CWG scam: Suresh Kalmadi arrested by CBI

The CBI claimed to have gathered fresh leads after the trip of its team to London in connection with cases related to alleged irregularities in hiring of AM Films and AM Car and Van Hire during QBR held in 2009 at exorbitant rates

New Delhi: Suresh Kalmadi, sacked Commonwealth Games (CWG) organising committee chief, was on Monday arrested by the Central Bureau of Investigation (CBI) over alleged irregularities in the conduct of the sporting extravaganza, ending months of speculation, reports PTI.

Official sources said 67-year-old Mr Kalmadi, who was called to the agency's new swanky headquarters for questioning earlier in the day, was put under arrest in the evening.

The CBI's action came following the visit to London by a two-member team of the agency in connection with Queen Baton Relay (QBR) scam.

The CBI claimed to have gathered fresh leads after the trip of its team to London in connection with cases related to alleged irregularities in hiring of AM Films and AM Car and Van Hire during QBR held in 2009 at exorbitant rates.

The team had spoken to the London-based owner of both the companies-Ashish Patel-who provided information and documents with regard to the allegedly overvalued deal, the sources said.

AM Car and Van Hire company in London was engaged during QBR in 2009 to provide services like taxis for the guests and OC members. AM Films was hired to provide display monitors during the event.

The agency had asked Mr Kalmadi to appear before it in order to clarify some new issues which surfaced during the London visit of the officials.

Mr Kalmadi had earlier expressed his inability to appear before the CBI citing his foreign visit, saying he would return home only after 19th April. But even after returning from his visit abroad, he did not turn up before the agency saying he was still not in Delhi.

The CBI team during their visit to London had also questioned other companies which were in the fray for the contract.

The agency had sent a two-member team comprising additional director VK Gupta and DIG SK Palsania to London to probe the payments made to the two companies allegedly with Mr Kalmadi's tacit approval, they said.

This is the third time that Mr Kalmadi has appeared before the investigating agency for facing questions relating to the CWG scam.

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IndusInd Bank partners with Infosys for core banking transformation

IndusInd Bank has selected Infosys Technologies’ Finacle core banking solution version 10 to power the bank’s exponential agenda

IndusInd Bank said it has selected Infosys Technologies' Finacle core banking solution version 10 to power the bank's exponential agenda.

Finacle will provide a future-proof technology platform with robust straight through processing capabilities and support for true 24x7 multi-channel and multi-currency transactions. The solution's proven scalability, relevance to the Indian banking context and flexibility will power the bank's ambitious growth plans.

Built on new generation technology, Finacle will enable IndusInd Bank to accelerate innovation and stay ahead of emerging customer demands. Leveraging Finacle, the bank can personalise offerings, bundle products and enrich their segment-specific product portfolio.

As a first step, in the transformation journey, IndusInd Bank has already successfully implemented Finacle e-banking solution to facilitate the delivery of state-of-the-art banking services online and enhance customer experience.

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Daimler AG receives RBI approval to setup NBFC for financial services business in India

Daimler AG has received approval from the Reserve Bank of India (RBI) to setup a “non-banking financial company” for its financial services business in India

Daimler AG has received approval from the Reserve Bank of India (RBI) to setup a "non-banking financial company" for its financial services business in India. The newly founded Indian company, Daimler Financial Services India Pvt Ltd, will be a 100% subsidiary of Daimler AG and is expected to be operational in the third quarter 2011.  

"With business activities in over 40 countries, Daimler Financial Services is one of the leading automotive financial services companies in the world. India is one of the fastest growing automotive markets and Daimler Group has high expectations from this market," said Richard Howard, member of the board of management of Daimler Financial Services AG responsible for the region Africa & Asia/Pacific. "Daimler Financial Services India will support the sales of Mercedes-Benz cars and Daimler trucks as we see a large demand for financing solutions in the market. We will initially invest upwards of 50 million US dollars as part of market entry."

"By providing innovative and customized finance and insurance solutions to dealers and customers, we intend to enrich the ownership experience of Mercedes-Benz and Bharat Benz branded automotive products, under the Mercedes-Benz Financial and Bharat Benz Financial labels", said Sidhartha Nair, managing director of Daimler Financial Services India Pvt Ltd.

The product range of Daimler Financial Services in India will include financing, leasing, insurance and dealer financing for Mercedes-Benz passenger cars at market launch. The commercial vehicle finance products will be offered, for the newly developed Daimler truck brand for the Indian market, BharatBenz, in 2012 after the start of truck production in Oragadam, close to Chennai.

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