Former ICICI Bank chief <a href="http://www.wionews.com/business-economy/chanda-kochhar-violated-banks-code-of-conduct-srikrishna-panel-report-193934">Chanda Kochhar</a>, who was terminated with retrospective effect Wednesday, may have to return over Rs 9 crore performance bonus received as the bank's executive head since 2009, sources said.

Besides, she will also have to forgo her unexercised stocks options, they said.&nbsp;

Kochhar became the CEO and managing director of the country's leading private sector lender in May 2009 and left the bank in October 2018.

Sources divulge Thursday that performance bonus for the last two financial years has not been approved by the RBI, therefore that amount is not taken into account in Kochhar's total bonus payout.

They also said that bonuses of Axis Bank and Yes Bank chief executives and executive directors have not been approved by the central bank for the last two fiscals.&nbsp;

As per the various annual reports of the bank, Kochhar was granted 94 lakh shares but it could not be verified that how much stock options she had exercised.

If Employee Stock Ownership Plan (ESOP) granted to Kochhar is taken into account, the total amount comes to about Rs 340 crore at the present market value.

However, the amount would be much less than ESOPs granted because she might have sold some shares in the last 9 years.

Following an independent enquiry panel led by Justice (Retd) B N Srikrishna, the board of the ICICI Bank Wednesday decided to treat "the separation of Kochhar from the bank as a 'Termination for Cause' under the bank's internal policies, schemes and the Code of Conduct, with all attendant consequences".

These, the statement said, include revocation of all her existing and future entitlements such as any unpaid amounts, unpaid bonuses or increments, unvested and vested and unexercised stock options, and medical benefits.

The board has also asked the bank to take steps for "clawback of all bonuses paid from April 2009 until March 2018, and to take such further actions as may be warranted in the matter".

For the 9-year period, shareholders approved Rs 9.82 crore bonus payout to Kochhar.&nbsp;

However, considering that the last two performance bonuses are yet to get regulatory approval from the RBI, the recovery amount would be less than what has been approved by the shareholders' Annual General Meeting.

Besides, experts also feel that there may be legal tangle involved in the revoking of the ESOPs and refund of the performance bonus.

The Srikrishna committee report concluded that there was lack of diligence with respect to annual disclosures as required by the bank in terms of its internal policies and violation of Code of Conduct and applicable Indian laws.

On the development, Kochhar said she was "disappointed, hurt and shocked" by the bank's decision to treat her resignation as a "termination for cause" after an independent probe indicted her for violating regulations.

There were allegations of involvement of Kochhar and her family members in a loan provided to Videocon group on a quid pro quo basis.

It was alleged that Videocon Group pumped money into NuPower Renewables, a firm owned by Deepak Kochhar, husband of Chanda Kochhar.

The allegation of conflict of interest was levelled by whistleblower Arvind Gupta.

Later, in March, another unnamed whistle-blower complained against the bank and its top management, including Kochhar, alleging a deliberate delay in recognising impairment in 31 loan accounts between 2008 and 2016 to save on provisioning costs.&nbsp;

Former ICICI Bank chief Chanda Kochhar, who was terminated with retrospective effect Wednesday, may have to return over Rs 9 crore performance bonus received as the bank's executive head since 2009, sources said.

Former ICICI Bank chief Chanda Kochhar, who was terminated with retrospective effect Wednesday, may have to return over Rs 9 crore performance bonus received as the bank's executive head since 2009, sources said. Besides, she will also have to forgo her unexercised stocks options, they said. Kochhar became the CEO and managing director of the country's leading private sector lender in May 2009 and left the bank in October 2018. Sources divulge Thursday that performance bonus for the last two financial years has not been approved by the RBI, therefore that amount is not taken into account in Kochhar's total bonus payout. They also said that bonuses of Axis Bank and Yes Bank chief executives and executive directors have not been approved by the central bank for the last two fiscals. As per the various annual reports of the bank, Kochhar was granted 94 lakh shares but it could not be verified that how much stock options she had exercised. If Employee Stock Ownership Plan (ESOP) granted to Kochhar is taken into account, the total amount comes to about Rs 340 crore at the present market value. However, the amount would be much less than ESOPs granted because she might have sold some shares in the last 9 years. Following an independent enquiry panel led by Justice (Retd) B N Srikrishna, the board of the ICICI Bank Wednesday decided to treat "the separation of Kochhar from the bank as a 'Termination for Cause' under the bank's internal policies, schemes and the Code of Conduct, with all attendant consequences". These, the statement said, include revocation of all her existing and future entitlements such as any unpaid amounts, unpaid bonuses or increments, unvested and vested and unexercised stock options, and medical benefits. The board has also asked the bank to take steps for "clawback of all bonuses paid from April 2009 until March 2018, and to take such further actions as may be warranted in the matter". For the 9-year period, shareholders approved Rs 9.82 crore bonus payout to Kochhar. However, considering that the last two performance bonuses are yet to get regulatory approval from the RBI, the recovery amount would be less than what has been approved by the shareholders' Annual General Meeting. Besides, experts also feel that there may be legal tangle involved in the revoking of the ESOPs and refund of the performance bonus. The Srikrishna committee report concluded that there was lack of diligence with respect to annual disclosures as required by the bank in terms of its internal policies and violation of Code of Conduct and applicable Indian laws. On the development, Kochhar said she was "disappointed, hurt and shocked" by the bank's decision to treat her resignation as a "termination for cause" after an independent probe indicted her for violating regulations. There were allegations of involvement of Kochhar and her family members in a loan provided to Videocon group on a quid pro quo basis. It was alleged that Videocon Group pumped money into NuPower Renewables, a firm owned by Deepak Kochhar, husband of Chanda Kochhar. The allegation of conflict of interest was levelled by whistleblower Arvind Gupta. Later, in March, another unnamed whistle-blower complained against the bank and its top management, including Kochhar, alleging a deliberate delay in recognising impairment in 31 loan accounts between 2008 and 2016 to save on provisioning costs.

Chanda Kochhar may have to return over Rs 9-crore bonus to ICICI Bank: Sources

A Canadian man, who allegedly tried to swindle an entertainment company out of $284 million, has been arrested in the gambling hub of Macau, police said Monday.

The suspect, a 61-year-old retiree of Chinese descent, was arrested on Friday after allegedly trying to transfer the money from the firm's bank account using bogus documents earlier in the week.

In an emailed statement Macau's Judiciary Police told AFP the man, surnamed Liao, tried to use a "fake authorisation document and transfer slip to try to defraud the entertainment company and the bank".&nbsp;

Police did not identify the company or the bank involved.

The arrest comes as Beijing and Ottawa are locked in a diplomatic row following the December arrest in Canada of Huawei chief financial officer Meng Wanzhou on a US extradition request linked to Iran sanctions violations.

In a move observers see as retaliation over the Meng case, Chinese authorities detained two Canadians soon after, accusing them of activities that "endanger China's national security".

The phrase is often used by Beijing when alleging espionage, and few details have been given about their whereabouts or the cases against them.

In contrast, the arrest in Macau was announced by local police in a press conference over the weekend, and they outlined the allegations in some detail.

In its statement, the Judiciary Police said the man "tried to transfer 249,000,000 euros".

Staff at the bank grew suspicious when the man's signature did not match what they had on record for the account and they alerted police.&nbsp;

The man was then arrested at the border trying to leave Macau on Friday evening.

A spokesperson at Canada's consulate in Hong Kong, which oversees Macau, said officials were aware of the arrest in the former Portuguese colony.

"Consular officials are in contact with local authorities on the matter," the spokesperson said, declining to comment further because of Canada's privacy laws.

Macau is the world's largest gambling hub, raking in five times as much as Las Vegas in gaming revenue. The vast majority of gamblers who visit the semi-autonomous city are Chinese nationals.

A Canadian man, who allegedly tried to swindle an entertainment company out of $284 million, has been arrested in the gambling hub of Macau, police said Monday. The suspect, a 61-year-old retiree of Chinese descent, was arrested on Friday after allegedly trying to transfer the money from the firm's bank account using bogus documents earlier in the week.

A Canadian man, who allegedly tried to swindle an entertainment company out of $284 million, has been arrested in the gambling hub of Macau, police said Monday. The suspect, a 61-year-old retiree of Chinese descent, was arrested on Friday after allegedly trying to transfer the money from the firm's bank account using bogus documents earlier in the week. In an emailed statement Macau's Judiciary Police told AFP the man, surnamed Liao, tried to use a "fake authorisation document and transfer slip to try to defraud the entertainment company and the bank". Police did not identify the company or the bank involved. The arrest comes as Beijing and Ottawa are locked in a diplomatic row following the December arrest in Canada of Huawei chief financial officer Meng Wanzhou on a US extradition request linked to Iran sanctions violations. In a move observers see as retaliation over the Meng case, Chinese authorities detained two Canadians soon after, accusing them of activities that "endanger China's national security". The phrase is often used by Beijing when alleging espionage, and few details have been given about their whereabouts or the cases against them. In contrast, the arrest in Macau was announced by local police in a press conference over the weekend, and they outlined the allegations in some detail. In its statement, the Judiciary Police said the man "tried to transfer 249,000,000 euros". Staff at the bank grew suspicious when the man's signature did not match what they had on record for the account and they alerted police. The man was then arrested at the border trying to leave Macau on Friday evening. A spokesperson at Canada's consulate in Hong Kong, which oversees Macau, said officials were aware of the arrest in the former Portuguese colony. "Consular officials are in contact with local authorities on the matter," the spokesperson said, declining to comment further because of Canada's privacy laws. Macau is the world's largest gambling hub, raking in five times as much as Las Vegas in gaming revenue. The vast majority of gamblers who visit the semi-autonomous city are Chinese nationals.

Canadian arrested in Macau for $284 million fraud attempt

Investor confidence in Sri Lanka is stabilising after the country repaid a $1 billion sovereign bond in mid-January, Central Bank of Sri Lanka Governor Indrajit Coomaraswamy told Reuters on Monday.

Sri Lanka was plunged into political turmoil in October when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament.

A court later ruled the move was unconstitutional, and Wickremesinghe was reinstalled as premier.

Investor sentiment took a big hit as a result of the political chaos, leading to credit rating downgrades and an outflow of foreign funds from government securities.

"We see signs of stabilisation in investor confidence especially after we paid the loan without much difficulty. But there is much more to be done," Coomaraswamy said via a text message.

In one sign that foreign investors' view of the economy may be improving, there was a net inflow of 4.74 billion rupees ($26.1 million) into government bonds in the week ended January 23, the first weekly inflow since August.

Sri Lanka repaid the $1 billion five-year sovereign bond on January 14 from its reserves without any external loans.

The International Monetary Fund's decision on January 16 to resume discussions with Sri Lanka over the disbursal of part of a $1.5 billion loan also helped to improve sentiment, analysts said. The political crisis had delayed the talks.

The government is struggling to repay its foreign loans, with a record $5.9 billion due to mature this year, including $2.6 billion in the first three months alone.

Finance Ministry officials have told Reuters that the government has been exploring all options to borrow foreign loans to repay the external debt this year.

The government plans to borrow nearly $5 billion through sovereign bonds, a bilateral loan from China, a currency swap with the Reserve Bank of India, and through three state banks, Coomaraswamy said earlier this month.

A series of credit rating downgrades following the political crisis has made it harder for Sri Lanka to borrow.

Investor confidence in Sri Lanka is stabilising after the country repaid a $1 billion sovereign bond in mid-January, Central Bank of Sri Lanka Governor Indrajit Coomaraswamy told Reuters on Monday.

Investor confidence in Sri Lanka is stabilising after the country repaid a $1 billion sovereign bond in mid-January, Central Bank of Sri Lanka Governor Indrajit Coomaraswamy told Reuters on Monday. Sri Lanka was plunged into political turmoil in October when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament. A court later ruled the move was unconstitutional, and Wickremesinghe was reinstalled as premier. Investor sentiment took a big hit as a result of the political chaos, leading to credit rating downgrades and an outflow of foreign funds from government securities. "We see signs of stabilisation in investor confidence especially after we paid the loan without much difficulty. But there is much more to be done," Coomaraswamy said via a text message. In one sign that foreign investors' view of the economy may be improving, there was a net inflow of 4.74 billion rupees ($26.1 million) into government bonds in the week ended January 23, the first weekly inflow since August. Sri Lanka repaid the $1 billion five-year sovereign bond on January 14 from its reserves without any external loans. The International Monetary Fund's decision on January 16 to resume discussions with Sri Lanka over the disbursal of part of a $1.5 billion loan also helped to improve sentiment, analysts said. The political crisis had delayed the talks. The government is struggling to repay its foreign loans, with a record $5.9 billion due to mature this year, including $2.6 billion in the first three months alone. Finance Ministry officials have told Reuters that the government has been exploring all options to borrow foreign loans to repay the external debt this year. The government plans to borrow nearly $5 billion through sovereign bonds, a bilateral loan from China, a currency swap with the Reserve Bank of India, and through three state banks, Coomaraswamy said earlier this month. A series of credit rating downgrades following the political crisis has made it harder for Sri Lanka to borrow.

Sri Lanka's central bank chief sees investor sentiment stabilising

The Central Bureau of Investigation has justified the transfer&nbsp;of Sudhanshu Dhar Mishra, the investigating officer in the ICICI Bank case, citing his role in leaking information related to searches.

News agency ANI quoted a source as saying, "On January &nbsp;22 a case was registered and immediately after that, searches were proposed to be conducted. However, possibility of information about searches being leaked was suspected. Therefore discreet inquiry was conducted and role of SP Sudhanshu Dhar Mishra was strongly suspected."

"ICICI case is one of the very important cases that has been pending without progress. The preliminary enquiry was registered earlier in this case and was later converted into registered case", ANI further quoted.

"Hence he has been transferred out. A detailed inquiry into the matter is pending. Searches were under the supervision of Mohit Gupta, SP (CBI). Role of Sudhanshu Dhar Mishra in keeping the case pending and other persons if any is also been looked into, " ANI added.

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Superintendent of Police Sudhanshu Dhar Mishra was transferred to Ranchi, a day after filing the FIR in the case against former ICICI CEO Chanda Kochhar, her husband Deepak and Videocon group MD Venugopal Dhoot on January 22.

The agency had carried out searches at multiple locations after the charge of the case was given to new Investigating officer Mohit Gupta, a CBI they said.

Justifying the transfer, the CBI pinned the blame on Mishra for keeping the preliminary enquiry pending without any reasons, PTI quoted a CBI official as saying.

(With inputs from agencies)

The Central Bureau of Investigation has justified the transfer of Sudhanshu Dhar Mishra, the investigating officer in the ICICI Bank case, citing his role in leaking information related to searches.

