<ul><li>This placement season, undergraduate colleges like Lady Shri Ram College for Women (LSR), Shri Ram College of Commerce (<keyword id="6363378" type="UNKNOWN" weightage="20" keywordseo="SRCC">SRCC</keyword>) and St Stephen's college witnessed a jump in the job offers and average salaries. </li><li>The average salary package at LSR and SRCC went up from ₹7.5 lakh to ₹10 lakh per annum. The highest offered bagged by these freshers stood at over ₹30 lakh. </li><li>Among the top recruiters were Gartner, EY, PwC, Deloitte, KPMG, Samsung and Accenture. This includes the first time recruiters as well. </li></ul>Slowdown doesn’t seem to be affecting the placements at the premier institutions in India. Not just Indian Institutes of Technology (IITs) and Indian Institutes of Management (IIMs), undergraduate colleges like Lady Shri Ram College for Women (LSR), Shri Ram College of Commerce (SRCC) and St Stephen's college affiliated to the University of Delhi also witnessed a<a href="https://economictimes.indiatimes.com/jobs/job-offers-at-premier-undergrad-colleges-belie-slowdown-average-packages-zoom/articleshow/74289101.cms?from=mdr"> jump in the job offers and average salaries</a>. For the 2019-20 placement season, the average salary package at LSR and SRCC went up from ₹7.5 lakh to ₹10 lakh per annum. The highest offered bagged by these freshers stood at over ₹30 Lakh. As many as 130 students received job offers at SRCC. “We haven't seen an overall impact of the slowdown in placements. The number of companies coming has more or less remained the same since last year, however the number of students that were made an offer to have increased,” Kanika K Ahuja, placement in-charge at LSR told ET. The students who get admission to these Delhi University-affiliated colleges have to score over 95% in the 12th grade — due to high cut-offs. Among the top recruiters were Gartner, EY, PwC, Deloitte, KPMG, Samsung and Accenture. This includes first-time recruiters as well. <a href="https://www.dupost.co.in/du-blog/2020/du-delhi-university-placement-2019-highest-average-salary-package/">According to the Central Placement Cell (CPC)</a> of DU, Stephen’s college bagged the highest offer at ₹19 lpa from the Boston Consulting Group. On the other hand, <keyword id="311892" type="COMPANY" weightage="20" keywordseo="Shaheed-Sukhdev-College-of-Business-Studies">Shaheed Sukhdev College of Business Studies</keyword> (SCBS), which is ranked as the second best undergraduate b-school in India, bagged 106 offers at an average compensation of over ₹7 lakh. The highest offer stood at ₹18 lakh per annum. The average compensation at other DU colleges fluctuated between ₹6 lakh to ₹10 lakh per annum. While the overall average salaries in India went up by 45% for undergraduate students. This is despite the economic downturn in the country. The growing trend of summer placements The growing trend of summer placements and pre-placement offers too might have had an effect on the increased interest of recruiters. Companies like Deutsche Bank, Citi Bank are also banking on summer placements to assess talent, thereby extending pre-placement offers. At SCBS, Goldman Sachs visited the campus to hire interns for their investment banking division. Students also received PPOs from companies like KPMG, RocSearch and Grofers. See also: <a href="https://www.businessinsider.in/careers/news/fms-delhi-and-mdi-gurgaon-have-seen-placement-offers-as-good-as-those-at-iims/articleshow/74184992.cms">These two B-schools have seen placement offers as good as those at IIMs</a> <a href="https://www.businessinsider.in/careers/news/these-are-the-starting-salaries-offered-to-b-school-students-in-india/articleshow/74168696.cms">These are the starting salaries offered to B-school students in India</a> <a href="https://www.businessinsider.in/careers/news/iift-receives-highest-job-offer-at-75-lakh-thats-higher-than-xlri-fms-and-a-few-iims/articleshow/74219123.cms">IIFT receives highest job offer at ₹75 lakh — that’s higher than XLRI, FMS and a few IIMs</a>

