Business Daily from THE HINDU group of publications
Saturday, Jan 17, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Saturday, Jan 17, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Money & Banking
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Credit Market Info-Tech - Software
Our Bureau Hyderabad, Jan. 16 The Reserve Bank of India (RBI) has received complete data on banks’ exposure to Satyam Computer Services Ltd and Maytas Twins. ``The exercise is over and we have entire data on direct and indirect exposure of banks to the Satyam fiasco,” an RBI spokesperson told Business Line over phone from Mumbai. On the nature of data lying with the apex bank, the spokesperson said, “We had straightaway asked for entire data in this regard and they are with us now” while refusing to divulge details on further course of action. However, according to sources, the bank may now wait to know the findings of the ongoing investigation into the nature and modalities of the Rs 7,136-crore fraud. At present, the crime investigation department of Andhra Pradesh, the Serious Frauds Investigations Office, the Securities and Exchange Board of India, the Institute of Chartered Accountants of India and the Income Tax Department are probing various aspects of Satyam fraud. “Obviously the first thing RBI would try to look at is whether the banks are likely to face any threat to its capital base due to the exposure to the alleged fraud. The fact that it is silent after receiving entire data from banks show that there is no such problem to any bank,” said the Chairman and Managing Director of a public sector bank who did not wanted to be identified. The immediate concern would be around the need to examine the collision of any bank in misleading auditing of the Hyderabad-based IT major. “The RBI could be waiting to look at the investigation reports for any such role as it cannot conduct such broad investigation. It would act if any incriminating evidence is found against any bank,” he explained. ‘Frame separate common insolvency code for banks’ RBI asks banks to furnish info on exposure to Satyam Group More Stories on : Credit Market | Software | Satyam Computer Services Ltd | RBI & Other Central Banks
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