Consumer Issues
Student nabbed for hacking account, online shopping of Rs50,000

The student allegedly hacked Punjab National Bank account of one person and purchased digital camera and other electronic goods worth Rs50,000, which were recovered from him by the Police


Jaipur: A 20-year-old student was arrested for allegedly hacking a bank account and shopping online for goods worth Rs 50,000 through it, reports PTI quoting police.

 

Mukesh Meena had allegedly hacked the Punjab National Bank account of one Rajat Patni and purchased digital camera and other electronic goods worth Rs50,000 a few days ago, police commissioner BL Soni said.

 

The accused was nabbed following registration of a complaint, Soni said, adding, the goods purchased online were also recovered from him.

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CLSA, Credit Suisse sell Yes Bank shares

CLSA and Credit Suisse offloaded their stake in Yes Bank at an average price of Rs378-379 per share


Mumbai: Foreign fund houses -- CLSA (Mauritius) and Credit Suisse (Singapore)-- sold shares of Yes Bank  worth Rs429 crore through the open market route, reports PTI.

 

CLSA (Mauritius), which held 2.41% stake in Yes Bank at the end of September quarter, sold 63.58 lakh shares (about 1.78% stake) in the private sector lender, data from bourses showed.

 

The shares were sold by CLSA at an average price of about Rs379 , valuing its transaction at Rs240.82 crore.

 

Besides, Credit Suisse (Singapore) offloaded 49.85 lakh shares (translating to 1.4% stake) in Yes Bank. The shares were offloaded for Rs378 apiece, valuing its transaction at Rs188.46 crore.

 

At the end of September quarter, Credit Suisse (Singapore) held 2.42% stake in Yes Bank.

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NBFCs, infra finance companies ask RBI to relax ECB norms

Industry bodies have also urged RBI to revisit its guidelines on securitisation and priority sector lending as industry players, especially NBFCs, are facing fund crunch, apart from raising the cap on NBFCs' exposure to mutual funds


Mumbai: Non-banking finance companies (NBFCs) and asset infra finance companies have asked the Reserve Bank of India (RBI) to further liberalise foreign borrowing norms for them to tide over fund crunch, reports PTI.

 

Financial market players like NBFCs, the Finance Industry Development Council (FIDC), the Fixed Income Money Market and Derivatives Association (Fimmda), Foreign Exchange Dealers' Association (FEDAI), the Primary Dealers Association, among others, met the RBI top brass, including Governor D Subbarao, this evening at the customary pre-policy meeting.

 

"We requested the Governor to look at relaxing the external commercial borrowings (ECB) norms for NBFCs and asset financing companies," FIDC Director General Mahesh Thakkar told reporters after the meeting.

 

He said that the industry bodies have also urged RBI to revisit the guidelines on securitisation and priority sector lending as industry players, especially NBFCs, are facing fund crunch, apart from raising the cap on NBFCs' exposure to mutual funds.

 

Leading NBFC L&T Finance president N Shivraman said while conveying the industry's concerns about fund crunch, as banks have not passed on the benefit of the rate cuts by RBI in April to borrowers, they urged the central bank to relax the ECB norms for them.

 

"The RBI needs to help us to diversify our funding sources," Shivraman said.

 

The draft report of the Usha Thorat committee on NBFCs, submitted in August 2011, had called for tighter rules for NBFCs in terms of provisioning, lending and capital adequacy ratios, to help avert possible risks to the financial system.

 

The RBI set up the committee because unlike banks, whose exposure to realty and stock markets are tightly regulated, NBFCs don't have stringent rules on sectoral lending and group-wise exposure, enabling them to lend more liberally against shares and also for realty.

 

The industry, however, argued today that it was facing considerable fund crunch and sought liberalised borrowing norms to raise funds from overseas.

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