Aniruddha Bahal is the founder and editor-in-chief of Cobrapost an Indian news website. Prior to founding Cobrapost, he co-founded Tehelka .
80-536: Cobrapost is a non-profit Indian news website that was founded in 2005 by Aniruddha Bahal – the co-founder of Tehelka . It is particularly known for its undercover investigative journalism. According to Kalyani Chadha, Cobrapost led by Aniruddha Bahal consolidated undercover sting-generated news genre in India in 2005. Its secretly recorded conversations with 11 elected members of Indian parliament who were aired by Aaj Tak . The news piece showed how bribes can manipulate
160-528: A CCBD committee to control the financial institutions. It has four members, appointed for two years, and takes measures to strength the role of statutory auditors in the financial sector, external monitoring, and internal controlling systems. The Tarapore committee was set up by the Reserve Bank of India under the chairmanship of former RBI deputy governor S. S. Tarapore to "lay the road map" to capital account convertibility . The five-member committee recommended
240-530: A Rajya Sabha candidate". The Jharkhand Mukti Morcha dismissed the allegations in the Cobrapost report because it lacked any credibility. In March 2013, Cobrapost alleged that three banks in India – HDFC, ICICI and Axis – were involved in money laundering , using false accounts to convert black money into white. In an undercover operation it called Operation Red Spider, Cobrapost stated that it had secretly recorded several videotapes to uncover corrupt practices at
320-590: A bank to carry out their financial transactions effectively and efficiently, governments also need a bank to carry out their financial transactions. The RBI serves this purpose for the Government of India (GoI). The RBI is also a banker to the government and performs merchant banking function for the central and the state governments. As a banker to the Government of India, the RBI maintains its accounts, receive payments into and make payments out of these accounts. The RBI also helps
400-456: A banker of scheduled commercial banks. It also works for overall economic growth of the country. The purposes for which the RBI has been established as India’s central bank has been spelt out in the preamble to the RBI Act: i) "to regulate the issue of banknotes and the keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of
480-778: A former vice-president at National Securities Depository Limited , assumed charge as the first chief financial officer (CFO) of the Reserve Bank on 15 May 2018; she was given the rank of an executive director. The bank's current governor is Shaktikanta Das . There are currently four deputy governors Swaminathan J, M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar. The RBI has four regional representations: North in New Delhi, South in Chennai, East in Kolkata and West in Mumbai. The representations are formed by five members, appointed for four years by
560-592: A monopoly of note issue. In the 1950s, the Indian government, under its first Prime Minister Jawaharlal Nehru , developed a centrally planned economic policy that focused on the agricultural sector. The administration nationalised commercial banks and established, based on the Banking Companies Act, 1949 (later called the Banking Regulation Act ), a central bank regulation as part of the RBI. Furthermore,
640-518: A murky deal to the members of parliament. It filed a criminal complaint (FIR) against Cobrapost and Aaj Tak for the "offence of abetment as defined under Section 12 of the Prevention of Corruption Act 1988 by carrying out Operation Duryodhan and telecasting the same", according to The Times of India . In a 2010 sting operation conducted in association with the IBN group, Cobrapost alleged that Kanwar Deep Singh
720-490: A post of a chief operating officer (COO), in the rank of deputy governor and wanted to re-allocate work between the five of them (four deputy governor and COO). Two of the four deputy governors are traditionally from RBI ranks and are selected from the bank's executive directors. One is nominated from among the chairpersons of public sector banks and the other is an economist. An Indian Administrative Service officer can also be appointed as deputy governor of RBI and later as
800-491: A press conference on 29 January 2019, Cobrapost alleged that the Indian mortgage lender Dewan Housing Finance Corporation (DHFL) promoters "siphoned off about ₹ 31,000 crore (US$ 3.7 billion) through a network of shell companies". The company called the allegations as "mischievous". On 6 March 2019, according to the Business Standard , an independent chartered accountant firm investigated these allegations and disputed
