CVC calls for foolproof system to verify bank customers’ data

Central Vigilance Commissioner K V Chowdary on Friday favoured putting in place a network of systems for bank officials to verify the genuineness of data provided to them in KYC forms.

“While there are norms as to what are the things to be taken into account while taking a person as a customer, that you loosely call KYC, in the implementation of it, there are number of shortcomings,” said.

The banks, at present, do not have an online facility to verify the documents given to them as there is a possibility of frauds submitting a fabricated or morphed identity proof, like PAN card or driving licence, he said.

“I take it, in bonafide, believe that the paper given to me is the right paper. If there is connivance, we can punish the bank manager. But, if he is being cheated, he is himself the subject of the fraud. He is not the creator of the fraud.

“So, we need to bring systems in place, where a document is produced, there should be easy and quick way of verification of that document with reference to the original.

If that is not done, then frauds will keep on happening,” Chowdary said.

 

Having a copy of Aadhaar card helps, but the bank officials should have a methodology by which they can access Aadhaar system and verify the correctness of the data.

“So, that kind of a networking of various databases is required if the system is to be foolproof,” he said.

Chowdary was speaking on the sidelines of the 13th anniversary of Vigilance Study Circle, a professional body established here to spread awareness on vigilance and to improve the knowledge and skills of vigilance professionals.

Earlier in his address, the CVC said technology or automation can only be an enabler to enhance effectiveness and cannot prevent frauds on its own.

“Technology is like a servant to us. We can successfully use it to either reduce the frauds or find out the frauds,” he said, citing some examples.

There should be systems in place which would send “alerts or red flag indicators” to the top management in the event of diversions, he added.

The CVC appealed to the public to stay away from corruption and to go by the rules and laws.

 

WBERC signs pact with Korea’s KEPCO to reduce T&D loss

 

West Bengal Electricity Regulatory Commission (WBERC) on Friday signed an MoU with Korean power company, Korea Electric Power Corporation(KEPCO), to conduct a feasibility study to reduce transmission and distribution loss among power distribution companies in the state.

The MoU was signed between WBERC Secretary J C Chakraborty and KEPCO GM Moon Taeok, in presence of state power minister Shobhandeb Chatterjee.

Chatterjee said KEPCO will submit its report in a month based on which a roadmap will be prepared. T&D loss is high for WESEDCL and CESC, he said adding “we can keep tariff low if this loss is managed properly”.

CESC Managing Director Aniruddha Basu was also present at the event.

 

KEPCO said it will identify areas where it can bring innovation in reducing T&D losses.

WBERC deputy director T K Mukherjee said the KEPCO will carry out a research on the distribution facilities and inform WBERC of the results, including the actual reasons. The study would be free and not entail any cost, Mukherjee said.

WBERC Chairman R N Sen said West Bengal is the first state in the country to conduct such a study with KEPCO’s help.

The commission also said the issue of implementation of High Voltage Distribution System and Smart Metering projects in the state will also be scrutinised

Govt mulls new financial year to boost growth

 

The government on Wednesday constituted a four-member committee to examine “the desirability and feasibility” of having a new financial year.

The committee, chaired by former Chief Economic Adviser Shankar Acharya has been asked to assess the impact of having a new financial year, considering its effect on agricultural crop cycle, budget process, taxation systems and impact on businesses.

The current April-to-March financial year in the country has continued from the British colonial rule.

 

The move comes close on the heels of a cabinet rejig in the government. The panel has been asked to produce a transition plan for any change it proposes, including any changes in tax laws.

Bibek Debroy, a member of PM Modi’s National Institution for Transforming India (NITI Aayog), had said last year that India’s fiscal year should be around Deepavali.

However, the bureaucrats have always resisted this change as it could take a lot of time to adjust to the new system.

The new committee has been asked to submit its recommendations to the government by December 31.

All you need to know about PM Modi’s 5-day Africa tour and key agendas

 

Leading bourse BSE will suspend trading in the shares of eight companies from July 29 as they have failed to comply with the listing regulations for two straight quarters.

The exchange has frozen the entire promoter shareholding of these entities from Thursday onwards till further notice. Trading of Gangotri Iron & Steel Company, Gupta Synthetics, MCS, Niraj Cement Structurals, Minolta Finance, Softech Infinium Solutions, Unimin India and Zylog Systems would be suspended from July 29, BSE said in a circular.

