Banks see whopping 73% spike in frauds at Rs 71,543 cr in FY19

Agencies
July 4, 2019

Mumbai, Jul 4: Banks have reported a massive 73 percent increase in incidents of fraud worth Rs 71,543 crore in FY19, a senior Reserve Bank official said Thursday.

Till March 2019, the top five, 10 and 100 cases of frauds cumulatively reported constituted 24 percent, 34 percent and 70 percent of all frauds, respectively, a chief general manager with the RBI Jayant Dash said.

In FY18, the banks had reported frauds worth Rs 41,167 crore, he added.

"Total value involved in these frauds reported by the RBI-regulated entities during FY19 amounted to Rs 71,543 crore as against Rs 41,167 crore during the previous year, which is a 73 percent jump year-on-year," Dash told a CII event here.

He said the distribution of reported frauds by banks follow a high pareto principle also known as 80/20 principle, which means 80 percent of the consequences come from 20 percent of the causes.

The large value frauds worth Rs 50 crore and above, constituted about 1 percent of the fraudulent cases but amounted to three-fourths of the fraud losses, Dash said.

Banks, on an average, report fraud loss of Rs 35,000 crore every year. "This does not take into account loss to investors and other financial and operational creditors, apart from the intangible losses to the system," he said.

The amount involved in frauds reported since FY15 stood at Rs 1,74,798 crore, constituting a whopping 211 percent of actual occurrence of frauds during the same period at Rs 82,959 crore, he said.

Noting that corporate fraud is rarely a one-step operation, he said, "the most expensive frauds are committed by management teams who have the ability to override control systems and collude to cover their tracks." 

Addressing the same event, Sebi executive director Anand Baiwar said there is a close link between corporate frauds and corporate governance.

"Effects of good corporate governance can be seen in terms of improved operating results and enhanced market capitalisation," Baiwar said.

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News Network
April 25,2024

Bengaluru: Karnataka State Natural Disaster Monitoring Centre (KSNDMC) has issued a series of animated shorts in Kannada advising people of appropriate measures to take during extreme temperatures to keep oneself safe.

 “Karnataka has not seen such extreme temperatures and heat waves in the recent past. So, we wanted to ensure a wider reach for safety measures, therefore we decided to issue them in a reader-friendly format,” said an official from KSNDMC.

Meteorological Centre Bengaluru, Indian Meteorological Department, had issued a five-day heat wave warning, lasting till April orange alert, for parts of Karnataka.

“In places like Bagalkote, Vijayapura, Kalaburgi, Yadgir, Raichur, Koppal, Ballari, Tumkur, Mandya, Gadag, Davangere and Chitradurga, the temperature is likely to touch 40 degrees Celsius tomorrow,” said C P Patil, director of the centre.

On April 25, these places recorded a maximum temperature of 39 degrees Celsius.

Orange alert would mean increased likelihood of heat illness symptoms in people who are exposed to sun for a prolonged period of time as well as those who do heavy manual work.

According to Patil, coastal Karnataka will also have very hot and humid weather conditions, making it very uncomfortable for people there.

“It’s best for children and old people to avoid exposure to heat in coastal areas too,” added Patil.

In places where heat wave is predicted, people are advised to avoid direct exposure to sunlight between 12 noon and 3pm.

“When they go out, it is best to use protective goggles, an umbrella or a hat. Also aerated drinks must be avoided since they cause dehydration. Best to drink water as much as possible, even if you don’t feel thirsty,” said M Rajavel, head of LACD, Meteorological Centre, Bengaluru.

People are also advised not to leave the children or pets inside parked vehicles.

The maximum and minimum temperatures of Bengaluru are very likely to be around 37 degree Celsius and 23 degree Celsius respectively for the next 48 hours, said Patil.

Hassan recorded the highest jump from its normal minimum temperature. It recorded 22.6 degrees Celsius, about 2.8 degrees more than usual.

According to IMD, on April 29 light rain is also very likely in isolated places over Bidar, Kalaburgi, Yadgir, Vijayapura, Chikkamagaluru, Hassan, Kodagu, Mysuru, Mandya and Chitradurga districts.

On April 30, light rain is predicted again for Bidar, Kalaburgi, Yadgir, Vijayapura, Raichur, Koppal, Ballari, Chikkamagaluru, Tumkur, Chikkaballapura, Bengaluru Rural, Bengaluru Urban and Kodagu districts.

Incidentally, KSNDMC has also issued a series of animated advisory for lightning safety.

“We also update temperature every 15 minutes in our X handle in coordination with IMD,” added the KSNDMC official.

