Fixed Income
IDBI Bank launches online portal for buying CDs

IDBI Samriddhi CD portal offers investors an facility to easily purchase certificate of deposits issued by the Bank 

 
Mumbai: State-run IDBI Bank said it launched a new portal, a kind of first in India for certificate of deposit (CD). The portal IDBI Samriddhi CD was launched by Anand Sinha, deputy governor of the Reserve Bank of India (RBI) in Mumbai. This portal offers investors an facility to easily purchase CDs issued by IDBI Bank. 
 
Mr Sinha while commending the initiative said that technology provides great opportunities for increasing transparency, enhancing efficiency and also in reaching out to a wider investor base.  He suggested that banks need to fully leverage on the potential of technology. 
 
RM Malla, chairman and managing director, IDBI Bank stated that the Bank is committed to bring technology and transparency in the markets by offering products that are available to the entire investor community. 
 

User

BSE, NSE warn market entities on Iran money in stocks

The Indian bourses have asked members to ensure compliance with the FATF statement about Iran’s persisting failure to address the risk of terrorist financing and money laundering

 
New Delhi: The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) have asked market participants to exercise caution in dealing with entities linked to Iran, pursuant to a fresh warning from market regulator Securities and Exchange Board of India (SEBI) about possible money laundering and terror financing risks from that country, reports PTI.
 
In a circular issued on Monday, BSE told its member brokers that the exchange has been informed by SEBI about a Financial Action Task Force (FATF) public statement against the jurisdictions having strategic anti-money laundering/combating financing of terrorism (AML/CFT) deficiencies.
 
FATF is a global inter-governmental body for making policies for combating money laundering, terrorist financing and other related threats to the international financial system.
 
The BSE has asked its members to ensure compliance with the FATF statement about Iran’s persistent failure to address the risk of terrorist financing and money laundering. The NSE has also issued a similar circular to its members.
 
SEBI’s direction to the stock exchanges follows an FATF warning, dated 22nd June, on Iran and North Korea in its tri-annual compliance status of various countries to its AML/CFT standards.
 
FATF reviews the status of various jurisdictions in complying with these standards thrice a year—February, June and October—and accordingly issues warnings to all the member countries, including India, about dealings with jurisdictions with deficiencies in mechanism to check money laundering and terror funding risks.
 
As per an established process, the FATF warning on Iran and North Korea is forwarded by the Indian government to its key financial sector regulators, including SEBI and the Reserve Bank of India (RBI), which subsequently advise the institutions in their respective areas to apply caution in dealings with the entities and funds from the FATF-identified high-risk jurisdictions.
 
Earlier this year, the 36-member FATF had appreciated the Indian government’s efforts to combat money laundering and financing of terrorism.
 
India became a member of FATF in June 2010, while its other member countries include the US, UK, Russia, South Korea, Japan, China, Brazil, Argentina, Italy, Germany and Australia.
 
In its latest warning, the FATF has asked India and other countries to “apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/TF) risks” emanating from Iran and North Korea.
 
It has said that the “FATF remains particularly and exceptionally concerned about Iran's failure to address the risk of terrorist financing and the serious threat this poses to the integrity of the international financial system”.
 

User

CVC recommends penalty against 172 government officials for graft

Of these, a highest of 14 such officials are working in the Department of Defense Production, 12 in SBI, 11 in BSNL, 10 in the Ministry of Railways and eight in CBEC among others

 
New Delhi: As many as 172 officials working with different central government departments have been advised penalty by the Central Vigilance Commission (CVC) for their alleged involvement in corrupt practices, reports PTI.
 
Of these, a highest of 14 such officials are working in the Department of Defense Production, 12 in State Bank of India, 11 in Bharat Sanchar Nigam Ltd (BSNL), 10 in the Ministry of Railways and eight in Central Board of Excise and Customs among others, the CVC said in its performance report for June.
 
Seven officials working in MMTC Ltd, six in Delhi Urban Shelter Improvement Board, five each in State Bank of Bikaner and Jaipur, Department of Heavy Industries, Department of Telecommunications, Bharat Heavy Electricals Ltd and four each working in Syndicate Bank, Employees Provident Fund Organisation, Ordnance Factory Board and Mahanadi Coalfields Ltd have also been penalised.
 
Three officials each working in the Industrial Development Bank of India, State Bank of Patiala, Department of Education, Ministry of Urban Development, Indian Telephone Industries Ltd, Steel Authority of India Ltd and Western Coalfields Ltd, among others, have also been penalised by the anti-corruption watchdog for alleged corruption.
 
The probity watchdog had received 2,617 complaints alleging corruption and other irregularities in the government departments during the month.
 
The Chief Technical Examination wing of the CVC had effected a recovery of over Rs8 crore after inspecting procurement and works of various government departments.
 
"The Commission is deeply concerned over continuing delay in filling the post of Chief Vigilance Officers in MMTC Ltd, Steel Authority of India Ltd (SAIL) and Gas Authority of India Ltd ( GAIL)," it said.
 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)