880-490: A statement on 21 March 2014, denied Cobrapost allegations and stated that not a single corrupt black money transaction actually happened at the accused banks. He added that "there is no scam that has happened, as no transaction has taken place. Let us not necessarily downgrade ourselves. Our system to prevent money laundering is perfect, absolutely nothing (wrong with it)". According to the Firstpost news website, Cobrapost "slammed
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#1733084603151960-466: A sting on the Cobrapost team to uncover "imposters" and "criminals on bail with a past record of fraud and forgery" they suspected were posing as businessmen and organization trying to push a political ideology. No cash or payment was ever exchanged during this operation to or from Cobrapost, stated the Times Group. The India Group similarly denied Cobrapost claims, stated that its editorial team never met
1040-623: A subsidiary company—the Bharatiya Reserve Bank Note Mudran Private Limited —on 3 February 1995 to produce banknotes. The Foreign Exchange Management Act , 1999 came into force in June 2000. It should improve the item in 2004–2005 ( National Electronic Fund Transfer ). The Security Printing & Minting Corporation of India Ltd., a merger of nine institutions, was founded in 2006 and produces banknotes and coins. The national economy's growth rate came down to 5.8% in
1120-447: A three-year time frame for complete convertibility by 1999–2000. On 8 December 2017, Surekha Marandi, executive director (ED) of Reserve Bank of India, said RBI will open an office in the north-eastern state of Arunachal Pradesh. BRBNM was established by RBI on 3 February 1995 to enable RBI to bridge the gap between maintain, demand and supply of Indian rupee notes in the country. Deposit Insurance and Credit Guarantee Corporation
1200-470: A young woman architect from Bangalore due to instructions from saheb . The police followed her inside malls, restaurants, gyms, and tracked her scheduled flights, hotel bookings, and visits to her mother at a hospital. The team was also asked to surveil IAS Pradeep Sharma, who knew about the relationship between Modi and the woman. In May 2016, the woman told the Supreme Court that she was "thankful" that
1280-575: Is India's central bank and regulatory body responsible for regulation of the Indian banking system. Owned by the Ministry of Finance of the Government of India , it is responsible for the control, issue and maintaining supply of the Indian rupee. It also manages the country's main payment systems and works to promote its economic development. The RBI, along with the Indian Banks' Association , established
1360-716: Is currently focused on implementing norms. Payment and settlement systems play an important role in improving overall economic efficiency. The Payment and Settlement Systems Act of 2007 (PSS Act) gives the Reserve Bank oversight authority, including regulation and supervision, for the payment and settlement systems in the country. In this role, the RBI focuses on the development and functioning of safe, secure and efficient payment and settlement mechanisms. Two payment systems National Electronic Fund Transfer (NEFT) and Real-Time Gross Settlement ( RTGS ) allow individuals, companies and firms to transfer funds from one bank to another. These facilities can only be used for transferring money within
1440-521: The Bartaman Patrika and Dainik Sambad declined to distribute advertisement with religious overtones. After the release of the Cobrapost.com sting report on "paid news", the Times Group in a 26 May 2018 response called the report as "false, malicious, dishonest", a manufactured "fictitious scandal" presented with doctored quotes, and that the allegations do not reflect what actually happened. The Times Group alleged that its journalists were involved in
1520-721: The Hilton Young Commission . Eventually, the Central Legislative Assembly passed these guidelines as the RBI Act 1934. India was the first colony to have its own central bank. The original choice for the seal of RBI was the East India Company Double Mohur , with the sketch of the Lion and Palm Tree. However, it was decided to replace the lion with the tiger, the national animal of India. The Preamble of
1600-682: The Independent , "shoots smack, snorts speed, runs guns, administers date-rape drugs" and a scene therein went on to win the Literary Review's Bad Sex in Fiction Award . In 2005, Bahal founded and became the editor-in-chief of the online news magazine Cobrapost . It is particularly known for its undercover sting operations. In 2008, he started hosting The Tony B Show for Channel V . Reserve Bank of India Deputy Governors The Reserve Bank of India (abbreviated as RBI )
