Pundeknadu News #010 - Another Great Indian Achievement! Indian Banks in S'pore

[cunnosieur]

http://www.reuters.com/article/2013/09/13/india-banks-singapore-idUSL3N0H818220130913

Singapore regulators have stepped up their scrutiny of some local branches of Indian banks on concerns about asset quality, three bank executives told Reuters.

India's slowest economic growth in a decade and a weakened rupee have weighed on the balance sheets of heavily leveraged Indian companies, including those that have raised money from Indian lenders in offshore centres such as Singapore.

 

[cunnosieur]

http://www.cio.in/by-the-numbers/banking-fraud-india-set-increase

According to Deloitte’s Indian Banking Fraud Survey—which spoke to chief risk officers, head of internal audits, and chief compliance officers—93 percent of Indian banks indicate that there’s been an increase in incidents of fraud in the last year. Nearly one-in-four institutions has encountered over 100 incidents of fraud. Worse, a full 64 percent of respondents, say they expect fraud to rise between 6 and 25 percent.

The average loss per incident for 50 percent of respondents is over Rs 10 lakh. If you multiply this figure by the reported number of incidents, the loss is a whopping Rs 10 crore a year per bank.