Delhi University students bag job offers that pay as much as ₹31 lakh per annum

Mumbai, Oct 10 (IANS) Although the banks remain flush with liquidity and interest rates lowered significantly, credit offtake from banks was very low and "anaemic" during the first half of the current financial year (2020-21). The low credit offtake can be attributed to the weak demand and persistent uncertainty amid the pandemic. "During H1 2020-21, bank credit offtake was anaemic, reflecting weak demand and uncertainty in the wake of the pandemic," showed the Monetary Policy Report for the October 2020 released by the Reserve Bank of India (RBI). It showed that non-food credit growth (y-o-y) was 5.1 per cent as of September 25, 2020, lower than 8.6 per cent a year ago, driven by weak momentum and base effects. It noted that the slowdown in credit growth was spread across all bank groups, especially foreign banks. Credit growth of the public sector banks remained modest, although with some uptick since March 2020. "Of the incremental credit extended by the scheduled commercial banks (SCBs) on a year-on-year basis (September 27, 2019 to September 25, 2020), 62.3 per cent was provided by the public sector banks and 41.2 per cent by the private sector banks, while the share of the foreign banks turned negative," said the report. The deceleration in non-food credit growth was broad-based, with credit offtake slowing down in all the major sectors. Though personal loans and credit to agriculture registered some improvement in July 2020, the momentum could not be sustained in August. Credit growth to services and industrial sectors has also tapered off after showing some promise in the Q1 of FY21. Personal loans accounted for the largest share of total credit flow in August 2020, followed by services. While the share of personal loans, services and agriculture increased in August 2020 vis-a-vis the previous year, the share of industry contracted. --IANS rrb/sn/tsb

Bank credit offtake remained poor in Apr-Sep: RBI report

The World Bank's Board of Executive Directors has approved a $750 million MSME Emergency Response program to support increased flow of finance into the hands of India's micro, small, and medium enterprises (MSMEs), severely impacted by the <keyword id="8912717" type="UNKNOWN" weightage="20" keywordseo="covid-19-crisis">COVID-19 crisis</keyword>. The MSME Emergency Response program will address the immediate liquidity and credit needs of some 15 lakh viable MSMEs to help them withstand the impact of the current shock and protect millions of jobs, a World Bank statement said. "This is the first step among a broader set of reforms that are needed to propel the MSME sector over time," it said. The $750 million loan from the International Bank for Reconstruction and Development (IBRD), has a maturity of 19 years including a 5-year grace period. The statement said that <keyword id="189848" type="COMPANY" weightage="20" keywordseo="The-World-Bank-Group">the World Bank Group</keyword>, including its private sector arm - <keyword id="9304121" type="COMPANY" weightage="20" keywordseo="the-international-finance-corporation">the International Finance Corporation</keyword> (IFC), will support the government's initiatives to protect the MSME sector by unlocking liquidity and strengthening NBFCs and small finance banks and enabling financial innovations. This program will support the government's efforts to channel liquidity to the MSME sector by de-risking lending from banks and <keyword id="34517" type="COMPANY" weightage="20" keywordseo="non-banking-financial-companies">Non-Banking Financial Companies</keyword> (NBFCs) to MSMEs through a range of instruments, including credit guarantees. The initiative will also support the government's refinance facility for NBFCs. In parallel, the IFC is also providing direct support to SFBs through loans and equity, it added. "The MSME sector is central to India's growth and job creation and will be key to the pace of India's economic recovery, post COVID-19. The immediate need is to ensure that the liquidity infused into the system by the government is accessed by MSMEs," said Junaid Ahmad, World Bank Country Director in India. He added that the overall financing ecosystem for MSMEs also needs to be strengthened. "This operation seeks to achieve both these objectives by furthering the role of NBFCs and SCBs as effective financial intermediaries and leveraging fintech to broaden the reach of finance into the MSME sector," Ahmad said. The World Bank has so far committed $2.75 billion to support India's emergency COVID-19 response, including the new MSME project. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/june-sales-data-for-maruti-mahindra-hero-moto-bajaj-auto-in-june-monthly-auto-sales/articleshow/76724828.cms" data-type="tilCustomLink">Maruti car sales in June were better than May but far from good— Escorts data stokes hope</a> <a href="https://www.businessinsider.in/defense/news/india-is-ready-for-the-long-haul-with-china-until-winter-after-the-third-round-of-military-talks/articleshow/76725494.cms" data-type="tilCustomLink">India is ready for the ‘long haul’ with China until winter after the third round of military talks</a>

