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2,480 cases of fraud in PSBs involves over 30,000 crore: RBI

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Reserve Bank of India RBI

New Delhi, Sep 10 : According to Reserve Bank of India’s data a total of 2,480 cases of fraud in public sector banks involving more than Rs 31,800 crore have been registered in the first quarter of current financial year 2019-20.

An activist Chandrashekhar Gaud said he filed RTI at RBI and sought details of bank fraud cases registered in 1st quarter of this financial year and amount involved.

” Most cases are related to State Bank of India -1197 where Rs 12,012.77 Cr is involved. Allahabad Bank comes 2nd with 381 cases where Rs 2855.45 Cr involved. PNB comes 3rd-99 cases with Rs 2526.55 Cr involved. RBI said data on extent of loss is not available with them,”he said.

An RTI activist from Neemuch town of the Malwa region has said,”In its reply, RBI informed that during the first quarter of ongoing financial year (April 1 to June 30), a total of 2,480 cases of fraud in 18 public sector banks involving an amount of over Rs 31,898.63 crore were registered,” he said.

The RTI activist said he had also asked about the losses incurred in these banks. “In its reply, RBI said it has no information in this regard,” said Gaud.

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Samsung ‘Galaxy Fold’ coming to India on Oct 1

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New Delhi, Sep 24 : Samsung is finally bringing its much-anticipated and most-premium smartphone “Galaxy Fold” to India on October 1 — just a month after its global debut in South Korea — highly-placed sources told IANS on Tuesday.

The smartphone-cum-tablet “Galaxy Fold” smartphone is likely to be priced between Rs 1.5 lakh-Rs 1.75 lakh in India. It will be sold through select retail outlets and will be available only via pre-book mode, the sources added.

Galaxy Fold will come with exclusive access to specialized customer care services – including one-on-one access to Samsung experts, and a 24/7 support hub online or over the phone.

The smartphone was originally set to be released on April 26 but the manufacturer delayed it to fix units that experienced display issues.

Galaxy Fold comes with a 7.3-inch Infinity Flex Display and six cameras. The device has a secondary 4.6-inch screen on the cover of the phone. It opens up with 7.3-inch infinity flex display and when closed, it becomes 4.6 inch display with a 12:9 ratio.

The premium smartphone is backed by 7nm Qualcomm Snapdragon 855 octa-core SoC, paired with 12GB of RAM and 512GB storage.

“Galaxy Fold” combines consumers’ favourite smartphone and tablet features to deliver a new kind of experience — from a new form factor and materials to its unique foldable UX, versatile camera and premium performance.

“Consumers have responded positively to larger screens, and the Galaxy Fold’s revolutionary form factor offers a bigger, more immersive screen without sacrificing portability. This is what we call innovation of new mobile experience in action,” DJ Koh, President and CEO of IT and Mobile Communications Division, Samsung Electronics said in a statement recently.

Galaxy Fold is Samsung’s fourth 5G smartphone, following the Galaxy S10, Note 10 and A90, reinforcing its product portfolio for the ultra-fast network.

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RBI bars PMC Bank from business transactions

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Reserve Bank of India RBI

Mumbai, Sep 24 The Reserve Bank of India has placed the Punjab & Maharashtra Cooperative Bank Ltd, Mumbai from carrying out any kind of business transactions, here on Tuesday, sparking panic among the banks depositors and sending shock waves in city trading community.

The apex bank’s Chief General Manager Yogesh Dayal said that as per the RBI directions, depositors cannot withdraw more than Rs 1,000 of the total balance in their savings/current/other deposit accounts.

The PMC Bank has been barred from granting, renewing and loans and advances, make any investments, accept fresh deposits, etc, without the prior written approval from RBI.

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End of Boeing 737 MAX grounding up to individual countries, says US FAA

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Two Boeing 737 MAX aircraft crashed over the past year — the first in Indonesia in October 2018 and the second in Ethiopia in March. The second tragedy led to world aviation authorities and carriers either grounding all 737 MAX series aircraft or closing their airspace to them.

The US Federal Aviation Administration (FAA) said Monday that the FAA continues to follow a thorough process, not a prescribed timeline, for returning the aircraft to passenger service, adding that “aach government will make its own decision to return the aircraft to service, based on a thorough safety assessment”.

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