Mumbai: Amid allegations of cooperative banks being used as conduits for money laundering, NABARD, which jointly regulates such lenders, has said that it has found no shortcoming pointing towards any such activity.
"Every year we do an inspection and we have not found anything like that," National Bank for Agriculture and Rural Development's (NABARD) chairman Prakash Bakshi told reporters over the weekend, when asked about the recent controversy over money laundering.
A probe launched by Reserve Bank of India following allegations of non-compliance with anti-money laundering measures and know your customer (KYC) norms by top private banks has reportedly found that cooperative banks are used as conduits.
Not having the entire bouquet of service offerings, the cooperative banks tie-up with scheduled commercial banks to expand their reach. Co-operative banks can accept cash under Rs 50,000 from customers (the limit at which reporting to tax authorities sets in). They usually earn commission from larger banks for providing services. ...
more
02:22 PM, May 19, 2013
Twenty three public sector banks, including the SBI, and insurance companies have been named in a sting operation conducted by special investigations website Cobrapost. ...
05:55 PM, May 06, 2013
Mumbai: RBI Deputy Governor KC Chakrabarty on Tuesday said the central bank may introduce some corrective measures in KYC norms as an when necessary to check any "transaction-level aberrations" in the functioning of banks. "System is good, there is no problem. There are... (at the) transactional level, some aberration will always take place and there is a need to look into those issues and as and when it is necessary,...
03:15 PM, Apr 23, 2013
New Delhi: Decks have been cleared for clubbing of allowances with basic pay for PF deductions under the EPFO scheme, a move that will increase savings but reduce take-home pay of over five crore subscribers. A review committee, constituted to look into the nitty-gritty of clubbing of allowances with basic pay for PF deductions, has supported the idea for enhancing the social security benefit under the EPF scheme run by...
01:08 PM, Apr 20, 2013
The Supreme Court on Tuesday imposed a fine of Rs 100 crore on Sterlite Industries, part of Vedanta Resources, for polluting environment through its copper smelting plant in Tamil Nadu. However, the apex court refused to direct closure of the plant in Tuticorin. ...
12:12 PM, Apr 02, 2013
India has tightened its export control norms to prevent sensitive technologies and materials falling in hands of terrorists, thus making a strong case for its membership to key multilateral export control regimes. Asserting that the new norms were more stringent than those practiced by the members of Nuclear Suppliers' Group (NSG) and Missile Technology Control Regime (MTCR), Foreign Secretary Ranjan Mathai said these will be notified soon. ...
05:53 PM, Mar 13, 2013
Accusing the central government of trying to impose Hindi by making changes in the civil services exam norms, DMK president M Karunanidhi on Tuesday urged Prime Minister Manmohan Singh to withdraw the notification as it would filter out candidates from rural India. ...
06:13 AM, Mar 13, 2013
To attract more overseas investment into the country, government is working on bringing new norms for a common KYC for foreign institutional investors (FII), Finance Minister P Chidambaram said on Monday. ...
03:33 PM, Mar 11, 2013
Telecom regulator TRAI has imposed Rs 1 lakh penalty on Bharti Airtel in 2012-13 for violating norms laid by it to check telemarketing calls and SMSes, Parliament was informed. ...
10:47 AM, Feb 28, 2013
Eighteen years ago the Supreme Court had laid down guidelines for trial courts for dealing with rape cases in a "sensitive manner" but experts say the norms for holding in-camera proceedings and avoiding unnecessary probing questions are not being followed strictly. ...
04:40 AM, Dec 31, 2012
India on Monday said it has decided to adopt a liberal visa policy for people of Bangladesh to promote economic engagement, people-to-people contact and tourism between the two neighbouring nations. ...
10:52 AM, Dec 04, 2012
New Delhi: The Prime Minister's Office (PMO) on Thursday ordered a probe into the deal struck between US retail giant Walmart and Indian retail major Bharti after allegations of norms violation by Communist Party of India (CPI) Rajya Sabha MP from Kerala, MP Achuthan. Achuthan alleged that the investment deal by Walmart with Bharti violated FDI norms and he charged the US company of end-use violations. He further charged Walmart...
12:51 PM, Oct 11, 2012
Bangalore: Eight-year-old Wajid Pasha was the darling of his family. He had gone out to play after school on Tuesday, but never returned home. His worried parents searched in vain, until on Wednesday morning, they found his body in a water sump at a construction site nearby. The shattered family is now demanding answers. Irshad Ahmed, Wajid's grandfather slams the local administration for not conducting safety checks at construction sites....
09:35 AM, Sep 28, 2012
Thiruvananthapuram: Orders were issued on Tuesday revising the norms for issuing NOCs for buildings after assessing the fire safety measures. For single-storey buildings up to ten metres in height, the NOC will be issued by a committee headed by the Assistant Divisional Officer of the Fire and Rescue Services. The officer in-charge of the fire station concerned, Assistant Station Officer and a Fireman (on rotation basis) will be the members...
02:28 PM, Aug 29, 2012
A copy of a note by the Department of Telecommunications (DoT) to mobile phone manufacturers, which was reviewed by Mint, gives the manufacturers a year more before their handsets that are not in line with the new radiation norms are phased out. This is the latest in an ongoing attempt by the department to make mobile handset manufacturers conform to the new radiation norms. So far, the September 1 deadline...
02:06 PM, Aug 27, 2012
Chennai: The State Government on Wednesday went on appeal against a single judge order of the High Court last month upholding AICTE norms that set a higher eligibility criteria for admissions to UG technical courses for students under the SC and ST categories.The first bench comprising Chief Justice M Y Eqbal and A Arumugasami ordered status quo in the matter after accepting the appeal and issued notices to respondents returnable...
07:47 AM, Aug 23, 2012
Chennai: The Madras High Court has granted time till August 22 for the State government to frame draft guidelines for school buses. Originally, while passing interim orders on a suo-motu writ petition, the first bench consisting of Chief Justice M Y Eqbal and Justice T S Sivagnanam, on July 27, had directed the government through Advocate-General A Navaneethakrishnan to frame the draft rules to regulate the use of vehicles carrying...
12:39 PM, Aug 11, 2012
Thiruvananthapuram: The State Government is seeking relaxation in Viability Gap Funding (VGF) norms for making Central assistance possible for the multi-crore Vizhinjam international container transshipment terminal project. The state has urged the Centre to exempt it from two conditions for VGF. One, that the project should offer a service having pre-determined tariff, and, two, the VGF would be limited to 20 per cent of the project cost. The government has...
02:40 PM, Aug 09, 2012
New Delhi: The government on Tuesday said remittances from abroad will not attract service tax, putting to rest the concerns raised in view of new tax norms. "The matter has been examined and it is clarified that there is no service tax per se on the amount of foreign currency remitted to India from overseas," the Central Board of Excise and Customs (CBEC) said. The clarification follows concerns over reports...
02:36 AM, Jul 11, 2012
London: Under pressure from education and industry leaders to review recent curbs on student visas, British Prime Minister David Cameron is likely to reverse policy and remove international students from official immigration figures, a measure that may relax some of the restrictions. Due to the curbs, many international students have reportedly been deterred from considering Britain as a destination to study. Some universities have reported a fall in applications from...
10:40 AM, Jul 09, 2012
