Pnb Scam
#Bigbankscam #PNBScam has raised question on credibility of Indian banking and regulator RBI.
The modus operandi so far revealed shows that this may be a bigger conspiracy than just two lower level officers in PNB. They might have been lured into it and have become party to this conspiracy. And PNB became a victim.
Because, if the LOUs are used for crediting PNB Nostro account means it is import financing. So All these banks which are of Indian origin operating outside must know that as per FEMA buyers credit can be only up to the operating cycle and for Gold and precious stones it is 90 days. Then how they accepted roll over above 90 days. And continue to do it. Further it is surprising that Axis bank claims it has sold its portfolio. I don't think there is provision for selling the portfolio along with the right in LOU.
So all other banks which accepted fresh LOU or rollover have violated the banking rules of the country of origin. RBI has failed to monitor it. Further do not seem to have looked at the issue from this angle and initiated action. Now the Banking authorities in these foreign country too can initiate probe as the banks have violated the banking laws of country of origin. And have used their territory to violate it.
Further as per American Law they also can initiate probe as the currency used is USD and nostro account of American banks are used. CBI and investigating agencies should initiate action against all those bankers who are involved.
Hope every authority at every country will initiate action so that such conspiracy is not repeated. more
The modus operandi so far revealed shows that this may be a bigger conspiracy than just two lower level officers in PNB. They might have been lured into it and have become party to this conspiracy. And PNB became a victim.
Because, if the LOUs are used for crediting PNB Nostro account means it is import financing. So All these banks which are of Indian origin operating outside must know that as per FEMA buyers credit can be only up to the operating cycle and for Gold and precious stones it is 90 days. Then how they accepted roll over above 90 days. And continue to do it. Further it is surprising that Axis bank claims it has sold its portfolio. I don't think there is provision for selling the portfolio along with the right in LOU.
So all other banks which accepted fresh LOU or rollover have violated the banking rules of the country of origin. RBI has failed to monitor it. Further do not seem to have looked at the issue from this angle and initiated action. Now the Banking authorities in these foreign country too can initiate probe as the banks have violated the banking laws of country of origin. And have used their territory to violate it.
Further as per American Law they also can initiate probe as the currency used is USD and nostro account of American banks are used. CBI and investigating agencies should initiate action against all those bankers who are involved.
Hope every authority at every country will initiate action so that such conspiracy is not repeated. more
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In the year 2008 a jojnt venture co. In the name of Nu Power Renewal p ltd. was formed by videocon owned by Venugopal Dhoot & Mr. Deepak kocher with 50-50 % share, In the year 2012 loan of Rs 3250cr. Was given under consortium of 20 banks (total loan of rs.40000 cr.) After 6 months the Nu Power was transferred to Mr. Deepak Kocher & family for consideration of Rs. 9.00 lac. A loan of 64 lac was given to Nu Power & the company is in loss of Rs 78 cr. Further more the company has been in loss since begining. A loan of Rs. 660cr.has also been given to Tuskar overseas in.a videocon group company by Uk & Canada branch of ICICI. In instant case board of bank has given clean chit to MD of bank stating that the loan was under consortium & I bank was a member only but not a leader,no.2, Mrs. Kocher did not chair the sanctioning committee,no.3, At the time of sanction Mr. Kamath was chairman & Mrs. Kochar was CFO of bank. Now what is wrong in this transaction is that She was holding a post of CEO of bank which is considered to be the highest position after chairman. Points to be cosidered:1. Loan of 3250cr was given to videocon group in Dec.2012, loan turned bad asset, in 2017 it was declared NPA with liability of Rs. 2849cr. Of ICICI bank. 2. 6 months after sanction of this loan the NuPower renewals was transferred to Mr. Deepak Kocher for consideration of Rs. 9.0 lac only company has incurred loss of Rs. 78 cr.,Whereas loan of Rs.64.00cr was given for joint venture and company is in loss since begining as reported . You all may understand the deal, its timing, connection of videocon group with ICICI & Deepak Kocher. more
Mar 31
Sr.citizens are very much unhappy over this decision. ---------- Forwarded message ---------- From: "Bahadur Sanjana" Date: Mar 24, 2018 9:00 PM Subject: "REMOVAL OF SENIOR CITIZEN..." To: Cc: more
Mar 31
PNB SCAM STARTED IN 2011 & FOUND IN 2018 AS PER EX GOVERNOR-RBI. HE SAID WHOLE TRANSACTIONS WERE OPAQUE TO HIM. EX FM INVOLVED ? more
Mar 20
When was the credibility of the banking system not under doubt? When a new branch is opened, the branch manager canvasses for business. He offers safe deposit vaults as a bait. But he also takes an FD for a substantial amount. The greedy customer goes for it. It is always a known fact that cheque bouncing was always practised. Only small account holders are shown the rule book at the bank's convenience. ICICI Bank laid a code of conduct like every other bank. But did it ever follow this code for the account holder? I say this because I am suffering at the bank. This bank violates its code flagrantly and evades the code of conduct for frauds. The Ombudsman sleeps over such issues. Transactions of high value are always treated with special care, legally or illegally, because their turnover matters. Scams when unearthed end up only in inquiries. Where is the prosecution? more
Mar 16
It is a fact that PNB scam has raised question on credibility of Indian banking and regulator RBI, but the internal vigilance and administration is to be blamed. more
Mar 14
