What is it? The number of pages in an internal report prepared by officials of Punjab National Bank (PNB) tasked with probing the $2-billion fraud involving diamantaire Nirav Modi.
Why is it important? The report is said to point out the failings of 54 PNB officials, including clerks, foreign exchange managers, auditors and heads of regional offices. Of these, eight have been charged by the Central Bureau of Investigation (CBI) for their roles in the alleged scam. It adds there were blatant system violations, unethical practices and dereliction of responsibilities, which went undetected due to lapses within some key units of the bank.
Tell me more: PNB’s capital adequacy ratio fell below the mandated levels at the end of March 2018, as it posted the biggest-ever quarterly loss in the January-March period by any domestic lender, which was primarily due to this scam.
What is it? The number of people, including Bank of Maharashtra’s chairman and managing director Ravindra Marathe, who were arrested by the Economic Offences Wing of the Pune police on Wednesday in connection with the Rs 3,000-crore DSK Group loan default case.
Why is it important? This is yet another case of bankers colluding with customers to perpetrate frauds, according to allegations by the police. The bank officials have been accused of entering into fraudulent transactions with DSK Group and sanctioned loans, which were later siphoned off. Pune-based builder DS Kulkarni and his wife Hemanti, who have been accused of cheating over 4,000 investors of Rs 1,154 crore and diverting bank loans worth Rs 2,892 crore, were arrested four months ago.
Tell me more: The others arrested on Wednesday include the bank’s executive director RK Gupta, bank’s former CMD Sushil Muhnot, the lender’s zonal manager, DSK Group’s chartered accountant and a vice-president of the firm’s engineering department.
What is it? The fall in ridership of Delhi Metro between May 2017 and May 2018.
Why is it important? In May 2017, the Delhi Metro saw an average daily ridership of 26.5 lakh. But, in May 2018, this figure fell to 22.5 lakh, against the projected 30 lakh. The fall comes in the backdrop of two fare hikes by the Delhi Metro, in May 2017 and October 2017.
Tell me more: The increase in fares had become an issue between the Union government and the Delhi government, with the latter opposed to the fare revision. A Central government-appointed panel has since recommended an annual revision of fares.
What is it? The amount Walt Disney has offered for Twenty-First Century Fox’s media assets.
Why is it important? This offer, at $38 per share, is $10 higher than its first bid and $3 above Comcast’s bid from last week. Though Fox has accepted the deal saying it provides more flexibility and enhancements than Comcast’s proposal, the latter can still get back with better terms. Both Disney and Comcast are looking to acquire Fox’s collection of popular television shows and movie franchises, which include “X-Men” superheroes and “The Simpsons”, that would help them compete better with online rivals such as Netflix and Amazon.com.
Tell me more: The total deal value would work out to a total of $85.1 billion as Disney has agreed to take on Fox’s debt of about $13.8 billion.
What is it? The number of teams that have qualified for the round of 16 in the 2018 football world cup.
Why is it important? On Wednesday, Uruguay followed Russia from Group A into the round of 16 as they beat Saudi Arabia 1-0 to notch up their second win. On Tuesday, hosts Russia had registered their second straight win.
Tell me more: The second round of group matches will continue today, with Denmark, France and Croatiain with a chance to seal spots in the round of 16.