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India's benchmark equity indices extended their gains from the previous session and increased in the opening session on Friday. With Friday's rally, indices have managed to rise for four consecutive sessions. At 9.55 a.m., <keyword id="6484188" type="General" weightage="20" keywordseo="Sensex" source="Orion">Sensex</keyword> was 0.5 per cent or 295 points up at 55,759 points, whereas <keyword id="6354813" type="General" weightage="20" keywordseo="Nifty" source="Orion">Nifty</keyword> was 0.5 per cent or 83 points up 16,678. Among the stocks, JSW Steel, Bajaj Finserv, <keyword id="44642" type="General" weightage="20" keywordseo="sun-pharma" source="Orion">Sun Pharma</keyword>, Axis Bank, and Tata Steel were the top five gainers among the Nifty 50 companies; while Tata Consumer, Tata Motors, Nestle India, <keyword id="44883" type="General" weightage="20" keywordseo="maruti-suzuki" source="Orion">Maruti Suzuki</keyword>, and <keyword id="333824" type="General" weightage="20" keywordseo="upl" source="Orion">UPL</keyword> were the top losers, NSE data showed. "An important takeaway from the sustained FII selling is that it is not impacting the market much. For instance FPIs sold IT equity worth Rs 10,984 crore in February. But this month the IT index has outperformed," said V.K. Vijayakumar, the Chief Investment Strategist at Geojit Financial Services. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/google-to-send-air-raid-alerts-to-ukrainians-before-expected-attacks-near-them/articleshow/90142614.cms">Google to send air raid alerts to Ukrainians before expected attacks near them</a> <a href="https://www.businessinsider.in/business/startups/news/boat-has-rejigged-its-entire-upper-management-in-the-run-up-to-the-ipo/articleshow/90140785.cms">BoAt has rejigged its entire upper management in the run up to the IPO</a>

Sensex up nearly 300 points, Nifty at 16,678 — JSW Steel, Bajaj Finserv, Sun Pharma, Axis Bank, and Tata Steel top gainers

The Income Tax (I-T) Department raided an <keyword id="6355975" type="CITY" weightage="20" keywordseo="Axis-Bank">Axis Bank</keyword> branch in Noida and recovered more than Rs 60 crore from 20 fake accounts. 
 The amount was deposited after <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> announcement on November 08. 
 
As per various reports, deposits were made into these fake accounts that were opened in the names of low-income workers and labourers. I-T officials swung into action after a jeweller in Noida sold gold worth Rs 600 crore and deposited the money at the Noida branch. 
 
This is the third such incident in Axis Bank in Delhi as earlier over Rs 100 crore were found in 44 suspect accounts during a raid at a branch in the Chandni Chowk area of Delhi. 
 
The government had already asked Axis Bank to "set its house in order" after a series of irregularities linked to the exchange of old notes were detected at the country's third-biggest private lender.

I-T officials seize over Rs 60 crore in 20 fake accounts during raids at Axis Bank branch in Noida

In a shocking revelation, the <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">Income Tax</keyword> department officials conducted a raid on a Delhi branch of the <keyword id="6355975" type="CITY" weightage="100" keywordseo="Axis-Bank">Axis Bank</keyword> and allegedly unearthed 44 fake accounts. 
 
The raid took place in Delhi's Chandni Chowk area during which tax sleuths recovered nearly Rs 100 crore in old notes. 
 
The 44 fake accounts, they said, had been created using forged documents and investigators suspect that the money may have been routed to buy gold. 
 
Earlier, tax officers had caught two people with rs 3.5 crore in new currency from Axis Bank’s Kashmere Gate branch.

Tax officials raid Delhi Axis Bank branch, unearth 44 fake accounts with Rs 100 crore