1680-557: The National Payments Corporation of India to promote and regulate the payment and settlement systems in India. Bharatiya Reserve Bank Note Mudran (BRBNM) is a specialised division of RBI through which it prints and mints Indian currency notes (INR) in two of its currency printing presses located in Mysore (Karnataka; Southern India) and Salboni (West Bengal; Eastern India). Deposit Insurance and Credit Guarantee Corporation
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#17330846031511760-564: The Outlook and the India Today . In 1999, he co-founded Tehelka.com – a news website, with Tarun Tejpal and another colleague from the Outlook after "an investor with deep pockets" agreed to underwrite their startup, according to the Independent . In 2003, Bahal wrote an espionage thriller Bunker 13 . Its "hipster-slang-spitting antihero", states an article on Bahal in the UK-based newspaper
1840-534: The Reserve Bank of India Act . Though privately owned initially, it was nationalised in 1949 and since then fully owned by the Ministry of Finance , Government of India (GoI). The Reserve Bank of India was founded on 1 April 1935 to respond to economic troubles after the First World War . The bank was set up based on the recommendations of the 1926 Royal Commission on Indian Currency and Finance, also known as
1920-775: The Times Group – the publisher of The Times of India , the India Today group, the Hindustan Times group, the Zee group, the New Indian Express group and other media houses – where it offered a payment of up to ₹ 500 crore (US$ 60 million) in cash to publish stories on Krishna and the Bhagavad Gita to first indirectly and later directly promote Hindutva ideology, communal and political gains. All three media houses agreed to
2000-809: The Ahmedabad branch was established in 1950. It has 3 training colleges for its officers, viz. Reserve Bank Staff College Chennai , Reserve Bank of India Academy Mumbai , and Reserve Bank of India College of Agricultural Banking Pune . There are three autonomous institutions run by RBI namely National Institute of Bank Management (NIBM), Indira Gandhi Institute of Development Research (IGIDR), Institute for Development and Research in Banking Technology (IDRBT). There are also four zonal training centres at Mumbai, Chennai, Kolkata, and New Delhi. The Board of Financial Supervision (BFS), formed in November 1994, serves as
2080-708: The Audit Sub-Committee also aims at upgrading the quality of the statutory audit and internal audit functions in banks and financial institutions. The audit sub-committee includes deputy governor as the chairman and two directors of the Central Board as members. The BFS oversees the functioning of the Department of Banking Supervision (DBS), the Department of Non-Banking Supervision (DNBS) and the Financial Institutions Division (FID) and gives directions on
2160-463: The Cobrapost allegations, stated that they only met with the advertisement team who never promised "news" coverage and only discussed "advertisements", and alleged that their report had "conveniently buried" the cautionary statements about "legal vetting", checks and approval told to Cobrapost. The Zee group similarly stated that the Cobrapost report presents a "deliberate and fraudulent misinterpretation and concoction of actual facts", by "craftily editing
2240-532: The Cobrapost personnel, its advertisement group listens to all those who approach them, they condemn paid news, and consider Cobrapost's claim of paid news at India Today to be malicious. The Suvarna News group with a regional presence in south India stated that Cobrapost maliciously altered the recordings and that its allegations are baseless. It further stated that they had alerted the state police officials of Cobrapost staff when he first contacted them to publish religious content. The New Indian Express Group denied
2320-423: The Cobrapost report. According to the audit completed by the firm, DHFL has "not promoted any of the 26 shell companies" that Cobrapost alleged. It further stated that the companies alleged to be involved in the fraud by Cobrapost "do not have any directors in common" and "DHFL or its promoters do not have any shareholding in these companies" as claimed. The auditors disagreed with Cobrapost allegations, but found that
2400-562: The DHFL executives failed to follow their standard operating procedures and inadequately monitored its borrowers. Aniruddha Bahal -Crack in the Mirror (1991) -The Emissary (2010) -The Adventures of Rhea: The Cobrapost Affair (2015) Bahal was born in Allahabad and is a university graduate. He moved to Delhi in 1991 where he began his journalistic career by writing and editing some articles at
