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SBI’s Rs 1,360 And Allahabad Rs 2,000 Crore Swindled In PNB Scam

Nearly Rs 2,000 Crore of Allahabad Bank in the scam worth Rs 11,400 Crore based on the credit cards issued by Punjab National Bank (PNB). Apart from this, the country’s largest lender, State Bank of India (SBI), has also given a loan of Rs 1,360 Crore.

SBI’s Rs 1,360 And Allahabad Rs 2,000 Crore Swindled In PNB Scam

One source said that Allahabad Bank has given a loan of Rs 2,000 Crore on the basis of PNB’s fraudulent guarantee letters. On the basis of these credentials, foreign branches of other banks gave loans to companies of Nirav Modi. The source said that this money was transferred from Hong Kong branch of Allahabad Bank to Nostro account of PNB. The source said that the bank has already made a claim for recovery of this money.

On the basis of the letter of credit issued by PNB, SBI has given a loan of $ Rs 1,360 Crore. However, this public sector bank has not given any loan directly to Nirav Modi. SBI Chairman Rajneesh Kumar said in Kochi on Friday, “We have not given any direct loan to Nirav Modi but have definitely given some money to PNB.” He informed that the bank has given it on the basis of the credit or guarantee letter (LOU) issued by PNB of Rs 21.2 Crore to Modi.

Kumar said that SBI has definitely given some loan to Mehul Chowksi of Gitanjali James, who is Nirav Modi’s relative. However, this is not a huge amount and we are not worried about it. When asked about SBI’s gems and jewelry sector loan, Kumar said that it is less than 1% of the bank’s total home loan. He said, ‘Our home loan book is Rs. 16 lakh crore. It has a share of gems and jewelry sector worth Rs 13,000 Crore which is less than 1%.

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Like That TV? Purchase It Now, You Can Pay Afterwards

Purchase now, pay afterwards. Purchasers for user goods will be allowed to commence paying EMIs (equated monthly installments) 2–3 Months after they get their televisions, smartphones, and refrigerators in a decision that the market expects will raise dropping sales.

Like That TV? Purchase It Now, You Can Pay Afterwards

Such offers with a suspension on transaction are widespread in real estate. Now, NBFCs such as Capital First, Home Credit India, and Bajaj Finance have queued up such offers to entice users of smartphones and white goods since they are running away from making optional purchases, 3 senior executives of the industry claimed to the media in an interview.

Above all of this, repayment conditions have been expanded now up from 24 Months to 30 Months. The NBFCs are launching out these financing alternatives in partnership with all leading regional and national retail chains and speaking to ecommerce marketplaces such as Flipkart and Amazon as well, the officials claimed.

“It is an attempt to draw users and improve their decision of buying,” claimed director at Great Eastern Appliances, Pulkit Baid, to the media in an interview. Now, Great Eastern Appliances is a 50-store durable retail store that is operating with Capital First and Bajaj for the deferred EMI alternative.

CEO of the Mobiliti World (the230-store cellphone retailer), Akshay Kher, claimed that users will advantage from these offers that might push trades of mid-to-premium section handsets. “The cost reacted with the finance holiday is majorly tolerated by the users and most of the times by the brands in case of any extraordinary offer,” he claimed.

User finance firms are also talking in some of the prices incurred on such offers below the head of user acquirement, which earlier went towards installing fixed-cost assets, branches, and marketing expenses. GfK, the sales tracker, claims that sales of television have been dropping since October last year.

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The Famous “Taj Mahal” Visited By Justin Trudeau And Family

Justin Trudeau, the Prime Minister of Canada along with his family visited India’s most influential and famous heritage “Taj Mahal” in Agra over the weekend. Sophie Gregoire, his wife has accompanied him along with three kids, Hadrien, Xavier, and Ella-Grace.

The Famous “Taj Mahal” Visited By Justin Trudeau And Family

In the past few years, India along with the prominent heritage Taj Mahal has witnessed many foreign dignitaries. The scenic Taj Mahal was built by the 17th-century ruler of Mughal Emperor Shah Jahan for his beautiful wife Mumtaz Mahal who after giving birth to their 14th child died. The heritage is located at Yamuna River.

