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Use technology to prevent diversion of funds, CVC tells banks

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Use technology to prevent diversion of funds, CVC tells banks

The Central Vigilance Committee (CVC) has asked banks to use technology, especially artificial intelligence (AI), to create profiles and understand the lifestyle of borrowers in order to identify any transfers of funds at a later stage in the future, people familiar with the matter said. The highest security agency believes that a large number of high-value frauds occur not only because of the disregard of the lending system and procedures, but also because the banks have failed to monitor the use of loans.

“Banks are required to use artificial intelligence to track usage in order to send red flags and transfer funds in the event of any abnormalities in loan account operations. Thorough analysis is required, especially when overseas branches report large transfers,” one Said an official who asked not to be named. An investigation into high-value fraud cases reported in the past five or six years found that the defendant used public funds to buy bungalows, jets, helicopters, yachts, jewelry, high-end cars and real estate abroad, otherwise the money should have been used for loans.

The business activity mentioned. Vijay Mallya owns a luxury private jet and yachts, including one of the largest yachts in the world, a villa in Goa. According to reports, he organizes parties there, except in Britain, France and the United States, and the bank has been waiting for him to return the money.

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He owed the Bank of India 900 billion rupees. Similarly, Nirav Modi (Nirav Modi) used bank funds for properties, such as Worli’s sea-facing apartment, a Rolls Royce worth 5 crore, an art collection worth billions of rupees, an apartment in New York And other countries (except for high-profile press conferences) for his brand. Mehul Choksi also transferred his money to the United States and Antigua and Barbuda, where he currently lives as a citizen. Nirav Modi and Choksi were accused of defrauding Punjab National Bank for 13,578 crore.

A second-class official stated that the bank’s failure to monitor and analyze these activities may help to alert on fraud at an early stage. One of the issues that CVC noticed when processing/approving loans was that the same official was appointed to different financial/sanction committees. “Another outstanding issue that CVC has noticed is that in the case of joint/multiple financing, the delays in fraud declarations by banks are considerable.

This not only allows the borrower to deceive the banking system to a large extent, but also gives him a considerable amount of time. Time erases the trace of money,” said the first official mentioned above. CVC has advised banks to “prioritize fraud prevention at all levels through the use of technology and careful inquiry. Even after lodged a complaint with the Central Bureau of Investigation and other agencies, it also asked them to continue to pursue loans.

News Source : Hindustan Times

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DTC to start electric buses from 3 Delhi ISBTs to Noida airport by May end

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DTC to start electric buses from 3 Delhi ISBTs to Noida airport by May end

The buses will start and currently serve Greater Noida and Jewar, even though the airport is probably not going to be operational by May By the end of May, the Delhi Transport Corporation (DTC) plans to begin operating electric buses from the Capital to the soon-to-be Noida International Airport (NIA) in Jewar, according to officials. The buses will begin at.

Delhi’s three Inter State Bus Terminals (ISBTs) — Maharana Pratap ISBT at Kashmere Gate, Swami Vivekanand ISBT at Anand Vihar, and Veer Hakikat Rai ISBT at Sarai Kale Khan — and currently serve Greater Noida and Jewar, even though the airport is probably not going to meet the May deadline to be operational The Delhi Transport Corporation (DTC) is set to launch.

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Electric bus services connecting Delhi’s Inter-State Bus Terminals (ISBTs) to the upcoming Noida International Airport (NIA) in Jewar by the end of May 2025. This initiative aims to enhance connectivity between the national capital and the new airport, providing a March 2025, DTC and NIA signed operate thesesustainable and efficient mode transportation for.

Key Features of the Service

  • Routes and Terminals: The electric buses will operate from three major ISBTs in Delhi: Maharana Pratap ISBT at Kashmere Gate, Swami Vivekanand ISBT at Anand Vihar, and Veer Hakikat Rai ISBT at Sarai Kale Khan. Initially, these buses will serve areas in Greater Noida and Jewar, catering to the March 2025, DTC and NIA signed an MoU to operate these demand for public transport in these regions.
  • Memorandum of Understanding (MoU): In March 2025, DTC and NIA signed an MoU to operate these bus services, formalizing the collaboration between the two entities The fleet will consist of air-conditioned, low-floor electric buses equipped with modern amenities, including GPS tracking, CCTV cameras, panic buttons, and broad aisle spaces to accommodate luggage. These features aim to ensure.
  • Commuters passenger safety and comfort during transit While the exact fare amounts are yet to be finalized, discussions are ongoing in consultation with the Yamuna Expressway Industrial Development Authority (Yeida), which manages the Jewar area. The authorities aim to establish a cost-effective fare structure for commuters The bus services will initially be deployed on a pilot basis. Depending demand.

Additional Considerations

  • Infrastructure Development: A four-kilometer stretch of road that will be part of the bus route is not fully developed yet. DTC has reached out to Yeida to ascertain the usability and development timeline of this segment to ensure seamless operations. and passenger feedback, routes may be adjusted, and the number of buses increased to better serve commuters this, the bus services will begin as scheduled.
  • Airport Operational Timeline: Although the NIA was expected to commence operations by mid-May 2025, it is likely to miss this deadline due to ongoing construction work. Despite this, the bus services will begin as scheduled, providing connectivity to the surrounding areas in the interim providing connectivity to the surrounding areas in the interi This initiative reflects DTC’s commitment to.
  • Enhancing public transportation infrastructure and promoting eco-friendly travel options in the National Capital Region. By introducing electric buses on this route, the corporation aims to offer a reliable and sustainable alternative for commuters traveling between Delhi and the upcoming Noida International The Delhi Transport Corporation (DTC) is set to commence electric bus services.
  • connecting Delhi’s Inter-State Bus Terminals (ISBTs) to the upcoming Noida International Airport (NIA) in Jewar by the end of May 2025. This initiative aims to provide eco-friendly and convenient transportation options for commuters traveling between Delhi and the new airport NIA was expected to commence.
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