2480-506: The GoI to raise money from the public via issuing bonds and government-approved securities. In September 2019, a decision at RBI directors meet was taken to change the RBI financial accounting year to March–April to align itself with the central government calendar instead of the current June–July year. RBI issue taxable bonds for investments. From 1 July 2020, RBI is offering Floating Rate Savings Bonds, 2020 (Taxable) – FRSB 2020 (T). The interest on
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2560-742: The Gujarat police was assigned to tail her, and urged the judges to block investigations to determine whether the surveillance was legal and ordered by Modi, who had become India's Prime Minister in 2014. IAS Pradeep Sharma was suspended and arrested in 2016, under various cases of money laundering and corruption pertaining to past service tenure. In December 2013, Cobrapost accused many IT companies of misusing social media to help politicians with fake "likes" and "followers" to improve their popularity. Cobrapost alleged that its associate editor Syed Masroor Hasan approached two dozen professional IT companies and they offered help in "reputation management" and to tarnish
2640-598: The Indian Finance Minister P. Chidambaram stated that he had talked with the chairmen of two of three banks and his office "wasn't jumping to any conclusions". According to Cobrapost, the staff at the three Banks offered to use forged Pan Cards and multiple accounts for their clients to launder money. It added that the banks offer their clients to use their bank lockers to store cash and "maintain fictitious accounts for seven years saying that all details vanish after this period." The undercover operation alleged that
2720-582: The Indian rupee was devalued. The currency lost 18% of its value relative to the US dollar , and the Narsimham Committee advised restructuring the financial sector by a temporal reduced reserve ratio as well as the statutory liquidity ratio. New guidelines were published in 1993 to establish a private banking sector. This turning point was meant to reinforce the market and was often called neo-liberal . The central bank deregulated bank interests and some sectors of
2800-604: The LIC, Reliance Life, Birla Life and the Tata AIG joint venture. The Reserve Bank of India (RBI) launched a detailed audit and investigation after the Cobrapost allegations. It scrutinized the books of accounts, the compliance and internal control procedures, and the operations at the accused companies. In June 2013, the RBI issued a statement that it found "no evidence of money laundering" but added that "any conclusive inference in this regard can be drawn only by an end-to-end investigation of
2880-825: The Parliament, the largest expulsion of MPs in the country's history. The eleven MPs expelled in December 2005, after Cobrapost's sting report, were from four political parties: seven from the Bharatiya Janata Party , two from the Bahujan Samaj Party , one from the Rashtriya Janata Dal and one from the Indian National Congress . In 2007, a Rajya Sabha committee headed by Congress party leader Karan Singh stated that Cobrapost abetted corruption by offering
2960-478: The RBI describes its basic functions to regulate the issue of banknotes, keep reserves to secure monetary stability in India, and generally to operate the currency and credit system in the best interests of the country. The Central Office of the RBI was established in Calcutta (now Kolkata) but was moved to Bombay (now Mumbai) in 1937. The RBI also acted as Burma's (now Myanmar) central bank until April 1947 (except during
3040-607: The RBI later clarified that it "has not prohibited" virtual currencies, a three-judge panel of the Supreme Court of India issued a ruling on 4 March 2020 that the RBI had failed to show "at least some semblance of any damage suffered by its regulated entities" through the handling of virtual currencies to justify its decision. The court challenge was filed by the Internet and Mobile Association of India , whose members include some cryptocurrency exchanges whose businesses suffered following
3120-577: The RBI restricted monetary policy to reduce the effects. Many committees analysed the Indian economy between 1985 and 1989. Their results had an effect on the RBI. The Board for Industrial and Financial Reconstruction , the Indira Gandhi Institute of Development Research and the Security & Exchange Board of India investigated the national economy as a whole, and the security and exchange board proposed better methods for more effective markets and
3200-672: The RBI's 2018 order. The central board of directors is the main committee of the central bank. The Government of India appoints the directors for a four-year term. The board consists of a governor, and not more than four deputy governors; four directors to represent the regional boards; two – usually the Economic Affairs Secretary and the Financial Services Secretary – from the Ministry of Finance and ten other directors from various fields. The Reserve Bank – under Raghuram Rajan's governorship – wanted to create