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News Network
April 14,2024

indiancanda.jpg

New Delhi: A 24-year-old student from India was shot dead inside a car in Canada's South Vancouver, the local police have said. The Vancouver Police in a statement said Chirag Antil, 24, was found dead inside a vehicle in the area after neighbours reported hearing gunshots.

"Officers were called to East 55th Avenue and Main Street around 11 pm on April 12 after residents heard the sound of gunshots. Chirag Antil, 24, was found deceased inside a vehicle in the area. No arrests have been made, and the investigation remains ongoing," the police said.

Chirag Antil's brother Ronit told reporters that Chirag seemed happy when they spoke on the phone in morning. Chirag later took out his Audi to go somewhere. That was when he was shot dead.

The Congress students' wing National Students' Union of India chief Varun Choudhary in a post on X tagging the Ministry of External Affairs requested for assistance to the student's family.

"Urgent attention regarding the murder of Chirag Antil, an Indian student in Vancouver, Canada. We urge the Ministry of External Affairs to closely monitor the progress of the investigation and ensure that justice is swiftly served," Mr Choudhary said.

"Additionally, we request the ministry to extend all necessary support and assistance to the family of the deceased during this difficult time," he said.

Chirag Antil's family is raising money through the crowdfunding platform GoFundMe to repatriate his body to India, local media reported.

Haryana resident Romit Antil, the brother of Chirag Antil, told CityNews that he was a kind-hearted person.

"My brother and I had a great relationship. We used to talk every day, day and night. I spoke to him last before the accident happened. He was kind of happy, he never had any issues or fights with anyone, ever. He was an extremely polite person," Romit Antil told CityNews.

Chirag Antil came to Vancouver in September 2022. He just finished MBA at University Canada West, and recently got his work permit.

Here are 5 facts about Chirag Antil

1.    Chirag Antil was a resident of Sonipat, Haryana.
2.    He was the youngest son of Mahavir Antil, a retired employee of the Sugar Mill Department of the Haryana Government.
3.    Chirag moved to Vancouver in 2022 to pursue higher studies at the University Canada West (UCW), in British Columbia.
4.    After completing his MBA, he started working at a company in Canada after getting a work permit.
5.    Chirag's brother Ronit shared in an interview that his younger sibling was a "kind-hearted" person. "I spoke to him last before the accident happened," he said and added that Chirag sounded "happy".

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News Network
April 26,2024

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The Supreme Court of India on Friday, April 26, rejected pleas seeking 100% cross-verification of votes cast using EVMs with a Voter Verifiable Paper Audit Trail (VVPAT) and said “blindly distrusting” any aspect of the system can breed unwarranted scepticism.

A bench of Justices Sanjiv Khanna and Dipankar Datta delivered two concurring verdicts. It dismissed all the pleas in the matter, including those seeking to go back to ballot papers in elections.

An EVM comprises three units – the ballot unit, the control unit and the VVPAT. All three are embedded with microcontrollers with a burnt memory from the manufacturer. Currently, VVPATs are used in five booths per assembly constituency.

EVM VVPAT case: Supreme Court issues two directives

1.    Justice Khanna directed the Election Commission of India to seal and store units used to load symbols for 45 days after the symbols have been loaded to electronic voting machines in strong rooms.

2.    The Supreme Court also allowed engineers of the EVM manufacturers to verify the microcontroller of the machines after the declaration of the results at the request of candidates who stood second and third. The top court said the request for the verification of the microcontroller can be made within seven days of the declaration of the results after payment of fees.

Option for candidates to seek verification of EVM programmes

•    Candidates who secure second and third position in the results can request for the verification of burnt memory semicontroller in 5% of the EVMs per assembly segment in a Parliamentary constituency. The written request to be made within seven days of the declaration of the results.

•    *On receiving such a written request, the EVMs shall be checked and verified by a team of engineers from the manufacturer of the EVMs.

•    Candidates should identify the EVMs to be checked by a serial number of the polling booth.

•    Candidates and their representatives can be present at the time of the verification.

•    After verification, the district electoral officer should notify the authenticity of the burnt memory.

•    Expenses for the verification process, as notified by the ECI, should be borne by the candidate making the request.
What did the Supreme Court say?

•    "If EVM is found tampered during verification, fees paid by the candidates will be refunded," the bench said.

•    "While maintaining a balanced perspective is crucial in evaluating systems or institutions, blindly distrusting any aspect of the system can breed unwarranted scepticism...," Justice Datta said.

Who filed the petitions?

NGO Association for Democratic Reforms, one of the petitioners, had sought to reverse the poll panel's 2017 decision to replace the transparent glass on VVPAT machines with an opaque glass through which a voter can see the slip only when the light is on for seven seconds.

The petitioners have also sought the court's direction to revert to the old system of ballot papers.

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