<ul><li><keyword id="2179992" type="General" weightage="20" keywordseo="rbl-bank" source="Orion">RBL Bank</keyword> announced that its long-term CEO <keyword id="186752" type="General" weightage="20" keywordseo="vishwavir-ahuja" source="Orion">Vishwavir Ahuja</keyword> has gone on leave, with Rajeev Ahuja taking up the lead in the interim.</li><li>Apart from this, the <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> also intervened by appointing an additional director on the bank’s board.</li><li>Now, reports suggest that <keyword id="6398943" type="General" weightage="20" keywordseo="rakesh-jhunjhunwala" source="Orion">Rakesh Jhunjhunwala</keyword> and DMart’s <keyword id="6505089" type="General" weightage="20" keywordseo="radhakishan-damani" source="Orion">Radhakishan Damani</keyword> want to pick up a 10% stake in the bank.</li></ul>RBL Bank is in a mini crisis of sorts, with its long-term MD and CEO Vishwavir Ahuja going on a leave and the Reserve Bank of India appointing an additional director on the bank’s board. The stock tanked 20% on Monday (December 27), the first trading day after the decision was made public. <div type="image" title="RBL Bank 01_11_21 to 27_12_21." msid="88515164" hostid="261" caption="&amp;lt;p&amp;gt;RBL Bank share price since November, 2021&amp;lt;/p&amp;gt;"></div> The twist doesn’t end there, either – ace investors Rakesh Jhunjhunwala and DMart’s Radhakishan Damani have <a href="https://twitter.com/CNBCTV18News/status/1475296536980426752">reportedly</a> approached RBI to pick up a 10% stake in RBL Bank, likely to cash in on the opportunity on the horizon. On Friday, RBL Bank’s shares ended the day lower by nearly 3%. In 2021 so far, the company has lost a fourth of its value even as the Bank Nifty index gained over 11%. <cmsannotation type="cmsannotation" annotationid="Why is the RBI intervening in the affairs of RBL Bank?" comment="subhead" text="Why is the RBI intervening in the affairs of RBL Bank?">Why is the RBI intervening in the affairs of RBL Bank?</cmsannotation> While both RBI and RBL Bank have been tight-lipped about the trigger behind the central banker’s intervention, reports suggest that there’s likely more going on between the lines. One of the issues that has been repeated elsewhere is concerns about the asset quality of the bank – the gross non-performing assets (Gross NPA) ratio rose to 5.4% in the September quarter from 3.34% in the year before. Unpaid loans surged in the September quarter, as the moratorium on payments came to an end, particularly in the microfinance segment, which makes for 9% of RBL Bank’s total loan book. <div type="image" title="RBL Bank MFI GNPA ." msid="88516605" hostid="261" caption="&amp;lt;p&amp;gt;RBL Bank microfinance segment GNPA&amp;lt;/p&amp;gt;"></div> However, the rise in bad loans may not be reason enough for the RBI to step in. Earlier this year, RBI had approved Vishwavir Ahuja’s extension as the bank’s CEO till June, 2022. Ahuja going on leave mid-way through his term also signals that there are deeper issues at the bank which have not been disclosed to the public yet. “The sequence of events leading to the sudden exit of Mr. Vishwavir Ahuja along with the induction of Dayal from the RBI on the Board as additional member indicates that everything is not ok with the bank,” noted a letter by All India Bank Employees Association (AIBEA) to Finance Minister Nirmala Sitharaman. <cmsannotation type="cmsannotation" annotationid="If Jhunjhunwala and Damani are interested, there may be some things working at the bank" comment="subhead" text="If Jhunjhunwala and Damani are interested, there may be some things working at the bank">If Jhunjhunwala and Damani are interested, there may be some things working at the bank</cmsannotation> Billionaire investors Rakesh Jhunjhunwala and Radhakishan Damani reportedly want to pick up a 10% stake in RBL. The two are yet to comment on the matter and investors must take these unconfirmed reports with a handful of salt. As the following meme on social media reminds us: <div type="image" title="RJ RD RBL meme" msid="88516710" hostid="261"></div> According to RBL Bank’s new interim CEO Rajeev Ahuja, the bank’s financials remain strong. “These developments are not on account of any concern on advances, asset quality and deposits level of the bank. The bank has the full support of the RBI,” he said. In the September quarter, RBL posted a net profit of ₹30 crore as against a loss of ₹459 crore in the quarter before. This, the bank says, was due to an increase in provisions for the June quarter. Beyond the profits, RBL Bank’s fundamentals remain strong. Its liquidity coverage ratio stood at 155%, as against the 100% mandated by RBI. This means that in the short-term, the bank has enough cash to meet its obligations. RBL Bank’s credit card business – which constitutes 22% of the company’s total loan portfolio – has been a fast growing segment for the company. In fact, one broking firm, B&amp;K Research, recently argued that RBL’s credit card business is performing better than SBI Card, the country’s <a href="https://www.businessinsider.in/finance/banks/news/heres-why-axis-bank-may-be-willing-to-pay-2-billion-to-buy-citis-india-ops/articleshow/88407858.cms">second largest credit card issuer</a>. However, investors should keep in mind that it is still a small player with a 4% market share in the number of cards issued ⁠— even though it has grown from a mere 1% in 2017 ⁠— is trailing far behind SBI Card’s 19% market share. <cmsannotation type="cmsannotation" annotationid="How can the RBI appoint directors on a private bank’s board?" comment="subhead" text="How can the RBI appoint directors on a private bank’s board?">How can the RBI appoint directors on a private bank’s board?</cmsannotation> RBI has in the past appointed additional directors on the boards of banks like Yes Bank, Dhanlaxmi Bank, Ujjivan Small Finance Bank among others. According to Section 36AB of the Banking Regulation Act, 1949, RBI can appoint additional directors to protect the interests of the bank, its depositors, the banking regulations or the overall public interest. Update: Rakesh Jhunjhunwala has now <a href="https://twitter.com/blitzkreigm/status/1475310523960815622">denied</a> reports of acquiring a stake in RBL Bank. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/rbl-bank-zee-entertainment-hp-adhesives-and-adani-transmission-among-hot-stocks-on-december-27/slidelist/88514134.cms">RBL Bank, Zee Entertainment, HP Adhesives, and Adani Transmission among hot stocks on December 27</a> <a href="https://www.businessinsider.in/finance/news/income-tax-department-raids-xiaomi-oppo-and-oneplus-offices-in-india/articleshow/88432807.cms">Income Tax department reportedly raids Xiaomi, Oppo and OnePlus offices in India</a> <a href="https://www.businessinsider.in/finance/banks/news/heres-why-axis-bank-may-be-willing-to-pay-2-billion-to-buy-citis-india-ops/articleshow/88407858.cms">Here’s why Axis Bank may be willing to pay $2 billion to buy Citi’s India ops</a>