The Central Bureau of Investigation has justified the transfer of Sudhanshu Dhar Mishra, the investigating officer in the ICICI Bank case, citing his role in leaking information related to searches. News agency ANI quoted a source as saying, "On January 22 a case was registered and immediately after that, searches were proposed to be conducted. However, possibility of information about searches being leaked was suspected. Therefore discreet inquiry was conducted and role of SP Sudhanshu Dhar Mishra was strongly suspected." "ICICI case is one of the very important cases that has been pending without progress. The preliminary enquiry was registered earlier in this case and was later converted into registered case", ANI further quoted. "Hence he has been transferred out. A detailed inquiry into the matter is pending. Searches were under the supervision of Mohit Gupta, SP (CBI). Role of Sudhanshu Dhar Mishra in keeping the case pending and other persons if any is also been looked into, " ANI added. CBI Sources: ICICI case is one of the very important cases that has been pending without progress. The preliminary enquiry was registered earlier in this case and was later converted into registered case. https://t.co/GFqDJSIdeN — ANI (@ANI) January 27, 2019 × Superintendent of Police Sudhanshu Dhar Mishra was transferred to Ranchi, a day after filing the FIR in the case against former ICICI CEO Chanda Kochhar, her husband Deepak and Videocon group MD Venugopal Dhoot on January 22. The agency had carried out searches at multiple locations after the charge of the case was given to new Investigating officer Mohit Gupta, a CBI they said. Justifying the transfer, the CBI pinned the blame on Mishra for keeping the preliminary enquiry pending without any reasons, PTI quoted a CBI official as saying. (With inputs from agencies)

ICICI Bank case: Probe officer transferred for 'leaking information related to searches'

Probity watchdog <a href="http://www.wionews.com/india-news/respond-to-cvc-report-as-soon-as-possible-wont-adjourn-next-hearing-supreme-court-to-cbi-director-alok-verma-178143">Central Vigilance Commission (CVC)</a> has started examining audit reports of state-run banks and insurance companies to check incidents of fraud and suggest corrective measures, officials said Wednesday. &nbsp; &nbsp;

The move assumes significance with banks reporting large-scale fraud cases and the high number of bad loans or non-performing assets, they said.&nbsp;

Vigilance Commissioner T M Bhasin told PTI <a href="http://www.wionews.com/india-news/cbi-chief-verma-meets-central-vigilance-commissioner-denies-corruption-charges-against-him-176281">the CVC</a> is getting a review done of central statutory reports, concurrent auditors' reports and other auditor reports through chief vigilance officers of all public sector banks and insurance companies.&nbsp;

"The same (audit reports) are analyzed in the Commission and a corrective action plan is advised for time-bound implementation," he said.

Chief vigilance officers act as a distant arm of the CVC to check corruption and other fraudulent activities in an organization.&nbsp;

According to government data, various banks have reported an increase in cases of fraud during 2015-16 and 2017-18.

A total of 8,802 frauds have been reported by scheduled commercial banks and public sector banks in 2017-18 as against 7,794 in 2016-17 and 7,482 in 2015-16, according to a written reply given by the Finance Ministry in the Lok Sabha recently.

The Reserve Bank of India (RBI) monitors frauds reported by banks.&nbsp;

For management of fraud risk and to direct the focus of banks to early detection of loan frauds, prompt reporting to RBI and investigative agencies and timely initiation of staff accountability proceedings, RBI has issued a framework for dealing with loan frauds and Red Flagged Accounts (RFA). Timelines have been given for action incumbent on banks in dealing with loan frauds of Rs 50 crore and above, the ministry said.

The red flagging is done on an information technology platform where all banks report large exposure to entities/individuals so other banks can be forewarned about fraud risk, it said.&nbsp;

In October, the CVC completed a first-of-its-kind analysis of top 100 banking frauds, including those in the jewellery and aviation sectors, and shared its findings with the RBI, the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) among others.

The analysis focussed on the modus operandi, the amount involved, type of lending (viz. Consortium or individual), anomalies observed, loopholes that facilitated the perpetration of the fraud concerned and the systemic improvements required to plug the gaps in the system and procedures.

The frauds were classified and analysed for 13 sectors — gems and jewellery, manufacturing and industry, agro, media, aviation, service and project, discounting of cheques, trading, information technology, export business, fixed deposits, demand loan and letter of comfort.

The modus operandi of these top 100 loans has been thoroughly analysed and various loopholes or lapses have been identified, Bhasin had said after releasing a report on the matter.&nbsp;

Based on the findings, various industry-specific suggestions for systemic improvement have been given in the final report. The suggestions have also been sent to the Department of Financial Services and the RBI in order to plug the loopholes observed by the Commission, he said.

Probity watchdog Central Vigilance Commission (CVC) has started examining audit reports of state-run banks and insurance companies to check incidents of fraud and suggest corrective measures, officials said Wednesday.

Probity watchdog Central Vigilance Commission (CVC) has started examining audit reports of state-run banks and insurance companies to check incidents of fraud and suggest corrective measures, officials said Wednesday. The move assumes significance with banks reporting large-scale fraud cases and the high number of bad loans or non-performing assets, they said. Vigilance Commissioner T M Bhasin told PTI the CVC is getting a review done of central statutory reports, concurrent auditors' reports and other auditor reports through chief vigilance officers of all public sector banks and insurance companies. "The same (audit reports) are analyzed in the Commission and a corrective action plan is advised for time-bound implementation," he said. Chief vigilance officers act as a distant arm of the CVC to check corruption and other fraudulent activities in an organization. According to government data, various banks have reported an increase in cases of fraud during 2015-16 and 2017-18. A total of 8,802 frauds have been reported by scheduled commercial banks and public sector banks in 2017-18 as against 7,794 in 2016-17 and 7,482 in 2015-16, according to a written reply given by the Finance Ministry in the Lok Sabha recently. The Reserve Bank of India (RBI) monitors frauds reported by banks. For management of fraud risk and to direct the focus of banks to early detection of loan frauds, prompt reporting to RBI and investigative agencies and timely initiation of staff accountability proceedings, RBI has issued a framework for dealing with loan frauds and Red Flagged Accounts (RFA). Timelines have been given for action incumbent on banks in dealing with loan frauds of Rs 50 crore and above, the ministry said. The red flagging is done on an information technology platform where all banks report large exposure to entities/individuals so other banks can be forewarned about fraud risk, it said. In October, the CVC completed a first-of-its-kind analysis of top 100 banking frauds, including those in the jewellery and aviation sectors, and shared its findings with the RBI, the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) among others. The analysis focussed on the modus operandi, the amount involved, type of lending (viz. Consortium or individual), anomalies observed, loopholes that facilitated the perpetration of the fraud concerned and the systemic improvements required to plug the gaps in the system and procedures. The frauds were classified and analysed for 13 sectors — gems and jewellery, manufacturing and industry, agro, media, aviation, service and project, discounting of cheques, trading, information technology, export business, fixed deposits, demand loan and letter of comfort. The modus operandi of these top 100 loans has been thoroughly analysed and various loopholes or lapses have been identified, Bhasin had said after releasing a report on the matter. Based on the findings, various industry-specific suggestions for systemic improvement have been given in the final report. The suggestions have also been sent to the Department of Financial Services and the RBI in order to plug the loopholes observed by the Commission, he said.

CVC examining audit reports of state-run banks, insurance companies to check fraud

Japan's SoftBank Group said Monday it logged an eight-fold jump in net profit in the six months to September&nbsp;thanks to strong returns from its investment funds.

Net profit rose to 840 billion yen (US $7.4 billion) from 103 billion yen during the same period last year, the Japanese mobile giant and IT investor said.

The rise was largely driven by gains of 649 billion yen from the SoftBank Vision Fund, which compared to 194 billion yen in the previous period.

Under tycoon CEO Masayoshi Son, SoftBank, which started as a software firm, has increasingly been seen as an investment firm, ploughing funds into a broad range of companies and projects outside its core business.

In recent years, it has completed deals with the likes of French robotics firm Aldebaran and Chinese e-commerce giant Alibaba.

Nearly half of the money in the SoftBank Vision Fund comes from Saudi Arabia and there has been a pledge of another US $45 billion this year.

But Son was missing from a high-profile Saudi investment forum last month along with dozens of global business titans amid concerns that journalist Jamal Khashoggi may have been killed in the Saudi consulate in Turkey.

Japan's SoftBank Group said Monday it logged an eight-fold jump in net profit in the six months to September thanks to strong returns from its investment funds. Net profit rose to 840 billion yen (US $7.

Japan's SoftBank Group said Monday it logged an eight-fold jump in net profit in the six months to September thanks to strong returns from its investment funds. Net profit rose to 840 billion yen (US $7.4 billion) from 103 billion yen during the same period last year, the Japanese mobile giant and IT investor said. The rise was largely driven by gains of 649 billion yen from the SoftBank Vision Fund, which compared to 194 billion yen in the previous period. Under tycoon CEO Masayoshi Son, SoftBank, which started as a software firm, has increasingly been seen as an investment firm, ploughing funds into a broad range of companies and projects outside its core business. In recent years, it has completed deals with the likes of French robotics firm Aldebaran and Chinese e-commerce giant Alibaba. Nearly half of the money in the SoftBank Vision Fund comes from Saudi Arabia and there has been a pledge of another US $45 billion this year. But Son was missing from a high-profile Saudi investment forum last month along with dozens of global business titans amid concerns that journalist Jamal Khashoggi may have been killed in the Saudi consulate in Turkey.

SoftBank posts eight-fold jump in first-half net profit

State-run Punjab National Bank (PNB) is expected to turn profitable this fiscal year and is poised for growth, its managing director Sunil Mehta said, asserting that the Rs&nbsp;14,000-crore <a href="http://www.wionews.com/india-news/pnb-fraud-ed-attaches-rs-637-crore-assets-nirav-modi-family-5-countrie-168702">Nirav Modi scam</a> is a bygone.

Mehta said he hopes that PNB will be back into the black during 2018-19 due to various efforts taken by the bank after the fraud came to light in January this year.

"The bank has demonstrated its capability to absorb such a shock and hopefully it would be back into the black during this financial year itself," he told news agency Press Trust of India in an interview, after donating Rs&nbsp;5 crore for flood relief and rehabilitation to Kerala Chief Minister Pinarayi Vijayan on Monday.

The bank is slowly getting on to the growth path, he said, adding that credit growth is picking up and has surpassed industry average.

<a href="http://www.wionews.com/india-news/high-court-shocked-over-constructions-by-nirav-modi-others-along-beach-166299">PNB</a> reported a loss of Rs&nbsp;940 crore for the April-June period of financial year 2018-19. It clocked a profit of Rs&nbsp;343.40 crore in the corresponding quarter of 2017-18.

To give fillip to expansion plan, the bank's board has sought a capital support of Rs&nbsp;5,431 crore from the government through issuance of preferential shares. The proposed fund infusion would support growth initiatives of the bank. The previous fund infusion of Rs&nbsp;2,816 crore earlier this year was for meeting regulatory ratios, he said.

So in all, PNB is set to get a fund support of Rs&nbsp;8,247 crore, out of the Rs&nbsp;65,000 crore earmarked for the entire public sector banking system for the current fiscal year.

The fund infusion would be made after clearance from an extra general meeting (EGM) due on October 30 and other regulatory approvals.

<a href="http://www.wionews.com/india-news/cbi-moves-extradition-request-against-nirav-modis-brother-nishal-164924">Nirav Modi</a> and his uncle Mehul Choksi duped PNB of Rs&nbsp;14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs), in connivance with certain bank officials.

A Mumbai branch of PNB had fraudulently issued LoUs for the group of companies belonging to Nirav Modi since March 2011.

Talking about PNB's initiative for flood-ravaged Kerala,&nbsp;Mehta said: "PNB has always shown commitment for the national cause. The major havoc flood has played in Kerala needs sympathetic consideration from all in the country and PNB cannot be behind."

As part of the initiative, PNB employees and retirees have collected Rs&nbsp;5 crore for flood relief and rehabilitation.

State-run Punjab National Bank (PNB) is expected to turn profitable this fiscal year and is poised for growth, its managing director Sunil Mehta said, asserting that the Rs 14,000-crore Nirav Modi scam is a bygone.

State-run Punjab National Bank (PNB) is expected to turn profitable this fiscal year and is poised for growth, its managing director Sunil Mehta said, asserting that the Rs 14,000-crore Nirav Modi scam is a bygone. Mehta said he hopes that PNB will be back into the black during 2018-19 due to various efforts taken by the bank after the fraud came to light in January this year. "The bank has demonstrated its capability to absorb such a shock and hopefully it would be back into the black during this financial year itself," he told news agency Press Trust of India in an interview, after donating Rs 5 crore for flood relief and rehabilitation to Kerala Chief Minister Pinarayi Vijayan on Monday. The bank is slowly getting on to the growth path, he said, adding that credit growth is picking up and has surpassed industry average. PNB reported a loss of Rs 940 crore for the April-June period of financial year 2018-19. It clocked a profit of Rs 343.40 crore in the corresponding quarter of 2017-18. To give fillip to expansion plan, the bank's board has sought a capital support of Rs 5,431 crore from the government through issuance of preferential shares. The proposed fund infusion would support growth initiatives of the bank. The previous fund infusion of Rs 2,816 crore earlier this year was for meeting regulatory ratios, he said. So in all, PNB is set to get a fund support of Rs 8,247 crore, out of the Rs 65,000 crore earmarked for the entire public sector banking system for the current fiscal year. The fund infusion would be made after clearance from an extra general meeting (EGM) due on October 30 and other regulatory approvals. Nirav Modi and his uncle Mehul Choksi duped PNB of Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs), in connivance with certain bank officials. A Mumbai branch of PNB had fraudulently issued LoUs for the group of companies belonging to Nirav Modi since March 2011. Talking about PNB's initiative for flood-ravaged Kerala, Mehta said: "PNB has always shown commitment for the national cause. The major havoc flood has played in Kerala needs sympathetic consideration from all in the country and PNB cannot be behind." As part of the initiative, PNB employees and retirees have collected Rs 5 crore for flood relief and rehabilitation.

Rs 14,000 crore Nirav Modi scam a bygone, bank on path to recovery: PNB chief

According to reports, as many as 10,000 Citibank employees may lose jobs in the next five years as the company braces up to introduce automation and replace workers with robots.&nbsp;

Jamie Forese, Citibank's chief executive officer, Institutional Clients Group, notes that the company's technological and operational positions are most apt for mechanical processing.

Forese told the Financial Times that the company would slash up to half of its operational positions, however, it would continue to hire people for sales and research roles.&nbsp;

This is not the first time when an incident of robots and machines replacing manpower has surfaced, a Boston restaurant has already replaced staff with robots to serve&nbsp;nutritious, affordable meals.&nbsp;

A group of engineers from Massachusetts Institute of Technology (MIT) collaborated with Michelin-starred chef Daniel Boulud to bring to reality a one-of-a-kind restaurant that has replaced human staff with robots.&nbsp;

The co-founders note that as students they struggled to find decent meals at affordable prices. As robotics enthusiasts, they decided to work for creating meals that are cooked efficiently, quick to put together and affordable.&nbsp;

Robotics and technological innovations are set to eat up jobs in the coming future, as many as 800 million jobs in the coming decade, experts speculate.&nbsp;

This is not the first time when an incident of robots and machines replacing manpower has surfaced

According to reports, as many as 10,000 Citibank employees may lose jobs in the next five years as the company braces up to introduce automation and replace workers with robots. Jamie Forese, Citibank's chief executive officer, Institutional Clients Group, notes that the company's technological and operational positions are most apt for mechanical processing. Forese told the Financial Times that the company would slash up to half of its operational positions, however, it would continue to hire people for sales and research roles. This is not the first time when an incident of robots and machines replacing manpower has surfaced, a Boston restaurant has already replaced staff with robots to serve nutritious, affordable meals. A group of engineers from Massachusetts Institute of Technology (MIT) collaborated with Michelin-starred chef Daniel Boulud to bring to reality a one-of-a-kind restaurant that has replaced human staff with robots. The co-founders note that as students they struggled to find decent meals at affordable prices. As robotics enthusiasts, they decided to work for creating meals that are cooked efficiently, quick to put together and affordable. Robotics and technological innovations are set to eat up jobs in the coming future, as many as 800 million jobs in the coming decade, experts speculate.

Nearly 10,000 Citibank employees to lose jobs as bank plans to introduce robots

The Industrial and Commercial Bank of China, a top state-run Chinese bank has launched China's first India-dedicated publicly offered investment fund, urging the Chinese to invest heavily stating that the Indian economy is entering the "golden age of economic take-off". 
 
The move, regarded as significant by observers to boost investments in India, comes just about a fortnight after the first ever informal summit between Prime Minister Narendra Modi and Chinese President Xi Jinping at Wuhan, where the two leaders sought to give a new direction to the bilateral ties to tap their economic potential. 
 
The fund, named as the Industrial and Commercial Bank Credit Suisse India Market Fund, will "invest in exchange-traded funds listed on more than 20 exchanges in Europe and the US that are based on the Indian market."&nbsp 
 
It is China's first publicly offered fund for investing in India, state-run Global Times reported. 
 
