Citizens' Issues
ED attaches bank accounts worth Rs1.63 crore

The ED had registered a money laundering case last year against few persons involved in a money-doubling racket after investors filed a complaint with the police in Haryana

: The Enforcement Directorate (ED) has attached bank accounts worth Rs1.63 crore of some individuals allegedly involved in a racket which had duped a number of investors, reports PTI.


The ED authorities had registered a money laundering case last year against few persons after investors filed a complaint with the police in Haryana and other places.


The ED office in Chandigarh has jurisdiction to probe cases in Haryana.


“It was alleged that during 2009 that a company with offices at Bangalore and Chennai had lured several investors and the Directors of the company through their agents promised to double their invested money.


“The firms involved started online schemes and they have paid committed returns/payouts to the investors for one year but after sometime the companies have stopped paying the returns since September/October 2010,” the ED said in its order.


The ED order added that “investigations conducted culminated in identification of proceeds of the crime to the tune of Rs1.63 crore lying in different bank accounts which have been provisionally attached under Provisions of Prevention of Money Laundering Act (PMLA).”




4 years ago


Bank of India Q3 net profit up 12% to Rs803 crore on lower tax outgo

The state-run lender’s net interest income rose 11.7% to Rs2,308.5 crore during December quarter, while its total revenues increased 12% to Rs 8,960 crore


Mumbai: State-run Bank of India (BoI) has reported 12.15% rise in net profit at Rs803.48 crore in the third quarter on the back of growth in core income supported by other income and decline in tax outgo, reports PTI.


Total income of the city-based bank rose 11.97% to Rs 8,960 crore during the quarter ended December 2012 from Rs8,002 crore a year ago.


“We have reported positive result in major parameters. Asset quality has seen marginal improvement in the third quarter, which is likely to be better in the future. Going ahead, our major focus will be on retail and SME segments,” BoI’s newly-appointed chairman and managing director VR Iyer told reporters.


The public sector bank reported 11.65% rise in Q3 net interest income (NII) to Rs2,308.46 crore, while non-interest income rose 9.97% to Rs937.15 crore.


During the period under review, other income and drop in tax outgo supplemented the overall profit numbers.


The bank however, reported a decline in its net interest margin to 2.36% compared to 2.55% reported in the same period last fiscal.


“Going ahead, we hope that NIM will improve with our focus on increasing the domestic credit to deposit (CD) ratio to around 75%,” Iyer said, adding it aims to achieve a NIM of 2.6% by the end of the fiscal.


The lender posted a 13.63% rise in deposit to Rs3.49 lakh crore and 20.27% rise in credit to Rs2.80 lakh crore by the end of December quarter.


“We hope advances will grow by 17-18% in the current fiscal with a deposit growth of 15%,” she said, adding the bank is emphasising on increasing the cheap CASA deposit base with shedding of bulk deposits.


She said the bank aims to maintain the CASA at the present level of 33.84% by the end of FY13 and it has already shed around Rs21,000 crore from the bulk deposit from the June quarter.


“Our bulk deposits stood at around 18% by the end of December and we hope to bring it down 15% in the near future, as desired by the government,” Iyer said.


On the asset quality front, net NPAs rose to 1.97% year-on year, from 1.78%. But sequentially it improved considerably from 2.04% in the September quarter.


Similarly, gross NPAs also rose to 3.08% from 2.74% a year ago, but q-o-q it improved from 3.42% in the September quarter.


“We hope to reduce gross NPAs to 2.9% and net NPAs to 1.8% by the end of the fiscal,” Iyer said.


On the restructured accounts, the bank saw an addition of around Rs2,300 crore in the last quarter, totalling the total recast loan book to Rs15,937 crore, mostly from some textile and steel accounts.


“Our total restructured book to the total outstanding loan has declined and I don't see any major restructuring pipeline going ahead,” she said.


On the capital adequacy front, the bank’s a CAR stood at 10.59% with a tier-I capital of 7.64%.


“The government will infuse Rs 809 crore in FY13, which will increase our CAR to around 11%. Though we don’t need capital for the next six months, we need to raise money for sustaining our growth,” she said, adding BoI will take a call on the instruments of fund raising going ahead.


Working on faster time-to-market for new products: Tata Motors

The Tata group company accepted that in the past there has been a significant gap between the introductions of new products and would like to bring it (the time gap) down drastically


New Delhi: Chasing number two spot in the Indian passenger vehicle market, Tata Motors has said it will speed up the time for introduction of new products, apart from reorienting its dealer network towards better customer experience, reports PTI.


The company, which launched the new Vista D90 hatchback priced at Rs5.99 lakh and Rs6.83 lakh (ex-showroom Delhi), also said its capex for the next fiscal will be around Rs3,000 crore.


“In the past, there has been a significant gap between the introductions of new products to the market. We have recognised that and we will bring that down drastically,” Tata Motors president (Passenger Vehicles Business Unit) Ranjit Yadav told PTI.


He said the company’s aim is to be number one in the long term and number two in the short to medium term, and added: “We believe that’s an achievable target... We have a number of projects in the pipeline and we are giving emphasis on faster time-to-market for new products.”


According the Society of Indian Automobiles (SIAM), Tata Motors was at the third position in the domestic passenger vehicles segment after Maruti Suzuki India (MSI) and Hyundai Motor India (HMIL) in April-December period this fiscal.


While the overall market stood at 19.6 lakh units, the company’s passenger vehicle sales were at 2.5 lakh units. MSI occupied the top slot with 7.42 lakh units followed by HMIL at 2.81 lakh units. Mahindra & Mahindra was in fourth with 2.3 lakh units during the period.


Yadav said Tata Motors has also been focusing on better customer experience and teams in both sales and after-sales have been put in practice in line with the new concept of “aligning with the market”.


“As far as customer experience is concerned, there is a lot of headroom for improvement and we are working on it,” he said.


On the capex for the fiscal 2013-14, a company spokesperson said Tata Motors usually spends around Rs3,000 crore annually on different activities and it would be almost the same for the next financial year too.


When asked about the sales prospects, Yadav said: “The next couple of quarters look to be challenging for the overall industry. We are cautious but confident.”


He also said the hike in diesel prices could have a dampening effect on the overall industry sales but "we will hold our share".


Commenting on the new Vista D90, he said the car has been developed around the evolving car customers, matching the product with their demanding needs and growing aspirations.


With sporty looks and powered by a 1.3 litre diesel engine, the Vista D90 will compete with the likes of MSI’s Swift and HMIL’s i20.


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