RBL Bank slumps 20% after CEO goes on leave

<ul><li>India’s banking regulator has stepped in to calm nerves amongst the depositors and investors of <keyword id="2179992" type="General" weightage="100" keywordseo="rbl-bank" source="Orion">RBL Bank</keyword>.</li><li>The central bank stated that the financial health of RBL Bank is satisfactory, allaying concerns about the bank going down.</li><li>RBL Bank’s shares had plunged 25% in the first half of the day today.</li></ul>RBL Bank depositors and investors alike need not worry about the bank’s health, the <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> said today. “The Reserve Bank would like to state that the bank is well capitalised and the financial position of the bank remains satisfactory,” the central bank said in a statement today. <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>’s announcement comes after <a href="https://www.businessinsider.in/stock-market/news/rbl-bank-slumps-15-after-ceo-goes-on-leave-big-investors-are-eyeing-a-piece-of-the-pie/articleshow/88515146.cms">RBL Bank’s shares plunged 25%</a> in the first half today. As of 1:20 p.m., there was a considerable recovery, with the shares now down around 12%. On December 25, RBL Bank’s long-time MD and CEO <keyword id="186752" type="General" weightage="20" keywordseo="vishwavir-ahuja" source="Orion">Vishwavir Ahuja</keyword> went on leave, with <keyword id="1573501" type="General" weightage="20" keywordseo="rajeev-ahuja" source="Orion">Rajeev Ahuja</keyword> replacing him in the interim. RBI later appointed an additional director on the board of RBL Bank, sparking concerns about the bank’s governance and financial health. “As per half yearly audited results as on September 30, 2021, the bank has maintained a comfortable Capital Adequacy Ratio of 16.33% and Provision Coverage Ratio of 76.6%. The Liquidity Coverage Ratio (LCR) of the bank is 153% as on December 24, 2021 as against regulatory requirement of 100 per cent,” RBI added further. What also likely made matters worse for RBL was its new chief Rajeev Ahuja <a href="https://www.business-standard.com/article/current-affairs/will-work-on-governance-and-risk-fronts-rbl-bank-s-new-chief-rajeev-ahuja-121122600763_1.html">stating</a> that he will work on governance and risk fronts. <cmsannotation type="cmsannotation" annotationid="What is Capital Adequacy Ratio?" comment="subhead" text="What is Capital Adequacy Ratio?">What is Capital Adequacy Ratio?</cmsannotation> Capital Adequacy Ratio (CAR) is a measure of how much capital banks have to cover a certain amount of losses. The current CAR level mandated by RBI is 9%. <cmsannotation type="cmsannotation" annotationid="What is Provision Coverage Ratio?" comment="subhead" text="What is Provision Coverage Ratio?">What is Provision Coverage Ratio?</cmsannotation> Provision Coverage Ratio (PCR) refers to a portion of profits set aside by banks to cover losses due to bad loans. The current CAR level mandated by RBI is 68.9%. <cmsannotation type="cmsannotation" annotationid="What is Liquidity Coverage Ratio?" comment="subhead" text="What is Liquidity Coverage Ratio?">What is Liquidity Coverage Ratio?</cmsannotation> Liquidity Coverage Ratio (LCR) refers to highly liquid assets held by the bank to cover any short-term obligations that may arise. The current CAR level mandated by RBI is 100%. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/rbl-bank-slumps-15-after-ceo-goes-on-leave-big-investors-are-eyeing-a-piece-of-the-pie/articleshow/88515146.cms">RBL Bank slumps 20% after CEO goes on leave</a> <a href="https://www.businessinsider.in/finance/news/income-tax-department-raids-xiaomi-oppo-and-oneplus-offices-in-india/articleshow/88432807.cms">Income Tax department reportedly raids Xiaomi, Oppo and OnePlus offices in India</a> <a href="https://www.businessinsider.in/finance/banks/news/heres-why-axis-bank-may-be-willing-to-pay-2-billion-to-buy-citis-india-ops/articleshow/88407858.cms">Here’s why Axis Bank may be willing to pay $2 billion to buy Citi’s India ops</a>

RBL Bank depositors need not worry, assures RBI

<a href="http://www.businessinsider.in/searchresult.cms?query=Prime+Minister+Narendra+Modi+&amp;sortorder=effectivedate">Prime Minister Narendra Modi </a>rolled out <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation+&amp;sortorder=effectivedate">demonetisation </a>to clean up the black money in the nation and in order to make their money white, black money hoarders have been opting for different ways. Recently, many cases of <a href="http://www.businessinsider.in/searchresult.cms?query=bank+employees+&amp;sortorder=effectivedate">bank employees </a>helping them has surfaced and to stop them banks have started conducting clean up exercises. 
 Private sector banks, including multinationals, are seeking to prevent wrongdoing by employees and keeping them under scrutiny after multiple reports of alleged fraud by employees following the November 8 <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> announcement that cancelled Rs 500 and Rs 1,000 notes. 
 
Many are conducting exercises, in which forensic experts pose as customers and seek services that violate rules. Banks are also checking backgrounds for any criminal records besides other verification exercises. 
 