The fund will invest in the future of the Indian economy and track the distribution of the industrial structure across the Indian market, the report quoted a fund manager as saying. 
 
The bank listed sectors for investments specifically, in terms of the major industries weighted distribution of the index. 
 
The financial industry will account for the highest proportion, followed by information technology, alternative consumption, energy, essential consumption, raw materials, medicine, healthcare and other industries, it said. 
 
The ICBC bank, the largest in the world with over $ 3.6 trillion in assets, has given an upbeat picture of India's economic growth path, while launching the fund. 
 
According to the announcement of the offering, the ICBC Credit Suisse Indian Market Fund (LOF) will be available for sale at both the on-site and off-site markets from May 7 to May 25. 
 
"Across the overseas market, India, as the second largest emerging market economy, is entering the golden age of economic take-off, and has become an area where international and domestic capitals are competing to pursue," a write-up on the ICBC's website said. 
 
The fund opened the way for domestic investors and "provided a good tool for low-threshold investment in India," it said.&nbsp 
 
"Since 2017, the global economy has entered a recovery, and the relative advantages of emerging markets have gradually expanded, with India showing remarkable performance," it said. 
 
India has become the second largest economy in emerging markets, ranking seventh in the GDP world, ranking second only to China and the US in purchasing power parity, and third in the world, it said. 
 
The report said in the context of the ageing population of the world's major economies, India's low labour costs and abundant labour supply have attracted much attention, and the capital market has given high expectations for its economic growth, it said. 
 
"The larger marginal improvement formed by various structural reforms led by Modi government is expected to unleash India's abundant demographic dividend," it said. 
 
Quoting IMF projections stating that India's economy will continue to lead the global economy for a long time to come, it said "at the same time, the Indian rupee value stability, guarantee the security of the investment in India, India's stock markets risk/reward ratio is high and a low correlation with the A-shares," it said. 
 
A write-up in the Global Times by the fund manager said "as the most important emerging market overseas, the Indian stock market's long-term trend must be positive. For Chinese investors, the current moment offers the best opportunity to get started in Indian stocks."&nbsp 
 
"The certainty of India's growth is very clear. But considering the continuous acceleration of urbanisation and the expansion of the middle class, India's future value will be large," it said. 
 
If estimated by purchasing power parity, India's GDP is already close to seven per cent of the world. The situation is similar to China when it started to rise a decade ago, it said. 
 
"Now, investing in the Indian market means an investor can enjoy double-digit economic growth," it said and added that the Indian stock market underwent a correction in the first quarter, which means it offers a good opportunity for opening positions. 
 
Recent research indicates that the Indian market has gradually become one of the best-performing markets in the world due to ongoing reforms, macroeconomic improvement and enhanced profitability, it said. 
 
"Take March as an example. Due to trade friction between China and the US, foreign capital showed mostly net outflows from other Asian stock markets. However, India's capital inflows reached $ 2.1 billion, which was in sharp contrast to other markets in the region," it said.

"This shows that foreign investors recognise India's economic strength," it said. 
 
Meanwhile, India is not affected by the trade friction between China and the US, and it has become a safe haven for funds. Chinese investors should pay close attention to the Indian stock market and seize new opportunities, it said.

The fund will invest in the future of the Indian economy and track the distribution of the industrial structure across the Indian market, the report quoted a fund manager as saying

The Industrial and Commercial Bank of China, a top state-run Chinese bank has launched China's first India-dedicated publicly offered investment fund, urging the Chinese to invest heavily stating that the Indian economy is entering the "golden age of economic take-off". The move, regarded as significant by observers to boost investments in India, comes just about a fortnight after the first ever informal summit between Prime Minister Narendra Modi and Chinese President Xi Jinping at Wuhan, where the two leaders sought to give a new direction to the bilateral ties to tap their economic potential. The fund, named as the Industrial and Commercial Bank Credit Suisse India Market Fund, will "invest in exchange-traded funds listed on more than 20 exchanges in Europe and the US that are based on the Indian market." It is China's first publicly offered fund for investing in India, state-run Global Times reported. The fund will invest in the future of the Indian economy and track the distribution of the industrial structure across the Indian market, the report quoted a fund manager as saying. The bank listed sectors for investments specifically, in terms of the major industries weighted distribution of the index. The financial industry will account for the highest proportion, followed by information technology, alternative consumption, energy, essential consumption, raw materials, medicine, healthcare and other industries, it said. The ICBC bank, the largest in the world with over $ 3.6 trillion in assets, has given an upbeat picture of India's economic growth path, while launching the fund. According to the announcement of the offering, the ICBC Credit Suisse Indian Market Fund (LOF) will be available for sale at both the on-site and off-site markets from May 7 to May 25. "Across the overseas market, India, as the second largest emerging market economy, is entering the golden age of economic take-off, and has become an area where international and domestic capitals are competing to pursue," a write-up on the ICBC's website said. The fund opened the way for domestic investors and "provided a good tool for low-threshold investment in India," it said. "Since 2017, the global economy has entered a recovery, and the relative advantages of emerging markets have gradually expanded, with India showing remarkable performance," it said. India has become the second largest economy in emerging markets, ranking seventh in the GDP world, ranking second only to China and the US in purchasing power parity, and third in the world, it said. The report said in the context of the ageing population of the world's major economies, India's low labour costs and abundant labour supply have attracted much attention, and the capital market has given high expectations for its economic growth, it said. "The larger marginal improvement formed by various structural reforms led by Modi government is expected to unleash India's abundant demographic dividend," it said. Quoting IMF projections stating that India's economy will continue to lead the global economy for a long time to come, it said "at the same time, the Indian rupee value stability, guarantee the security of the investment in India, India's stock markets risk/reward ratio is high and a low correlation with the A-shares," it said. A write-up in the Global Times by the fund manager said "as the most important emerging market overseas, the Indian stock market's long-term trend must be positive. For Chinese investors, the current moment offers the best opportunity to get started in Indian stocks." "The certainty of India's growth is very clear. But considering the continuous acceleration of urbanisation and the expansion of the middle class, India's future value will be large," it said. If estimated by purchasing power parity, India's GDP is already close to seven per cent of the world. The situation is similar to China when it started to rise a decade ago, it said. "Now, investing in the Indian market means an investor can enjoy double-digit economic growth," it said and added that the Indian stock market underwent a correction in the first quarter, which means it offers a good opportunity for opening positions. Recent research indicates that the Indian market has gradually become one of the best-performing markets in the world due to ongoing reforms, macroeconomic improvement and enhanced profitability, it said. "Take March as an example. Due to trade friction between China and the US, foreign capital showed mostly net outflows from other Asian stock markets. However, India's capital inflows reached $ 2.1 billion, which was in sharp contrast to other markets in the region," it said. "This shows that foreign investors recognise India's economic strength," it said. Meanwhile, India is not affected by the trade friction between China and the US, and it has become a safe haven for funds. Chinese investors should pay close attention to the Indian stock market and seize new opportunities, it said.

China's top state-run bank launches first India-dedicated investment fund

ICICI Bank Ltd, India's third-largest lender by assets, said its fourth-quarter net profit almost halved, missing expectations, as provisions for bad loans surged.

Gross bad loans as a percentage of total loans stood at 8.84 per cent at the end of March compared with 7.82 per cent at the end of the previous quarter and 7.89 per cent a year earlier.

Net profit for the three months to March 31 fell to 10.20 billion rupees on Monday.&nbsp;&nbsp;

That compared with the average 10.77 billion rupees forecast of 12 analysts, according to Thomson Reuters data.

Net interest income for the quarter was up 1 per cent on the year to 60.22 billion rupees, while net interest margin was at 3.24 per cent.

Shares of the Mumbai-based lender, which started trading in 1998, ended 2.5 per cent higher ahead of the results, outperforming a slightly higher main market.&nbsp;

The results come against the backdrop of a series of allegations of impropriety in ICICI Bank's extending loans to some companies and enjoying reciprocal benefits by the family members of the bank's CEO Chanda Kochhar.&nbsp;

Gross bad loans as a percentage of total loans stood at 8.84 per cent at the end of March compared with 7.82 per cent at the end of the previous quarter and 7.89 per cent a year earlier

ICICI Bank Ltd, India's third-largest lender by assets, said its fourth-quarter net profit almost halved, missing expectations, as provisions for bad loans surged. Gross bad loans as a percentage of total loans stood at 8.84 per cent at the end of March compared with 7.82 per cent at the end of the previous quarter and 7.89 per cent a year earlier. Net profit for the three months to March 31 fell to 10.20 billion rupees on Monday. That compared with the average 10.77 billion rupees forecast of 12 analysts, according to Thomson Reuters data. Net interest income for the quarter was up 1 per cent on the year to 60.22 billion rupees, while net interest margin was at 3.24 per cent. Shares of the Mumbai-based lender, which started trading in 1998, ended 2.5 per cent higher ahead of the results, outperforming a slightly higher main market. The results come against the backdrop of a series of allegations of impropriety in ICICI Bank's extending loans to some companies and enjoying reciprocal benefits by the family members of the bank's CEO Chanda Kochhar.

ICICI Bank's Q4 profit drops by close to half as bad loans rise

IDBI Bank Ltd said on Tuesday fraudulent loans of Rs 772 crore were issued from five of its branches in Andhra Pradesh and Telangana, sending its shares lower on Wednesday.&nbsp;

Some of the loans, which were issued during fiscal years 2009-2013 for fish farming businesses, were obtained against fake lease documents of non-existent fish ponds and by inflating the value of collateral, the company said.

The company found major lapses in processing and disbursing the loans by two of its officials. The lender dismissed one of the officials, while the other official had already retired, it said.

The Central Bureau of Investigation (CBI), has registered cases for two of the five complaints, relating to branches at Basheerbagh and Guntur, the company said.

The bank said earlier on Tuesday it initiated a quality assurance audit, expected to be completed by April.

IDBI shares fell as much as 3.5 per cent to 73.6 rupees by 0512 GMT, while the index for public sector lenders Nifty PSU Bank index dropped as much as 1.8 per cent.

($1 = 65 rupees)

IDBI shares fell as much as 3.5 per cent to 73.6 rupees

IDBI Bank Ltd said on Tuesday fraudulent loans of Rs 772 crore were issued from five of its branches in Andhra Pradesh and Telangana, sending its shares lower on Wednesday. Some of the loans, which were issued during fiscal years 2009-2013 for fish farming businesses, were obtained against fake lease documents of non-existent fish ponds and by inflating the value of collateral, the company said. The company found major lapses in processing and disbursing the loans by two of its officials. The lender dismissed one of the officials, while the other official had already retired, it said. The Central Bureau of Investigation (CBI), has registered cases for two of the five complaints, relating to branches at Basheerbagh and Guntur, the company said. The bank said earlier on Tuesday it initiated a quality assurance audit, expected to be completed by April. IDBI shares fell as much as 3.5 per cent to 73.6 rupees by 0512 GMT, while the index for public sector lenders Nifty PSU Bank index dropped as much as 1.8 per cent. ($1 = 65 rupees)

IDBI Bank discloses fraud of Rs 772 crore, shares fall

Following the outrage over iron spikes installed on the pavement of an HDFC Bank branch in Mumbai, the bank on Tuesday assured that they would be removed immediately.

"We sincerely regret the inconvenience caused to the public by the installation of the spikes at our Fort Branch, as part of the recent renovation. We're having the spikes removed on priority," the bank tweeted.

&nbsp;

We sincerely regret the inconvenience caused to the public by the installation of the spikes at our Fort Branch, as part of the recent renovation. We're having the spikes removed on priority. <a href="https://twitter.com/simonmundy?ref_src=twsrc%5Etfw">@simonmundy</a> <a href="https://t.co/Tw5j6RYmGu">https://t.co/Tw5j6RYmGu</a>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">— HDFC Bank (@HDFCBank_Cares) <a href="https://twitter.com/HDFCBank_Cares/status/978351605107052544?ref_src=twsrc%5Etfw">March 26, 2018</a></blockquote>
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HDFC bank drew flak for installing multiple rows of iron spikes outside their Fort Branch here, which many saw as a move to prevent homeless people from sleeping on the pavements in the busy metropolis.

A number of individuals posted photos of, what looked like a bed of nails, on social media platforms. Some flagged up caution regarding the potential harm the spikes could cause to pedestrians, particularly to elderly people and children.

A Twitter user tagged HDFC Bank and said "This photo is of your newly opened branch at MG Road Fort Mumbai, besides Fabindia. Nice modern branch. BUT Why these hideous spikes? What if a kid/ elderly or physically disabled person falls on them and gets seriously hurt? May lead to very bad PR disaster."

"An eye-catching response to Mumbai's homelessness crisis from HDFC Bank (Fort branch)," another user tweeted. 
&nbsp;

A number of individuals posted photos of, what looked like a bed of nails, on social media platforms.

Following the outrage over iron spikes installed on the pavement of an HDFC Bank branch in Mumbai, the bank on Tuesday assured that they would be removed immediately. "We sincerely regret the inconvenience caused to the public by the installation of the spikes at our Fort Branch, as part of the recent renovation. We're having the spikes removed on priority," the bank tweeted. We sincerely regret the inconvenience caused to the public by the installation of the spikes at our Fort Branch, as part of the recent renovation. We're having the spikes removed on priority. @simonmundy https://t.co/Tw5j6RYmGu — HDFC Bank (@HDFCBank_Cares) March 26, 2018 × HDFC bank drew flak for installing multiple rows of iron spikes outside their Fort Branch here, which many saw as a move to prevent homeless people from sleeping on the pavements in the busy metropolis. A number of individuals posted photos of, what looked like a bed of nails, on social media platforms. Some flagged up caution regarding the potential harm the spikes could cause to pedestrians, particularly to elderly people and children. A Twitter user tagged HDFC Bank and said "This photo is of your newly opened branch at MG Road Fort Mumbai, besides Fabindia. Nice modern branch. BUT Why these hideous spikes? What if a kid/ elderly or physically disabled person falls on them and gets seriously hurt? May lead to very bad PR disaster." "An eye-catching response to Mumbai's homelessness crisis from HDFC Bank (Fort branch)," another user tweeted.

HDFC removes spikes outside Mumbai branch which some saw as move to deter homeless

Nationalist Congress Party (NCP) MP Majeed Memon has quoted a report alleging that the accused celebrity jeweller,&nbsp;<a href="http://www.wionews.com/india-news/pnb-scam-ed-attaches-nirav-modis-property-of-over-rs-500-crores-33929">Nirav Modi</a> had deposited cash worth Rs 90 crore at one of the branches of the scam-hit Punjab National Bank (PNB)&nbsp;hours before the announcement of demonetisation.

Memon also took to Twitter to convey the same, and hinted on suspicion of connivance between the accused and the BJP-led government at the Centre, by adding, &quot;What does it suggest?&quot;&nbsp;

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A report reveals that Nirav Modi deposited huge cash amount in one PNB branch on 8 th Nov. 2017, hours before PM announced demonitization. What does it suggest ?
&mdash; Majeed Memon MP (@advmajeedmemon) <a href="https://twitter.com/advmajeedmemon/status/967295252364255233?ref_src=twsrc%5Etfw">February 24, 2018</a></blockquote>
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Calling for an investigation into the alleged incident, Memon said that this was reported during the time absconding billionaire jeweller&nbsp;Nirav Modi&nbsp;left India.

&quot;When Nirav Modi left India, at that time it was reported that some hours prior to Prime Minister&#39;s announcement of demonetisation in 2016, Nirav Modi deposited 90 crore rupees of cash in one branch of PNB, and he probably exchanged it for bullion or something,&quot; Memon told ANI, adding, &quot;I think that there should be proper investigation to see if there is any element of truth to it.&quot;

The allegations by Memon come a day after the government on Saturday<a href="http://www.wionews.com/india-news/passports-of-nirav-modi-mehul-choksi-suspended-mea-gives-one-week-to-respond-33087"> revoked the passports </a>of Nirav Modi and Mehul Choksi who are at the forefront of the alleged multi-million <a href="http://www.wionews.com/india-news/you-were-getting-lous-issued-illegally-says-pnb-in-letter-to-nirav-modi-33705">Punjab National Bank (PNB) fraud</a>.