These companies were found to be non-compliant in December 2015 and March 2016 quarters.

They did not comply with the provisions of Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The suspension would continue till the companies are in compliance with Sebi norms. Fifteen days after suspension, restricted trading would be allowed in these scrips.

Revocation of suspension would be subject to the companies further complying with the procedure and all extant norms prescribed for revocation of suspension, BSE said in the circular issued on Thursday.

In case, they comply with the norms, including payment of fines, by July 25, then there would no suspension of trading, it added.

BSE to suspend 8 firms for non-compliance with listing norms

Leading bourse BSE will suspend trading in the shares of eight companies from July 29 as they have failed to comply with the listing regulations for two straight quarters.

The exchange has frozen the entire promoter shareholding of these entities from Thursday onwards till further notice. Trading of Gangotri Iron & Steel Company, Gupta Synthetics, MCS, Niraj Cement Structurals, Minolta Finance, Softech Infinium Solutions, Unimin India and Zylog Systems would be suspended from July 29, BSE said in a circular.

These companies were found to be non-compliant in December 2015 and March 2016 quarters.

 

They did not comply with the provisions of Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The suspension would continue till the companies are in compliance with Sebi norms. Fifteen days after suspension, restricted trading would be allowed in these scrips.

Revocation of suspension would be subject to the companies further complying with the procedure and all extant norms prescribed for revocation of suspension, BSE said in the circular issued on Thursday.

In case, they comply with the norms, including payment of fines, by July 25, then there would no suspension of trading, it added.

Nirmala Sitharaman to lead business delegation to Russia

Commerce and Industry Minister Nirmala Sitharaman will lead a delegation of over 110 Indian companies that will showcase their engineering prowess at a trade fair in Russia.

India is the partner country for ‘INNOPROM 2016’, which is the largest annual international industrial trade fair of Russia.

The 4-day fair will start from July 10 in Ekaterinburg.

With ‘Industrial Net’ being the lead theme for the exhibition, the event aims to bring together all important components to improve efficacy under one roof, the Commerce and Industry Ministry said in a statement.

Apart from the large, medium and small Indian companies participating in the event, states like Maharashtra, Gujarat, Jharkhand, Rajasthan, Himachal Pradesh and Andhra Pradesh are also going to showcase their industrial strengths, it said.

The Chief Ministers of Maharashtra, Andhra Pradesh and Rajasthan will lead their state delegations.

Central government departments including Heavy Industries, Electronics and IT, Ministries of Power, Tourism and Renewable Energy, will also form part of the official delegation.

“Overall, the strong India participation is expected to highlight the strengths of India within the area of engineering and innovation” at the fair, it added.

Quoting Sitharaman, it said India s partnership provides a significant opportunity to sustain, expand and further develop the strategic partnership between the countries.

‘INNOPROM’ will also offer India a platform to showcase ‘Brand India Engineering’ and ‘Make in India’, it said.

Further, it said that Russia has now become the first country to have agreed to invest under the ‘Make in India’ umbrella in two key strategic sectors – nuclear and defence.

India and Russia have set a goal of boosting bilateral trade to USD 30 billion and mutual investment to USD 15 billion by 2025.

The two-way trade stood at USD 6.18 billion in 2015-16 as against USD 6.34 billion in the previous fiscal.

Expect spectrum auction to be finalised in September: Telecom Minister

Government expects to hold the mega spectrum auction in September, through which it hopes to garner Rs 5.66 lakh crore, Telecom Minister Manoj Sinha said on Friday.

The minister, who took charge earlier this week, said, “We expect spectrum auction to be finalised in September.”

Last month, the Union Cabinet had approved the spectrum auction plan.

The government expects to raise at least Rs 64,000 crore from the auction of about 2,300 Mhz of spectrum and Rs 98,995 crore from various levies and services in the telecom sector.

On call drops, where the industry and the government have been at the loggerheads, Sinha assured that he expects “qualitative progress” on the issue in coming 5-6 months.

“Department of Telecom will work on the framework for providing relief from call drops in the long term,” he said, adding the issue will be discussed in next 15-20 days.

Asked about Congress’ allegations of a telecom scam, he said, “Whatever happened in the past has nothing to do with this government.”

“Since the time this government has come in power, there has been no such complaints. The process of recovering money from telecom operators will be completed in definite time,” he added.

