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Bharatiya Mahila Bank (<keyword id="423104" type="ORGANIZATION" weightage="100" keywordseo="BMB">BMB</keyword>), the first all-women bank that was set up by the <keyword id="6355364" type="ORGANIZATION" weightage="60" keywordseo="UPA">UPA</keyword> government last year, has set tough targets for itself in the coming year i.e. 2014-15. The bank, which recently completed a year, now aims to grow its deposit base in the country and collect Rs 1,000 crore by the end of FY 2014-15. 
 BMB's Chairperson and Managing Director <keyword id="1176324" type="PERSON" weightage="100" keywordseo="Usha-Ananthasubramanian">Usha Ananthasubramanian</keyword> shared this information while talking to reporters on the opening ceremony of the bank’s 35th branch in Ghatkopar, Mumbai. She said, "As of today our total business is at Rs 825 crore. For this year, we are aiming advances of Rs 800 crore and deposits at Rs 1,000 crore." 
 
According to Ananthasubramanian, the BMB banks will soon open their branches in tier II and tier III cities. "We are also planning to roll out 50 offsite ATMs across the country by the end of this year," she said.

India’s First All-women Bank Aims To Collect Rs 1,000 Crore Deposits In FY 2014-15

<ul><li>Last week, Interpol’s bureau in Manchester asked the CBI to issue an <keyword id="82903" type="ORGANIZATION" weightage="20" keywordseo="extradition">extradition</keyword> request and provisional arrest warrant for Modi, who is currently living in the UK. </li><li>The extradition request paves the way for Modi’s immediate arrest and presentation before a court. </li><li>Meanwhile, Modi’s fellow conspirator in the case, <keyword id="2763" type="PERSON" weightage="20" keywordseo="Mehul-Choksi">Mehul Choksi</keyword> has taken up citizenship of Antigua. An application for his international arrest warrant is still pending with Interpol. </li></ul>Ever since the $2 billion <keyword id="38935" type="PERSON" weightage="20" keywordseo="Fraud">fraud</keyword> case at <keyword id="62034" type="CITY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> came to light in February 2018, the protagonist behind the scam, <keyword id="571991" type="ORGANIZATION" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword>, has remained a free man. Following a request to Interpol from the Central Bureau of Investigation (CBI) to issue a red corner notice, or an international arrest warrant, against him, the absconding billionaire was reported to be seen in Brussels in June. Like fellow wilful defaulter Vijay Mallya, Modi was subsequently confirmed to be living in the UK, where he has reportedly applied for political asylum. And now, it looks like he could soon be arrested, even as early as this week, according to a report by the Indian Express. Last week, Interpol’s bureau in Manchester asked the CBI to issue an extradition request and provisional warrant for Modi’s arrest. A spokesperson for the CBI, Abhishek Dayal, confirmed to news outlets that the extradition request was sent yesterday to authorities in the UK via the Ministry of External Affairs. The extradition request paves the way for Modi to be immediately arrested in the UK and eventually stand before a court. Earlier this month, India’s Enforcement Directorate, a federal agency tasked with fighting economic crimes, also sent an arrest warrant and extradition request to UK authorities in relation to the Nirav Modi scam. Modi is not the only person of interest in the case. The CBI has also filed chargesheets against his fellow conspirator, Mehul Choksi - whose also his uncle, as well as his wife, Ami Modi and son, Nishal. All left India in January, shortly before the scam was revealed. Despite the revocation of his passport, Modi was believed to be travelling on a passport issued by Singapore. Meanwhile, Choksi is said to have taken up citizenship of Antigua, an island in the Caribbean. A request for his extradition was handed over to officials in Antigua and Barbuda at the beginning of August. However, given the absence of a extradition treaty between India and Antigua, the only way for Indian authorities to extradite Choksi is to get Interpol to issue a red corner notice against him. The application for Choksi’s international arrest warrant is reported to be still pending with Interpol. Separately, on August 20th, a special CBI court granted bail to Usha Ananthasubramanian, who was the managing director and CEO of Punjab National Bank when the scam took place. Prior to the fraud case coming to light, Ananthasubramanian was the MD and CEO of Allahabad Bank, a role which she was eventually forced to relinquish. She was named in a chargesheet for failing to properly prevent the fraudulent letters of undertaking from being issued by the bank.

