Fraud case against PNB Bank employees in Jaunpur, Rs.82 lakh embezzled from accounts of 71 customers

 An unfortunate incident of embezzlement has been brought to light at a Punjab National Bank branch located in Khetasarai, Jaunpur. After a year and a half, a case of embezzlement and fraud was registered against the bank cashier and bank mitra following a court order. The police are currently conducting an investigation into the matter.

The bank cashier, Rakesh Kumar, son of Ranjit and resident of Jagriti Bihar, and the bank mitra, Shivakar Upadhyay, son of Mangaldev and resident of Nauli, Kalapur, were involved in transferring money from the accounts of consumers to the accounts of their relatives and loved ones using fake certificates. They would then withdraw the money and divide it among themselves. Reports of money disappearing or being deducted from the accounts of account holders surfaced on a daily basis.

Branch manager Manish Kumar Jaiswal mentioned that when questioned, both individuals provided excuses. Eventually, in December 2022, they left the bank and fled. Upon investigating the complaints of account holders, it was discovered that they had collectively embezzled approximately INR 82,56,000 from the accounts of 71 account holders at the branch. This incident caused great distress among the account holders and resulted in a decline in the bank’s reputation at the local level.

Following a court order, a case was registered against both individuals at the local police station in Khetasarai under serious charges, including embezzlement of money through fraud. The police are actively investigating the matter to bring justice to those affected

State Bank of India Officer Arrested for Alleged Involvement in Cyber Fraud

A team from the cyber cell of the Gurugram police has arrested a State Bank of India official for allegedly providing bank accounts for cyber fraud, the police said.

Accused Identification:

Priyanshu Diwan, Assistant Commissioner of Police (Cybercrime), said that the accused has been identified as Rahul, a resident of Sector-77 in Gurugram.

Complaint and Arrest:

According to the police, a man filed a complaint at the Cyber Crime Police Station East on February 15, 2024, that he was duped of Rs 52.14 lakh in the name of investing in the stock market. Inspector Savit Kumar, SHO of the police station, arrested the suspect on Wednesday. He was later taken on police remand.

Accused’s Confession:

During interrogation, the accused disclosed that he was an employee of SBI bank and he kept in touch with the cyber thugs and provided bank accounts. “The accused had provided bank accounts to cyber crooks based on fake documents. In return the accused transferred Rs 9 lakh to his account,” Mr Diwan said.

PSU Banks may again be merged soon, Govt has created plan for second round of Bank Merger

According to sources, the government has formulated its plan for the second round of merger of PSU banks. The government is considering two options for merging four small government banks. To facilitate the merger, changes are being prepared in the Banking Regulation Amendment Act. One option is to merge UCO Bank, Bank of Maharashtra, Punjab & Sind Bank, and Central Bank of India.

The second option involves merging with Union Bank of India, Punjab national bank,Canara Bank, or Indian Bank based on banking software compatibility. The government aims to make these changes in the Banking Regulation Amendment Act to facilitate the merger process. The functioning of UCO Bank, Punjab & Sind Bank, Bank of Maharashtra, and Central Bank has shown improvement in the past few years.From source Merger between PNB and Union bank is the best choice.Another option BOB AND central bank and Bank of India.

Expected DA for Bank Employees from Aug 2024 MINIMUM 7 SLAB AND MAXIMUM 24 SLAB

Expected DA Calculator Updated on 30.06.2024 on announcements of CPI for the month of aPRIL 2024 as 139.40

On the basis of above CPI release at this stage we are providing calculations of expected DA on the following three assumption :-

1. On assumptions that CPI would remain at least same as of APRIL 24 for the next two months i.e. MAY 24 & JUNE 24. In this situation on the basis of CPI of aPRIL 24 declared the expected (tentatively) increase in DA Slabs would come to 7 slabs and the total tentatively revised DA slabs would be 703 i.e. .16.38%.
2. On assumptions that there would be an increase of one point in CPI data in next two months i.e for CPI of MAY 24 & JUNE 24. In this situation the expected (tentatively) increase in DA Slabs would come to 24 slabs and the total tentatively revised DA slabs would be 720 i.e. 17.37%.
3. Keeping in view the recent fuel price HIGH in APRIL 24 in comparision to APRIL 24, we are forced to assume that if there may be an INCREASE  of .50 POINT in CPI for the month ofmAY 24 and no change in CPI for the month of Dec'18. In this situation the expected (tentatively) decrease in DA Slabs would come to 13 slabs. Accordingly, the total tentatively revised DA slabs would may be 709 i.e. 16.70%)

The Expected DA Calculator is updated on the basis of above assumtions. This website do not claim that its calculation of expected DA slabs would may become payable as full and final.

