Posts

IDFC Bank reports ₹590 cr. fraud in govt dep account

Image
Fraud in government accounts in IDFC First Bank Brief: Last week, IDFC First Bank (the bank) reported to the stock exchanges about a  fraud of  ₹ 590 cr. occurred in its Chandigarh branch in certain specified accounts of some departments of the Haryana State Government. (As per disclosure norms stipulated in regulation 30 of the SEBI listing regulations). The fraud came to light, as there was discrepancy between the amount mentioned in the transfer/closure request letter of a particular department of the State and the actual balance available in the account with the branch. The bank informed the exchanges that t he aggregate amount under reconciliation across the identified accounts at the said branch  is approximately ₹590 crore.   The Bank further said that f our suspected officials have been placed under suspension pending investigation and is in the process of appointing an independent external agency to conduct an independent forensic audit. It also filed ...
Post a Comment
Read more

Bunch of BTAs may harm?

Image
  Is it 'premature' to keep the gates wide open? India has entered into bilateral trade agreements (BTAs) with several countries, including the one that is described as the ‘Mother of all the deals” with the European Union (EU). It is all set to wrap up the deal, with a formal interim agreement, with US in Mar' 26. (Terms of reference outlined in the US-India joint statement). Though India is now the fourth largest economy in the world, in terms of nominal GDP, I was wondering whether the time has really arrived for India to enter into multiple BTAs, one followed by another, in quick succession. Is paving the way for unlimited merchandise exports and imports, the right way to go forward, as we are still a trade and current account balance 'deficit' country. The following table, as culled out from  the economic survey 2025-26, convey the persistent issues.  (USD in billion) Parameters 2014-15 2023-24 2024-25 ...
3 comments
Read more

Blog No:175: MPC Repo Rate Review - Pause or one more cut?

      Repo Rate Review Feb’ 26:   'pause' the rate and 'status quo' stance  likely The last bi-monthly review meeting of the Monetary Policy Committee (MPC) of Reserve Bank of India (RBI) for FY26 is scheduled from 4th Feb' 26 and its decisions will be known on 6th Feb' 26.  Key Statistics is a mixed bag: Positives are: 1. CPI Inflation:  CPI inflation at 1.33% in Dec' 25, though higher than the previous month, is still well below the lower band of the target rate of 2-6%, set by MPC. 2. Real GDP growth is estimated to grow by 7.4% in FY26 as against 6.5% recorded in FY25.  3. Fex Reserves:  continues to be on the increase and stood at USD 709.41 billion as on 23rd Jan' 26 4. Liquidity:  RBI conducted USD/INR buy/sell swaps for USD25 billion in Dec' 25 and scheduled another buy/sell swap for USD10 billion in the first week of Feb' 26. Two '90 days tenor' Variable Repo Rate auctions were conducted in Jan' 26 resulting in a 'durabl...
1 comment
Read more