The Congress on Saturday accused the Centre of being aware of all details, hours after Finance Minister Arun Jaitley slammed regulators for failing to detect the fraud.&nbsp;

Senior Congress leader Kapil Sibal had said, &ldquo;Why blame only regulator? What about the political system and the fact that Finance Ministry must&#39;ve known about it.&rdquo;

Nirav Modi, who holds an Indian passport, had left India on January 1, while his brother Nishal, a Belgian citizen, departed from the country&nbsp;the same day. Modi&#39;s wife Ami, a US citizen, left on January 6 and his maternal uncle and business associate Mehul Choksi left on January 4. 
&nbsp;

Calling for an investigation into the alleged incident, Majeed Memon said that this was reported during the time absconding billionaire jeweller Nirav Modi left India

Nationalist Congress Party (NCP) MP Majeed Memon has quoted a report alleging that the accused celebrity jeweller, Nirav Modi had deposited cash worth Rs 90 crore at one of the branches of the scam-hit Punjab National Bank (PNB) hours before the announcement of demonetisation. Memon also took to Twitter to convey the same, and hinted on suspicion of connivance between the accused and the BJP-led government at the Centre, by adding, "What does it suggest?" A report reveals that Nirav Modi deposited huge cash amount in one PNB branch on 8 th Nov. 2017, hours before PM announced demonitization. What does it suggest ? — Majeed Memon MP (@advmajeedmemon) February 24, 2018 × Calling for an investigation into the alleged incident, Memon said that this was reported during the time absconding billionaire jeweller Nirav Modi left India. "When Nirav Modi left India, at that time it was reported that some hours prior to Prime Minister's announcement of demonetisation in 2016, Nirav Modi deposited 90 crore rupees of cash in one branch of PNB, and he probably exchanged it for bullion or something," Memon told ANI, adding, "I think that there should be proper investigation to see if there is any element of truth to it." The allegations by Memon come a day after the government on Saturday revoked the passports of Nirav Modi and Mehul Choksi who are at the forefront of the alleged multi-million Punjab National Bank (PNB) fraud. The Congress on Saturday accused the Centre of being aware of all details, hours after Finance Minister Arun Jaitley slammed regulators for failing to detect the fraud. Senior Congress leader Kapil Sibal had said, “Why blame only regulator? What about the political system and the fact that Finance Ministry must've known about it.” Nirav Modi, who holds an Indian passport, had left India on January 1, while his brother Nishal, a Belgian citizen, departed from the country the same day. Modi's wife Ami, a US citizen, left on January 6 and his maternal uncle and business associate Mehul Choksi left on January 4.

Nirav Modi exchanged notes worth Rs 90 crore in PNB hours before demonetisation, alleges NCP lawmaker

On Saturday, passports of both -&nbsp;owner of Gitanjali Gems, Mehul Choksi and billionaire jeweller&nbsp;<a href="http://www.wionews.com/india-news/who-is-nirav-modi-the-billionaire-jeweller-at-centre-of-rs-11000-crore-scam-32970">Nirav Modi</a>&nbsp;- have been revoked by the MEA upon failing to respond after cause notice was given.&nbsp;

PNB CMD Sunil Mehta and Executive Director KV Bramhaji Rao were also questioned by the CBI on Saturday.&nbsp;

Earlier, after&nbsp;Mehul Choksi, wrote a letter to his employees, his lawyer Sanjay Abbott informed that the letter sent by the owner to the employees was for them to gain clarity on the situation.

&quot;Letter was written because everything has been sealed. My client is not in a position to operate any account to pay the employees. So it was written to tell them that they are free, and dues will be paid when the situation returns to normalcy,&quot; he said.

He further said that the amount was taken towards official purposes, and added that the matter will be examined extensively once the charge-sheet is filed.

Moreover, Abbott informed that he is unaware of his client&#39;s location even though they are in touch.&nbsp;

Also read:&nbsp;<a href="http://www.wionews.com/india-news/full-text-of-nirav-modis-letter-to-pnb-33448">&#39;You destroyed my brand&#39;: Read full text of Nirav Modi&#39;s letter to PNB</a>

Choksi, in a letter to his employees, stated that he would be unable to clear their dues in lieu of the ongoing probe in the 1.77 billion dollar scam.

In a communication to over 3,500 employees, said it would be &quot;very tough&quot; to clear dues of his employees or pay future salaries, as investigative agencies had seized his bank accounts and other properties, adding that the manner of investigation was starting to create havoc, and was hell-bent on stopping the operations.

<a href="http://www.wionews.com/india-news/cant-pay-salaries-anymore-look-for-other-jobs-mehul-choksi-writes-to-his-employees-33903">Read the full letter dated 23 February 2018 written by Mehul Choksi to his India employees.</a>&nbsp;

PNB CMD Sunil Mehta and Executive Director KV Bramhaji Rao were also questioned by the CBI on Saturday

On Saturday, passports of both - owner of Gitanjali Gems, Mehul Choksi and billionaire jeweller Nirav Modi - have been revoked by the MEA upon failing to respond after cause notice was given. PNB CMD Sunil Mehta and Executive Director KV Bramhaji Rao were also questioned by the CBI on Saturday. Earlier, after Mehul Choksi, wrote a letter to his employees, his lawyer Sanjay Abbott informed that the letter sent by the owner to the employees was for them to gain clarity on the situation. "Letter was written because everything has been sealed. My client is not in a position to operate any account to pay the employees. So it was written to tell them that they are free, and dues will be paid when the situation returns to normalcy," he said. He further said that the amount was taken towards official purposes, and added that the matter will be examined extensively once the charge-sheet is filed. Moreover, Abbott informed that he is unaware of his client's location even though they are in touch. Also read: 'You destroyed my brand': Read full text of Nirav Modi's letter to PNB Choksi, in a letter to his employees, stated that he would be unable to clear their dues in lieu of the ongoing probe in the 1.77 billion dollar scam. In a communication to over 3,500 employees, said it would be "very tough" to clear dues of his employees or pay future salaries, as investigative agencies had seized his bank accounts and other properties, adding that the manner of investigation was starting to create havoc, and was hell-bent on stopping the operations. Read the full letter dated 23 February 2018 written by Mehul Choksi to his India employees.

MEA revokes Mehul Choksi, Nirav Modi's passports

Four people were arrested by the police in Hyderabad for allegedly trying to exchange scrapped currency notes, reports said on Sunday.&nbsp;

A total of Rs 2.53 crore of demonetised currency was found in possession of the four men, officials said.&nbsp;

The men were caught by the police after they tried to speed their vehicle during police checking at Bahadurpura Cross Road on January 26.&nbsp;

The police personnel chased the vehicle and after stopping it, they found the four persons in possession of the old currency notes in Rs 500 and Rs 1,000 denominations, Deputy Commissioner of Police (South Zone) V Satyanarayana said in a press release on Saturday.

The accused -- Amit Bagri, a businessman from Bengaluru, and the three locals -- were allegedly planning to exchange the old notes with the new currency on a commission basis, he said.

The four men were arrested under the Specified Bank Notes (Cessation of Liabilities) Act, 2017, the police said.

Earlier this month, the Hyderabad police arrested<a href="http://www.wionews.com/india-news/hyderabad-three-arrested-for-possessing-demonetised-notes-worth-1-crore-28593" target="_blank"> three people</a> for possessing demonetised notes worth Rs 1 crore in Secunderabad after the trio was found suspicious while looking for means to exchange the old notes with the new ones near a bank when the police were notified.&nbsp;

The men were caught by the police after they tried to speed their vehicle while the police checking at Bahadurpura Cross Road on January 26

Four people were arrested by the police in Hyderabad for allegedly trying to exchange scrapped currency notes, reports said on Sunday. A total of Rs 2.53 crore of demonetised currency was found in possession of the four men, officials said. The men were caught by the police after they tried to speed their vehicle during police checking at Bahadurpura Cross Road on January 26. The police personnel chased the vehicle and after stopping it, they found the four persons in possession of the old currency notes in Rs 500 and Rs 1,000 denominations, Deputy Commissioner of Police (South Zone) V Satyanarayana said in a press release on Saturday. The accused -- Amit Bagri, a businessman from Bengaluru, and the three locals -- were allegedly planning to exchange the old notes with the new currency on a commission basis, he said. The four men were arrested under the Specified Bank Notes (Cessation of Liabilities) Act, 2017, the police said. Earlier this month, the Hyderabad police arrested three people for possessing demonetised notes worth Rs 1 crore in Secunderabad after the trio was found suspicious while looking for means to exchange the old notes with the new ones near a bank when the police were notified.

4 men arrested in Hyderabad for possessing demonetised notes worth 2.5 crore

In its largest recruitment drive since 2013, State Bank of India will be hiring nearly 9,500 junior assistants for customer support and sales functions.&nbsp;

The drive is initiated after the bank&#39;s employee headcount reduced to over ten thousand during the current fiscal.&nbsp;

The employees reduced to 2,69,000 by end September compared to 2,80,000 at the beginning of the financial year.&nbsp;

The reduction in the number of employees is due to attrition and voluntary retirement after the merger of associate banks.&nbsp;

The largest number of vacancies are in Uttar Pradesh followed by Maharashtra.&nbsp;

The Indian public sector banking has advertised in the country for filling up the vacancies.&nbsp;

There are over 9,000 vacancies. Out of this more than 1,100 are to clear a backlog in the reserved category.&nbsp;

The bank aims to restructure its staff following the merger of the five associate banks with itself.&nbsp;

An introduction to straight-through processing and digital Banking has reduced the need for administrative staff but has increased the need for more customer-facing employees.&nbsp;

According to the Bank&#39;s management, staff strength could decline further as replacement will not be &quot; Head to Head&quot;.&nbsp;

The drive is initiated after the bank's employee headcount reduced to over ten thousand during the current fiscal

In its largest recruitment drive since 2013, State Bank of India will be hiring nearly 9,500 junior assistants for customer support and sales functions. The drive is initiated after the bank's employee headcount reduced to over ten thousand during the current fiscal. The employees reduced to 2,69,000 by end September compared to 2,80,000 at the beginning of the financial year. The reduction in the number of employees is due to attrition and voluntary retirement after the merger of associate banks. The largest number of vacancies are in Uttar Pradesh followed by Maharashtra. The Indian public sector banking has advertised in the country for filling up the vacancies. There are over 9,000 vacancies. Out of this more than 1,100 are to clear a backlog in the reserved category. The bank aims to restructure its staff following the merger of the five associate banks with itself. An introduction to straight-through processing and digital Banking has reduced the need for administrative staff but has increased the need for more customer-facing employees. According to the Bank's management, staff strength could decline further as replacement will not be " Head to Head".

State Bank to hire over 9,000 employees for customer support, sales

The Hyderabad police arrested three people for possessing demonetised notes worth Rs. 1 crore on Thursday in Secunderabad.&nbsp;

The accused were identified as K Rajesh, 45, a stock market investor from ECIL; P Anantha Reddy, 37, a businessman from Nallakunta; and A Nagaraju, 30, a driver from Siddipet.

&quot;The accused K. Rajesh, P. Anantha Reddy and Ashangari Nagaraju had come near the SBI bank, Main road Karkhana with the intention to exchange old demonetised Indian currency with new Indian denominations,&quot; B. Sumati, DCP, North zone said.&nbsp;

The trio was found suspicious while looking for means to exchange the old notes with the new ones near a bank when the police were notified.&nbsp;

According to media reports, one of the identified arrested, Rajesh&nbsp;said that he got the money from someone by paying a meagre amount and wanted to sell them at a similar profit during the demonetisation drive but was unsuccessful.

After the other two identified - Anantha Reddy and Nagaraju - came to know about the situation they told Rajesh that some people would be ready to purchase demonetised currency at 20% of its face value.

The trio came near a bank at Secunderabad area when police found them moving suspiciously and caught them.&nbsp;

During the enquiry, police found a sum of Rs. 1 crore consisting of 4,200 notes of Rs 1000 denomination and 11,600 notes of 500 denomination, media reports said.&nbsp;

Besides the currency notes, one two-wheeler and three mobile phones were also seized from them. The three are still under&nbsp;investigation.&nbsp; 
&nbsp;

The trio was found suspicious while looking for means to exchange the old notes with the new ones near a bank when the police were notified

The Hyderabad police arrested three people for possessing demonetised notes worth Rs. 1 crore on Thursday in Secunderabad. The accused were identified as K Rajesh, 45, a stock market investor from ECIL; P Anantha Reddy, 37, a businessman from Nallakunta; and A Nagaraju, 30, a driver from Siddipet. "The accused K. Rajesh, P. Anantha Reddy and Ashangari Nagaraju had come near the SBI bank, Main road Karkhana with the intention to exchange old demonetised Indian currency with new Indian denominations," B. Sumati, DCP, North zone said. The trio was found suspicious while looking for means to exchange the old notes with the new ones near a bank when the police were notified. According to media reports, one of the identified arrested, Rajesh said that he got the money from someone by paying a meagre amount and wanted to sell them at a similar profit during the demonetisation drive but was unsuccessful. After the other two identified - Anantha Reddy and Nagaraju - came to know about the situation they told Rajesh that some people would be ready to purchase demonetised currency at 20% of its face value. The trio came near a bank at Secunderabad area when police found them moving suspiciously and caught them. During the enquiry, police found a sum of Rs. 1 crore consisting of 4,200 notes of Rs 1000 denomination and 11,600 notes of 500 denomination, media reports said. Besides the currency notes, one two-wheeler and three mobile phones were also seized from them. The three are still under investigation.

Hyderabad: Three arrested for possessing demonetised notes worth 1 crore

State Bank of India will &ldquo;redesign&rdquo; its envelopes used to dispatch tax refund cheques of customers to cover their permanent account number (PAN) and contact numbers after an activist raised that the crucial personal information was visible to anyone which may result in misuse, the bank said.

The move comes nearly 16 months after activist Commodore (retd) Lokesh Batra raised the issue that the window envelopes used by SBI make it easy for someone to glance through PAN and contact number of the tax payee and misuse it.

Batra wrote to Reserve Bank of India (RBI) Governor Urjit Patel, alleging that SBI was violating its directions on &lsquo;protection of customer&rsquo;s information&rsquo; by sending crucial information about customers in &ldquo;unsecured envelopes&rdquo;.

&ldquo;This systemic failures by banks must be breaching the personal information of very large numbers of People. I had reported this matter at the highest level in SBI..., but as of now no one has even blinked...and breaching of people&rsquo;s personal information is continuing,&rdquo; he wrote to the RBI Governor on November 28.

He said he had been &ldquo;pleading&rdquo; with SBI at the highest level for the past 16 months to ensure compliance with RBI directions, but nothing has changed.

After the RBI referred the matter to SBI, the bank responded by saying that &ldquo;the envelops (window envelops) in which income tax refund orders are being dispatched to various assesses will be redesigned, so that the PAN number is not visible to anyone&rdquo;.

An activist had complained that the window envelopes used by the State Bank of India make it easy for someone to look at tax payees' PAN and contact numbers

State Bank of India will “redesign” its envelopes used to dispatch tax refund cheques of customers to cover their permanent account number (PAN) and contact numbers after an activist raised that the crucial personal information was visible to anyone which may result in misuse, the bank said. The move comes nearly 16 months after activist Commodore (retd) Lokesh Batra raised the issue that the window envelopes used by SBI make it easy for someone to glance through PAN and contact number of the tax payee and misuse it. Batra wrote to Reserve Bank of India (RBI) Governor Urjit Patel, alleging that SBI was violating its directions on ‘protection of customer’s information’ by sending crucial information about customers in “unsecured envelopes”. “This systemic failures by banks must be breaching the personal information of very large numbers of People. I had reported this matter at the highest level in SBI..., but as of now no one has even blinked...and breaching of people’s personal information is continuing,” he wrote to the RBI Governor on November 28. He said he had been “pleading” with SBI at the highest level for the past 16 months to ensure compliance with RBI directions, but nothing has changed. After the RBI referred the matter to SBI, the bank responded by saying that “the envelops (window envelops) in which income tax refund orders are being dispatched to various assesses will be redesigned, so that the PAN number is not visible to anyone”.