Taj Mahal is considered to be the astonishing example of the architecture during the Mughals as it was influenced by the blend of elegant designs of Islamic, Indian and Persian. The monumental structure is purely crafted with the elegance of white marble with semi-precious stone studded while being inscribed with “Quran” verses. Since 1983, it has been designated as the “World Heritage” site by the UNESCO and is considered to be one of the seven greatest wonders of the world. The Prime Minister of Canada, Justin Trudeau has landed on Saturday in India for a long state visit. The Canadian PM is expected to visit Mathura’s Elephant Conservation Center (Wild Life Century) after completing his visit to Taj Mahal.

The Wild Life Century of Mathura is expected to be shut for the public for minimum 2 hours as the Canadian PM will be visiting the sanctuary along with his family. Justin Trudeau’s week-long state visit in the country will include Amritsar, Mumbai, Agra, New Delhi and Ahmadabad while also providing opportunities for Indian leaders in business and government to connect with Trudeau while strengthening the economic ties of Canada and India and promoting girls and women empowerment.

The close friendship between Canadian and Indian the two countries will reaffirm while discussing measures for increasing the bilateral cooperation. There will be several roundtable conferences with participation of Trudeau for promoting the investment and trade between the two countries.

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Cold Blooded Murderer Visited Fast Food Joints After Killing 17

The man, who has been accused to kill 17 people in the high school has a cool nerve and went to two food joints after committing the crime. Post the visits he was arrested, which was within a couple of hours of accomplishing the heinous crime.

The authorities confirmed that Nikolas Cruz, the gunman, halted at Wallmart, Subway restaurant, and McDonald’s after commencing the horrific mass shooting. It is the second incident of this kind that took place at a public school in the history of the United States.

Nikolas Cruz ran across the fields and went to the west to mix with the group of people who were running to save their lives after the massacre.

He has been charged with premeditated murder of 17 people and is also accused of using an AR-15-style weapon, which was purchased legally. He carried out the attack in the Marjory Stoneman Douglas High School based in Parkland, on the outskirts of Miami. He was also a student of this school but was expelled due to some disciplinary actions.

Cruz had already left a warning message on the social media platform by commenting on a YouTube video. He commented that he was going to be a competent school shooter. This comment was passed to the FBI by a social media user in September. However, Federal Bureau of Investigation couldn’t find a link between the comment and Cruz.

According to Robert Lasky, the FBI Special Agent in Charge said that apart from the simple statement, no other specification was provided in that comment. Even the identity was not revealed to track the criminal in Florida.

After the incident, Donald Trump gave a speech in the White House and stressed on the safety of the schools as well as mental health. However, he completely avoided giving any statement on the gun policy.

According to the people who knew Cruz said that he was a sad and remorseful human being. Killing animals was a normal activity for him and the neighbors have also noticed officials from law enforcement at his house.

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PNB’s Mumbai Branch Reports A Fraud Of $1.8 Billion

Punjab National Bank that is the nation’s second largest public sector bank has detected its largest financial fraud amounting to $1.8 billion at its single branch located in Mumbai that could include a large number of lenders. In the statement its officials stated that several unauthorized transactions have been detected at its branch that were apparently made for the benefit of few privileged account holders with active connivance of branch officials. These transactions revealed that the bank has advanced money to customers through their overseas accounts.

PNB’s Mumbai Branch Reports A Fraud Of $1.8 Billion

This recent revelation has led to further questions about alarming condition of public sector banks that are grappling with their worst phases of bad loans. The situation is likely to pose a tough challenge for PNB’s chief Sunil Mehta who took charge last year when his bank and 12 other banks were reprimanded and fined by Reserve Bank for violating foreign exchange regulations amounting to more than $1 billion. Though the bank has not given details about lenders that were given these funds or how this could impact its bottom-line, investigative agencies hope that there is enough collateral to recover at least part of this amount.

Punjab National Bank’s shares tumbled by 7.5% on the bourses after this announcement as the fraudulent transactions amount to almost eight times of the bank’s earnings in 2017. It is not clear if the fraud is connected in some way to a previous case wherein a jeweler had obtained fraudulent documents from PNB to obtain loans from another bank. These documents were fake letters of undertaking amounting to 2.8 billion rupees that were supposedly issued by PNB that the jeweler used to obtain funds from a bank. It appears as that the borrower used the details of transactions made by Punjab National Bank to its overseas accounts to get money from other banks without submitting adequate collaterals.