According to a <a href="http://www.businessinsider.in/searchresult.cms?query=forensic+expert&amp;sortorder=effectivedate">forensic expert</a>, banks are cracking down after the <a href="http://www.businessinsider.in/searchresult.cms?query=Reserve+Bank+of+India+&amp;sortorder=effectivedate">Reserve Bank of India </a>and tax department began raiding branches and uncovering large-scale unauthorised exchange of currency notes. Many bank employees have been arrested and dismissed as a result. 
 
"They are laying traps and doing sting operations on their own employees," he told ET. 
 
Bankers and forensic experts are silent on how many employees have been caught and what action was taken against them. 
 "Increasing the rigour of vulnerability tests as part of ongoing monitoring procedures in financial institutions is vital and one of the best ways to address this for banks is to be innovative in leveraging the large volume of data that they already have to eliminate and/or reduce fraud," <keyword id="3194780" type="UNKNOWN" weightage="20" keywordseo="Dhruv-Phophalia">Dhruv Phophalia</keyword>, managing director of consultant Alvarez &amp; Marsal, told ET. 
 "Background verification checks are part of the established employee on-boarding process at <keyword id="6355975" type="CITY" weightage="20" keywordseo="Axis-Bank">Axis Bank</keyword>, as with other large employers. We have established parameters and processes on which we seek information and confirmation,” Axis Bank spokesperson wrote in response to an emailed query by ET.

Banks are conducting sting operations on their own employees. Here’s why

The COVID-19 pandemic and the ensuing economic impact will lead <keyword id="612887" type="PERSON" weightage="20" keywordseo="Bank-credit-growth">bank credit growth</keyword> to nosedive to only 1 per cent in 2020-21, as against the 6.14 per cent achieved in the the last financial year, a report said on Monday. Domestic rating agency Crisil, which estimates bank credit growth to come at 0-1 per cent in this financial year, had earlier predicted it to expand by 8-9 per cent. Bank credit is an important factor illustrative of the general economic climate because it denotes aspects like the investments which are happening in a country or consumption of high-value items. Crisil expects a 5 per cent contraction in India's GDP for 2020-21. "The impact of the pandemic on credit growth will be a whopping 8 per cent," a Crisil statement said stressing that lenders' confidence needs to be boosted to push the number up. "This crisis is unprecedented and so will be its economic fallout – such as lower capex demand as well as lower discretionary spends, to name some – which will slow down credit offtake significantly across segments in the current fiscal," its senior director Krishnan Sitaraman explained. The low-base and a gradual economic recovery will push up the credit growth to high single digits in 2021-22, the agency said. It, however, rued that in the present, the uncertainty has made lenders risk-averse. "While the Reserve Bank of India has been reducing policy rates and the government has introduced measures to encourage lending, banks continue to be risk-averse, as reflected in higher surplus liquidity parked with the central bank and the high credit spreads for most borrowers," its director Subha Sri Narayanan said. Sitaraman said the corporate loan portfolio, which constitutes over half of the overall assets, will be the worst hit and is expected to de-grow during the fiscal because the lockdown has led to significant disruption in operations with limited capacity utilisation across sectors. Job losses and salary cuts will reduce expenditure on discretionary items and result in a slide in retail loans, which account for about a fourth of bank credit, it said. Purchase of new homes and vehicles are expected to be delayed, impacting demand for financing, it said, adding disbursements across most asset classes will see a significant decline this fiscal. The overall retail loans growth will fall to low single digits as against mid-teens over the last few years, it said. Factors aiding the retail growth to be in the positive territory will be lower repayments due to the moratorium and capitalization of the accumulated interest, it said. Loans to micro, small and medium enterprises and agriculture offer some solace for lenders this fiscal, the rating agency said. On the back of the government's fiscal stimulus package, small business loans will increase by 6-7 per cent and are likely to be driven by state-owned lenders, it said. Agri loans will grow by 3-4 per cent supported by expectations of a normal monsoon and a faster recovery in rural areas. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/sbi-axis-bank-and-kotak-mahindra-bank-and-other-banking-stocks-are-raising-capital-to-fill-npa-hole/articleshow/76054599.cms">Indian lenders like SBI, Axis Bank and others need $20 billion⁠ in capital— most of it will go into filling up NPA holes</a> <a href="https://www.businessinsider.in/business/news/yes-bank-case-ed-raids-five-premises-of-cox-and-kings-in-mumbai/articleshow/76256791.cms">Yes Bank's top borrower Cox and Kings sees raids at five of its premises</a> <a href="https://www.businessinsider.in/stock-market/markets/news/sbi-share-price-is-up-5-are-brokerages-raise-target-prices-to-over-200/articleshow/76254529.cms">SBI share price is up 5% as brokerages raise target prices to over ₹200</a>

CRISIL forecasts bank credit growth will plummet to 1% with the economic fallout COVID-19

