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Govt. gets ready for reforms to fight slowdown

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New Delhi: Amidst the concerns of the ongoing financial slowdown in the economy Nirmala Sitharaman, the Finance Minster of India, to conduct meeting with the leaders to discuss the plans for the future on Thursday.

According to verified sources the meeting will be held with, Business leaders, Uday Kotak, TV Narendran, Sandip Somani, BK Goenka, Sajan Jindal, Sunil Mathur, Anil khaitan, Sanjiv Puri, Rishab Premji, Sangeeta Reddy, Dilip Sanghvi and Ajay Piramal. Even as Nirmala Sitharaman is holding daily meetings with industry in the backdrop of sluggish economic growth, the Centre is planning reforms in crucial sectors over the next few months.

The talk took place on issues such as public transportation initiative on the lines of the erstwhile National Urban Renewal Mission (JN-NURM) for the automobile sector, a tax overhaul through the direct tax code etc. Sajjan Jindal, Chairman of JSW told the media, “The penal provisions for CSR were discussed. We were assured by the finance minister that punitive actions, which include a jail term, would not be taken”.

Auto Industry leaders met Finance Minister Nirmala Sitharaman with an aim to find a concrete solution to the woes of the sector on Wednesday. Indian Automobile sector has posted the worst sales in two decades in the month of July with some top passenger car makers even plunging to their worst show in about two decades. Earlier this week, finance Minister Sitharaman met the PSU bank heads and major private sector banks to review credit growth in various sectors like MSMEs, retail, auto, NBFCs and HFCs.

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CBI raids at 169 places across nation in bank fraud cases worth 7000 crore

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New Delhi: The CBI is conducting searches in 169 locations across the country in connection with 35 bank fraud cases, which were registered by it and involve funds of over Rs 7,000 crore, officials said on Tuesday.

The searches are going on in Delhi, Gurgaon, Chandigarh, Ludhiana, Dehradun, Noida, Baramati, Mumbai, Thane, Silvassa, Kalyan, Amritsar, Faridabad, Bengaluru, Tirupur, Chennai, Madurai, Quilon, Cochin, Bhavnagar, Surat, Ahmedabad, Kanpur, Ghaziabad, Bhopal, Varanasi, Chandauli, Bhatinda, Gurdaspur, Morena, Kolkata, Patna, Krishna and Hyderabad, they said. The agency refused to give further details as the search operations are still going on, they said.

Among the alleged frauds being probed by the agency are SEL Manufacturing in Bank of Maharashtra worth Rs 113.55 crore, Advance Surfactants in SBI worth Rs 118.49 crore, Eskay Knit worth Rs 42.16 crore in Dena Bank (now Bank of Baroda), Krishna Knitwear Technology worth over Rs 27 crore in Canara Bank, they said.

The cases pertain to State Bank of India, Punjab National Bank, Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, Allahabad Bank, Canara Bank, Dena Bank, Central Bank of India, Union Bank of India, IDBI Bank, Bank of Baroda, Bank of Maharashtra, Bank of India, and Punjab and Sind Bank, they said.

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