Anthropia’s Post

Ever think bank accounts for government departments are always safe and sound? Think again. The Karnataka government has just issued a sweeping order for all its departments, public sector units, corporations, and local bodies to close their accounts at the State Bank of India (SBI) and Punjab National Bank (PNB). Why? Because of allegations of financial irregularities and misappropriation of funds involving deposits and investments with these banks. For instance, the Karnataka Industrial Area Development Board (KIADB) had a fixed deposit of ₹25 crore with PNB, but only ₹13 crore was released. Similarly, the Karnataka State Pollution Control Board (KSPCB) saw its ₹10 crore fixed deposit at the former State Bank of Mysore misused to settle loans for a private company using forged documents. These instances highlight crucial financial governance issues. Right now, the banks have requested a 15-day extension to address these problems, and the government has temporarily halted the closure order to allow them time to rectify the situation. This scenario is a powerful reminder of the importance of financial transparency and accountability. It’s not just about opening and closing accounts; it's about ensuring that public funds are used responsibly. The options? Ignore the misappropriations and hope for the best, or take decisive action to protect the integrity of public resources. For Karnataka, the choice was clear #FinancialGovernance #Transparency #Accountability #PublicFunds #KarnatakaGovernment #SBI #PNB #Misappropriation #FinancialIrregularities #BankAccounts #PublicSector

As our series on 'Lighting Up Lives through Frictionless Finance' draws to a close, our final spotlight highlights stories of the transformative impact of the Unified Lending Interface (ULI) for a diverse range of stakeholders—from farmers and lenders to service providers. Conceptualised by the Reserve Bank of India and designed and developed by RBIH, ULI marks a new chapter in India’s digital credit landscape. ULI simplifies credit access by connecting lenders to critical data—spanning land records, milk pouring data, and satellite imagery among other data and services—through a unified ‘plug and play’ platform. This streamlined approach makes credit access more efficient, and inclusive for every Indian. Swipe through to hear stories from our stakeholders on how ULI is creating a seamless lending experience, opening up new paths for growth and opportunity. Rajesh Bansal | Rakesh Ranjan | Aakarsh Naidu | Arun Seethamraju | Mohan K Krishna | Dr. Parul Naib | Preethi Ignatius | Ranjeet Rane | Shilpa Rao | Somya Singh #FrictionlessFinance #UnifiedLendingInterface #FinancialInclusion #RBIH

Indian non-banking financial companies #Muthoot Finance and #Manappuram Finance seized the market window last week for US dollar bond sales, despite challenges for the industry at home. Muthoot hit the market on Tuesday with a US$650m 7.125% 3.75-year amortising bond after waiting since mid-April. Manappuram followed on Wednesday with a US$300m 7.375% four-year amortising bond priced at 99.64 to yield 7.5%. The two notes have respective weighted average lives of 3.25 and 3.33 years. To read more by Morgan M. Davis- https://lnkd.in/d3PyTt52

The _Reserve Bank of India (RBI)’s Unified Lending Interface (ULI) is on the horizon, promising to transform India’s lending landscape. Currently in its pilot phase, ULI aims to simplify and speed up credit access through a streamlined, consent-based approach to data sharing, from land records to financial information. This revolutionary interface will empower businesses and rural borrowers alike by reducing credit appraisal times and enhancing access to funding. Acknowledging the Reserve Bank of India and supporting government bodies for advancing this effort toward a more efficient, accessible lending framework. #SupplyChainFinance #WorkingCapital #AnchorFinance #RBI #ULI #DigitalLending #FinTech #BusinessGrowth #IndianBusiness

EP Briefs | The Economic Post | The Economic Club of India These are Tata Capital Financial Services, Tata Cleantech Capital, Naperol Investments, USG Financial Services, Urja Capital, Vandana Dealers, ABRN Finance, Jodhani Management, and JDS Securities. #RBI #RBIBan #NBFCs #TataCapital #Economy #business | Catch the day's latest news here ➟ https://lnkd.in/eapGsz-K

Reserve Bank of India (RBI) Tightens Housing Finance Company Norms: New Guidelines Align HFCs with NBFCs, Strengthening India's Financial Stability. For more information, follow the link: https://lnkd.in/gZe44ApG #therealtytoday #TRT #therealtytodaynews #therealtytodayupdates #RBI #HousingFinance #RiskManagement #FinancialStability #RegulatoryFramework #Finance

Exciting News for FD Investors! State Bank of India and Bank of Baroda have introduced special, short-term FD schemes ideal for conservative or risk-averse investors seeking assured returns within a short period. With interest rates above 7%, these schemes present a golden opportunity for those looking to maximize their investments. Krishan Mishra, CEO of FPSB India, shared his insights on the benefits for senior citizens and the importance of diversifying investment portfolios while maintaining liquidity. Many industry experts, including Akshar Shah, Founder and CEO of Fixerra, Adhil Shetty, CEO of BankBazaar.com, Amol Joshi, Founder of Plan Rupee Investment Services, and Shavir Bansal, Founder and CEO of Kifaayat, have also shared their valuable opinions in this comprehensive piece. 👉 Read the full article to explore more about these FD schemes and the strategic insights shared by industry leaders: https://lnkd.in/dyJERVrT Let's make informed decisions and optimize our investments! #FixedDeposits #InvestmentOpportunity #FPSBIndia #SBI #BankofBaroda #FinancialPlanning #ConservativeInvesting #RiskAverseInvesting #SeniorCitizens

EP Briefs | The Economic Post | The Economic Club of India It can be noted that late last year, the RBI increased the risk weights on unsecured lending to dissuade the lenders from undertaking more exposures to such riskier products which come without any collateral. Khara asserted that the 25-year-old SBI Cards has been able to manage the asset quality well because of its focus on risk assessment. #SBI #SBICard # #lending #creditcarddebt #loan #economics #investing #bankingindustry | Catch the day's latest news here ➟ https://lnkd.in/dZbEU7Mk

The RBI’s move to take control of *Aviom India Housing Finance* over governance issues and defaults highlights its focus on financial stability. Appointing *Ram Kumar* as administrator aims to stabilize the company. This intervention signals the RBI’s commitment to tightening oversight in the housing finance sector.

Karnataka Govt vs. SBI & PNB: Why the Withdrawal of Funds? 💼🚫 The Karnataka government has ordered all its departments, public sector units, universities, and related organizations to cease transactions with SBI and PNB due to unresolved issues with fund recovery.🚨 The Karnataka Industrial Areas Development Board (KIADB) and the Pollution Control Board have faced difficulties recovering fixed deposits from these banks, despite extensive negotiations.🔍 Two major incidents triggered this action: 1) KIADB’s ₹25 crore deposit with PNB resulted in only ₹13 crore being returned after the deposit matured, despite a decade of attempts to resolve the issue. 2) The Karnataka State Pollution Control Board’s ₹10 crore deposit with SBI (formerly State Bank of Mysore) was allegedly misused to settle a private company’s loans using forged documents.💼 The August 12, 2024 circular, signed by PC Jaffer and approved by Chief Minister Siddaramaiah, instructs all government entities to withdraw funds and close accounts with SBI and PNB by September 20, 2024. Closure reports must be submitted to the finance department.🔒 What are your thoughts on Karnataka's decision to withdraw funds from SBI and PNB? 🤔💭 #Karnataka #SBI #PNB #Funds #Finance #Public #Banking #Government #Audit #Accounts #India #CA