World Bank offers $750 million loan for India's covid-hit small businesses

New Delhi, Dec 3 () The government on Tuesday said close to 3 per cent of Rs 6.04 lakh crore worth of loans sanctioned under the Pradhan Mantri Mudra Yojana (PMMY) has turned into bad loans.
 Prime Minister Narendra Modi launched the PMMY on April 8, 2015, for providing collateral free loans of up to Rs 10 lakh to non-corporate, non-farm small/micro enterprises with a view to generating employment, and providing access to easy finance to small enterprises.
 In a written reply to a question on the PMMY in the Rajya Sabha, Minister of State for Finance Anurag Thakur also said any complaint received in respect of implementation of the PMMY, including turning down of loan applications, delay in turn-around-time (TAT) and lenders' insisting on collateral/guarantor on certain occasions, are redressed in coordination with the respective banks.
"Scheduled Commercial Banks (SCBs) and Regional Rural Banks (RRBs) have reported that as of March 2019, against a total amount of Rs 6.04 lakh crore disbursed by them under PMMY since inception of the scheme, an amount of Rs 17,251.52 crore had turned into Non-Performing Assets (NPAs), which is 2.86 per cent of the total disbursed amount," the minister said.
 Loans are classified as MUDRA under the PMMY. The loans are given under three categories of Shishu, Kishore and Tarun to signify the stage of growth and funding needs of the beneficiary.
 Replying to another question, the minister said during the last five financial years, the total number of branches of public sector banks (PSBs) increased to 87,580 at end-March 2019 from 78,939 as of March 2014 .
 The minister also informed the House that PSBs wrote off Rs 47,658 crore, Rs 56,847 crore, Rs 79,048 crore, Rs 1,24,275 crore and Rs 1,86,632 crore during financial years 2014-15, 2015-16, 2016-17, 2017-18 and 2018-19, respectively, according to the RBI data. 
Of these, write-offs in loans pertaining to 'agriculture and allied activities' were Rs 2,833 crore, Rs 6,361 crore, Rs 7,091 crore, Rs 10,345 crore and Rs 12,556 crore in those financial years respectively. NKD MR
MR

Nearly 3 pc of Mudra loans turn into bad loans: Govt

New Delhi, Mar 3 () The government on Tuesday said banks and select financial institutions have reported frauds of over Rs 1.43 lakh crore during the April-December period of the current financial year. Replying to a question on banking frauds and action taken against fraudsters, Finance Minister Nirmala Sitharaman said the government in 2015 issued a framework for timely detection, reporting and investigation related to large-value bank frauds to public sector banks (PSBs). The framework was issued to deal with bank frauds exceeding Rs 50 crore, if classified as non-performing assets. The government also instituted wide-ranging structural and procedural reforms through the framework and other steps to check frauds in banks. She said the Reserve Bank of India in its Financial Stability Report of December 2019 observed that the framework has helped unearth frauds perpetrated over a number of years. "While this is reflected in the increased amount involved in frauds of Rs 1 lakh and above, reported by scheduled commercial banks (SCBs) and select financial institutions, increasing from Rs 10,171 crore in the financial year 2013-14 to Rs 1,43,068 crore in first three quarters of FY2019-20," Sitharaman said in a written reply in Rajya Sabha. She also said that as a result of the comprehensive measures taken to check bank frauds, there is perceptible decline in the amount involved in fraud by 'year of occurrence'. The minister added that the amount involved in fraud has reduced sharply from the peak of Rs 50,329 crore in 2013-14 to Rs 5,244 crore in the first three quarters of 2019-20. The measures taken by the government to address checking frauds include setting up of an online searchable database of frauds reported by banks for timely identification, control and mitigation of fraud risk and carrying out due diligence during credit sanction. The efforts also include enactment of the Fugitive Economic Offenders Act, 2018, to attach properties of fugitive economic offenders, confiscation of such offender's property and disentitlement of the offender from defending any civil claim. PSBs have been advised to obtain certified copy of the passport of the promoters/directors and other authorised signatories of companies availing loan facilities of more than Rs 50 crore. They have also been advised to decide on publishing photographs of wilful defaulters in terms of the instructions of RBI and as per their board-approved policy, and strictly ensure rotational transfer of officials and employees, the minister said. "With regard to the details of First Information Reports (FIRs) registered against fraudsters and bank officials, as per inputs received from the Central Bureau of Investigation (CBI), during the period from FY2016-17 to FY2019-20 (till January 31, 2020), 626 cases were registered with CBI by banks, in which accused persons numbering 2,111 have been charge-sheeted," Sitharaman said. However, she said that CBI has said that "bank-wise data is not maintained as more than one bank may be involved in a particular case and one accused person may figure in a number of cases registered". KPM HRS