View History of DA Slabs from Nov 1992 on revised pay of the respective wage revision settlement

Year	Payable for the months	DA Slabs*	DA Calculator
11th BPS 2024                     MAY JUNE JULY                                                697
2024	Feb/Mar/Apr	693
2023-24	Nov/Dec/Jan	693
2023	Aug/Sep/Oct	632
2023	May/Jun/Jul	596
2023	Feb/Mar/Apr	588
2022-23	Nov/Dec/Jan	556
2022	Aug/Sep/Oct	526
2022	May/Jun/Jul	472
2022	Feb/Mar/Apr	471
2021	Nov/Dec/Jan	434
2021	Aug/Sep/Oct	397
2021	May/Jun/Jul	367
2021	Feb/Mar/Apr	374
2020-21	Nov/Dec/Jan	341
2020	Aug/Sep/Oct	297
2020	May/Jun/Jul	283
2020	Feb/Mar/Apr	281
2019-20	Nov/Dec/Jan	239
2019	Aug/Sep/Oct	203
2019	May/Jun/Jul	167
2019	Feb/Mar/Apr	133
2018-19	Nov/Dec/Jan	129
2018	Aug/Sep/Oct	63
2018	May/Jun/Jul	51
2018	Feb/Mar/Apr	49
2017-18	Nov/Dec/Jan	38
10th BPS
2017	Aug/Sep/Oct	478
2017	May/Jun/Jul	456
2017	Feb/Mar/Apr	469
2016-17	Nov/Dec/Jan	478
2016	Aug/Sep/Oct	455
2016	May/Jun/Jul	420
2016	Feb/Mar/Apr	426
2015-16	Nov/Dec/Jan	398
2015	Aug/Sep/Oct	364
2015	May/Jun/Jul	337
2015	Feb/Mar/Apr	333
2014-15	Nov/Dec/Jan	331
2014	Aug/Sep/Oct	282
2014	May/June/Jul	249
2014	Feb/Mar/Apr	265
2013-14	Nov/Dec/Jan	240
2013	Aug/Sep/Oct	192
2013	May/Jun/Jul	160
2013	Feb/Mar/Apr	134
2012-13	Nov/Dec/Jan	109

9th BPS
2012	Aug/Sept/Oct	468
2012	May/Jun/Jul	428
2012	Feb/Mar/Apr	420
2011-12	Nov/Dec/Jan	401
2011	Aug/Sept/Oct	360
2011	May/Jun/Jul	352
2011	Feb/Mar/Apr	333
2010-11	Nov/Dec/Jan	308
2010	Aug/Sept/Oct	272
2010	May Jun Jul	264
2010	Feb/Mar/Apr	245
2009-10	Nov/Dec/Jan	213
2009	Aug/Sep/Oct	154
2009	May/Jun/Jul	135
2009	Feb/Mar/Apr	133
2008-09	Nov/Dec/Jan	116
2008	Aug/Sep/Oct	84
2008	May/Jun/July	63
2008	Feb/Mar/April	55
2007-08	Nov/Dec/Jan	48
8th BPS
2007	Aug/Sep/Oct	164
2007	May/Jun/Jul	154
2007	Feb/Mar/Apr	152
2006-07	Nov/Dec/Jan	137
2006	Aug/Sep/Oct	120
2006	May/Jun/Jul	107
2006	Feb/Mar/Apr	106
2005-06	Nov/Dec/Jan	93
2005	Aug/Sep/Oct	79
2005	May/Jun/Jul	75
2005	Feb/Mar/Apr	73
2004-05	Nov/Dec/Jan	69
2004	Aug/Sep/Oct	54
2004	May/Jun/Jul	49
2004	Feb/Mar/Apr	47
2003-04	Nov/Dec/Jan	43
2003	Aug/Sep/Oct	37
2003	May/Jun/Jul	26
2003	Feb/Mar/Apr	27
2002-03	Nov/Dec/Jan	23
7th BPS
2002	Aug/Sep/Oct	161
2002	May/Jun/Jul	155
2002	Feb/Mar/Apr	157
2001-02	Nov/Dec/Jan	151
2001	Aug/Sep/Oct	136
2001	May/Jun/Jul	127
2001	Feb/Mar/Apr	131
2000-01	Nov/Dec/Jan	126
2000	Aug/Sep/Oct	121
2000	May/Jun/Jul	112
2000	Feb/Mar/Apr	115
1999-2000	Nov/Dec/Jan	104
1999	Aug/Sep/Oct	94
1999	May/Jun/Jul	93
1999	Feb/Mar/Apr	119
1998-99	Nov/Dec/Jan	90
1998	Aug/Sep/Oct	60
1998	May/Jun/Jul	49
1998	Feb/Mar/Apr	32
1997-98	Nov/Dec/Jan	21
6th BPS
1997	Aug/Sep/Oct	148
1997	May/Jun/Jul	144
1997	Feb/Mar/Apr	142
1996-97	Nov/Dec/Jan	134
1996	Aug/Sep/Oct	117
1996	May/Jun/Jul	104
1996	Feb/Mar/Apr	106
1995-96	Nov/Dec/Jan	101
1995	Aug/Sep/Oct	83
1995	May/Jun/Jul	71
1995	Feb/Mar/Apr	70
1994-95	Nov/Dec/Jan	63
1994	Aug/Sep/Oct	49
1994	May/Jun/Jul	39
1994	Feb/Mar/Apr	37
1993-94	Nov/Dec/Jan	28
1993	Aug/Sep/Oct	17
1993	May/Jun/Jul	12
1993	Feb/Mar/Apr	13
1992-93	Nov/Dec/Jan	11

Dearness Allowacne Calculation

Dearness Allowacne (DA) is calculated by multiplication of pay(pay for the purpose of DA calculation) with DA salbs opayable for the respective period (shown at column number 3 in above table) and rate of DA (mentioned hereunder in column 2) as per respective BPS settlement.

