Karim Morani refused bail in 2G case; remanded in judicial custody

The Cineyug Films director is accused of taking Rs6 crore to facilitate the payment of Rs200 crore by DB Realty to Kalaignar TV

New Delhi: Cineyug Films director Karim Morani, an accused in the 2G spectrum case, was today arrested and remanded in judicial custody after a Delhi court rejected his bail plea.

Special CBI Judge OP Saini rejected the bail plea of Mr Morani, who is charged with facilitating the transaction of Rs200 crore from DB Realty to Kalaignar TV, in which DMK member of parliament Ms Kanimozhi holds 20% stake.

The CBI had alleged that Mr Morani took Rs6 crore to facilitate the Rs200-crore transaction, PTI reports.

The court did not accept the plea of the accused that he was entitled for bail as he was not arrested during the investigation of the case.

Mr Morani had filed his regular bail plea on 24th May after the special court had denied him anticipatory bail and directed him to appear before the court.

In its second charge-sheet in the 2G case, the CBI had alleged that Swan Telecom and Dynamix Realty promoters Shahid Usman Balwa and Vinod Goenka channelled Rs200 crore to Kalaignar TV through Kusegaon Fruits and Vegetables Pvt Ltd and Mr Morani's Cineyug Films.

The court had dismissed Mr Morani's anticipatory bail plea that cited medical grounds, saying that according to reports received from the department of Cardiology and Neurosurgery of Mumbai's JJ Hospital on 19th May, his condition is "stable and normal''.

Opposing the bail plea, the CBI said all other accused involved in the Rs200-crore transaction, from DB Realty to Kalaignar TV, are already in judicial custody.


Equifax launches new microfinance bureau in India

The credit bureau for microfinance is critical to help address the pressing issues of over-indebtedness and multiple borrowings among rural borrowers

Mumbai: Equifax Credit Information Services Private Ltd (ECIS) on Monday said, it has launched a microfinance credit bureau in India to support financial institutes, especially, microfinance institutions (MFIs) in the country.

"We are very excited to be able to leverage our global expertise in Microfinance to play a critical role in the ecosystem helping rural consumers. With the Equifax microfinance credit bureau in place, consumers who may have otherwise been unable to obtain assistance can now establish their credit history and obtain funding to continue their ventures," said Samir Bhatia, managing director and chief executive of ECIS.

The credit bureau is a joint venture between, Equifax and six Indian lenders, Bank of Baroda, Bank of India, Kotak Mahindra Prime Ltd, ReligareFinvest Ltd, Sundaram Finance Ltd and Union Bank of India.

In a release, Equifax said, Microfinance is increasingly being recognized as an integral part of the financial infrastructure for delivery of financial services to the most vulnerable sections of society. This has been indicated by the Reserve Bank of India’s recent re-affirmation of priority sector status to the MFIs.

New regulatory guidelines along with trusted institutions like Equifax that provide services to the Microfinance community will help MFIs lower the rates of delinquency and control over-indebtedness. This will also help MFI customers establish their credit history, the credit bureau added.

The move has been lauded by the microfinance community. Alok Prasad, chief executive, Microfinance Institutions Network (MFIN), said "A dedicated credit bureau for Microfinance clients is a big step forward in bringing the microfinance industry into the mainstream and for promoting responsible lending. The industry is unanimous in its view that dedicated credit bureaus for the sector will bring much needed transparency at the client level and will help curb multiple lending. Responsible lending is the only way forward."


Polaris to implement intellect Core Banking System in RBI

System is capable of delivering superior functional coverage and future ready architecture with the capability of handling 100 million transactions per day

Polaris Software, a leading global financial technology company, has announced that the Reserve Bank of India (RBI) has chosen Polaris to implement its Intellect Core Banking System (CBS) across the apex bank. The $55 million end-to-end implementation deal includes system integration and maintenance of software for a period of ten years.

 India's central banking institution wanted to implement a centralised Core Banking Solution at all its offices encompassing all banking and accounting operations to align with its current and future IT requirements, including one Generalised Ledger for the bank.

The Intellect CBS would help the RBI to have a cross-functional and seamless automation and integration of the banking operations in all regional offices of the bank to ensure extremely high scalability and highest levels of performance in all operations.

Integration across multiple and disparate systems is a common scenario in large Central banks like RBI, and to address this, Intellect CBS provides a very efficient integration middleware to provide seamless integration and interface with large number of systems running on a wide range of hardware, operating systems and technologies.

 On the security side, Intellect CBS will seamlessly integrate into the IT environment of RBI, meeting all its process flow and work flow requirements. The solution will provide future regulatory and functional requirements of RBI with shortest go-to-market timelines. It provides unique and state-of-the-art security features such as internal account numbers, tamper-proof database, PKI-supported transaction execution and storage, security in account operations including positive pay features, document certification and verification, two-factor authentication and other provisions.


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