Banks, select FIs report frauds worth Rs 1.43 lakh crore during Apr-Dec 2019

<div class="image-container float_right" style="width:480px"><div class="image"><img src="http://static3.businessinsider.com/image/51c09b6e69bedd553d000007-560-419/deloitte.png?maxX=480" border="0" alt="Deloitte" width="480" /><a href="http://commons.wikimedia.org/wiki/File:Deloittewien.jpg">Wikimedia Commons</a></div></div><keyword id="6358918" type="PERSON" weightage="60" keywordseo="Deloitte">Deloitte</keyword> has agreed to a <a href="http://www.governor.ny.gov/press/06182013revorm-agreement-deloitte-standard-chartered-consulting">one-year suspension from consulting work at New York regulated financial services firms and to pay $10 million to the state</a>, Governor <keyword id="196530" type="PERSON" weightage="60" keywordseo="Andrew-Cuomo">Andrew Cuomo</keyword>'s office said in a release. [via <a href="http://dealbook.nytimes.com/2013/06/18/in-crackdown-on-bank-consultants-deloitte-is-fined-and-banned/">Dealbook</a>]
The settlement has to do with the auditor's past consulting work for U.K. investment bank Standard Chartered, which was slapped with money laundering allegations last summer.
Back in August 2012, <a href="http://www.businessinsider.com/standard-chartered-iran-details-2012-8">New York's Department of Financial Services released explosive allegations</a> against Standard Chartered accusing it of facilitating billions of dollars in transactions for Iran, which is currently in under U.S. sanctions. 
According to the <keyword id="6355838" type="COMPANY" weightage="60" keywordseo="New-York">New York</keyword> regulator's complaint, Standard Chartered allegedly asked the U.K.-headquartered auditor to water down its reports. 
From the NY DFS complaint: 
45. Having improperly gleaned insights into the regulators’ concerns and strategies for investigating U-Turn-related misconduct, SCB asked D&amp;T to delete from its draft “independent” report any reference to certain types of payments that could ultimately reveal SCB’s Iranian U-Turn practices. In an email discussing D&amp;T’s draft, a D&amp;T partner admitted that “we agreed” to SCB’s request because “this is too much and too politically sensitive for both SCB and Deloitte. That is why I drafted the watered-down version.” — Page 19 
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Here's the <a href="http://www.governor.ny.gov/press/06182013revorm-agreement-deloitte-standard-chartered-consulting">release</a> detailing Deloitte's settlement: 
Governor Andrew M. Cuomo today announced that the Administration has reached an agreement with Deloitte Financial Advisory Services (“Deloitte”) regarding the company’s misconduct, violations of law, and lack of autonomy during its consulting work at Standard Chartered on anti-money laundering issues. Under the agreement, Deloitte agrees to a one-year, voluntary suspension from consulting work at financial institutions regulated by the New York State Department of Financial Services (“DFS”), will make a $10 million payment to the State of New York, and will implement a set of reforms designed to help address conflicts of interest in the consulting industry.
</div>
</div>
</div>
DFS intends to use the reforms Deloitte has agreed to today as a model that will govern all independent consulting firms that seek to be retained or approved by DFS. These reforms could also potentially serve as a template for other government agencies that retain independent consultants in regulatory work.
“The State’s agreement with Deloitte will serve as a new model for reforming the financial services consulting industry in New York as well as across the country,” Governor Cuomo said. “When tasked by government agencies to undertake regulatory work at financial institutions, it is critical for these consultants to remain autonomous and avoid conflicts of interest. Our homeowners, investors and economy are protected when independent consultants are truly ‘independent.”
Benjamin M. Lawsky, Superintendent of Financial Services, said, “At times, the consulting industry has been infected by an 'I'll scratch your back if you scratch mine' culture and a stunning lack of independence. Today, we are taking an important step in helping ensure that consultants are independent voices – rather than beholden to the large institutions that pay their fees. Our aggressive work investigating and reforming the consulting industry is far from over and will continue in the days, weeks, and months ahead.”
DFS’s Investigation into Deloitte's Work at Standard Chartered
In 2004, Standard Chartered executed a joint written agreement with the New York State Banking Department (“the Department” – a DFS predecessor agency) and Federal Reserve Bank of New York (“FRBNY”), which identified several compliance and risk management deficiencies in the anti-money laundering and Bank Secrecy Act controls at Standard Chartered's New York branch. The agreement required Standard Chartered to retain a qualified independent consulting firm to review anti-money laundering issues at the bank. Standard Chartered engaged Deloitte to conduct that review.
DFS’s investigation into Deloitte’s conduct during its consultant work at Standard Chartered found that the company:
<ul class="pressmargin" style="padding-left: 30px;">
