR)

Corporate Debt Restructuring, in short CDR is a scheme evolved by the Reserved Bank of India (RBI) through a circular issued on 23rd August, 2001 for implementation by banks and Financial Institutions (FIs) for realisation of amount of debt from the debtors who are not able to pay the amount in full. It is based […]...

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Posted Under: Fema / RBI |

NBFC-Ds: Beyond Border line of Compliances

Introduction India being the divergent Country, focused on economic growth and the Financial Institutions (“FI”) play a dominant role in the economy which spread out its surplus fund to the borrower in unbanked regions. Over the last few decades, Non Banking Financial Companies (“NBFC”) have reckoned as one of the most conspicuous...

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Posted Under: Fema / RBI |

Compliances for NBFC Peer to Peer (P2P) Lending Platform

As per RBI Master direction the following compliances needs to complied by an NBFC P2P lending Platform: As per RBI Master direction the following compliances needs to complied by an NBFC P2P lending Platform...

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Posted Under: Fema / RBI |
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