Billionaire fugitive Nirav Modi could be arrested in the UK as soon as this week

<ul><li>According to a study done by Prime Database, 118 companies out of top 500 companies still haven’t appointed a woman director on their board as is required by law. </li><li>11 top Indian banks feature in the list, an industry which once had many prominent women running the show. </li><li>Top 500 companies have to appoint women directors on their board by April 1, 2019. </li></ul> For a long time, India’s private banking sector has been led by women even when it wasn’t a law. However, India’s state-owned banks have consistently lagged in giving women a chance. Even today, when SEBI mandates companies to appoint have at least one woman director on their board, 10 out of 21 Indian <keyword id="153602" type="PERSON" weightage="20" keywordseo="Government-banks">government banks</keyword> don’t have one. Marquee names like Canara Bank, Bank of India, Indian Bank, Union Bank of India, Indian Overseas Bank, UCO Bank, Vijaya Bank, Andhra Bank, United Bank of India and Dena Bank have failed to comply with the law. Under Section 149 of the Companies Act 2013, every company needs to have at least one woman director. Last year, <a href="https://www.moneycontrol.com/news/business/companies/sebi-wants-one-woman-independent-director-in-top-500-listed-companies-is-it-feasible-2539047.html">SEBI</a> had directed all top 500 companies to imply the same by April 1, 2019. Government banks can’t complain that there aren’t enough skilled women leaders as their private sector peers have been steered by women for years now. This is a reflection of the glass ceiling in public companies in India. The Indian <keyword id="34494" type="PERSON" weightage="20" keywordseo="banking-industry">banking industry</keyword> had leaders like Arundhati Bhattacharya of State Bank of India, Chanda Kochhar of ICICI Bank, Shikha Sharma of Axis Bank and Usha Ananthasubramanian of Allahabad Bank, who once found themselves in every list of top <keyword id="7273119" type="UNKNOWN" weightage="20" keywordseo="women-in-banking">women in banking</keyword>. However, since then they have either resigned from their position or have been embroiled in scams/controversies leading to a forceful exit. Government banks are not alone. The gender bias in India spans across sectors. According to the data released by Prime Database, <a href="https://economictimes.indiatimes.com/jobs/many-companies-still-to-induct-woman-independent-director/articleshow/67733197.cms">118 </a>companies out of the top 500 in India are yet to appoint a woman director on their board. See Also: <a href="https://www.businessinsider.in/gender-wage-pay-gap-women-graduate-in-india-earns-24-less-than-her-male-counterpart/articleshow/64460159.cms" style="">Gender wage pay gap: Women graduate in India earns 24% less than her male counterpart</a> <a href="https://www.businessinsider.in/only-18-women-made-it-to-this-years-forbes-list-of-100-highest-earning-indian-celebrities/articleshow/66955722.cms" style="">Only 18 women made it to this year’s Forbes list of 100 highest-earning Indian celebrities</a> <a href="https://www.businessinsider.in/an-all-women-driving-school-is-becoming-a-key-to-freedom-in-an-indian-city/articleshow/67317478.cms" style="">An all-women driving school is becoming a key to freedom in an Indian city</a>