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Facebook Declares Huge Investment To Give Power To Community Leaders

Facebook has declared that for Community Leadership Program it will pledge hundreds of millions of dollars. This program is designed to give power to worldwide leaders who are creating communities via its family of services and apps. Besides this, Facebook might also pledge up to $10 Million in incentives that will go straightly to individuals leading and creating communities so that the program can have more affect with extra support, the firm claimed said to the media in an interview this week at the Facebook Communities Summit Europe.

Facebook Declares Huge Investment To Give Power To Community Leaders

“Apart from this, we rolled out new equipments for group admins and the growth of our London-supported engineering team that develops tech to assist keep users secure on Facebook,” the social media behemoth claimed in a blog. Under the program, he company might provide Fellowship and Residency chances to community leaders for support, training, and funding from all over the world.

“Almost 5 leaders will be awarded almost $1,000,000 each to support their offers and will be elected to be community leaders in residence,” it claimed. “Almost 100 leaders will be chosen for our fellowship scheme and will get almost $50,000 each to be employed for a particular community program,” the firm claimed.

Facebook will also branch out its program of Community Leadership Circles that conveys local community leaders jointly to meet up personally to learn, connect, and collaborate as well as Groups for Facebook Power Admins that is being operated with over 10,000 group admins in Britain and the U.S. to assist leader share recommendation with each other. In the meantime, the new equipments for Group Members and Admins might keep their communities organized, safe, and engaged.

With the Admin Tools, admins can now look out for member requests and Group Insights freeing up more time for admins and making it simpler to manage groups to link with users.

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IT Players Witness An Increment In Utilization Rate

As the tech majors struggle with changing consumer behavior and digital tech, their stress on enhancing the productivity of their labor force appears to be paying off with utilization levels enhancing by almost 600 bps (basis points)

*100bps = 1 percentage point

IT Players Witness An Increment In Utilization Rate

Increasing utilization levels is an important fraction of the fiscal review procedure as these numbers represent the labor force efficiency of the firm. With various winds of alteration affecting the IT segment (from automation and digitalization to tightening client spends) finding the correct individual with the correct skill, or re-skilling the current labor force, has turned out to be paramount.

All the IT players have been pumping in noteworthy effort and time in preparing and re-skilling their labor force for computerization. For example, in the past 1 Year, CTS has witnessed a 6% elevation in utilization (comprising trainees). The firm concluded the year with a labor force of 260,000, or 200 few as compared to previous year. The marked alteration in hiring schemes was obvious with CTS making an entry in the colleges for campus placements various weeks behind pipeline. It has posted 10% development in incomes as compared to previous year with less people.

Phil Fersht, CEO and chief analyst at HfS Research, claimed, “The Indian legacy IT players are swiftly calculating how to supply business and technology services with less workforce, via smart usage of AI, automation tools, constant refinement, and digitalization of people delivery.”

Amongst other tech companies, Infosys posted a 4% elevation and HCL gave 1% enhancement in utilization. While Wipro witnessed its utilization levels increase at the time of previous year, but concluded flat. In terms of inclusions, Wipro witnessed a fall, concluding the year with 1.77 Lakh workers. This was 1,625 workers less than December 2016. Both Infosys and TCS saw an increment in the past 5 quarters in headcount.

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Fourth Quarter Loss Of Uber Narrows To $1.1 Billion

Uber Technologies Inc lessened its loss from $1.46 Billion in the last quarter to a loss of $1.1 Billion for fourth quarter, a person well known with the issue claimed to the media in an interview. The ride-hailing firm’s quarterly income increased to $2.2 Billion by 11.8% from its last quarter, the source claimed.

Fourth Quarter Loss Of Uber Narrows To $1.1 Billion

Uber has gone on to lift more than $14 Billion in new round of funding and previous month inked a contract with SoftBank Group Corp in which the Japanese company , in addition to other sponsors, took almost a 17.5% share in the firm. Quarterly gross bookings of Silicon Valley-supported Uber increased to $11.1 Billion by 14% from the third quarter, the source claimed. The company had earlier reported net loss of $1.46 Billion for third quarter on net income of $2 Billion. Uber had $9.7 Billion of gross bookings in the last quarter.