<ul><li>Several private lenders including Kotak Mahindra Bank and Yes Bank recently announced pay cuts as a cost cutting measure amid the coronavirus pandemic. </li><li>The chairman of India’s largest public sector bank State Bank of India (SBI), <keyword id="254056" type="PERSON" weightage="20" keywordseo="Rajnish-Kumar">Rajnish Kumar</keyword> said that the salaries are already so less, if pay cuts would be implemented, he would have to live on the streets. </li><li>According to the bank’s annual report, Kumar’s per day income stood at ₹ 8,092 in FY19, in contrast to 3.74 lakh earned by Aditya Puri of HDFC Bank, who is the highest paid bank chief. </li><li>However, the public bank chiefs get added perks like accommodation, which is exclusive of the salary. </li></ul>Several private lenders including Kotak Mahindra Bank and Yes Bank recently announced pay cuts as a cost cutting measure amid the coronavirus pandemic. While the chairman of India’s largest public sector bank State Bank of India (SBI), <a href="https://www.businesstoday.in/current/corporate/sbi-chairman-rajnish-kumar-jokes-on-pay-cut-road-pe-rehna-padega/story/406129.html">Rajnish Kumar said</a> that the salaries are already so less, if pay cuts would be implemented, he would have to “live on the streets”. He said this in a jovial way during a conference call with analysts. The statement has yet again raised the issue of widening pay gap among the private and public bank chiefs. Here’s how much the CEOs get paid in India’s top five private and government banks: <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Public lenders </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CEO salary in FY19 (Monthly) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Private Banks </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CEO salary in FY19 (Monthly) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.42 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹89 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Punjab National Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.77 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹30 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.74 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹27 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.38 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹22-26 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Union Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.46 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹16 lakh </td></tr></tbody></table> As of 2019, the disparity between the remuneration of state-owned and private <keyword id="611855" type="PERSON" weightage="20" keywordseo="Bank-CEOs">bank CEOs</keyword> increased by nearly ₹70,000 in two years. <a href="https://www.moneycontrol.com/news/business/economy/pay-gap-between-public-and-private-sector-bank-chiefs-widens-4371661.html">According to</a> a Mint analysis of public and private lenders, a public-sector bank chief had a daily compensation of ₹8,541, as per the FY19 annual reports. Private bank chiefs, on the other hand, were paid ₹2.48 lakh per day. However, the public bank chiefs get added perks like accommodation, which is exclusive of the salary. "The executive compensation in the public sector, as is well known, is lower than that in the private sector... If PSBs are required to compete with private sector banks on a level playing field, there is a good case for compensating them too on a competitive basis," <a href="http://archive.indianexpress.com/news/salaries-of-psu-bankers-need-to-go-up-bhatt/679619/">said</a> D Subbarao, former governor of the Reserve Bank of India during the 9th Global Banking Summit organised by the Indian Bankers’ Association and FICCI. See also: <a href="https://www.businessinsider.in/personal-finance/news/bharti-axa-life-renewal-income-grows-17-to-1359-crore-in-fy20/articleshow/76258273.cms">Bharti AXA Life posts 17% growth in renewal premiums to ₹1,359 crore in FY20</a> <a href="https://www.businessinsider.in/business/news/yes-bank-case-ed-raids-five-premises-of-cox-and-kings-in-mumbai/articleshow/76256791.cms?upcache=2">Yes Bank's top borrower Cox and Kings sees raids at five of its premises</a> <a href="https://www.businessinsider.in/business/startups/news/vijay-shekhar-sharma-binny-bansal-come-together-to-back-the-latest-vc-firm-arkam-and-its-not-a-batman-reference/articleshow/76255655.cms">Vijay Shekhar Sharma, Binny Bansal come together to back the latest VC firm Arkam ⁠— and it’s not a Batman reference</a>

SBI Chairman has brought back the debate on wide salary gap between private and government banks

People, these days, are all about likes on whatever they put online and looking at the trend, a 26-year-old BTech graduate tricked more than 6 lakh people into giving him their money through a <a href="http://www.businessinsider.in/searchresult.cms?query=Ponzi+scheme&amp;sortorder=effectivedate">Ponzi scheme</a> that promised big returns for hitting 'likes' online. 
 
In a year, Anubhav Mittal's Social Trade perpetrated a <a href="http://www.businessinsider.in/searchresult.cms?query=fraud&amp;sortorder=effectivedate">fraud</a> of Rs 3,700 crore. They use to operate through a maze of dubious URLs (online links) sent to phones of subscribers that they were asked to click. They would be links to Facebook or Twitter profiles of other subscribers. A fake server was set up where these links would terminate. 
 This <keyword id="38935" type="PERSON" weightage="100" keywordseo="Fraud">fraud</keyword> was exposed when Mittal and his two aides - 40-year-old Shridhar Prasad, an MBA, and 25-year-old Mahesh Dayal were arrested. They had floated a fake company called Ablaze Info Solutions Private Limited that operated from there. 
 
The STF team that raided the office found 250 passports, purportedly of some high performers and employees of the fraudsters, who were to be rewarded with a trip to Australia. 
 The <keyword id="49112" type="ORGANIZATION" weightage="100" keywordseo="Investigation">investigation</keyword> also led police to Rs 520 crore deposited in 12 accounts of the company registered in Canara Bank, Kotak Mahindra Bank, Yes Bank and Axis Bank. The officials are investigating the company's balance sheet, investors' information, and <keyword id="6371468" type="ORGANIZATION" weightage="100" keywordseo="bank-accounts">bank accounts</keyword> to which money was transferred.