BPS	DA Rate
1	2
11th BPS	.07% of 'pay' DA is payable - fall/rise of 4 points over 6352 points in the quarterly average of CPI base 1960=100
10th BPS	.10% of 'pay' DA is payable - fall/rise of 4 points over 4440 points in the quarterly average of CPI base 1960=100
9th BPS	.15% of 'pay' DA is payable - fall/rise of 4 points over 2836 points in the quarterly average of CPI base 1960=100
8th BPS	1.(i) Sub Staff - 0.18% of 'pay' (ii) Clerical Staff (a) 0.18% of 'pay' upto Rs.9,650/- plus (b) 0.15% of 'pay' above 9,650/- and upto Rs.15,350/- plus (c) 0.09% of 'pay' above 15,350/- and upto Rs.16,350/- (d) 0.04% of 'pay' above Rs.16,350/- 2. On and from 1st February 2005, Dearness Allowance shall be payable at 0.18% of Pay. DA is payable - fall/rise of 4 points over 2288 points in the quarterly average of CPI base 1960=100
7th BPS	(i) Subordinate Staff - 0.24% of 'pay' (ii) Clerical Staff a) 0.24% of 'pay' upto Rs. 7100/- plus b) 0.20% of 'pay' above Rs. 7100/- and upto Rs. 11, 300/- plus c) 0.12% of 'pay' above Rs. 11, 300/- DA is payable - fall/rise of 4 points over 1684 points in the quarterly average of CPI base 1960=100
6th BPS	(i) Sub Staff - 0.35% of 'pay' (ii) Clerical Staff a) 0.35% of 'pay' up to Rs.4800/- plus b) 0.29% of 'pay' above Rs.4800/- to Rs.7700/- plus c) 0.17% of 'pay' above Rs.7700/- DA is payable - fall/rise of 4 points over 1148 points in the quarterly average of CPI base 1960=100

Rs.3958 crore Loan Default in Union Bank of India

The Dewan Housing Finance Corporation Ltd (DHFL) has defaulted on Rs.3958 crore loan from Union Bank of India. Now, Union Bank of India has taken legal action against the former promoter – Kapil Wadhawan. But Kapil Wadhawan, the former promoter of Dewan Housing Finance Corporation Ltd (DHFL), has taken legal action to challenge the initiation of personal insolvency proceedings against him by Union Bank of India for a ₹3,958-crore default. The National Company Law Appellate Tribunal (NCLAT) briefly heard the case before deferring the matter to 18 July without issuing a notice.

Background and Legal Proceedings

On 2 April, the Mumbai bench of the National Company Law Tribunal (NCLT) accepted Union Bank’s application to begin insolvency resolution proceedings against Wadhawan. This followed a similar application against his brother and co-promoter Dheeraj Wadhawan, which the NCLT had admitted on 20 March. DHFL had taken various term loans exceeding ₹4,000 crore and working-capital loans worth ₹450 crore, for which Kapil Wadhawan had provided unconditional and irrevocable guarantees from Union Bank and other lenders.

In response to the bank’s insolvency plea, Wadhawan argued that he had signed a joint deed of guarantee in favor of Catalyst Trusteeship Ltd, a trustee appointed by a consortium of 29 banks. He contended that individual lenders within the consortium did not have the authority to approach the tribunal directly, as the trustee held the securities in trust for the consortium’s benefit. However, the tribunal disregarded this argument, noting that individual financial institutions could pursue the guarantor as if he were the primary debtor

Impact of Legal Developments

This case is significant in the context of increasing scrutiny on personal guarantors following a Supreme Court ruling on 9 November 2023, which upheld crucial provisions of the Insolvency and Bankruptcy Code (IBC). The ruling reinforced the accountability of personal guarantors for defaulted debts, aligning with the Insolvency and Bankruptcy Code (Second Amendment) Act 2018 and subsequent notifications that directly subject personal guarantors to insolvency proceedings without creditors having to pursue action against the corporate debtor first.

Conclusion

Kapil Wadhawan’s challenge to the personal insolvency proceedings against him reflects the evolving legal landscape surrounding personal guarantors and their accountability for defaulted debts. The outcome of this case could have broader implications for the treatment of personal guarantors in insolvency proceedings.