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India extends $1-bn credit facility for Sri Lanka by one year

India provided economic aid worth almost $4 billion, including lines of credit to purchase food, fuel and medicines to Sri Lanka last year.

The credit facility was extended through the State Bank of India (SBI) in response to a specific request from the Sri Lankan government (Twitter/ShehanSema)
Updated on May 30, 2023 11:03 PM IST

Doubtful recovery of 11.9 crore: Private company given undue benefit by Jammu and Kashmir Bank, reveals CAG report

CAG in its report said the Jammu and Kashmir Bank in December 2012 took over (Decfrom Indian Overseas Bank (IOB) the credit facilities of ₹ 11.50 crore favouring M/s Ace Engineering Infratech Private Ltd (Company) and enhanced (December 2012) the same to ₹14 crore.

The CAG in its report has highlighted how a private company was given undue benefit by Jammu and Kashmir Bank by pointing out a doubtful recovery of <span class='webrupee'>₹</span>11.98 crore in J&K Bank in favour of M/s Ace Engineering Infratech Private Limited without obtaining adequate security cover and release of credit facility without complying with the pre-disbursement condition. (HT File Photo/ Representational image)
Updated on Apr 04, 2023 10:55 PM IST
ByMir Ehsan, Srinagar

22 years on, 3 bank officers, guarantor get 2-year jail in loan fraud case

The guarantor of businessman Vijay Seth has been identified as Nargis Diventry (70). The other three have been identified as Srikant Padale (73), Vijaya Nair (66) and V Radhakrishnan (82).

Vijay Sawant, the then senior manager of the bank, did not take the original title deeds of the property in possession, in violation of the prescribed rules and willfully accepted only xerox copies to help Sheth. Sawant had retired and died before the CBI filed a chargesheet in the case. (Getty Images)
Updated on Apr 01, 2023 09:16 PM IST
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