Patna-based doctor's Axis Bank account was hacked and the money was transferred to Romney's campaign fund bank account in San Francisco
Patna: A doctor's account from a private bank in Patna was hacked and Rs3.52 lakh transferred to the account of defeated US presidential candidate Mitt Romney's campaign fund bank account, reports PTI quoting a police official.
The bank account of Dr Sushil Kumar Verma in Axis Bank, Boring Road branch, was hacked on 10th October and Rs3.52 lakh transferred to Romney's campaign fund bank account in San Francisco, Srikrishna Puri police station SHO Sanjay Pandey said.
Verma, a resident of North Krishna Puri locality, received a message on his cell phone about debit of the amount from his account, Pandey, who is the investigation officer in the case, said.
Bihar DGP Abhayanand, confirming the cyber crime, said a case has been registered and investigation was in progress.
The doctor has since blocked his account.
RBI in its guidelines said that Long term resources should not fall below 70% of long term assets and long and medium term resources together should not fall below 80%
Mumbai: In order to enhance the risk management of the banking system, the Reserve Bank of India has prescribed tolerance limits for loan exposure to deal with mismatches between assets and liabilities as part of the final guidelines on liquidity risk management, reports PTI.
"Long term resources should not fall below 70% of long term assets and long and medium term resources together should not fall below 80% of the long and medium term assets," the RBI said in the guideline.
These controls should be undertaken currency-wise, and in respect of all such currencies which individually constitute 10% or more of a bank's consolidated overseas balance sheet, it said.
As per the guideline, the short term is defined as asset or liability maturing within 6 months while medium term with the timeframe between six months to three years.
Long term means assets or liability with the tenor of three years and beyond.
Enumerating broad norms in respect of liquidity management, the guidelines said the bank should not usually give loans beyond 10 years.
"Banks should not normally assume voluntary risk exposures extending beyond 10 years," it said.
"Banks should endeavour to broaden their base of long-term resources and funding capabilities consistent with their long term assets and commitments," it added.
The norms include enhanced guidance on liquidity risk governance, measurement, monitoring and the reporting to the Reserve Bank on liquidity positions, it said, adding, the enhanced liquidity risk management measures are required to be implemented by banks immediately.
The central bank also asked lenders to make public disclosures on a regular basis that will help market participants to make informed judgments about the soundness of its liquidity risk management framework and liquidity position.
The RBI also advised banks to conduct stress tests at regular intervals and across different maturities and profiles.
"Banks are encouraged to have stress tests with various survival horizons in mind, say one month or less; two or three months; and six months or more, etc," the RBI said.
The RBI has asked banks to put in place the guidelines on intra-day liquidity risk management strategy by 31st December.
Tata Motors' total revenues rose 20% to Rs43,403 crore, however its net profit was impacted by rising costs, especially marketing, and slackening demand for commercial vehicles
Mumbai: Healthy sales by its British brand Jaguar Land Rover (JLR), primarily in China, once again came to the rescue of Tata Motors which reported a 10.5% rise in its consolidated net profit to Rs2,075 crore for the second quarter ended 30th September, reports PTI.
The net profit was impacted by squeezed margins due to rising costs, especially marketing, and slackening demand for commercial vehicles given the gloomy economic scenario, the company said.
Robust sales in China helped the JLR report an overall 14% higher sales in the quarter. China contributed over 21% of the overall sales for the brand, Tata Motors Chief Financial Officer C Ramakrishnan told reporters.
Consolidated revenue rose 19.9% to Rs43,403 crore in the July-September period, he added.
The company plans to launch six new passenger and 25 commercial vehicles in the second half of the fiscal, Tata Motors Managing Director for India Operations Karl Slym said.
The CNG and diesel variants of its ultra-low cost car Nano are in the offing, which may happen as early as the next calender year, he said.
However, on a standalone basis, which represents its domestic operations, revenues dipped to Rs12,481 crore in Q2 compared to Rs12,954 crore a year ago, Tata Motors said.
The company's operating margin also slipped to 5.9% from the 7.2% a year ago.
"Weak macro-economic outlook and sluggish industrial demand coupled with diesel price hike, have impacted medium and heavy commercial vehicles sales," Ramakrishnan said.
A healthy jump in receipt of dividend from JLR and other subsidiaries (Rs1,312 crore versus Rs29 crore) resulted in the standalone net jumping nearly eightfold to Rs867 crore from Rs102 crore in the year ago period. This comes after four straight quarters of declines.
Commercial vehicle sales grew 4.8% to 1.36 lakh units during the quarter, while passenger vehicle sales rose 11.6% to 72,603 units.
Tata Motors, which depends on JLR for 90% of the group's profit, said the British brand's operating margin stood at 14.8% down from 14.9% a year earlier.
Revenue from JLR rose 12.8% to 3.29 billion pounds in the period, less than the 34.4% gain in Q1.
Standalone net for the marquee brand jumped to 305 million pounds from 172 million pounds a year ago.
"Continued strong revenue and operating performance were supported by favourable market mix, exchange rate environment and was partially offset by the model mix," Ramakrishnan said.
The British company's sales (derived by adding sales of Jaguar sedans and Land Rover SUVs) grew 13.9% to 77,442 units, while revenue was up 12.8% at 3.288 billion pounds.
Going forward, the focus will be on growing the momentum with sales of new range Rover, Jaguar F-Type, Sportbrake, AWD and other smaller engine variants, he said.
Planned investments in new products and technologies to meet customer aspirations and regulatory environmental standards will be another focus area for JLR, he said.
Competitive intensity poses significant challenge to the passenger vehicle industry, with higher inflation, interest costs, fuel price increases dampening the demand with customer preference expected to continue to move towards diesel vehicles, Ramakrishnan said.
The company has taken several initiatives to improve performance. Besides, Tata Motors will extend export potential for its products, he said, adding during Q2, sales in its largest export markets - Sri Lanka and Bangladesh declined.
The company announced the appointment of Group Chairman-designate Cyrus Mistry as Deputy Chairman. He will take over as Chairman after Ratan Tata retires next month.
Mistry has been on the company's board since May 2012 a statement said, adding its former Managing Director Ravi Kant has stepped down as Director of JLR.