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- Twitter India head quits, Balaji Krish interim chief
- Gutkha scam: CBI raids residences of TN Minister, DGP
- The 21st-century âhighways' that India needs
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- The Central Bureau of Investigation on Wednesday raided several places in Tamil Nadu, including the residences of Health and Family Welfare Minister C. Vijayabaskar and Director General of Police (DGP) T.K. Rajendran in connection with a gutkha scam, said a CBI official.
- Taranjeet Singh, who was elevated as Twitter's Country Director for India in May 2017, has decided to move on and Balaji Krish, Global Head of Revenue Operations and Strategy at Twitter will be the interim Country Lead, the company said on Wednesday.
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- The 21st-century âhighways' that India needs (Column: Behind Infra Lines)
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- âThere is a degree of paranoia. I believe banks have been told to follow a two-step authentication for large value transaction. Some of these measures may slow down a bank. But thatâs the price you pay after a scam,â said a person familiar with the matter.The basic instructions to banks were: first, immediately ensure that no SWIFT message, creating funded or non-funded exposure to banks, is sent without first ensuring that the underlying transaction has been duly reflected in the CBS/accounting system; second, put in place straightthrough processing between CBS/accounting system and SWIFT messaging system by April 30, 2018.Along with this a detailed timeline was issued to banks for implementation of 20-odd controls related to SWIFT and Nostro accounts. Among other things, RBI directed banks that all their corporate customers shall have their fund and non-fund based limits set and monitored centrally by bankâs risk management division which would check the limit utilisation every week.Banks were told to put in place a system to generate alerts on breach of any control limits as well as any other unusual feature in the transactions; and, audit SWIFT/Nostro transactions for any anomaly by sourcing the data in raw form from the originating system. Also, the lenders have to undertake reconciliation of payment messages every one or two hours by comparing the outward messages with SWIFT confirmation.Some of the measures had to be implemented with immediate effect while the rest had to be put in place between March and June-end. Besides a review of systems, another immediate impact of the scam was a ban on LoUs which had emerged as an easy and inexpensive tool to finance trade.LoU volumes had surged in the past 7-8 years following an easy money policy by the US Federal Reserve. LoU was an arrangement where the importerâs bank issued a guarantee to borrow from an overseas bank (which could be the foreign branch of an Indian bank) to pay off the bank that funds the overseas supplier; the understanding was that the local bank issuing LoU would recover the amount from the importer to repay the overseas bank. Bankers said RBI is unlikely to bring back LoUs in a hurry.
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- To be offered as a service for the European Union (EU),
- Leadcountry Austria and three central European countries are proposing to create a new modularbased CBRN surveillance capability that mixes manned and unmanned elements for operational deployment across aerial ground and maritime domains
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- China’s Didi suspends night rides for a week to fix app after woman passenger raped, killed
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- RRB Group D exam admit card 2018 date: Download from September 7 onwards, check official websites list
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- The 20-year-old woman from Zhejiang province had used the companies "hitch" service. She was allegedly raped and killed by the driver last month.
- Donald Trump has neglected relationship with India, says former US diplomat
- Fire in Brazil museum destroys priceless artifacts from over 11,000 years
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- Aerial photo of damaged bridge
- Donald Trump
- âAt some point, based on predictions, we will have to move.â
- Yaseen Noorani and Nicolas Orellana
- Woodward on Trump - the explosive quotes
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- By Anthony Zurcher
- The president says the picture of a White House in chaos is made up of "lies and phony sources".
- The stepmother asked her teenage son and four others to rape and kill the girl in her presence.
- A portable device that can capture wind from any direction wins coveted engineering prize.
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- Search on for those suspected trapped underneath Majerhat bridge in Kolkata
- New Delhi/Kolkata, Sep 5
- BJP chief Amit Shah has expressed anguish on the collapse of Majherhat bridge in Kolkata and directed party unit to join the rescue works.
- Srinagar, Sep 5
- Urging media to avoid articles undermines the morale of police which has been fighting a proxy war for decades, Director General of Police (DGP), Dr S P Vaid said transfer of any officer was a routine matter and prerogative of the government.
- Hyderabad, Sep 5
- In tune with the hectic speculation that Telangana Rashtra Samiti (TRS) Government may opt for early Assembly election, there are strong signs that the move is gaining ground.
- NTPC signs MoU with Karnataka
- Industrial Training & Employment Department Vijayapura, Karnataka, Sept 5
- As part of CSR initiatives, National Thermal Power Corporation (NTPC) Ltd, Kudgi Super Thermal Power Project based at Kudgi village, in the District has signed a Memorandum of Understanding (MOU) with Karnataka Industrial Training & Employment (DTE).
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- Kolkata/Darjeeling, Sep 5
- Personnel of the NDRF and other government agencies continued carrying on search operation on a war-footing for any survivor suspected trapped after a portion of concrete-tarred Majherhat Bridge in the city's Taratala area caved in Tuesday afternoon killing a youth and injuring 25.
- Rich tributes paid to Pillai on his 146th birth anniversary
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- The probe is conducted by the CID as per the High Court order delivered in January this year.
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- Copyright:(C)Wed 05 Sep 2018, 12:36:592018Wed 05 Sep 2018, 12:36:59 Bennett Coleman & Co. Ltd, http://info.indiatimes.com/terms/tou.html
- Long after Nirav, it's still the same old storyRBI is worried, and has shot off showcause letters to several banks for not fixing their SWIFT systems.
- Copyright:(C)Wed 05 Sep 2018, 12:30:112018Wed 05 Sep 2018, 12:30:11 Bennett Coleman & Co. Ltd, http://info.indiatimes.com/terms/tou.html
- An anxious Reserve Bank of India, still nursing the scars of the Nirav Modi scam, has shot off showcause letters to several banks for not fixing the gaps in their SWIFT systems -- the global financial messaging service that was misused by officials of Punjab National Bank to let jeweller Modi and his uncle, Mehul Choksi, walk away with $2 billion.Weeks after the scam surfaced in January 2018, the central bank, in a confidential advisory to CEOs of all banks, directed them to put in place a slew of measures to curb such frauds. But now, having discovered that many banks are yet to fully implement the measures, the regulator has asked them to explain the delay.In PNB, the fraud went on for years undetected as the bankâs SWIFT system was not integrated to its core banking system (CBS). A handful of officials used the SWIFT network to issue unauthorised letters of undertaking (LoUs) â" a quasi-guarantee from the bank â" to raise finance abroad. Old LoUs were rolled over with new LoUs of higher amounts till the music stopped.In the showcause letters issued in August-end, RBI has pointed out the lapses in close to 25 banks, said two bankers.
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