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Public sector banks are much easier to defraud than private sector ones: Here's the proof

Public sector banks are much easier to defraud than private sector ones: Here's the proof

Finance
Clearly, it is much easier to defraud public sector banks than private sector ones in India and the figures speak volumes about the way the latter are run. According to the Reserve Bank of India‚Äôs (RBI) annual report for 2017-18, during 2017-18, public sector banks accounted for almost all (92.9 per cent) of the amount involved in frauds. While the private sector banks accounted for 6 per cent. With regards to the cumulative amount involved in frauds till March 31, 2018, PSBs accounted for around 85 per cent, while the private sector banks accounted for a little over 10 per cent. Banking frauds in general are on the rise. According the central bank’s annual report, the number of cases on frauds reported by banks were generally hovering at around 4500 in the last 10 years before thei

Energy Sector Update for 08/15/2018: BP,EGN,MCF,CRZO

Finance
[unable to retrieve full-text content]Top Energy StocksTop Energy Stocks XOM 1 55 XOM 1 55 CVX 3 66 CVX 3 66 COP 5 71 COP 5 71 SLB 3 97 SLB 3 97 OXY 3 13 OXY 3 13 Energy stocks fell sharply lower this afternoon with the NYSE Energy Sector Index Wednesday falling over 3 2 while shares of energy companies in the S amp Latest Articles in
Perform and get paid: Public sector banks plan to link pay with performance

Perform and get paid: Public sector banks plan to link pay with performance

Finance
Senior management of public-sector banks (PSBs) may now have to perform to earn more. In a first-of-its-kind move for PSBs, State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda (BoB) are planning to introduce performance-linked salary structure for the senior management, according to a Business Standard report. "The bank is seriously thinking of introducing a system of performance-based incentives for officers above the general manager grade. There will be a component of fixed and variable pay. But it will evolve slowly,” PNB Managing Director and Chief Executive Officer Sunil Mehta told the paper. SBI and BoB may also follow a similar model and are working on a compensation framework, says the report. Performance-linked pay is widely used in the private sector t...
25% ATMs of public sector banks may be vulnerable to fraud

25% ATMs of public sector banks may be vulnerable to fraud

Finance
The government on Friday indicated that nearly a quarter of the automated teller machines (ATMs) run by public sector banks may be vulnerable to frauds as 74% of the cash dispensers are running on outdated software. The statement on state-run banks came in response to a question in Parliament on ATMs running on software that was outdated or “unsupported”. These ATMs are prone to fraud and lack basic security features. The government, however, did not disclose details of such ATMs that were run by private sector lenders. A bulk of the machines in the country are operated by public sector players, with government telling Parliament that close to 89% of the ATMs belonged to this category. Despite the growing presence of private players in recent years, state run-banks still contro...
Aviation sector in Alberta working to green up

Aviation sector in Alberta working to green up

Business
July 19 (UPI) -- Greenhouse gas emissions from Alberta are on the decline in part because of alternate fuels in the transportation sector, leaders said. The provincial government of Alberta announced $ 53 million (USD) is available through its Emissions Reduction Alberta Biotechnology, Electricity and Sustainable Transportation program. The funding would draw in new investments that would diversify the oil-rich economy. Teresa Ehman, the director of environmental affairs for Air Canada, said the company is investing billions of dollars in building a fuel-efficient and cleaner fleet. "To date, we have operated eight biofuel flights and will continue to advocate for the development of sustainable aviation biofuels in Canada," she said in a statement. The International Civil Aviation Organi...