SBI to redesign envelopes for dispatching tax cheques to protect PAN

Al Qaeda Kashmir <a href="http://www.wionews.com/india-news/watch-bank-staff-guards-foil-terrorists-robbery-attempt-in-jammu-and-kashmir-25842">unit chief Zakir Musa and his associates </a>looted a bank in Jammu and Kashmir, reports said on Monday.&nbsp;

Around Rs 1 lakh were looted by Musa and two of his associates at the Noorpora branch of J&amp;K Bank limited in Tral area - after firing shots in the air, reports said

The incident took place on Monday afternoon. Thorough search operations are on after the robbery, as per reports.&nbsp;

Earlier, Al Qaeda had announced that they have appointed Zakir Musa as the chief of its Kashmir unit, called Ansar Ghazwatul Hind, making him the most wanted commander in the Valley.&nbsp; 
&nbsp;

Around Rs. 1 lakh were looted by Musa and two of his associates at the Noorpora branch of J&K Bank limited in Tral area - after firing shots in the air, reports said

Al Qaeda Kashmir unit chief Zakir Musa and his associates looted a bank in Jammu and Kashmir, reports said on Monday. Around Rs 1 lakh were looted by Musa and two of his associates at the Noorpora branch of J&K Bank limited in Tral area - after firing shots in the air, reports said The incident took place on Monday afternoon. Thorough search operations are on after the robbery, as per reports. Earlier, Al Qaeda had announced that they have appointed Zakir Musa as the chief of its Kashmir unit, called Ansar Ghazwatul Hind, making him the most wanted commander in the Valley.

Al Qaeda Kashmir chief Zakir Musa loots J&K bank: Report

Bitcoin is a bubble and its fair value should be around $100, or about 99 percent below the current level, Katsunori Sago, chief investment officer of Japan Post Bank said on Thursday.

The bank could consider buying the digital currency if it falls to $100, but has no plans to short-sell bitcoin because it is too volatile, he added.

The current bitcoin craze is worse than the dot-com bubble in the late 1990s that eventually busted in 2000, Sago said.

&quot;During the information technology bubble, we saw a rally in dot-com company shares. But at least at that time, there were people using Yahoo or (Japanese internet firm) Rakuten -- people were using their services,&quot; he said.

&quot;But this time, I see quite a lot of people doing crypto-currency businesses in my circle of friends. But I hardly know anyone in person who is trading crypto-currencies and I haven&#39;t seen anyone using them in real life,&quot; he said.

&quot;So in that sense, it&#39;s worse than the IT bubble,&quot; he added.

Sago also said he found it troubling when a friend who has no background in the financial industry recently asked his opinion of crypto-currencies.

&quot;When people who have nothing to do with finance ask me that sort of question, normally that market will get into trouble in a few months. According to knowledge from my experience, it is a very important signal for me,&quot; noting that he had a similar experience twice, once before the dot-com bubble burst in 2000 and another in 2007 when stock prices peaked in many countries.

Sago said bitcoin&#39;s rally could end after its price hits the $10,000 mark or right before the CME Group launches bitcoin futures some time by the end of this year.

The futures contract is expected to make it possible for institutional investors to short the digital currency.

But Sago said it is hard to predict when and where a bubble will burst, and therefore, the bank is not interested in shorting bitcoin.

Sago noted that blockchain is a great technology and one-day bitcoin could become a major means of settlement.

&quot;But that will be years away, possibly more than a decade -- so there&#39;s no need to buy bitcoin now. Since no one knows when the bubble will burst, the best thing to do here is to stay away from it,&quot; he said.

&nbsp;

Bitcoin's fair value should be around $100, or about 99 per cent below the current level, Katsunori Sago said

Bitcoin is a bubble and its fair value should be around $100, or about 99 percent below the current level, Katsunori Sago, chief investment officer of Japan Post Bank said on Thursday. The bank could consider buying the digital currency if it falls to $100, but has no plans to short-sell bitcoin because it is too volatile, he added. The current bitcoin craze is worse than the dot-com bubble in the late 1990s that eventually busted in 2000, Sago said. "During the information technology bubble, we saw a rally in dot-com company shares. But at least at that time, there were people using Yahoo or (Japanese internet firm) Rakuten -- people were using their services," he said. "But this time, I see quite a lot of people doing crypto-currency businesses in my circle of friends. But I hardly know anyone in person who is trading crypto-currencies and I haven't seen anyone using them in real life," he said. "So in that sense, it's worse than the IT bubble," he added. Sago also said he found it troubling when a friend who has no background in the financial industry recently asked his opinion of crypto-currencies. "When people who have nothing to do with finance ask me that sort of question, normally that market will get into trouble in a few months. According to knowledge from my experience, it is a very important signal for me," noting that he had a similar experience twice, once before the dot-com bubble burst in 2000 and another in 2007 when stock prices peaked in many countries. Sago said bitcoin's rally could end after its price hits the $10,000 mark or right before the CME Group launches bitcoin futures some time by the end of this year. The futures contract is expected to make it possible for institutional investors to short the digital currency. But Sago said it is hard to predict when and where a bubble will burst, and therefore, the bank is not interested in shorting bitcoin. Sago noted that blockchain is a great technology and one-day bitcoin could become a major means of settlement. "But that will be years away, possibly more than a decade -- so there's no need to buy bitcoin now. Since no one knows when the bubble will burst, the best thing to do here is to stay away from it," he said.

Bitcoin is a bubble: Japan Post Bank Chief Investment Officer

All India Bank Employees Association (AIBEA) and All India Bank Officers Association (AIBOA) have given a call for demonstration against the problems that various banks and their employees are facing due to demonetisation.

The agitational programmes that they plan to undertake include demonstrations on December 28, followed by the unions addressing a letter to Union Finance Minister Arun Jaitley on December 29, the two bank unions said. The union members also plan to demonstrate over the issue on January 2 and 3, 2017.

AIBEA general secretary C H Venkatchalam and his AIBOA counterpart S Nagrajan in a statement issued today said, &quot;As per the call of our organisations, already our units have undertaken the programme of demonstrations in all major centres and met the local executives of RBI to hand over our memorandum&quot;.

The unions have demanded to ensure supply of adequate cash to all banks and branches, restore all ATMs without further delay and ensure transparency in cash supply to banks.

&quot;If RBI is not able to supply adequate cash to banks, then decision should be taken to suspend cash transactions in the bank branches till sufficient cash is supplied to banks,&quot; the statement said.

They also demanded CBI inquiry into the cases of seizure of huge number of new currency notes with some big persons when the bank branches are cash starved. The unions also demanded compensation to the families of the persons and bank staff who lost their lives recently due to the demonetisation.

The statement asked RBI and state governments to ensure safety and protection of bank employees and officers by maintaining law and order in all branches to prevent harassment of the staff.

They also want proper compensation to employees and officers for their extra work/late sittings done since November 8. Both the unions claim to have over 5.50 lakh members out of the nearly 9 lakh bank employees in the country.

(PTI)

Bank unions have called for demonstrations against the problems that various banks and their employees are facing due to demonetisation.

All India Bank Employees Association (AIBEA) and All India Bank Officers Association (AIBOA) have given a call for demonstration against the problems that various banks and their employees are facing due to demonetisation. The agitational programmes that they plan to undertake include demonstrations on December 28, followed by the unions addressing a letter to Union Finance Minister Arun Jaitley on December 29, the two bank unions said. The union members also plan to demonstrate over the issue on January 2 and 3, 2017. AIBEA general secretary C H Venkatchalam and his AIBOA counterpart S Nagrajan in a statement issued today said, "As per the call of our organisations, already our units have undertaken the programme of demonstrations in all major centres and met the local executives of RBI to hand over our memorandum". The unions have demanded to ensure supply of adequate cash to all banks and branches, restore all ATMs without further delay and ensure transparency in cash supply to banks. "If RBI is not able to supply adequate cash to banks, then decision should be taken to suspend cash transactions in the bank branches till sufficient cash is supplied to banks," the statement said. They also demanded CBI inquiry into the cases of seizure of huge number of new currency notes with some big persons when the bank branches are cash starved. The unions also demanded compensation to the families of the persons and bank staff who lost their lives recently due to the demonetisation. The statement asked RBI and state governments to ensure safety and protection of bank employees and officers by maintaining law and order in all branches to prevent harassment of the staff. They also want proper compensation to employees and officers for their extra work/late sittings done since November 8. Both the unions claim to have over 5.50 lakh members out of the nearly 9 lakh bank employees in the country. (PTI)

Bank unions call for agitation over note ban-related issues

The Reserve Bank of India (RB) left key policy rates unchanged, mostly on the back of rising inflation, which has been above the 5 per cent level in May and June, with eyes on the impact of the 7th Pay Commission payout and the monsoon. 
 
While the move was largely in line with the expectations put forth by experts, bankers and the markets, this was also RBI Governor Raghuram Rajan&#39;s last monetary policy review. Rajan will be stepping down from the RBI chair on September 4 when his term comes to an end. 
 
In the customary post-policy interaction with the media, Rajan, while answering the questions posed to him, left messages for the public, his critics and supporters, and talked about the RBI job and his future plans. 
 
On RBI job 
 
&quot;This has been a fantastic job. I have enjoyed every minute of it because everyday my RBI colleagues and I sit and work, we manage to move the needle a little bit everyday...there are very few places you can do this. So it has been fantastic. I hope there&#39;s some value add,&quot; he asserted.&nbsp; 
 
 
Advise to successor 
 
&quot;I don&#39;t advise my successors,&quot; Rajan said. 
 
Answering a question whether his successor will be pressurised to cut rates and sharply soon, the out-going Governor said, &quot;the next decision will be made by the monetary policy committee. There will be six people deciding the interest rates path. So it will be an independent decision.&quot; 
 
To his critics and supporters 
 
&quot;I have nothing to say to my critics. At the end of the day (what matters is) do you feel like you have made a useful contribution, are some people are better because of it? There are times I get notes in a plane saying thank you for what you&#39;re doing,&quot; he said. 
 
&quot;The snap judgements by critics or supporters don&#39;t matter. What matters is what plays out the long run -- sustainable growth of the country, job creation, movement to middle income economy,&quot; Rajan added. 
 
Rajan&#39;s message to the public 
 
The RBI will be rolling out a &#39;public awareness and consumer protection campaign&#39; very soon. Highlighting the campaign, Rajan said that there are two main pain points for bank customers and banks
<ul>
	<li>Meeting Know Your Customer (KYC) rules:&nbsp;Rajan said, while the KYC rules have been largely simplified, there may be instances that the local bank branch may not be aware of the changes made by the RBI. To simplify this, the RBI has added a FAQ (Frequently Asked Questions) tab on its website on the morning of August 9, to intimate the customer and the bank branches of the changes made to KYC norms.This includes all the guidelines currently in place to fulfil the KYC norms needed to open and maintain a bank account. A complete list of 24 questions with further links, have been provided by the central bank.</li>
</ul>
While speaking at the conference, Rajan said, according to the revised KYC norms, it&#39;s not necessary to physically go to the bank to get your address changed if you move houses. Your new address can be self certified but the bank branch may not be aware. You can show them the KYC guidelines of RBI&#39;s website, he said.

<ul>
	<li>Rajan&#39;s second warning on fraudulent e-mails in his name:&nbsp;The outgoing RBI chief warned the public about responding or paying service fees to e-mails (or senders) that are sent in his name or any future RBI Governor&#39;s name, promising a huge sum of money, in exchange of a small fee. &quot;Delete the email,&quot; he said, &quot;the e-mails are not from me, and RBI doesn&#39;t give out money to ordinary citizens even though we print plenty of it.&quot;</li>
</ul>
 
On NPA 
 
&quot;I&#39;m comfortable with the recognition process (towards NPA). The banks have taken a lot of steps (to address NPAs), some of them have taken more than required steps. The culture of clean up is embedded and so is the culture of recovery,&quot; he was quoted as saying.&nbsp; 
 
In the future, even after he steps down, Rajan said he was confident there will be no backtracking on NPA. &quot;There has been cooperation all along the way between the government and the RBI. The banks know what needs to be done,&quot; he said. 
 
On impact of GST and 7th Pay Commission 
 
&quot;It is not wise to assume that Goods and Services Tax (GST) implementation will increase inflation. What&#39;s important, is to see whether the impact of the GST implementation will be long term or short term.&quot;&nbsp; 
 
In terms of the 7th pay commission payout, the housing allowance maybe into prices over time but it may be a one time thing, he summed up.&nbsp; 
 
It&#39;s pertinent to mention that salaries for central government employees and pensioners for the years 2016 to 2026 is based on the recommendations of 7th pay commission that comprised a four-member panel and took 21 months to prepare the report.&nbsp; 
 
(This report first appeared in DNA) 
 
 
&nbsp;

Raghuram Rajan, who steps down on September 4, also left messages for critics and supporters and talked about the RBI job after the meet

The Reserve Bank of India (RB) left key policy rates unchanged, mostly on the back of rising inflation, which has been above the 5 per cent level in May and June, with eyes on the impact of the 7th Pay Commission payout and the monsoon. While the move was largely in line with the expectations put forth by experts, bankers and the markets, this was also RBI Governor Raghuram Rajan's last monetary policy review. Rajan will be stepping down from the RBI chair on September 4 when his term comes to an end. In the customary post-policy interaction with the media, Rajan, while answering the questions posed to him, left messages for the public, his critics and supporters, and talked about the RBI job and his future plans. On RBI job "This has been a fantastic job. I have enjoyed every minute of it because everyday my RBI colleagues and I sit and work, we manage to move the needle a little bit everyday...there are very few places you can do this. So it has been fantastic. I hope there's some value add," he asserted. Advise to successor "I don't advise my successors," Rajan said. Answering a question whether his successor will be pressurised to cut rates and sharply soon, the out-going Governor said, "the next decision will be made by the monetary policy committee. There will be six people deciding the interest rates path. So it will be an independent decision." To his critics and supporters "I have nothing to say to my critics. At the end of the day (what matters is) do you feel like you have made a useful contribution, are some people are better because of it? There are times I get notes in a plane saying thank you for what you're doing," he said. "The snap judgements by critics or supporters don't matter. What matters is what plays out the long run -- sustainable growth of the country, job creation, movement to middle income economy," Rajan added. Rajan's message to the public The RBI will be rolling out a 'public awareness and consumer protection campaign' very soon. Highlighting the campaign, Rajan said that there are two main pain points for bank customers and banks Meeting Know Your Customer (KYC) rules: Rajan said, while the KYC rules have been largely simplified, there may be instances that the local bank branch may not be aware of the changes made by the RBI. To simplify this, the RBI has added a FAQ (Frequently Asked Questions) tab on its website on the morning of August 9, to intimate the customer and the bank branches of the changes made to KYC norms.This includes all the guidelines currently in place to fulfil the KYC norms needed to open and maintain a bank account. A complete list of 24 questions with further links, have been provided by the central bank. While speaking at the conference, Rajan said, according to the revised KYC norms, it's not necessary to physically go to the bank to get your address changed if you move houses. Your new address can be self certified but the bank branch may not be aware. You can show them the KYC guidelines of RBI's website, he said. Rajan's second warning on fraudulent e-mails in his name: The outgoing RBI chief warned the public about responding or paying service fees to e-mails (or senders) that are sent in his name or any future RBI Governor's name, promising a huge sum of money, in exchange of a small fee. "Delete the email," he said, "the e-mails are not from me, and RBI doesn't give out money to ordinary citizens even though we print plenty of it." On NPA "I'm comfortable with the recognition process (towards NPA). The banks have taken a lot of steps (to address NPAs), some of them have taken more than required steps. The culture of clean up is embedded and so is the culture of recovery," he was quoted as saying. In the future, even after he steps down, Rajan said he was confident there will be no backtracking on NPA. "There has been cooperation all along the way between the government and the RBI. The banks know what needs to be done," he said. On impact of GST and 7th Pay Commission "It is not wise to assume that Goods and Services Tax (GST) implementation will increase inflation. What's important, is to see whether the impact of the GST implementation will be long term or short term." In terms of the 7th pay commission payout, the housing allowance maybe into prices over time but it may be a one time thing, he summed up. It's pertinent to mention that salaries for central government employees and pensioners for the years 2016 to 2026 is based on the recommendations of 7th pay commission that comprised a four-member panel and took 21 months to prepare the report. (This report first appeared in DNA)

Outgoing RBI chief keeps policy rate unchanged at last review meet; talks about GST, 7th pay commission

The Bank of England cut interest rates for the first time since 2009 on Thursday and said it will&nbsp;buy 60 billion pounds of government debt to ease the blow from Britain&#39;s June 23 vote to leave the European Union.