Last week Uber claimed that it would pay $245 Million value of its own stakes to self-driving vehicle unit of Alphabet Inc., Waymo, to resolve a lawful argument over trade secrets. This will allow chief executive of Uber to move past one of the most bruising communal controversies of the company. The settlement declaration this week conveyed an unexpected halt to the fascinating case just prior to the 5th day of case was to start in federal court at a jury testimony at San Francisco.

In a court case filed in 2017, Waymo claimed that one of its previous engineers who turned out to be the chief of self-driving car project of Uber took thousands of secret documents with him. Uber removed its chief of self-driving post Waymo took legal action, and it is well lagging on its pipeline to organize fleets of autonomous vehicles in one of the most profitable contest in Silicon Valley.

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Woman Kills Husband By Setting Him Ablaze Over Small Argument

A small quarrel between a woman and her husband went to an extreme level as the woman poured lamp oil on the husband. She, then, set him on fire.

As per the reports of the police, the man was offended with his wife’s speaking over the mobile phone with someone. This triggered an argument.

Woman Kills Husband By Setting Him Ablaze Over Small Argument

The police are in search of the accused woman who fled after the incident. An investigation will also be performed against some policemen because of their inaction against the complaint earlier. Reports say that one of the man’s family members went to the police station to lodge an FIR. The complaint was lodged, but the family was waiting for any action from the police.

The case occurred on February 7, 2018, when the husband, Nanke, age 35, had a verbal fight with Pooja, his wife. As Nanke stopped Pooja from talking on the phone, she got angry. She waited until Nanke sleep, after the meal. After he slept, Pooja spilled kerosene on Nanke and burnt him to death.

Nanke’s cries were heard by his other family members who took him to the hospital. The local hospital referred him to Lucknow. However, he died of his injuries last day.

The accused fled in the meanwhile, according to the police. Pramod Kumar, the police superintendent, said the case has already been registered against Pooja, the accused. The case was filed on the basis of complaint reported by the victim’s brother. Police are trying to trace the woman and detain her.

The Superintendent of Police expressed that the case occurred on February 7, 2018, night. From February 8, 2018, to February 12, 2018, no actions were initiated against the women by the policemen, in spite of the FIR lodged by the man’s family on February 8, 2018.

He further added that because of the inactiveness of the policemen, an order has also been given to carry out investigation against them for their carelessness in the duty.

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Low-Priced Wearable Sensor Formed From Tissue Paper

Tissue paper has been used by scientists to design a wearable sensor (Band-aid sized) that can sense a blink of an eye, a pulse, and other movements of a human. The sensor is flexible, low-priced, and light, with prospective applications in entertainment, robotics, and healthcare, as said by the researchers.

Low-Priced Wearable Sensor Formed From Tissue Paper

The research team at the University of Washington, the United States, demonstrated that by ripping tissue paper encumbered with nanoparticles and severing its fibers, the paper functions as a sensor. It can sense a finger force, heartbeat, eyeball movement, finger movement, and much more, as stated by the UW Associate Professor, Jae-Hyun Chung. He said, “The major breakthrough is a disposable wearable sensor fabricated with inexpensive tissue paper. When the specimen is broken by us, it will function as a sensor.”

These tiny, Band-Aid-sized sensors can have a range of applications in numerous fields. For instance, supervising the eye movement or gait of a person, this can be utilized to examine the brain function or actions of a game player. The sensor can trail how a special-needs kid strides in a home test, thus the kid won’t need to have the visits to the hospital. The sensors can also be utilized in occupational therapy for elders.

Chung said, “The sensors can be disposed of after using them for one time.” The research team utilized paper resembling toilet tissue. Then the paper is soaked with carbon nanotube-enriched water. The carbon nanotubes are small elements that generate electrical conductivity.

Every tissue paper piece has both vertical and horizontal fibers, so when the paper is ragged, the direction of the rip notifies the sensor of what has occurred. To trail the movement of the eye, they are fastened to reading glasses of a person. For the moment, the effort has been limited to a lab, and the research team is hoping to discover an appropriate commercial use.