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RBI Says, Over 23,000 Cases Of Fraud Worth Rs 1 Lakh Crore Reported

New Delhi:  The Reserve Bank of India (RBI) has said that over 23,000 cases of fraud involving a whopping Rs 1 lakh crore have been reported in the past five years in various banks. A total of 5,152 cases of fraud, up from over 5,000 cases in 2016-17, were reported in banks from April, 2017, to March 1, 2018, it said in reply to an RTI query filed by this correspondent.

The highest ever amount of Rs 28,459 crore is said to have been involved in these cases of fraud reported from April, 2017, to March 1, 2018, the central bank said.In 2016-17, banks had reported 5,076 cases of fraud involving Rs 23,933 crore.From 2013 to March 1, 2018, as many as 23,866 cases of fraud, of Rs 1 lakh or above in each case, were reported. A total of Rs 1,00,718crore was involved in all the cases put together, according to the RTI reply.

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Soon Flyers To Be Able To Use Mobile And Internet On Board

New Delhi: The highest decision-making body the Telecom Commission at the department of telecommunications (DoT) has approved the move that flyers would soon be able to make calls from their mobile phones and surf the internet on board in all flights in Indian airspace.

“We will now have to create a separate category of licencees called in-flight connectivity provider. These will provide internet as well as voice services within Indian territorial airspace... in both domestic and international flights,” ArunaSundararajan told reporters.

The telecom department will now start the process of framing licence terms for in-flight connectivity (IFC) providers and then invite applications, she said, adding that this process could take three months. IFC providers will be required to pay an annual licence fee of Re1 initially. “It is a fabulous decision. Given the nature of my job, I’m constantly travelling and it is my downtime when I take flights, which now I can use more productively. With data availability, I can catch up on work, read online and stay connected,” said AbhishekGanguly, managing director of Puma India.

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Govt Not To Cut Excise On Petroleum Products Despite Prices Soaring

New Delhi: The government is not considering cutting excise duty on petrol and diesel despite petrol price touching a 55-month high and diesel rate hitting an all-time high. Economic Affairs Secretary Subhash Chandra Garg has said that rates have not touched levels that could trigger such an action.

Garg said oil prices can impact the government's fiscal maths if they result in a spike in rates of domestic cooking gas (LPG) - the only commodity that is subsidised now.

"Otherwise there is no direct subsidy any longer," he said. "Indirect subsidy/impact comes, if crude oil prices reach a certain level (and) there might by some rethink about excise duty etc. That's not happened so far," he added. Without indicating the level of oil prices that could trigger an excise duty cut, he said, "If the level (of prices now) does not go up, there is no reason (for excise duty cut)." The price of petrol was on April 21 hiked by 13 paise per litre while that of diesel was raised by 15 paise per litre. As of Saturday, the cost of petrol was Rs 74.21 a litre and that of diesel diesel was Rs 65.46 per litre in Delhi.

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650 Branches Of India Post Payments Bank To Be Operational Soon: Sinha

New Delhi: Union Minister of State for Communications ManojSinha on Sunday said that the work of system integration of the payments bank had been completed and processes mandated by the Reserve Bank of India would be completed within one week. With all this as many as 650 branches of the India Post payments bank are likely to be operational across the country by next month.

"It is likely that 650 branches of the India Post payments bank would start functioning from May," he said at a press conference here. The minister said that the launch of the postal department's payments bank would enable more than 1.5 lakh post offices to become access points for people to avail banking services, adding that it would help the government's plans of financial inclusion and direct transfer of benefits in remote areas.

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IndiGo President Ghosh To Step Down; Bhatia To Be Interim CEO

New Delhi: President of IndiGo Aditya Ghosh will step down on July 31, 2018 after being part of the company for over 10 years.  Rahul Bhatia, a promoter of the company, has been appointed as the interim CEO. India's InterGlobe Aviation Ltd that runs the country's top carrier IndiGo on Friday announced these developments.

According to sources, Greg Taylor is likely to be appointed as president and CEO of the company. Taylor has more than 40 years of experience in the sector and has held various senior management roles at United Airlines and US Airways.

Ghosh has stepped down as Whole Time Director of InterGlobe Aviation, the parent of IndiGo, effective from April 26 while his resignation as President would come into effect from July 31. Welcoming Taylor, Bhatia said his enormous and varied experience and understanding of the complexities of the airline industry would be invaluable to the airline's future plans.