3280-776: The Representation of the People Act, 1951 and the Income Tax Act, 1961, actionable under several provisions of the Indian Penal Code. An undercover operation resulting in a video named Operation Falcon Claw showed that eleven MPs from different parties agreed to lobby for a fictitious foreign company, and also that MPs received money ranging from ₹ 50,000 (US$ 600) to ₹ 5,000,000 (US$ 60,000) for issuing recommendation letters. On 3 April 2014, Cobrapost published on their website about their investigation, Operation Janambhoomi, into
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3360-562: The Reserve Bank Innovation Hub (RBIH) on 24 March 2022 in Bengaluru as Section-8 company under Companies Act, 2013 , with an initial investment of ₹100 crore to encourage and nurture financial innovation sustainably through an institutional set-up. RBIH meant to create an ecosystem that focuses on promoting access to financial services and products for the low-income groups in India. It will also help bring world class innovation to
3440-778: The Reserve Bank of India" for giving a clean chit to the corrupt banks it had named. In May 2013, Cobrapost expanded its allegations to include twelve state-owned banking institutions such as the State Bank of India, Bank Of Baroda, Punjab National Bank, Canara Bank, Indian Bank, IDBI, Indian Overseas Bank, Dena Bank, Corporation Bank, Allahabad Bank, Orient Bank of Commerce and Central Bank of India. It also alleged that seven private sector banks in India were also complicit in black money operations, namely Yes Bank, Dhanlaxmi Bank, Federal Bank, DCB Bank, ICICI Bank, HDFC Bank and Axis Bank. Cobrapost further alleged that four major Insurance companies in India were active in black money operations, including
3520-510: The Times Group, Lokmat, Radio One, Suvarna News, Indigo 91.9FM, Bharat Samachar, Swaraj Express News, Sun Group, ABN Andhrajyothi, TV5 News, Dinamalar, Big FM, K News, India Voice, MVTV News, Open Media Network and others. The Cobrapost sting alleged, reports The Indian Express , that senior executives involved in paid news included Kalli Purie, Vinnet Jain, Ajay Shekhar Sharma, Brijesh Mishra, Anil Dua, Purushottam Vaishnava, Rajiv Hegde from various major media groups in India. According to Cobrapost,
3600-480: The bonds is payable semi-annually on 1 January and 1 July every year. The coupon on 1 January 2021 shall be paid at 7.15%. The Interest rate for next half-year will be reset every six months, the first reset being on 1 January 2021. There is no option to pay interest on cumulative basis. The central bank manages to reach different goals of the Foreign Exchange Management Act , 1999 . Their objective
3680-409: The central bank was ordered to support economic plan with loans. As a result of bank crashes, the RBI was requested to establish and monitor a deposit insurance system. Meant to restore the trust in the national bank system, it was initialized on 7 December 1961. The Indian government founded the funds to promote the economy and used the slogan "Developing Banking". The government of India restructured
3760-601: The central government and with the advice of the central board of directors serve as a forum for regional banks and to deal with delegated tasks from the Central Board. RBI has 31 branches in India. Mostly all are in Capital cities, exceptions are the Nagpur Reserve Bank branch which is actually a Second capital of Maharashtra and the Ahmedabad Reserve Bank branch. Nagpur Reserve Bank was established in 1956, while
3840-661: The conspiracy behind the demolition of the Babri Masjid , in which they bring to light the conspiracy behind the events of 6 December 1992, which rewrote the history of modern India on communal lines. In March 2018, Cobrapost.com alleged that its undercover operation had uncovered the widespread continuing practice of journalistic corruption through paid news in India . The allegations charged that numerous major Indian media groups were willing to accept money to plug polarizing Hindu nationalism ideas as news in exchange for money. In its sting operation, Cobrapost stated that it approached
3920-634: The country and also to the Reserve Bank of India. It manages and operates the Financial messaging platform (SFMS) that comprises Real-Time Gross Settlement and National Electronic Funds Transfer. INFINET is also managed by IFTAS. IFTAS has taken over the I ndian FI nancial NET work (INFINET), Structured Financial Messaging System (SFMS) and the Indian Banking Community Cloud (IBCC) from the IDRBT, effective 1 April 2016. Shaktikanta Das inaugurated
