Public Funds

Sebi bars Mishtann Foods from raising public funds for seven years

Sebi pointed out that almost all sale and purchase transactions of Mishtann Foods Ltd (MFL) since FY20 were prima facie found to be fictitious

PSU banks' compensation against fraud rises over three-fold to Rs 140 cr

Public sector banks have reported over three-fold jump in compensation towards frauds or e-frauds reported by their customers to Rs 140 crore during 2023-24, Parliament was informed on Tuesday. The amount of compensation paid by these banks stood at Rs 42.70 crore in the previous fiscal, Finance Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha. Union Bank of India paid the highest compensation of Rs 74.96 crore followed by Bank of India at Rs 20.38 crore and Indian Bank at Rs 16.16 crore during FY24, she said. In FY23, Union Bank of India was again the highest compensation payer at Rs 12.18 crore followed by Central Bank of India at Rs 11.68 crore. Sitharaman further said that RBI, in July 2017, issued instructions on limiting the liability of customers in cases of unauthorised electronic banking transactions. As per these instructions, a customer has zero liability if the unauthorised transaction occurs on account of contributory fraud or negligence/deficien

Digvijaya accuses MP of diverting public funds for BJP's 'election agenda'

Senior Congress leader Digvijaya Singh on Wednesday alleged that the Madhya Pradesh government was diverting public funds for the "election agenda" of the ruling BJP, and accused officials of damaging the already weak financial condition of the state through manipulation of figures. He also warned that if the Congress comes to power in the state after the upcoming assembly polls, strict action will be taken against the erring officials irrespective of their seniority. Chief Minister Shivraj Singh Chouhan hit back at Singh over his allegations and for "threatening" officials. Elections to the 230-member legislative assembly are scheduled to be held by the end of this year. In a post on his 'X' account, Digvijaya Singh on Wednesday said the officials of the Madhya Pradesh Finance Department need to remain alert in view of the economic condition of the state. "To fulfil BJP's election agenda, top officials of the Finance Department are manipulating the figures and causing further dam

Six of eight funds used to invest in Adani Group stocks now closed: Report

The closure of these funds posed a challenge for Sebi to reach the ultimate beneficiaries of these vehicles

Govt's huge welfare scheme expenses hitting public finances: Yashwant Sinha

Ex finance minister Yashwant Sinha said huge expenditure on welfare schemes by Modi govt has impacted public finances which are currently in a mess with fiscal deficit touching abnormally high level

Congress, JD-U accuse government of misusing public funds

Leaders of the two parties levied the accusation based on the RTI queries and report published in the Economic Times