10 out of 21 government banks do not have a woman director

In February 2018, it came to light that celebrity diamantaire <keyword id="571991" type="ORGANIZATION" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword> and his uncle <keyword id="2763" type="PERSON" weightage="20" keywordseo="Mehul-Choksi">Mehul Choksi</keyword> had defrauded Punjab National Bank (<keyword id="47268" type="ORGANIZATION" weightage="20" keywordseo="PNB">PNB</keyword>), India’s second-largest state-owned bank, of more than ₹130 billion ($2 billion). By using illegal letters of guarantee procured through PNB’s Brady House branch in Mumbai, the pair and their affiliates had taken loans from the overseas branches of a number of Indian banks since 2011 and had subsequently defaulted on them. In the ensuing months, the country’s top investigative agencies, such as the Central Bureau of Investigation (CBI), filed chargesheets against Modi and Choksi and also accused a number of senior officials at the concerned banks, including the former CEO of PNB, Usha Ananthasubramanian, of being complicit. Concurrently, PNB conducted its own investigation into the matter which concluded recently. The 162-page internal report, which has been reviewed by Reuters, revealed the extent to which the <keyword id="38935" type="PERSON" weightage="20" keywordseo="Fraud">fraud</keyword> touched most of the branch’s operations and found a lot more officials guilty of negligence and/or facilitating the transactions. Here are its main findings:- Over 1,200 credit guarantees were approved Gokulnath Shetty, the deputy general manager of the branch at Brady House, allegedly approved more than 1,200 letters of guarantee over the period in question - 2011 to 2017. He was reportedly supposed to be transferred to another branch but was kept at the branch on the insistence of senior officials. After joining the Brady House branch in 2010 as a foreign exchange officer, Shetty became responsible for authorising transactions over the SWIFT network. However, despite the fact that he was only allowed to approve transactions of ₹2.5 million or less, he did not log the transactions on the bank’s internal systems. This enabled him to authorise larger credit sums without detection. An audit of the bank’s SWIFT system was supposed to take place in 2016 As per instructions from the Reserve Bank of India (RBI), PNB was supposed to undertake a review of its SWIFT financial communication systems in lieu of a possible upgrade. However, the audit did not take place. The bank’s systems were extremely outdated. The bank’s officials had failed to the integrate the bank’s SWIFT platform with its internal software for recording transactions. The fraud involved people at several levels in several branches While it's easy to pin the blame on the people at the helm of PNB, in reality, the fraud was facilitated by people at multiple levels of the bank - senior executives, deputy managers, assistant managers, inspection officers and even clerks. While it may have been orchestrated by a few people, a number of a monitoring and compliance lapses prevented the transactions from being identified sooner. And it extended to other branches as well. For example, the New Delhi office was responsible for the reconciliation and verification of international banking and foreign exchange transactions. Furthermore, a number of discrepancies were flagged in annual inspection reports and memos, but no one acted on them. Even a dubious 50% surge in transactions in the year ended March 2017 did not prompt an investigation. All in all, 54 people were named in the internal report. This likely includes <a href="https://www.businesstoday.in/sectors/banks/pnb-fraud-bank-ceo-sunil-mehta-nirav-modi-suspended-21-officials-internal-probe-underway/story/274664.html">the 21 officers who were suspended</a> in April, pending the conclusion of the inquiry. At the time, PNB’s CEO Sunil Mehta alluded to the possibility that more people would be suspended. The internal report has been handed over to the police and relevant authorities as part of the evidence they’re building in the case against Nirav Modi. It will likely result in a lot more additions to the chargesheet. Meanwhile, Modi is still said to <a href="https://economictimes.indiatimes.com/news/politics-and-nation/nirav-modi-travelled-from-london-to-brussels-on-indian-passport-last-week/articleshow/64629762.cms">be travelling freely</a>. A lot of people will go down as a result of the case, but the big whale still proves elusive for the time being.

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India’s First All-women Bank Aims To Collect Rs 1,000 Crore Deposits In FY 2014-15

BI India Bureau

Billionaire fugitive Nirav Modi could be arrested in the UK as soon as this week

Dilsher Dhillon

10 out of 21 government banks do not have a woman director

Sanchita Dash

Here are the main findings from Punjab National Bank’s internal investigation into the $2 billion Nirav Modi scam

Dilsher Dhillon

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