4000-432: The country to its advantage; and (ii) that it is essential to have a modern monetary policy framework to meet the challenge of an increasingly complex economy and the primary objective of the monetary policy is to maintain price stability while keeping in mind the objective of growth" ...to regulate the issue of Bank Notes and keeping of reserves with a view to securing monetary stability in India and generally to operate
4080-544: The country. From 16 December 2019, one can transfer money online using the National Electronic Funds Transfer (NEFT) route 24x7, i.e., any time of the day and any day of the week. The Reserve Bank of India stated earlier in December 2019 that bank customers will be able to transfer funds through NEFT around the clock on all days including weekends and holidays from 16 December. In RTGS, transactions are processed continuously 24x7. Just as individuals need
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#17330846031514160-416: The currency and credit system of the country to its advantage. The primary objective of RBI is to undertake consolidated supervision of the financial sector comprising commercial banks, financial institutions, and non-banking finance companies. The board is constituted by co-opting four directors from the Central Board as members for a term of two years and is chaired by the governor. The deputy governors of
4240-719: The education minister Sake Sailijanath of the Indian National Congress party government in Andhra Pradesh was willing to guarantee a ₹ 25 crore (US$ 3.0 million) hawala transaction. Sailijanath, according to The Economic Times , admitted that "he just put in a word to the bank officials" to help his friend needing a loan. On 15 March 2013, the ICICI Bank suspended 18 employees. On 16 March 2013 HDFC Bank authorised Deloitte Touche Tohmatsu to undertake an autonomous forensic probe of bank employees assisting customers to circumvent income tax. The deputy governor of RBI, Chakrabarty, in
4320-637: The event of a tie, the vote of the RBI governor is decisive. The same year, the RBI started issuing a new bond called the Sovereign Gold Bond , on behalf of the Government. The intent behind the scheme was to reduce gold imports by shifting investments from physical gold into a bond that tracked the price of gold. The bond also carried interest. In April 2018, the RBI announced that "entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling virtual currencies ," including Bitcoin . While
4400-452: The financial market like the trust and property markets. This first phase was a success and the central government forced a diversity liberalisation to diversify owner structures in 1998. The National Stock Exchange of India took the trade on in June 1994 and the RBI allowed nationalised banks in July to interact with the capital market to reinforce their capital base. The central bank founded
4480-414: The financial sector. RBIH is to help in convergence among various stakeholders from BFSI sector, start-up ecosystem, regulators and academia in the financial innovation space. RBIH is working on the blueprint of Digital Rupee . The central bank of any country executes many functions such as overseeing monetary policy, issuing currency, managing foreign exchange, working as a bank for government and as
4560-687: The governor of RBI as with the case of Y. Venugopal Reddy and Duvvuri Subbarao . Other persons forming part of the central board of directors of the RBI are Revathi Iyer, Sachin Chaturvedi, Satish Kashinath Marathe, Swaminathan Gurumurthy, Anand Gopal Mahindra, Venu Srinivasan, Pankaj Ramanbhai Patel, Ravindra H. Dholakia, Ajay Seth, and Vivek Joshi. Executive Directors (ED) consist of M. Rajeshwar Rao, Lily Vadera, Rabi N. Mishra, Smt. Nanda S. Dave, Anil K. Sharma, S. C. Murmu, T. Rabi Sankar, Janak Raj, P Vijayakumar, Indrani Banerjee, O.P. Mall and Sudha Balakrishnan (Chief Financial Officer). Sudha Balakrishnan,
4640-527: The interests of co-operative and indigenous banks. It is a member bank of the Asian Clearing Union . The bank is also active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion (AFI) . The bank is often referred to by the name "Mint Street". The preamble of the Reserve Bank of India describes the basic functions of the reserve bank as: ...to regulate
4720-423: The issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage; to have a modern monetary policy framework to meet the challenge of an increasingly complex economy, to maintain price stability while keeping in mind the objective of growth. The Reserve Bank of India was established in 1934, under