Meet the Delhi fraudster who tricked over 6 lakh people and duped them of 3,700 cr

<ul class="summary-list"><li>Hamas carried out a devastating attack on <keyword id="19900599" type="General" weightage="100" keywordseo="israel" source="keywords">Israel</keyword> one year ago, killing about 1,200 people.</li><li>The terror attack has helped push the Middle East to the brink of a wider regional war.</li></ul>On the early morning of October 7, 2023, air raid sirens began blaring in Israel, warning its citizens that an attack was in progress. Hamas, a militant group much of the West has designated a terrorist organization, launched a highly coordinated strike that the Israel Defense Forces would later say killed about 1,200 people. One year after the massacre, the Middle East has only plunged deeper into violence and is on the brink of a broader war. Paths to de-escalation, largely facilitated by the US, have repeatedly failed. And Israel appears to be inching closer to a direct conflict with Iran, a grim prospect that has been avoided for years as the two countries limited their fight to proxies in a shadow war. The results of the yearlong conflict, with origins that date back decades, have been costly for both Israel and the Iranian-led "Axis of Resistance," noted Chuck Freilich, a former deputy national security advisor who served for over 20 years in Israel's security establishment. "Israel has turned the tide and has the Axis of Resistance on the defensive. Hamas has been defeated militarily, though not politically, and remains in political control in Gaza," Freilich told Business Insider, adding that Iran had come to be in a vulnerable position. "Conversely, Israel was in the midst of a multi-front war which may result in significant damage to its homefront and is deeply isolated in the world," he added. <h2>A year of bloodshed</h2>Israel's response to Hamas' attack on October 7 was a massive bombardment campaign and later ground incursion in Gaza, which Palestinian authorities say have left about 42,000 people dead. Amid the early stages of that campaign, the first high-profile <a target="_blank" class="" href="https://apnews.com/article/yemen-navy-warship-missiles-intercepted-2f5fc9c8a3737f762b29d5c53ec08a5b">expansion of the greater conflict blew open in late October,</a> when Yemen's Houthi rebels <a target="_blank" class="" href="https://www.businessinsider.com/israel-iran-idf-houthi-rebels-hijack-ship-red-sea-2023-11">began attacking commercial ships</a> seeking passage through the Suez Canal and the Gulf of Aden. The Houthis, historically backed and armed by Iran, said they were declaring a show of support for Hamas by attacking ships linked to Israel, though they were often found to have used drones, missiles, and raiding parties to harass vessels with no direct relation to it. <div type="image" title="Houthi supporters in Yemen brandish rifles and Yemeni and Palestinian flags in July." height="3840" width="5760" msid="114014767" hostid="261"></div>With the <a target="_blank" class="" href="https://www.businessinsider.com/who-are-houthis-yemen-rebels-attacking-ships-red-sea-2024-1">Houthi attacks</a> threatening to close off a vital international shipping lane, the US and its allies and partners established a heavy military presence in the Red Sea to fend off the rebels. January saw the West's most direct and overt military involvement in the conflict, when the US, UK, and their allies <a target="_blank" class="" href="https://www.businessinsider.com/us-launches-strikes-houthis-following-shipping-attacks-2024-1">barraged Houthi targets</a> with airborne, surface, and subsurface-launched strikes after <a target="_blank" class="" href="https://www.businessinsider.com/us-launches-strikes-houthis-following-shipping-attacks-2024-1">warning the rebels repeatedly</a> to cease their attacks. The campaign has dragged on for almost a year with <a target="_blank" class="" href="https://www.businessinsider.com/why-the-west-cant-stop-houthi-missile-attacks-on-ships-2024-1">no end in sight</a>, and the US has been <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-aircraft-carrier-left-middle-east-ending-show-force-2024-9">rotating multiple aircraft carrier groups</a> into the region while carrying out further strikes on Houthi territory. To the north, Syria became the site of further conflict in April, when Israel launched a <a href="https://www.businessinsider.com/deadly-israeli-strike-syria-could-put-us-forces-crosshairs-iran-2024-4" target="_blank">strike on the Iranian Consulate in Damascus</a>, killing several senior officials of Iran's Islamic Revolutionary Guard Corps, including two generals. Farzin Nadimi, a senior fellow at The Washington Institute for Near East Policy, previously told BI that the strike was significant because it was the "first time Israel struck an official Iranian government-affiliated site with high-ranking people inside." <div type="image" title="Iranian Foreign Minister Hossein Amir-Abdollahian, Syrian Foreign Minister Faisal Mekdad, and other officials check the site of Israeli attack on Iran consulate in Damascus in April," height="2080" width="3040" msid="114014764" hostid="261"></div>Iran followed up with a <a target="_blank" class="" href="https://www.businessinsider.com/us-forces-destroyed-iran-missiles-drones-massive-air-defense-battle-2024-4">long-range attack on Israel at an unprecedented scale</a>, launching what Israeli authorities said were 170 attack drones, 120 ballistic missiles, and 30 cruise missiles — almost all of which were intercepted. Israel then responded with its<a target="_blank" class="" href="https://www.businessinsider.com/explosion-heard-in-iran-according-to-state-media-2024-4"> own strikes on multiple cities in Iran</a>. And in July, <a target="_blank" class="" href="https://www.businessinsider.com/ismail-haniyeh-top-hamas-leader-killed-in-iran-2024-7">Ismail Haniyeh</a>, the political leader of Hamas, was killed just after he attended the swearing-in of Iran's new president. <keyword id="20394829" type="General" weightage="20" keywordseo="haniyeh" source="keywords">Haniyeh</keyword> was widely reported to have been killed by a <a target="_blank" class="" href="https://www.nytimes.com/2024/08/01/world/middleeast/how-hamas-leader-haniyeh-killed-iran-bomb.html?smid=tw-share">remotely detonated explosive device</a> that was planted months before his death in a guesthouse he was using in Tehran. Israel also claimed responsibility that week for <a href="https://www.businessinsider.com/israel-tried-killing-top-hezbollah-commander-beirut-with-us-bounty-2024-7" target="_blank">killing the Hezbollah commander Fuad Shukr</a>, a senior advisor to the Lebanese militant organization's top leader, Hassan <keyword id="20081934" type="General" weightage="20" keywordseo="nasrallah" source="keywords">Nasrallah</keyword>, via an air-launched strike in Beirut. <div type="image" title="A billboard in Beirut. depicts Ismail Haniyeh, Qasem Soleimani, and Fuad Shukr." height="3067" width="4600" msid="114014762" hostid="261"></div>Meanwhile, Hezbollah, a longtime enemy of Israel, has been <a target="_blank" class="" href="https://www.businessinsider.com/hezbollah-lebanon-israeli-positions-gaza-hamas-2023-10">exchanging fire</a> with Israel on its southern border since the October 7 attack, forcing hundreds of thousands of civilians on both sides to flee. In one of the most dramatic attacks the region has yet seen, <a target="_blank" class="" href="https://www.businessinsider.com/iran-backed-hezbollah-members-hurt-after-pagers-just-weirdly-exploded-2024-9">thousands of pagers and communication devices</a> used by Hezbollah detonated in September, injuring more than 2,800 people and killing at least eight. Mossad, Israel's