Coal India Output Grows Marginally To 54.4MT In Feb; Misses Target

New Delhi: Coal India production has increased to 54.46 million tonnes in February 2018 compared to the same month last year but missed the target of 61.43 million tonnes.

Coal offtake also improved by 4 per cent to 49.97 million tonnes (MT) in the month under review but lagged the targeted volume of 52.14 MT, according to a filing by Coal India (CIL).

The PSU produced 56.6 MT coal in January while the output was 54.3 MT in February 2017. Coal offtake was 53.7 MT in January.


Govt Approves Rs5,000 Crore 'Action Plan' For 'Champion Sectors'

New Delhi: The government has approved an action plan for 12 'champion' services sectors, including IT, tourism and hospitality, for realising their potential through establishment of aRs 5,000 crore dedicated fund.

The fund, once set up, will support initiatives for sectoral action plans of the 'champion sectors'.

The decision to clear the proposal of the Department of Commerce was taken at a meeting of the Union Cabinet chaired by Prime Minister NarendraModi here.


Govt Asks PSU Banks To Examine All Bad Debts Of Above Rs50 Cr

New Delhi: The government has asked state-run banks to fix operational gaps within 15 days and said lenders must check all bad loan accounts over Rs 50 crore for possible fraud. 

The latest directive has been sent by Rajeev Kumar, the secretary - department of financial services, after the over Rs 12,600-crore fraud in Punjab National Bank (PNB) triggered allegedly by fugitive jewellery czars NiravModi and MehulChoksi.

“15-day deadline for PSBs to take pre-emptive action and identify gaps, weaknesses to gear up for rising operation and tech risks; To learn from best practices and pinpoint strategies including tech solutions; clear accountability of senior functionaries,” Kumar said on micro-blogging site Twitter.


PNB Scam: Banks Claim Fraud Amount Could Be Rs 1,323 Cr More

New Delhi: Even as the multi-agency probe into the PNB scam has already begun, the state-run bank has said the amount of fraudulent transactions could be Rs 1,300 crore more than the current estimate of about Rs 11,400 crore.

The latest announcement from the public sector lender assumes significance against the backdrop of the probe going on into the Rs 11,400 crore scam, which is already one of the biggest in the Indian banking sector.

On February 14, the bank had detected the fraud wherein billionaire jeweller Nirav Modi and associates had allegedly acquired fraudulent letters of undertaking (LoUs) from one of the branches of the PNB for overseas credit from other Indian lenders.


NBFC Customers Can Now Take Complaints To Ombudsman

New Delhi: Customers of finance companies can now approach Ombudsman to get their complaints redressed without having to spend on court fees or lawyers. 

Reserve Bank of India (RBI) has created the office of Ombudsman for finance companies which will address complaints relating to deposits, fees and loans.

To begin with there will be an Ombudsman in four metros – Mumbai, Delhi, Chennai and Kolkata for each region. Customers are allowed to submit their complaint electronically. Their adjudication in the initial stage will remain restricted to deposit-taking finance companies.