4800-537: The last quarter of 2008–2009 and the central bank promotes the economic development. In 2016, the Government of India amended the RBI Act to establish the Monetary Policy Committee (MPC) to set. This limited the role of the RBI in setting interest rates, as the MPC membership is evenly divided between members of the RBI (including the RBI governor) and independent members appointed by the government. However, in
4880-411: The national bank market and nationalized a lot of institutes. As a result, the RBI had to play the central part in controlling and supporting this public banking sector. In 1969, the Indira Gandhi -headed government nationalised 14 major commercial banks. Upon Indira Gandhi's return to power in 1980, a further six banks were nationalised. The regulation of the economy and especially the financial sector
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#17330846031514960-477: The offer to plug paid news, alleged Cobrapost, but mentioned that they may editorially criticize the activities. The groups discussed ways to make large cash payments, alleged Cobrapost. According to Cobrapost, the owners, as well as the senior executives, of major Indian media houses consented to engage in campaigns to induce communal discord and polarize the Indian electorate. The twenty seven media houses and organizations alleged to be corrupt by Cobrapost included
5040-439: The proceedings of the Indian parliament. In 2005, along with Aaj Tak , Cobrapost conducted a sting operation that exposed eleven members (MPs) – ten from the Lok Sabha and one from the Rajya Sabha – accepting money for tabling their questions in the Parliament of India . The MPs allegedly accepted between ₹ 15,000 (US$ 180) and ₹ 110,000 (US$ 1,300) as bribes. This investigation led to expulsion of eleven MPs from
5120-502: The protection of investor interests. The Indian financial market was a leading example for so-called "financial repression" (Mckinnon and Shaw). The Discount and Finance House of India began its operations in the monetary market in April 1988; the National Housing Bank, founded in July 1988, was forced to invest in the property market and a new financial law improved the versatility of direct deposit by more security measures and liberalisation. The national economy contracted in July 1991 as
5200-536: The public. The Banking Ombudsman Scheme has been formulated by the Reserve Bank of India (RBI) for effective addressing of complaints by bank customers. The RBI controls the monetary supply, monitors economic indicators like the gross domestic product and has to decide the design of the rupee banknotes as well as coins. RBI uses methods like on-site inspections, off-site surveillance, scrutiny and periodic meetings to supervise new bank licences, setting capital requirements and regulating interest rates in specific areas. RBI
5280-435: The regulatory and supervisory issues. As a regulator and supervisor of the Indian banking system it ensures financial stability and public confidence in the banking system. It prescribes broad parameters of banking operations within which the country's banking and financial system functions. Its objectives are to maintain public confidence in the system, protect depositors' interest and provide cost-effective banking services to
5360-431: The reputations of political opponents. Of the two dozen sting operations it conducted in 2013, Cobrapost stated that the name of Gujarat chief minister "Narendra Modi cropped up in around 5 to 6" stings. According to Cobrapost, there was no guarantee that the same IT firms were working for one particular party only. Cobrapost claimed how the undercover investigation uncovered infraction of the Information Technology Act, 2000,
5440-401: The reserve bank are ex-officio members. One deputy governor, usually the deputy governor in charge of banking regulation and supervision, is nominated as the vice-chairman of the board. The board is required to meet normally once every month. It considers inspection reports and other supervisory issues placed before it by the supervisory departments. Board for Financial Supervision (BFS) through
5520-435: The sting operations, an independent reporter Pushp Sharma self-financed the cost of meeting and secretly recording the owners and senior executives of 27 media houses in India. Once Sharma approached Cobrapost, it purchased the work product from Sharma. Cobrapost's founder Aniruddha Bahal admitted that the sting operations never made any payment to any media group or executive, and the tapes were "all about showing intent". In
5600-469: The three banks, after its staff posed as a minister's aide. According to The Hindu , while it cannot vouch that the Cobrapost videotapes were authentic, the tapes show that the employees of these three banks were offering to convert black money into white. Each of the three banks issued a press statement that denied the allegations and offered their cooperation in any investigation, according to The Hindu newspaper. After Cobrapost allegations were made public,
