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A Red Corner Notice by the Interpol has been issued against fugitive billionaire Mehul Choksi who is accused of duping Punjab National Bank and defrauding the bank of Rs 13,000 crores in alleged collusion with his nephew Nirav Modi. CBI spokesperson Abhishek Dayal said, “The Interpol has issued a Red Corner Notice against Mehul Choksi on the request of CBI.” Choksi, who is now a citizen of Antigua, had escaped the country in the first week of January this year after he and his companies allegedly cheated the bank of Rs 7,000 crore. The CBI then filed a charge-sheeted against both Nirav Modi and Choksi separately in the scam. In the CBI charge sheets, Choksi is accused of swindling Rs 7,080.86 crores making it the country’s biggest banking scam at over Rs 13,000 crore. The other accused accomplice Nirav Modi allegedly cheated the bank of Rs 6,000 crores. A Red Notice is a request to locate and provisionally arrest an individual pending extradition. It serves as an in...

The Reserve Bank of India’s (RBI) Central Board held the first ever board meeting under the leadership of the newly appointed governor Shri Shaktikanta Das, today in Mumbai. The central board was expected to address the ongoing liquidity crisis and the conflict between government and RBI on PCA norm, however, no major decisions were made. The issue of RBI’s structure of governance has been a point of conflict between the government and the central bank. While regarding the matter, RBI in a statement release said: “The Board deliberated on the Governance Framework of the Reserve Bank and it was decided that the matter required further examination.” RBI also said in the statement: “The Board reviewed, inter alia, the current economic situation, global and domestic challenges, matters relating to liquidity and credit delivery to the economy, and issues related to currency management and financial literacy. The draft report on Trend and Progress of Banking in India (2017-1...

Benchmark indices have fallen more than 10 percent from their highs, and for the year, Indian market has turned negative but the big carnage has been seen in individual stocks. Most fund managers are using the opportunity to buy quality stocks. For the quarter ended September, fund managers increased their stake in as many as 310 stocks which have a market capitalisation of more than Rs 1,000 crore and have fallen up to 70 percent so far in 2018. Stocks in which they raised stake include Manpasand Beverages, Infibeam Avenues, Simplex Infrastructure, IIFL Holdings, JM Financial, Navkar Corporation, Indian Bank, Symphony, Kajaria Ceramics, Dilip Buildcon, Greenply Industries. Most analysts agree that investors should look at the beaten-down stocks for their portfolio but the time horizon should now be 1-2 years. Picking the right stock will be more important because not every stock will qualify as a sound investment. “While it may be difficult to call a bott...