spy agency, is widely believed to have orchestrated the attack by <a target="_blank" class="" href="https://www.businessinsider.com/hezbollah-pagers-had-dark-feature-made-them-more-gruesome-2024-10">planting explosives inside the devices</a> before they were distributed, but Israel has not claimed responsibility. <div type="image" title="This picture shows a fire that emerged after an Israeli bombardment in south Lebanon." height="1588" width="2408" msid="114014770" hostid="261"></div>Later in September, <a href="https://www.businessinsider.com/who-was-hassan-nasrallah-the-hezbollah-leader-killed-by-israel-2024-9" target="_blank">Israel launched a strike</a> that killed Nasrallah at Hezbollah's headquarters in Beirut, bringing an end to his 32-year leadership of the militant group. Then, at the start of this month Israel began what it called a <a href="https://www.businessinsider.com/israel-launches-ground-offensive-into-lebanon-destroy-hezbollah-targets-2024-9" target="_blank">limited ground incursion into Lebanon</a>, saying it sought to dismantle Hezbollah's positions and artillery in the south. Iran moved soon after to launch a second major attack on Israel. Tehran is reported to have fired about 200 missiles, including its <a href="https://www.businessinsider.com/iran-used-one-of-most-advanced-missiles-massive-israel-attack-2024-10" target="_blank">advanced Fattah missile</a> capable of reaching speeds of Mach 5. It's unclear whether Israel might expand its scope in Lebanon, where it faces difficult terrain and Hezbollah troops who have had years to embed and prepare. Lebanon's health ministry has said more than 2,000 people have been killed so far in the ensuing strikes and raids. Tehran is reported to have fired about 200 missiles at Israel on October 2, including its <a target="_blank" class="" href="https://www.businessinsider.com/iran-used-one-of-most-advanced-missiles-massive-israel-attack-2024-10">advanced Fattah missile</a> capable of reaching speeds of Mach-5. <h2>Escalations don't bode well for the Middle East</h2>History shows there's little chance that Israel will let that attack pass without a response, as Israel's Prime Minister Benjamin <keyword id="19934489" type="General" weightage="20" keywordseo="netanyahu" source="keywords">Netanyahu</keyword> indicated in <a target="_blank" class="" href="https://www.youtube.com/watch?v=iUSI5tQuXys">a speech to the United Nations General Assembly</a> on September 27. "If you strike us, we will strike you. There is no place in Iran that the long arm of Israel cannot reach, and that's true of the entire Middle East," he said. Meanwhile, last month saw<a target="_blank" class="" href="https://www.businessinsider.com/israel-fed-up-massive-protest-strike-demanding-gaza-deal-hostages-2024-9"> hundreds of thousands of Israeli protesters</a> rallying against Netanyahu's failure to secure some sort of cease-fire deal that could lead to the release of the hostages remaining in Gaza after the attack one year ago. Gili Roman, whose sister was kidnapped on October 7 and later released and whose relative Carmel Gat was among the six slain hostages recovered by the IDF in early September, told BI last month that Netanyahu and his government were "prioritizing themselves" over the hostages. The anticipation of yet another cycle of escalating retaliation has set the world on edge, amid fears that an all-out war between Iran and Israel will destabilize the entire region. Globally, the immediate concern is that oil supplies will diminish significantly should conflict spill over to the rest of the Middle East. Last week, Citigroup analysts estimated that a major strike on Iranian oil infrastructure could reduce global oil supplies by <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-02/latest-oil-market-news-and-analysis-for-oct-3">1.5 million barrels per day.</a> <h2>Israel ignores US red lines</h2>US President <keyword id="19919748" type="General" weightage="20" keywordseo="joe-biden" source="keywords">Joe Biden</keyword> has for a year been trying to avoid the war growing into a wider regional conflict that could pull in the US and other world powers. He has repeatedly sought to broker a cease-fire in Gaza, organize more humanitarian support for civilians, and limit Israel's campaign. But Netanyahu has repeatedly ignored Biden's red lines and has continued to push forward against Hamas even as the civilian death toll spiraled and international opposition to Israel's campaign mounted. The US has also helped shield Israel against Iranian missile attacks sparked by the April killings and recent attacks on Hezbollah, and has positioned troops in the area to deter further Iranian aggression, while also seeking to tamp down the conflict. Meanwhile, as Israel intensified its attacks against Hezbollah two weeks ago, the US announced that it had brokered a possible cease-fire agreement — only for Israel to assassinate Nasrallah one day later. Critics of US policy believe that Netanyahu is acting in his own self-interest to try to hold together his fragile coalition government, whose far-right members support intensifying the war against Iran and its allies. "Netanyahu doesn't care about his friendship with Biden, or even about Israel's dependence on the United States. He cares only about his near-term political interests. Everyone but Biden can see this," wrote Andrew Exum, a former US deputy assistant secretary of defense for Middle East policy, <a target="_blank" class="" href="https://www.theatlantic.com/international/archive/2024/10/israel-war-biden-iran/680155/">in The Atlantic</a> last week. <h2>The global economy on edge</h2>When the conflict began a year ago, there were fears that wider conflict in the Middle East could impact the global economy. Oil prices did rise in the days after the October 7 attacks and Brent crude peaked above $92 a barrel later that month, but then started declining to about $73 in mid-December. In contrast, oil hit about $130 a barrel after <keyword id="19900702" type="General" weightage="20" keywordseo="vladimir-putin" source="keywords">Vladimir Putin</keyword> invaded Ukraine in February 2022. However, experts recently told Business Insider that a wider war in the region could <a target="_blank" href="https://www.businessinsider.com/global-economy-israel-iran-war-oil-growth-inflation-hurricane-china-2024-10">choke global economic growth and reignite inflation</a>. The Bank of Israel estimated in May that the costs arising from the war would total about $66 billion through the end of next year — equivalent to roughly 12% of Israel's GDP, <a target="_blank" href="https://www.reuters.com/world/middle-east/year-war-creates-cracks-israels-borrowing-strength-2024-10-06/">according to Reuters</a>. And in June, <a target="_blank" href="https://www.imf.org/en/Blogs/Articles/2024/06/05/scars-of-conflict-are-deeper-and-longer-lasting-in-middle-east-and-central-asia">the IMF noted</a> that the long-term economic effects of severe conflict on real GDP per capita in the Middle East were particularly pronounced, compared to other regions. It said that countries in the Middle East can expect to experience a roughly 10% decline in real GDP per capita a decade after the onset of a conflict, compared to pre-conflict levels. Correction: October 7, 2024 — An earlier version of this story misstated when Israel launched its strike that killed Hassan Nasrallah. That attack took place before Israel's ground incursion into Lebanon, not after, and the subsequent Iranian missile strike came soon after the Israeli ground assault, not hours after Nasrallah's killing. The story also misspelled the name of the former deputy national security advisor in Israel. He is Chuck Freilich, not Chuck Frielich.