No impact of Suzuki mileage test issue in India: Maruti

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Maruti Suzuki India said on Wednesday the issue of using improper fuel economy and emission tests faced by parent Suzuki Motor Corp in Japan will not have implications in India citing distinct testing regulations.

“The system of conducting vehicle mileage tests in India is distinct from the one in Japan. In India, all vehicles are tested for road load and emissions by government approved agencies like ARAI, ICAT and VRDE,” a Maruti Suzuki India spokesperson said in a statement.

As part of the emission test, these agencies report fuel efficiency of vehicles as well. Basis these reports, Maruti Suzuki voluntarily declares fuel efficiency of its vehicles, the spokesperson added.

Earlier on Wednesday in Japan, Suzuki Motor Corp (SMC) said “some discrepancies were found in the automobile emission and fuel efficiency testing process between the regulation by MLIT (Ministry of Land, Infrastructure, Transport and Tourism) and the actual method carried out by Suzuki”.

While apologising for the discrepancies in 16 models which were subjected to investigation, SMC, however said that the “issues do not apply to products sold under Suzuki badge outside Japan”.

SMC also insisted that “as for performance regarding emissions, it complies with the safety standards and we consider it does not have any problems”.

Maruti Suzuki India shares closed at Rs 3,917 apiece, down 0.81 per cent from the previous close on the BSE. It had fallen to an intra-day low of Rs 3,808 in the morning trade after reports of Suzuki’s issue in Japan emerged.

Maruti launches updated Alto 800 with enhanced fuel efficiency

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Country’s largest carmaker Maruti Suzuki India (MSI) on Wednesday launched an updated variant of its entry level hatchback Alto 800 priced between Rs 2.55 lakh and Rs 3.76 lakh (ex-showroom Delhi).

The company’s best selling model now comes with various features including fresh interiors and higher fuel efficiency of 24.7 km/l of petrol, around 9 per cent improvement over the earlier version, MSI said in a statement.

In CNG mode, the Alto 800 offers a mileage of 33.44 km/kg an improvement of around 10 per cent, it added.

“The new Alto 800 is technologically advanced with latest convenience and class leading safety features…above all it comes with improved mileage,” MSI Executive Director Marketing and Sales RS Kalsi said.

Alto has remained the country’s top selling model for more than 12 years in a row. It is the only Indian car brand to cross the historic 30 lakh sales milestone.

The brand contributes to almost 18 to 20 per cent of Maruti Suzuki’s sales in India.

The updated version of the car now comes with new bumper and grille, headlamps and two new colours – Mojito Green and Cerulean Blue.

The vehicle is available with a driver airbag as an option from the base variant onwards. On the higher trims the Alto 800 comes with a rear door child lock.

Other features like remote keyless entry, smart storage spaces like rear bottle holder and co-driver side map pocket have also been introduced in the Alto 800.

Apple chief Tim Cook visits ICICI HQ, meets top management

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American technology giant Apple’s chief executive Tim Cookon Wednesday met ICICI Bank’s top brass at the country’s largest private sector lender’s corporate headquarters here.

Cook, whose every meeting is being closely watched here for cues about Apple’s business plans in India, walked into the ICICI Bank Towers in the Bandra Kurla Complex business district here and spent over an hour there, sources said.

He met the bank’s managing director and CEO Chanda Kochhar and executive directors at a closed-door meeting, they said but refused to divulge what was discussed.

ICICI Bank was among the first to introduce a banking application on the Apple Watch, even before the gadget got launched in the country.

Over the past few years, it has also introduced a slew of other initiatives on the digital front, including a digital wallet, just like the ‘Apple Pay’ by the tech giant.

Cook’s meetings during the four-day maiden visit to India are mostly with top leaders of Indian business houses that offer some opportunity for Apple’s businesses.

Early today, Cook met Anant Ambani, son of billionaire industrialist Mukesh Ambani of Reliance Industries group that is on the cusp of hitting the market with a high-speed 4G telecom network. Cook also met also Sunil Sood, who heads the country’s second largest telco Vodafone India. Reports suggested he would also interact with the country’s largest mobile operator Airtel’s top-brass later.

The visit to ICICI Bank comes at a time when there is a huge speculation over how digital and telecom solutions are slated to dominate banking in the future, with experts saying that technology will change the face of a bank.