The central bank said it expected the economy to stagnate for the rest of 2016 and suffer weak growth throughout next year,&nbsp;and lowered its main lending rate to a record-low 0.25 per cent from 0.5 per cent, in line with market expectations.

But it also launched two new schemes, one to buy 10 billion pounds of high-grade corporate bonds and another - potentially worth up to 100 billion pounds - to ensure banks keep lending even after the cut in interest rates.

Most MPC members also expected to cut Bank Rate again this year to a rate &quot;close to, but a little above zero&quot;, if the economy performed as poorly as forecast

&quot;Following the United Kingdom&#39;s vote to leave the European Union, the exchange rate has fallen and the outlook for growth in the short to medium term has weakened markedly,&quot; the central bank said in its quarterly Inflation Report.

Policymakers were not completely united on how to respond. The cut in Bank Rate and the measure intended to ensure banks passed it on to consumers, known as the Term Funding Scheme (TFS), gained unanimous support.

But three policymakers, Kristin Forbes, Ian McCafferty and Martin Weale, opposed raising the target for quantitative easing government bond purchases to 435 billion pounds from the 375 billion total reached in late 2012.

Forbes also opposed the purchases of corporate debt - something the BoE did briefly after the financial crisis, but more to aid market functioning than to boost growth.

Many economists had expected Forbes to oppose a rate cut after she said last month that the central bank should not panic and instead wait for more data on the scale of Britain&#39;s economic slowdown.

While many business surveys show Britain&#39;s economy has slowed sharply and may even be entering recession, it is too soon for official data on how the EU vote is affecting output.

The BoE left its forecast for growth this year steady at 2.0 per cent, as the economy expanded faster in the first half of 2016 than it had expected in May.

But 2017 brings a sharp downgrade to growth of just 0.8 per cent from a previous estimate of 2.3 per cent, the biggest downgrade in growth from one Inflation Report to the next, exceeding what was seen in the financial crisis. The growth outlook for 2018 was cut to 1.8 per cent.

The BoE also revised up its inflation forecasts sharply, due to the big fall in sterling since the financial crisis, predicting it will hit 2.4 per cent in 2018 and 2019. The MPC said the costs of trying to bring it back to its 2 per cent target in the immediate future would exceed the benefit.

The Monetary Policy Committee launched the Term Funding Scheme to make sure that the lower levels of interest rates now set by the Bank of England are reflected in the costs commercial banks charge households and companies to borrow funds.

The Bank said it does not expect the scheme to lead to significantly faster aggregate loan growth, but to offset any hit to lending from a cut in official interest rates closer to zero.

Eligible institutions will be able to borrow four-year central bank reserves for an initial period of 18 months at rates close to the Bank Rate.

The lowest cost of funding, the 0.25 per cent Bank Rate, will be for banks that maintain or expand net lending to the economy and the BoE will charge a penalty rate if banks reduce net lending.

The MPC said it could adjust the terms and length of the scheme, which is funded by central bank reserves, and that the value of lending will be determined by usage of the scheme and could reach around 100 billion pounds.

New finance minister Philip Hammond, who replaced George Osborne last month, authorised the bond purchases and the TFS.

&quot;Alongside the actions the Bank is taking, I am prepared to take any necessary steps to support the economy and promote confidence,&quot; Hammond said in a letter to the central bank.

&quot;The government will set out its fiscal plans at the Autumn Statement in the normal way.&quot; released alongside its quarterly economic forecasts.

(Reuters)

The central bank said it expected the economy to stagnate for the rest of 2016 and suffer weak growth throughout next year

The Bank of England cut interest rates for the first time since 2009 on Thursday and said it will buy 60 billion pounds of government debt to ease the blow from Britain's June 23 vote to leave the European Union. The central bank said it expected the economy to stagnate for the rest of 2016 and suffer weak growth throughout next year, and lowered its main lending rate to a record-low 0.25 per cent from 0.5 per cent, in line with market expectations. But it also launched two new schemes, one to buy 10 billion pounds of high-grade corporate bonds and another - potentially worth up to 100 billion pounds - to ensure banks keep lending even after the cut in interest rates. Most MPC members also expected to cut Bank Rate again this year to a rate "close to, but a little above zero", if the economy performed as poorly as forecast "Following the United Kingdom's vote to leave the European Union, the exchange rate has fallen and the outlook for growth in the short to medium term has weakened markedly," the central bank said in its quarterly Inflation Report. Policymakers were not completely united on how to respond. The cut in Bank Rate and the measure intended to ensure banks passed it on to consumers, known as the Term Funding Scheme (TFS), gained unanimous support. But three policymakers, Kristin Forbes, Ian McCafferty and Martin Weale, opposed raising the target for quantitative easing government bond purchases to 435 billion pounds from the 375 billion total reached in late 2012. Forbes also opposed the purchases of corporate debt - something the BoE did briefly after the financial crisis, but more to aid market functioning than to boost growth. Many economists had expected Forbes to oppose a rate cut after she said last month that the central bank should not panic and instead wait for more data on the scale of Britain's economic slowdown. While many business surveys show Britain's economy has slowed sharply and may even be entering recession, it is too soon for official data on how the EU vote is affecting output. The BoE left its forecast for growth this year steady at 2.0 per cent, as the economy expanded faster in the first half of 2016 than it had expected in May. But 2017 brings a sharp downgrade to growth of just 0.8 per cent from a previous estimate of 2.3 per cent, the biggest downgrade in growth from one Inflation Report to the next, exceeding what was seen in the financial crisis. The growth outlook for 2018 was cut to 1.8 per cent. The BoE also revised up its inflation forecasts sharply, due to the big fall in sterling since the financial crisis, predicting it will hit 2.4 per cent in 2018 and 2019. The MPC said the costs of trying to bring it back to its 2 per cent target in the immediate future would exceed the benefit. The Monetary Policy Committee launched the Term Funding Scheme to make sure that the lower levels of interest rates now set by the Bank of England are reflected in the costs commercial banks charge households and companies to borrow funds. The Bank said it does not expect the scheme to lead to significantly faster aggregate loan growth, but to offset any hit to lending from a cut in official interest rates closer to zero. Eligible institutions will be able to borrow four-year central bank reserves for an initial period of 18 months at rates close to the Bank Rate. The lowest cost of funding, the 0.25 per cent Bank Rate, will be for banks that maintain or expand net lending to the economy and the BoE will charge a penalty rate if banks reduce net lending. The MPC said it could adjust the terms and length of the scheme, which is funded by central bank reserves, and that the value of lending will be determined by usage of the scheme and could reach around 100 billion pounds. New finance minister Philip Hammond, who replaced George Osborne last month, authorised the bond purchases and the TFS. "Alongside the actions the Bank is taking, I am prepared to take any necessary steps to support the economy and promote confidence," Hammond said in a letter to the central bank. "The government will set out its fiscal plans at the Autumn Statement in the normal way." released alongside its quarterly economic forecasts. (Reuters)

Bank of England cuts rates for first time since 2009, restarts bond purchases

Andrea Leadsom, a candidate to be Britain&#39;s next prime minister, is facing fresh allegations that she exaggerated her role working in financial services after putting that experience at the centre of her campaign to be the next leader. 
 
Leadsom said she had given a full account of her past jobs as some of her career credentials were called into doubt by former colleagues. 
 
After a ballot of lawmakers of the governing Conservative party on Thursday, Leadsom and interior minister Theresa May emerged as the two candidates to be prime minister. The result of the contest is expected to be decided by grass roots members by September 9. 
 
Before entering parliament in 2010 she spent a decade working at Barclays Bank and Invesco Perpetual, one of the country&#39;s biggest retail fund managers. 
 
Leadsom has often referred to her 25 years of experience in finance, recounting how she spent the weekend helping Eddie George, the late governor of the Bank of England, calming the fears of bankers after the merchant bank Barings collapsed. 
 
However, Peter Norris, the chief executive of Barings at the time, said he could not remember her playing a role in the failed attempt to rescue the bank, one of the biggest financial crises in modern British history. 
 
&quot;I was there the weekend of Barings&#39; collapse. I presented to all the banks in a room with Eddie George and I have absolutely no recollection of her at all,&quot; he told Reuters. 
 
&quot;She may have had a relationship with Barings but I do not recall her being involved in any way surrounding the collapse that weekend.&quot; 
 
A spokesman for Leadsom did not respond to Reuters&#39; request for comment on her role in the Barings rescue. 
 
&#39;In the thick of it&#39; 
 
In a blog in 2009, Leadsom wrote that over the weekend that Barings collapsed, she was &quot;in the thick of it&quot; as the Bank of England governor attempted to reassure markets and prevent a run on the banks. 
 
Responding to allegations she had exaggerated her experience working in finance, Leadsom told the BBC on Thursday that the criticism was &quot;ridiculous&quot; and her experience is &quot;all absolutely true&quot;. 
 
In an interview with the BBC on Sunday, Leadsom spoke about her past &quot;running enormous teams, small teams,&quot; running a start up business and being part of a huge bank. 
 
But Reuters spoke to five former Invesco colleagues, including four in senior management positions, who said Leadsom did not have a prominent role or manage client money. 
 
Fellow Leave campaigner and former London Mayor Boris Johnson, who is backing Leadsom after deciding not to run himself as the party&#39;s leader, said she has a &quot;better understanding of finance than almost anyone in parliament&quot;. 
 
Lawmaker Bernard Jenkin, another backer, said her position at a &quot;large investment firm where she was responsible for managing hundreds of people and billions of pounds&quot; made her suitable for the role. &nbsp;&nbsp; 
 
Leadsom said on her CV published by her spokesman after critics questioned her credentials she worked at Invesco Perpetual between 1999 and 2009, and was Senior Investment Officer and Head of Corporate Governance. Invesco declined to say what these roles involved. Typically in the UK financial industry, a senior investment officer manages client money. 
 
The five former Invesco employees said she did not manage a large team or look after client money. 
 
&quot;Everybody I&#39;ve spoken to who does remember her says her CV doesn&#39;t match her role,&quot; said one of the sources. 
 
Responsibility 
 
The Financial Services Register in the UK is a directory, started in 2001, that lists people in financial services companies who carry out a &quot;controlled function&quot;, which usually involves managing money, advising people on financial matters or holding a senior management role. 
 
According to the register, Leadsom was an approved person for dealing with client money at Invesco Perpetual from December 2001 to February 2002. But there is no record of her on the register anytime after that. 
 
That does not indicate she was not employed by the fund but suggests she was not in a position with large responsibility for managing client money or in senior management. 
 
Invesco confirmed that Leadsom worked there between 1999 and 2009 but declined to comment further on what her roles involved. 
 
One of the former Invesco colleagues, Robert Stephens, said he contacted her last week after seeing her Wikipedia entry which sourced the 2013 edition of Who&#39;s Who, a well known biographical compilation of influential figures, as saying that she had been listed as Chief Investment Officer at Invesco. 
 
A Chief Investment Officer at a fund would usually have broad responsibility for looking after investor money and setting its investment strategy. 
 
Clarification 
 
Stephens says he is an open supporter of Britain remaining in the EU. He said that, beyond his position on the referendum, he was angered by Leadsom&#39;s claims about her financial career. 
 
Stephens said he approached Leadsom to clarify her role at the company. 
 
Leadsom has subsequently corrected the Wikipedia entry. Stephens said she denied to him that she had written the passage. 
 
Stephens and three sources said her work included assisting the then chief investment officer Bob Yerbury. Stephens said this included negotiating salaries for fund managers and working on special projects for him. &nbsp; 
 
Yerbury could not be reached for comment. 
 
&quot;People are being seduced into thinking oh wonderful 25 years in the City. She got to the top of the City,&quot; Stephens, who worked as a global investment specialist at Invesco Perpetual at the same time between 1999 and 2009, told Reuters. 
 
&quot;It assigns to her understanding of the way the financial world works which simply aren&#39;t so. The question is why she feels it necessary to self aggrandize herself in that way.&quot; 
 
Before Invesco Leadsom worked at Barclays from 1987 to 1997 where she says on her publicly released CV that her roles included &quot;managing investment banks business&quot; and &quot;deputy financial institutions director&quot;. 
 
A source at Barclays bank said there had been emails sent around different departments in the investment bank in recent days trying to confirm her roles there. 
 
Barclays confirmed the dates she worked at the bank but declined to comment further. &nbsp; &nbsp; &nbsp;&nbsp; 
 
Some of Leadsom&#39;s supporters say the criticism from Stephens is uncalled for, even if there are questions about her career history.&nbsp; 
 
&quot;I think most people are realistic to know when you write a CV, you don&#39;t write it so that people don&#39;t employ you ... you always make the most of it,&quot; said Anne Marie Morris, a conservative lawmaker, who was part of the same intake as Leadsom at the 2010 election and is one of her supporters.&nbsp; 
 
&quot;The reality was that she wasn&#39;t making the tea, she was engaged in very serious deals and negotiations with very serious people.&quot; 
 
(Reuters)

Ex colleagues have alleged she exaggerated her role working in financial services, which she'd put at the centre of her PM campaign