5680-487: The transactions by tax and enforcement agencies". The RBI found the three banks to be guilty of violating the RBI-required "Know Your Customer" norms, and fined each bank a sum between 1 crore and 5 crore rupees. In July 2013, the RBI fined twenty-two additional banks in India for the same violations, and issued cautionary letters to seven other banks including Citibank, Standard Chartered and Barclays where it did not find any violations. In November 2013, Cobrapost along with
5760-413: The video clips, the essence of the conversation has been distorted in a manner that the truth is compromised and a different issue is portrayed in order to harm and hurt the reputation of Zee Media". In June 2018, Cobrapost denied Zee's statements and alleged that it "has not falsified, fabricated, concocted, tampered, doctored or altered in any manner whatsoever". According to Cobrapost, it did not finance
5840-452: The website Gulail claimed in tapes titled The Stalkers that in 2009, then Home Minister of Gujarat, Amit Shah ordered an illegal snooping operation on a woman, at the behest of their saheb ( transl. boss ). The Indian National Congress alleged that the saheb was Narendra Modi , the then Chief minister of Gujarat. Audio tapes revealed conversations between Amit Shah and IPS GL Singhal, ordering Singhal's team to surveil
5920-619: The years of Japanese occupation (1942–45)), even though Burma seceded from the Indian Union in 1937. After the Partition of India in August 1947, the bank served as the central bank for Pakistan until June 1948 when the State Bank of Pakistan commenced operations. Though set up as a shareholders' bank, the RBI has been fully owned by the Government of India since its nationalisation in 1949. RBI has
6000-753: Was divided into shares of 100 each fully paid. The RBI was nationalised on 1 January 1949, almost a year and a half after India's independence. The overall direction of the RBI lies with the 21-member central board of directors, composed of: the governor; four deputy governors; two finance ministry representatives (usually the Economic Affairs Secretary and the Financial Services Secretary); ten government-nominated directors; and four directors who represent local boards for Mumbai, Kolkata, Chennai, and Delhi. Each of these local boards consists of five members who represent regional interests and
6080-651: Was elected to India's Rajya Sabha from Jharkhand after he bought the votes of the state's members of legislative assembly (MLAs). According to The Times of India , the IBN-Cobrapost exposé allegedly showed MLAs from the Congress party, the Bharatiya Janata Party, and the Jharkhand Mukti Morcha asking for bribes "to the tune of ₹ 1 crore (US$ 120,000) from middlemen in exchange for their votes in favor of
6160-428: Was established by RBI as one of its specialized division for the purpose of providing insurance of deposits and guaranteeing of credit facilities to all Indian banks. Until the Monetary Policy Committee was established in 2016, it also had full control over monetary policy in the country . It commenced its operations on 1 April 1935 in accordance with the Reserve Bank of India Act, 1934 . The original share capital
6240-589: Was established by RBI for the purpose of providing insurance of deposits and guaranteeing of credit facilities to all Indian banks . It has been set up by RBI to serve its information technology and cybersecurity needs and to improve the cyber resilience of the Indian banking industry . Indian Financial Technology and Allied Services was established by RBI in February 2015, mandated to design, deploy and support IT-related services to all Banks and Financial Institutions in
6320-442: Was established on Wednesday, 29 January 1969, to analyse banking costs, effects of legislations and banking procedures, including non-banking financial intermediaries and indigenous banking on Government of India economy; with R.G. Saraiya as the chairman. The branch was forced to establish two new offices in the country for every newly established office in a town. The oil crises in 1973 resulted in increasing inflation , and
6400-448: Was reinforced by the Government of India in the 1970s and 1980s. The central bank became the central player and increased its policies a lot for various tasks like interests, reserve ratio and visible deposits. These measures aimed at better economic development and had a huge effect on the company policy of the institutes. The banks lend money in selected sectors, like agricultural business and small trade companies. The Banking Commission
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