Punjab National Bank investigating How the $1.8 billion PNB fraud went unnoticed

Punjab National Bank investigating  How the $1.8 billion PNB fraud went unnoticed

The Punjab National bank says it is still investigating how the fraud happened. How they were able to do so and go undetected for so long. The accounts given by current and former executives who spoke to Reuters suggest an answer as simple as it is alarming: no one was paying attention.

The still unraveling story which includes the alleged misuse of the SWIFT interbank messaging system and incomplete ledger entries - points to a breakdown in checks, balances and standard banking practice.

According to court documents and interviews with bank executives - The branch deputy manager Gokulnath  Shetty did so using the bank's SWIFT system to log in with passwords that allowed him and in at least some instances a more junior official, to serve as both the person who sent messages and as the person who reviewed them for approval.

The bank union raises serious questions about ongoing PNB fraud case and the functioning of the RBI in its letter.

According to All India Bank Employees’ Association (AIBEA) only lower level officials were involved. The government should step into the ongoing PNB fraud case and keep out top management and officials until the probe is complete and accountability fixed, bank union AIBEA demanded today.

All India Bank Employees’ Association (AIBEA) said in a strongly-worded letter issued that “What is sauce for the goose must be for the gander too. While we do not support the wrong-doers at the lower level, the impression is given that only the lower level officials and staff are responsible, so there shouldn't be a haste and hurry to suspend them?”.

“It will be prudent for the government to step in and keep out the entire top management and higher officials from the bank until the probe is completed and accountability is fixed".

India financial Budget - 2018

India financial Budget - 2018-19 is on Thursday,

Common man expects from the Finance Minister to bring out something for him; More impetus on sectors like agriculture, infrastructure and employment expected.

The union budget is set to be presented on Thursday. While the Economic Survey has laid stress on greater attention to agriculture, employment and education,  According to Prime Minister Modi the budget will further energise economy, meet people's aspirations and will add a new vigour to India's development & will fulfill aspirations of people.

India financial Budget - 2018 will focus on employment, education and agriculture in the medium term to ensure robust & inclusive growth.

Finance Minister Arun Jaitley is all set to present India financial Budget - 2018 the Union Budget & Railway budget on Thursday.

India financial Budget - 2018 will be the first post-GST budget and more importantly - the last union budget before 2019 general elections.


Govt is all set to address farmers problem.

BOOSTING AGRICULTURE SECTOR: Agriculture is the prime sector in India & all attempts are being made to improve it ...Government is committed to doubling of farmers' income by 2022...  Govt is also making efforts to ensure remunerative price to the farmers for their produce.

FISCAL DEFICIT: All eyes will be on the fiscal consolidation roadmap and the government’s borrowing plans. Will Jaitley stick to the 3 percent (of GDP) fiscal deficit target for 2018-19 set last year? Or will he signal a move to fiscal deficit range from fixed target. There is heightened expectation that he may announce a new framework suggesting a fiscal deficit range from 2018-19 setting the stage for replacing the Fiscal Responsibility and Budget Management (FRBM) Act with a new law, giving the government more flexibility on borrowing and spending.

FOCUS ON RURAL DEVELOPMENT: Govt is planning that by 2019 every village will be linked with good roads..Toilets, Electricity & internet will also be provided to the villagers  ..With these key goals.... 2018-19 budget may have many surprises ...

JOB CREATION: Employment generation has always been top on agenda of Modi govt ... Even the Economic Survey says govt needs to focus on employment...  It is speculated that govt may come up with a grand plan in this sector. The budget may also have something in store for start ups.

BOOSTING INFRASTRUCTURE: Infrastructure has also got boost by Modi govt. Be it  Bharatmala Project aimed at boosting road connectivity in the country or development of ports under Sagarmala, ... government may take several steps to boost the infrastructure sector, which will not only boost the economy but also help in creating jobs.

FOCUS ON INDUSTRY: Industry is again a key focus. The world is optimistic about  India. The global market is seeing India with a positive eye. Finance Minister may push Make in India, Startup India and other employment generating schemes in the Budget.

PUSH TO EDUCATION: Education is important for overall development of the country. The government can announce some steps to strengthen basic facilities and resources for education. The focus is expected to be on raising the quality of education.

SALARIED CLASS: EXPECTATION: Income tax exemption limit from the existing Rs 250,000 to about Rs 300,000 —a move that would leave more money in the hands of people.

REVIVING BANKING SECTOR:  Banks struggling with the financial crisis and NPAs have great expectations from the budget. The government has already announced a major plan for recapitalization of Rs 2.11 lakh crore. It is believed that there can be some other announcement in the budget for both.

RELIEF IN OIL SECTOR: People expect that the government will provide relief from rising petroleum prices by reducing excise duty on petrol and diesel.

BOOSTING REAL ESTATE:  Governments’ ambitious plan ‘Housing for all by 2022 may see some important announcement, loans may get cheaper, taxes may be reduced.

A lot of expectations are also seen in Railways.
Now all eyes are on Finance Minister, who will present the budget on Thursday. Will 2018-19 see Budget for all remains to be seen.

India financial Budget - 2018

Narayana Hrudayalaya limited - hospital group company

Narayana Hrudayalaya hospital group company reported more than four-fold jump in its consolidated net profit at Rs 22 crore in March quarter (Q4FY17). The company engaged in healthcare services business had logged profit of Rs 5 crore in the same quarter of last fiscal year.

 

 

Narayana Hrudayalaya hospital - Consolidated total operating income

Consolidated total operating income grew 13% to Rs 484 crore in Q4FY17 against Rs 428 crore in the corresponding quarter of previous year. Ebitda (earnings before interest, tax, depreciation and amortization) margin during reporting quarter was at 13.6% as against 12.5% in Q4FY16, showing an improvement by 114 basis points (bps).

Looking at the full year numbers, we see that revenue jumped by 12% to reach Rs.1645.9 crore while EBITDA rose by 25% to 212.38 crore. The company reported net profit of Rs.95.1 crore, up 68% yoy


While commenting on the performance, Dr. Ashutosh Raghuvanshi, Vice Chairman, Managing Director and Group CEO, Narayana Hrudayalaya Limited, said “We are pleased to demonstrate noteworthy performance in the quarter and the year gone by amidst the regulatory headwinds affecting our business on multiple counts. The steady ramp-up in our newer hospitals buoyed by the sustained performance of mature hospitals continue to drive our revenues, and at the same time, our changing business mix is improving our profitability profile.

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Sources  http://www.moneycontrol.com