One year on, the Middle East is spiraling deeper into violence

<keyword id="6355178" type="UNKNOWN" weightage="80" keywordseo="Dalal-Street">Dalal Street</keyword> is under a major bear raid. All major <keyword id="35144" type="UNKNOWN" weightage="80" keywordseo="indices">indices</keyword> are showing heavy losses mainly on account of a global pull back in equities. Here is a snapshot of the market at 2 pm: 
 
 MAJOR INDICES <keyword id="6354813" type="COMPANY" weightage="80" keywordseo="nifty">Nifty</keyword> plunges 353 points to 7,946 <keyword id="6484188" type="CITY" weightage="80" keywordseo="Sensex">Sensex</keyword> crashese 1,205 to 26,160 
CNX Nifty Junior crashes 1,202 points to 19,844 
CNX 500 Index drops 328 points to 6,633 
Bank Nifty plunges 943 points to 17,113 
CNX Pharma lost 529 to 12,940 
CNX Media down 1310 at 2,221 
 
 
NIFTY STOCKS FALLING BETWEEN 7-8 PCT. 
Tata Power 
ONGC 
Yes Bank 
GAIL 
PNB 
Cairn, 
Tata Steel 
Bajaj Auto 
 
MOST ACTIVE SECURITIES 
Axis Bank 
ICICI Bank 
Infosys <keyword id="6355199" type="CITY" weightage="80" keywordseo="Reliance-Industries">Reliance Industries</keyword> 
State Bank of India 
Yes Bank 
 
TOP LOSERS IN NIFTY JUNIOR INDEX 
Bank of India 
Siemens 
Reliance Comm 
 
Image credit: Indiatimes

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One year on, the Middle East is spiraling deeper into violence

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