Andrea Leadsom, a candidate to be Britain's next prime minister, is facing fresh allegations that she exaggerated her role working in financial services after putting that experience at the centre of her campaign to be the next leader. Leadsom said she had given a full account of her past jobs as some of her career credentials were called into doubt by former colleagues. After a ballot of lawmakers of the governing Conservative party on Thursday, Leadsom and interior minister Theresa May emerged as the two candidates to be prime minister. The result of the contest is expected to be decided by grass roots members by September 9. Before entering parliament in 2010 she spent a decade working at Barclays Bank and Invesco Perpetual, one of the country's biggest retail fund managers. Leadsom has often referred to her 25 years of experience in finance, recounting how she spent the weekend helping Eddie George, the late governor of the Bank of England, calming the fears of bankers after the merchant bank Barings collapsed. However, Peter Norris, the chief executive of Barings at the time, said he could not remember her playing a role in the failed attempt to rescue the bank, one of the biggest financial crises in modern British history. "I was there the weekend of Barings' collapse. I presented to all the banks in a room with Eddie George and I have absolutely no recollection of her at all," he told Reuters. "She may have had a relationship with Barings but I do not recall her being involved in any way surrounding the collapse that weekend." A spokesman for Leadsom did not respond to Reuters' request for comment on her role in the Barings rescue. 'In the thick of it' In a blog in 2009, Leadsom wrote that over the weekend that Barings collapsed, she was "in the thick of it" as the Bank of England governor attempted to reassure markets and prevent a run on the banks. Responding to allegations she had exaggerated her experience working in finance, Leadsom told the BBC on Thursday that the criticism was "ridiculous" and her experience is "all absolutely true". In an interview with the BBC on Sunday, Leadsom spoke about her past "running enormous teams, small teams," running a start up business and being part of a huge bank. But Reuters spoke to five former Invesco colleagues, including four in senior management positions, who said Leadsom did not have a prominent role or manage client money. Fellow Leave campaigner and former London Mayor Boris Johnson, who is backing Leadsom after deciding not to run himself as the party's leader, said she has a "better understanding of finance than almost anyone in parliament". Lawmaker Bernard Jenkin, another backer, said her position at a "large investment firm where she was responsible for managing hundreds of people and billions of pounds" made her suitable for the role. Leadsom said on her CV published by her spokesman after critics questioned her credentials she worked at Invesco Perpetual between 1999 and 2009, and was Senior Investment Officer and Head of Corporate Governance. Invesco declined to say what these roles involved. Typically in the UK financial industry, a senior investment officer manages client money. The five former Invesco employees said she did not manage a large team or look after client money. "Everybody I've spoken to who does remember her says her CV doesn't match her role," said one of the sources. Responsibility The Financial Services Register in the UK is a directory, started in 2001, that lists people in financial services companies who carry out a "controlled function", which usually involves managing money, advising people on financial matters or holding a senior management role. According to the register, Leadsom was an approved person for dealing with client money at Invesco Perpetual from December 2001 to February 2002. But there is no record of her on the register anytime after that. That does not indicate she was not employed by the fund but suggests she was not in a position with large responsibility for managing client money or in senior management. Invesco confirmed that Leadsom worked there between 1999 and 2009 but declined to comment further on what her roles involved. One of the former Invesco colleagues, Robert Stephens, said he contacted her last week after seeing her Wikipedia entry which sourced the 2013 edition of Who's Who, a well known biographical compilation of influential figures, as saying that she had been listed as Chief Investment Officer at Invesco. A Chief Investment Officer at a fund would usually have broad responsibility for looking after investor money and setting its investment strategy. Clarification Stephens says he is an open supporter of Britain remaining in the EU. He said that, beyond his position on the referendum, he was angered by Leadsom's claims about her financial career. Stephens said he approached Leadsom to clarify her role at the company. Leadsom has subsequently corrected the Wikipedia entry. Stephens said she denied to him that she had written the passage. Stephens and three sources said her work included assisting the then chief investment officer Bob Yerbury. Stephens said this included negotiating salaries for fund managers and working on special projects for him. Yerbury could not be reached for comment. "People are being seduced into thinking oh wonderful 25 years in the City. She got to the top of the City," Stephens, who worked as a global investment specialist at Invesco Perpetual at the same time between 1999 and 2009, told Reuters. "It assigns to her understanding of the way the financial world works which simply aren't so. The question is why she feels it necessary to self aggrandize herself in that way." Before Invesco Leadsom worked at Barclays from 1987 to 1997 where she says on her publicly released CV that her roles included "managing investment banks business" and "deputy financial institutions director". A source at Barclays bank said there had been emails sent around different departments in the investment bank in recent days trying to confirm her roles there. Barclays confirmed the dates she worked at the bank but declined to comment further. Some of Leadsom's supporters say the criticism from Stephens is uncalled for, even if there are questions about her career history. "I think most people are realistic to know when you write a CV, you don't write it so that people don't employ you ... you always make the most of it," said Anne Marie Morris, a conservative lawmaker, who was part of the same intake as Leadsom at the 2010 election and is one of her supporters. "The reality was that she wasn't making the tea, she was engaged in very serious deals and negotiations with very serious people." (Reuters)

Leadsom's career credentials come under scrutiny

US actor John Malkovich took French daily Le Monde and two of its journalists to court on Friday for defamation over a report alleging that he held a secret Swiss bank account. 
 
Dangerous Liaisons star Malkovich is suing the paper over two articles published in February about the tax evasion scheme run by British banking giant HSBC out of its Swiss affiliate. 
 
Malkovich, 62, was among several celebrities listed by Le Monde among the &quot;elite tax evaders&quot; to have had a secret Swiss account between 2005 and 2007 - a claim Malkovich has rejected. 
 
&quot;Not only did John Malkovich not defraud tax authorities&quot;, he &quot;never had an account with HSBC&quot;, Julia Minkowski, one of his lawyers, told a Paris court. 
 
The only Swiss account he ever had was a securities portfolio with a bank that was later bought by HSBC, Minkowski added. 
 
The actor had declared that account to US tax authorities before closing it on November 30, 1999, a month before the creation of HSBC&#39;s Swiss private banking arm, she said. 
 
Herve Temime, another of the actor&#39;s lawyers, said Le Monde&#39;s linking of the actor to the Swissleaks revelations was &quot;shameful&quot;, calling his client a &quot;man of great integrity&quot;. 
 
Prosecutor Annabelle Philippe rapped the two journalists who authored the report, and who were absent from the proceedings, for not having the &quot;decency to come and recognise the lack of professionalism of their investigation&quot;. 
 
Le Monde&#39;s lawyer Christophe Bigot, for his part, accused Malkovich of &quot;creating a fuss&quot; despite having had an account &quot;in a discreet little bank in a country (that was) uncooperative&quot; with other countries on tax matters. 
 
The court will rule on the case in October. 
 
(AFP)

The Hollywood actor took two journalists to court for alleging he held a secret Swiss bank account

US actor John Malkovich took French daily Le Monde and two of its journalists to court on Friday for defamation over a report alleging that he held a secret Swiss bank account. Dangerous Liaisons star Malkovich is suing the paper over two articles published in February about the tax evasion scheme run by British banking giant HSBC out of its Swiss affiliate. Malkovich, 62, was among several celebrities listed by Le Monde among the "elite tax evaders" to have had a secret Swiss account between 2005 and 2007 - a claim Malkovich has rejected. "Not only did John Malkovich not defraud tax authorities", he "never had an account with HSBC", Julia Minkowski, one of his lawyers, told a Paris court. The only Swiss account he ever had was a securities portfolio with a bank that was later bought by HSBC, Minkowski added. The actor had declared that account to US tax authorities before closing it on November 30, 1999, a month before the creation of HSBC's Swiss private banking arm, she said. Herve Temime, another of the actor's lawyers, said Le Monde's linking of the actor to the Swissleaks revelations was "shameful", calling his client a "man of great integrity". Prosecutor Annabelle Philippe rapped the two journalists who authored the report, and who were absent from the proceedings, for not having the "decency to come and recognise the lack of professionalism of their investigation". Le Monde's lawyer Christophe Bigot, for his part, accused Malkovich of "creating a fuss" despite having had an account "in a discreet little bank in a country (that was) uncooperative" with other countries on tax matters. The court will rule on the case in October. (AFP)

John Malkovich a 'man of integrity', French court told lawyer in defamation case

JPMorgan Chase &amp; Co said on Friday it has won approval from India&#39;s central bank to open three more branches in the country even as most foreign banks are scaling back their operations in India. 
 
The bank&#39;s press released said the new branches will be located in the capital New Delhi and in the southern cities of Bengaluru and Chennai, and&nbsp;are expected to be operational in the next few months. 
 
&quot;This is another significant milestone for growing our Indian franchise and deepening our banking footprint,&quot; said Kalpana Morparia, CEO, South &amp; South East Asia, JPMorgan, in the statement.&nbsp; 
 
&quot;The expansion endorses our long-term commitment to India, a key market for JP Morgan, as well as for many of our clients,&quot; she said in the statement. 
 
JP Morgan said it will provide all existing products and services through the new branches, including cash management, trade finance 
and foreign-currency payments. 
 
In the last few years, India has seen almost an exodus of foreign banks from a host of services that they provided in the country. 
 
In January, British bank Barclays Plc said it would shut its India equities business to cut costs and boost profits. 
 
Later in May HSBC Holdings Plc said it planned to close 24 branches in India as part of its strategic review of its retail banking and wealth management business. 
 
(Reuters)

The bank plans to expand its business in India at a time when other foreign banks like Barclays Plc are scaling down or closing shop

JPMorgan Chase & Co said on Friday it has won approval from India's central bank to open three more branches in the country even as most foreign banks are scaling back their operations in India. The bank's press released said the new branches will be located in the capital New Delhi and in the southern cities of Bengaluru and Chennai, and are expected to be operational in the next few months. "This is another significant milestone for growing our Indian franchise and deepening our banking footprint," said Kalpana Morparia, CEO, South & South East Asia, JPMorgan, in the statement. "The expansion endorses our long-term commitment to India, a key market for JP Morgan, as well as for many of our clients," she said in the statement. JP Morgan said it will provide all existing products and services through the new branches, including cash management, trade finance and foreign-currency payments. In the last few years, India has seen almost an exodus of foreign banks from a host of services that they provided in the country. In January, British bank Barclays Plc said it would shut its India equities business to cut costs and boost profits. Later in May HSBC Holdings Plc said it planned to close 24 branches in India as part of its strategic review of its retail banking and wealth management business. (Reuters)

JP Morgan to open 3 new branches in India

Asian stocks rose today as risk appetite continued to recover from last week&#39;s Brexit shock, but the pound came under renewed pressure after the Bank of England&#39;s governor hinted at an interest rate cut ahead.&nbsp; 
 
MSCI&#39;s broadest index of Asia-Pacific shares outside Japan rose 0.4 per cent. 
 
The index has recovered nearly all the losses suffered last Friday when global markets plunged in response to Britain&#39;s decision to leave the European Union. 
 
It has gained close to 3.5 per cent since Friday&#39;s close on a combination of short-covering and relief that Brexit did not spark contagion in the global financial system like that which engulfed markets during the 2008-09 crisis. 
 
Japan&#39;s Nikkei rose 0.6 per cent after the yen surrendered more of the territory gained during the flight to quality seen earlier in the week. It is on track for a 4.8 per cent gain for the week.&nbsp; 
 
South Korea&#39;s Kospi extended gains to 0.8 per cent, set to end the week 3.2 per cent higher.&nbsp; 
 
China&#39;s CSI 300 and Shanghai Composite indexes advanced 0.4 per cent, and looked set for weekly gains of 2.9 per cent and 3 per cent respectively, after data showed growth in China&#39;s services sector accelerated in June, while the manufacturing sector stalled.&nbsp; 
 
&quot;Share markets rebounded over the past week as worries about Brexit leading to global financial and economic chaos faded somewhat,&quot; Shane Oliver, head of investment strategy at AMP Capital in Sydney, wrote in a note. 
 
&quot;The week ahead will no doubt see bouts of Brexit-related nervousness but it may continue to settle down in the absence of any new developments in Europe.&quot; 
 
The Dow Jones industrial average climbed 1.3 per cent on Thursday, posting its third straight day of gains and erasing a bulk of its losses after Brexit. 
 
Some of the overnight gains on Wall Street were attributed to hopes for more monetary easing after BOE governor Mark Carney said on Thursday the central bank would probably need to pump more stimulus into Britain`s economy over the summer in wake of the Brexit shock. 
 
A number of Asian central banks, including those in Japan and China, are also expected to ease policy further later this year, while a number of Asian governments have ramped up fiscal stimulus. 
 
Carney&#39;s comments forced the pound to head south on Thursday and cut short the currency&#39;s recovery from a 31-year low on Monday. 
 
Sterling last traded at $1.3346 after nearly touching $1.35 on Thursday. The pound, which lost almost 8 per cent soon after the Brexit vote, has declined a further 2.6 per cent since. It sank to $1.3122 on Monday, its lowest since 1985. 
 
&quot;Carney has always been nervous about how Brexit would impact the UK economy and now that it is a reality, he is preparing for the worst, agrees with the doom and gloom scenario and wants to assure the market that the BoE will be proactive,&quot; wrote Kathy Lien, managing director of FX strategy at BK Asset Management. 
 
Sterling&#39;s slide added mild pressure on the euro, which was steady at $1.1104 after slipping overnight from $1.1155, its highest in six days. It&#39;s poised to end the week flat. 
 
The dollar pulled back slightly against the safe-haven yen, but retained most of this week&#39;s gains. The greenback, which fell to 99.00 yen in the initial phases of the Brexit shock, was last trading at 102.88 yen, on track for a gain of 0.7 per cent for the week. 
 
In commodities, crude oil advanced on expectations of rate cuts and better demand-supply balance. 
 
US crude was up 0.4 per cent at $48.54 a barrel after shedding more than 3 per cent on Thursday, but remains poised for a 1.9 per cent loss for the week. 
 
Brent crude rose 0.5 per cent to $49.98, heading for a weekly gain of 3.2 per cent.&nbsp; 
 
But in a sign that risk appetite remains tentative, the safe-haven gold climbed 0.4 per cent to $1,327.31 an ounce, set to end the week 0.9 per cent higher, its fifth consecutive weekly gain.&nbsp; 
 
(Reuters)

In preparation to counter Brexit's negative impact, Bank of England's governor hinted at an interest rate cut

Asian stocks rose today as risk appetite continued to recover from last week's Brexit shock, but the pound came under renewed pressure after the Bank of England's governor hinted at an interest rate cut ahead. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 per cent. The index has recovered nearly all the losses suffered last Friday when global markets plunged in response to Britain's decision to leave the European Union. It has gained close to 3.5 per cent since Friday's close on a combination of short-covering and relief that Brexit did not spark contagion in the global financial system like that which engulfed markets during the 2008-09 crisis. Japan's Nikkei rose 0.6 per cent after the yen surrendered more of the territory gained during the flight to quality seen earlier in the week. It is on track for a 4.8 per cent gain for the week. South Korea's Kospi extended gains to 0.8 per cent, set to end the week 3.2 per cent higher. China's CSI 300 and Shanghai Composite indexes advanced 0.4 per cent, and looked set for weekly gains of 2.9 per cent and 3 per cent respectively, after data showed growth in China's services sector accelerated in June, while the manufacturing sector stalled. "Share markets rebounded over the past week as worries about Brexit leading to global financial and economic chaos faded somewhat," Shane Oliver, head of investment strategy at AMP Capital in Sydney, wrote in a note. "The week ahead will no doubt see bouts of Brexit-related nervousness but it may continue to settle down in the absence of any new developments in Europe." The Dow Jones industrial average climbed 1.3 per cent on Thursday, posting its third straight day of gains and erasing a bulk of its losses after Brexit. Some of the overnight gains on Wall Street were attributed to hopes for more monetary easing after BOE governor Mark Carney said on Thursday the central bank would probably need to pump more stimulus into Britain`s economy over the summer in wake of the Brexit shock. A number of Asian central banks, including those in Japan and China, are also expected to ease policy further later this year, while a number of Asian governments have ramped up fiscal stimulus. Carney's comments forced the pound to head south on Thursday and cut short the currency's recovery from a 31-year low on Monday. Sterling last traded at $1.3346 after nearly touching $1.35 on Thursday. The pound, which lost almost 8 per cent soon after the Brexit vote, has declined a further 2.6 per cent since. It sank to $1.3122 on Monday, its lowest since 1985. "Carney has always been nervous about how Brexit would impact the UK economy and now that it is a reality, he is preparing for the worst, agrees with the doom and gloom scenario and wants to assure the market that the BoE will be proactive," wrote Kathy Lien, managing director of FX strategy at BK Asset Management. Sterling's slide added mild pressure on the euro, which was steady at $1.1104 after slipping overnight from $1.1155, its highest in six days. It's poised to end the week flat. The dollar pulled back slightly against the safe-haven yen, but retained most of this week's gains. The greenback, which fell to 99.00 yen in the initial phases of the Brexit shock, was last trading at 102.88 yen, on track for a gain of 0.7 per cent for the week. In commodities, crude oil advanced on expectations of rate cuts and better demand-supply balance. US crude was up 0.4 per cent at $48.54 a barrel after shedding more than 3 per cent on Thursday, but remains poised for a 1.9 per cent loss for the week. Brent crude rose 0.5 per cent to $49.98, heading for a weekly gain of 3.2 per cent. But in a sign that risk appetite remains tentative, the safe-haven gold climbed 0.4 per cent to $1,327.31 an ounce, set to end the week 0.9 per cent higher, its fifth consecutive weekly gain. (Reuters)

Asia stocks rise as risk appetite recovers, pound under fresh pressure

Footage of Chinese bank staff being spanked for poor performance at a training session has gone viral, triggering public anger and the suspension of the bank&#39;s boss, reports said&nbsp;Tuesday. 
 