<li style="padding-left: 30px;">Did not demonstrate the necessary autonomy required of consultants performing regulatory work. Based primarily on Standard Chartered's objection, Deloitte removed a recommendation aimed at rooting out money laundering from its written final report on the matter to the Department. The recommendation discussed how wire messages or “cover payments” on transactions could be manipulated by <keyword id="6368751" type="PERSON" weightage="60" keywordseo="Banks">banks</keyword> to evade money laundering controls on U.S. dollar clearing activities.</li>
<li style="padding-left: 30px;">Violated New York Banking Law § 36.10 by disclosing confidential information of other Deloitte clients to Standard Chartered. A senior Deloitte employee sent emails to Standard Chartered employees containing two reports on anti-money laundering issues at other Deloitte client banks. Both reports contained confidential supervisory information, which Deloitte FAS was legally barred by New York Banking Law § 36.10 from disclosing to third parties.</li>
</ul>
Deloitte Agreement
To resolve the misconduct, lack of autonomy, and violations of law at Deloitte uncovered during DFS's investigation, Deloitte has agreed to:
<ul class="pressmargin" style="padding-left: 30px;">
<li style="padding-left: 30px;">voluntary, one year suspension from conducting consulting work at firms regulated by DFS;</li>
<li style="padding-left: 30px;">Make a $10 million payment to the State of New York;</li>
<li style="padding-left: 30px;">Establish and implement a new set of safeguards to address conflicts of interest in the consulting industry. DFS intends to use these standards as a new model that will govern independent consulting firms that seek to be retained or approved by DFS. When a financial institution engages an independent consultant pursuant to an agreement or order by DFS, the following code of conduct will apply: 
<ul style="padding-left: 30px;">
<li style="padding-left: 30px;">Disclosure of Past Work that Could Represent Potential Conflicts of Interest. The financial institution and the consultant will disclose to DFS all prior work by the consultant for the financial institution in the previous three years.</li>
<li style="padding-left: 30px;">Declaration of Independence Provision. The engagement letter between the consultant and the financial institution shall require that the consultant's ultimate conclusions and judgments during its work will be based upon the exercise of its own independent judgment – rather than that of the financial institution.</li>
<li style="padding-left: 30px;">Anti-tampering Provisions. The consultant's final report shall contain a listing of all of the personnel from the financial institution who substantively reviewed or commented on drafts of the findings, conclusions, and recommendations to be included in the final report. The consultant will also bring any disagreement over a material matter between itself and the financial institution to DFS's attention.</li>
<li style="padding-left: 30px;">Records of Recommendations Financial Institutions Failed to Implement ('Anti-Sweeping-Under-the-Rug' Provision). The consultant and financial institution shall maintain records of recommendations to the financial institution that the financial institution did not adopt, and provide such records to DFS.</li>
<li style="padding-left: 30px;">Monitoring the Monitor, Independent Lines of Communication. DFS will meet regularly – at least monthly – with the independent consultant. The financial institution will consent that contacts between the Consultant and DFS may occur outside of the presence of the financial institution.</li>
<li style="padding-left: 30px;">Protecting Confidential Information. The consultant shall have in place policies and procedures designed specifically to maintain the confidentiality of bank supervisory material.</li>
</ul>
</li>
</ul>
Here's a statement from Deloitte sent to Business Insider: 
As a leading professional services firm, Deloitte has an important responsibility to continually elevate the standards that govern our work and that of our profession.
As such, Deloitte FAS has voluntarily entered into an agreement with the New York Department of Financial Services that resolves DFS’ inquiry into Deloitte FAS’ role in the 2004-2005 Standard Chartered Bank matter. 

We are pleased that, as the agreement states, a thorough investigation by DFS found no evidence that Deloitte FAS knew of, or aided, abetted or concealed any alleged violation of law by SCB.
Deloitte FAS looks forward to working constructively with DFS to establish best practices and procedures that are ultimately intended to become the industry standard for all independent consulting engagements under DFS’ supervision.
It is important to note that, as the agreement also states: “This is not intended to affect engagements performed by any Deloitte entity other than Deloitte FAS. Neither the fact of this agreement nor any of its terms is intended to be, or should be construed as, a reflection of any of the other practices of Deloitte-affiliated entities.”

You Searched For "SCBs" and got 6 results

Delhi University students bag job offers that pay as much as ₹31 lakh per annum

Prerna Sindwani

Bank credit offtake remained poor in Apr-Sep: RBI report

IANS

World Bank offers $750 million loan for India's covid-hit small businesses

IANS

Nearly 3 pc of Mudra loans turn into bad loans: Govt

PTI

Banks, select FIs report frauds worth Rs 1.43 lakh crore during Apr-Dec 2019

PTI

Deloitte Gets Banned For One Year From Consulting New York Regulated Banks

Julia La Roche