The video showed eight employees -- four men and four women -- lined up on a stage and being asked by a man why they came last in a competition. 
 
After getting answers including &quot;failing to exceed myself&quot; and &quot;lack of cohesion&quot;, he shouted: &quot;Get your butts ready!&quot; and proceeded to beat them several times with what appeared to be a thick wooden paddle. 
 
One woman who tried to protect her posterior with her hands was ordered to remove them, yelping when she was hit. 
 
Some Chinese reports cited employees of the Changzhi Zhangze Rural Commercial Bank, who declined to be named, saying that other trainees had their hair shaved as punishment. 
 
The video sparked an outpouring of public fury after it was posted online late&nbsp;Sunday. 
 
The trainer &quot;must be sick&quot; one user wrote on China&#39;s Twitter-like Weibo, saying that the workers and the bank only had a employer-employee relationship. &quot;They are not slaves in ancient times.&quot; 
 
Another user blasted the spanking as &quot;perverted&quot;. He added: &quot;Employees have dignity&quot;. 
 
The Beijing Times reported&nbsp;Tuesday&nbsp;that top officials, including the chairman and the Communist Party chief of the bank, a rural lender in Changzhi in the northern province of Shanxi, had been suspended for &quot;failing to conduct proper checks on the training programme&quot;. 
 
Local authorities have also ordered the trainer, from a consulting company in Shanghai, to apologise publicly &quot;for his inappropriate behaviour&quot;, it added. 
 
(AFP)

The video shows a man, identified by the Chinese media as a trainer from a consulting company, spanking eight employees

Footage of Chinese bank staff being spanked for poor performance at a training session has gone viral, triggering public anger and the suspension of the bank's boss, reports said Tuesday. The video showed eight employees -- four men and four women -- lined up on a stage and being asked by a man why they came last in a competition. After getting answers including "failing to exceed myself" and "lack of cohesion", he shouted: "Get your butts ready!" and proceeded to beat them several times with what appeared to be a thick wooden paddle. One woman who tried to protect her posterior with her hands was ordered to remove them, yelping when she was hit. Some Chinese reports cited employees of the Changzhi Zhangze Rural Commercial Bank, who declined to be named, saying that other trainees had their hair shaved as punishment. The video sparked an outpouring of public fury after it was posted online late Sunday. The trainer "must be sick" one user wrote on China's Twitter-like Weibo, saying that the workers and the bank only had a employer-employee relationship. "They are not slaves in ancient times." Another user blasted the spanking as "perverted". He added: "Employees have dignity". The Beijing Times reported Tuesday that top officials, including the chairman and the Communist Party chief of the bank, a rural lender in Changzhi in the northern province of Shanxi, had been suspended for "failing to conduct proper checks on the training programme". Local authorities have also ordered the trainer, from a consulting company in Shanghai, to apologise publicly "for his inappropriate behaviour", it added. (AFP)

Bank employees in China spanked for poor performance, leaked video sparks uproar

<div>Reserve Bank of India chief Raghuram Rajan on Monday defended his record in fighting inflation, and made a case for the&nbsp;monetary policy reforms he has championed, in his first public appearance since announcing that&nbsp;he will step down at the end of his tenure in September. 
 
In a speech, the outgoing&nbsp;governor of India&#39;s central bank, Reserve Bank of India,&nbsp;addressed critics who have accused him of keeping interest rates too high, saying they cannot &quot;have it both ways, want lower inflation as well as lower policy rates.&quot; 
 
 
&quot;The fact that inflation is fairly close to the upper bound of our target zone today suggests we have not been overly hawkish&nbsp;and were wise to disregard advice in the past to cut more deeply,&quot; Rajan said.</div>

<div> 
Consumer inflation hit a near two-year high of 5.76 per cent in May, or the upper end of the central bank&#39;s inflation target of 2 per cent to 6 per cent. 
 
Rajan also strongly defended the upcoming introduction of a monetary policy panel to set interest rates,&nbsp;a policy he has championed,&nbsp;saying &quot;the rewards will be many&quot;, including a more stable policy framework. 
 
(Reuters)</div>

Tells critics of his monetary policy reforms they can't have it 'both ways'

Reserve Bank of India chief Raghuram Rajan on Monday defended his record in fighting inflation, and made a case for the monetary policy reforms he has championed, in his first public appearance since announcing that he will step down at the end of his tenure in September. In a speech, the outgoing governor of India's central bank, Reserve Bank of India, addressed critics who have accused him of keeping interest rates too high, saying they cannot "have it both ways, want lower inflation as well as lower policy rates." "The fact that inflation is fairly close to the upper bound of our target zone today suggests we have not been overly hawkish and were wise to disregard advice in the past to cut more deeply," Rajan said. Consumer inflation hit a near two-year high of 5.76 per cent in May, or the upper end of the central bank's inflation target of 2 per cent to 6 per cent. Rajan also strongly defended the upcoming introduction of a monetary policy panel to set interest rates, a policy he has championed, saying "the rewards will be many", including a more stable policy framework. (Reuters)

Out not down: Indian central bank governor Raghuram Rajan defends his record

Reserve Bank of India (RBI), central bank of India, Governor Raghuram Rajan, who has faced criticism from members of the ruling party for keeping interest rates too high, stunned officials on Saturday by announcing he would step down when his term ends on September 4. 
 
Rajan, a former chief economist at the IMF, has been popular with foreign investors for his efforts to tackle inflation, and won praise for helping rescue India from its worst currency crisis in more than two decades after taking the helm in September 2013. 
 
But in a nearly 900-world letter to staff he said he planned to return to academia, even as he noted two of his actions - the creation of a monetary policy committee to set interest rates and the clean-up of the banking sector - remained unfinished. 
 
&quot;While I was open to seeing these developments through, on due reflection, and after consultation with the government, I want to share with you that I will be returning to academia when my term as Governor ends on Sept. 4, 2016,&quot; Rajan said in the letter released by the RBI. 
 
&quot;I will, of course, always be available to serve my country when needed.&quot; 
 
Rajan, who is on leave from the University of Chicago, was appointed RBI Governor by the previous Congress government, where he had served as chief economic advisor to the finance minister for about a year before taking the helm of the central bank. 
 
&quot;The Government appreciates the good work done by him and respects his decision. A decision on his successor would be announced shortly,&quot; Finance Minister Arun Jaitley said in a tweet on Saturday. 
 
Although feted by investors, Rajan had faced strident criticism from right-wing members of Prime Minister Narendra Modi&#39;s Bharatiya Janata Party, including parliament member Subramanian Swamy, who has waged a public campaign against his economic policies. 
 
Rajan had also veered into topics - such as intolerance in society - that have angered some BJP members, as did recent comments that were seen by some government officials as playing down their economic accomplishments. 
 
&quot;GOOD TEACHER&quot; 
 
Still, Rajan was known to have a good working relationship with Modi, with the Prime Minister calling the RBI governor a &quot;good teacher&quot; on economic matters, and government officials had previously told Reuters that Modi&#39;s administration would re-appoint the governor, should he wish to stay on. 
 
Many of Rajan&#39;s key accomplishments have come in close collaboration with the Modi government. 
 
Rajan pushed for inflation targeting to tackle India&#39;s history of volatile prices, which was then unveiled by the government last year. 
 
He has also worked with the government on the creation of a monetary policy committee as well as the clean-up of heavily indebted banks - both of which may now have to be tackled by his successor. 
 
Current RBI Deputy Governor Urjit Patel, State Bank of India chairman Arundhati Bhattacharya, the finance ministry&#39;s Chief Economic Adviser Arvind Subramanian and the government&#39;s Economic Affairs Secretary Shaktikanta Das have previously been named by analysts as potential replacements should Rajan depart. 
 
Analysts said markets would likely react negatively on Monday, at a time when global factors such as Britain&#39;s referendum on European Union membership are already weighing. Though many analysts had speculated Rajan could decide not to pursue a second term, few had foreseen it would come in the form of a letter to staff. 
 
Senior government and RBI officials contacted by Reuters said they had been taken by surprise at the announcement. 
 
&quot;This will be seen as a disappointment by the market particularly the international investors&#39; community,&quot; said Ananth Narayan, regional head of financial markets for ASEAN and South Asia at Standard Chartered Bank. 
 
&quot;And we can only hope the government quickly announces a strong replacement to fill his big shoes.&quot; 
(Reuters)

Investors loved him, Modi had a strong like but more right-wing members of India's ruling party were strident critics

Reserve Bank of India (RBI), central bank of India, Governor Raghuram Rajan, who has faced criticism from members of the ruling party for keeping interest rates too high, stunned officials on Saturday by announcing he would step down when his term ends on September 4. Rajan, a former chief economist at the IMF, has been popular with foreign investors for his efforts to tackle inflation, and won praise for helping rescue India from its worst currency crisis in more than two decades after taking the helm in September 2013. But in a nearly 900-world letter to staff he said he planned to return to academia, even as he noted two of his actions - the creation of a monetary policy committee to set interest rates and the clean-up of the banking sector - remained unfinished. "While I was open to seeing these developments through, on due reflection, and after consultation with the government, I want to share with you that I will be returning to academia when my term as Governor ends on Sept. 4, 2016," Rajan said in the letter released by the RBI. "I will, of course, always be available to serve my country when needed." Rajan, who is on leave from the University of Chicago, was appointed RBI Governor by the previous Congress government, where he had served as chief economic advisor to the finance minister for about a year before taking the helm of the central bank. "The Government appreciates the good work done by him and respects his decision. A decision on his successor would be announced shortly," Finance Minister Arun Jaitley said in a tweet on Saturday. Although feted by investors, Rajan had faced strident criticism from right-wing members of Prime Minister Narendra Modi's Bharatiya Janata Party, including parliament member Subramanian Swamy, who has waged a public campaign against his economic policies. Rajan had also veered into topics - such as intolerance in society - that have angered some BJP members, as did recent comments that were seen by some government officials as playing down their economic accomplishments. "GOOD TEACHER" Still, Rajan was known to have a good working relationship with Modi, with the Prime Minister calling the RBI governor a "good teacher" on economic matters, and government officials had previously told Reuters that Modi's administration would re-appoint the governor, should he wish to stay on. Many of Rajan's key accomplishments have come in close collaboration with the Modi government. Rajan pushed for inflation targeting to tackle India's history of volatile prices, which was then unveiled by the government last year. He has also worked with the government on the creation of a monetary policy committee as well as the clean-up of heavily indebted banks - both of which may now have to be tackled by his successor. Current RBI Deputy Governor Urjit Patel, State Bank of India chairman Arundhati Bhattacharya, the finance ministry's Chief Economic Adviser Arvind Subramanian and the government's Economic Affairs Secretary Shaktikanta Das have previously been named by analysts as potential replacements should Rajan depart. Analysts said markets would likely react negatively on Monday, at a time when global factors such as Britain's referendum on European Union membership are already weighing. Though many analysts had speculated Rajan could decide not to pursue a second term, few had foreseen it would come in the form of a letter to staff. Senior government and RBI officials contacted by Reuters said they had been taken by surprise at the announcement. "This will be seen as a disappointment by the market particularly the international investors' community," said Ananth Narayan, regional head of financial markets for ASEAN and South Asia at Standard Chartered Bank. "And we can only hope the government quickly announces a strong replacement to fill his big shoes." (Reuters)

Reserve Bank of India chief Raghuram Rajan to step down

Japanese mobile carrier SoftBank announced Wednesday they are planning to sell at least $ 7.9 billion (USD) of its stake in Chinese e-commerce giant Alibaba, as it looks to pay down a whopping debt load. 
 
The move will reduce SoftBank&#39;s 32.2 per cent holding in the Chinese company to about 28 per cent with the sale, it said, adding that proceeds would be earmarked to pay down debts. 
 
SoftBank said in a statement it has &quot;approved of a series of capital raising transactions, which involve monetising a portion of the shares of Alibaba&quot;. 
 
The Japanese mobile carrier, led by Masayoshi Son, first made its investment in Alibaba in 2000. 
 
&quot;This investment has been phenomenally successful and, over the past 16 years, we have built a close relationship, working together on 
many exciting projects,&quot; Son said in the statement, adding that the pair would continue to work together. 
 
Led by Son, SoftBank launched an acquisition streak that saw it pick up an assortment of firms, including its $16 billion purchase of US-based mobile giant Sprint. 
 
But the buying spree has put pressure on SoftBank&#39;s finances, and the firm also announced earlier this year it would buy back more than 14 per cent of its stock at a cost of about 500 billion yen. 
 
&nbsp;As per the official statement, Son and Alibaba&#39;s executive chairman Jack Ma will remain on the board of the other&#39;s firms 
 
&quot;Under the leadership of Masayoshi Son, SoftBank has been a highly valued, long-time partner of Alibaba for more than 16 years, and we look forward to continuing our strong partnership together,&quot; Ma said in a separate statement. 
 
&quot;As SoftBank looks to strengthen its own balance sheet, Alibaba determined that it was the best use of our capital to re-invest in our own business through an efficient buyback of a large number of shares in our own company that is accretive to our stockholders.&quot; 
 
SoftBank said Alibaba itself would buy back at least USD 2.0 billion worth of the shares it is selling. 
 
SoftBank has seen its profits boosted thanks to Alibaba&#39;s record USD 25 billion market debut in 2014 in New York. 
Today&#39;s announcement came after the Chinese online giant disclosed last week that US securities regulators were probing its accounting for possible violations of US securities laws. 
 
SoftBank shares rose more than two percent shortly after the opening bell today. 
 
Alibaba&#39;s US-listed shares declined 3.1 per cent yesterday after the announcement of SoftBank&#39;s planned share sale. (AFP)

Japanese mobile carrier SoftBank today said it will sell at least $ 7.9 billion (USD) of its stake in Chinese e-commerce giant Alibaba, as it looks to pay down a whopping debt.

Japanese mobile carrier SoftBank announced Wednesday they are planning to sell at least $ 7.9 billion (USD) of its stake in Chinese e-commerce giant Alibaba, as it looks to pay down a whopping debt load. The move will reduce SoftBank's 32.2 per cent holding in the Chinese company to about 28 per cent with the sale, it said, adding that proceeds would be earmarked to pay down debts. SoftBank said in a statement it has "approved of a series of capital raising transactions, which involve monetising a portion of the shares of Alibaba". The Japanese mobile carrier, led by Masayoshi Son, first made its investment in Alibaba in 2000. "This investment has been phenomenally successful and, over the past 16 years, we have built a close relationship, working together on many exciting projects," Son said in the statement, adding that the pair would continue to work together. Led by Son, SoftBank launched an acquisition streak that saw it pick up an assortment of firms, including its $16 billion purchase of US-based mobile giant Sprint. But the buying spree has put pressure on SoftBank's finances, and the firm also announced earlier this year it would buy back more than 14 per cent of its stock at a cost of about 500 billion yen. As per the official statement, Son and Alibaba's executive chairman Jack Ma will remain on the board of the other's firms "Under the leadership of Masayoshi Son, SoftBank has been a highly valued, long-time partner of Alibaba for more than 16 years, and we look forward to continuing our strong partnership together," Ma said in a separate statement. "As SoftBank looks to strengthen its own balance sheet, Alibaba determined that it was the best use of our capital to re-invest in our own business through an efficient buyback of a large number of shares in our own company that is accretive to our stockholders." SoftBank said Alibaba itself would buy back at least USD 2.0 billion worth of the shares it is selling. SoftBank has seen its profits boosted thanks to Alibaba's record USD 25 billion market debut in 2014 in New York. Today's announcement came after the Chinese online giant disclosed last week that US securities regulators were probing its accounting for possible violations of US securities laws. SoftBank shares rose more than two percent shortly after the opening bell today. Alibaba's US-listed shares declined 3.1 per cent yesterday after the announcement of SoftBank's planned share sale. (AFP)

SoftBank to sell part of stake in China's Alibaba for $7.9 billion

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